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Bank of England official defends negative rates as recovery is 'interrupted'
By Lizzy Burden
The Telegraph, London
Sunday, September 27, 2020
The Bank of England has stoked expectations of an unprecedented move to negative interest rates as new pandemic restrictions cast a shadow over the recovery.
In a Sunday Telegraph interview, Monetary Policy Committee member Silvana Tenreyro rejected criticisms over the policy, insisting the evidence from other countries was "encouraging" and that banks would cope with further pressure on their finances.
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Last week the bank launched formal talks with the Prudential Regulation Authority about the operational practicalities of the policy, hitting the pound.
Andrew Bailey, the bank's governor, who has shifted his position on taking rates below zero since March, described other countries' experiences as a "mixed bag" last week.
However, Tenreyro said: "There has been almost full pass-through of negative rates into lending rates in most countries."
She added: "Banks adapted well. Their profitability increased with negative rates, largely because impairments and loss provisions decreased with the boost to activity and the increase in asset prices." ...
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