Bank of England asks banks if they are ready for negative interest rates

Section:

By Simon Foy
The Telegraph, London
Monday, October 12, 2020

The Bank of England has asked UK lenders for information about their readiness for the possibility of negative or zero interest rates, raising the prospect of an unprecedented move as the recovery begins to slow.

In a letter to banks, deputy governor Sam Woods wrote: "We are requesting specific information about your firm's current readiness to deal with a zero bank rate, a negative bank rate, or a tiered system of reserves remuneration -- and the steps that you would need to take to prepare for the implementation of these."

... Dispatch continues below ...



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The letter is the clearest indication yet that the bank is seriously considering turning rates negative for the first time in its history.

Policymakers have given mixed messages in recent weeks about the possibility of a move to negative rates. ...

... For the remainder of the report:

https://www.telegraph.co.uk/business/2020/10/12/bank-england-asks-banks-...

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