Danske Bank Lowers Negative Rate Threshold, Denmarkâs Business Minister Says Enough is Enough
On April 26, 2021, the Danish multinational banking and financial services corporation Danske Bank published a press release explaining that the institution has changed the threshold for personal customers and standard interest rates for business customers in Denmark. The Bank plans to lower the threshold for charging negative interest on deposits from DKK 100,000 to DKK 250,000 ($16k to $40k USD).
Denmark Savers Will Feel the Brunt of Negative Rates This Summer
A number of large financial institutions in Europe have been embracing negative interest rates. Bitcoin.com News recently reported on ECB President Christine Lagarde’s opinion of the situation and how she defended negative interest rates. Lagarde noted that it might bother savers, but people need to put the global economy ahead of savers. Moreover, the Bank of England (BoE) wants British banks and buil
Danish lenders have gone too far in their efforts to pass on the costs of negative interest rates to customers, Denmark's business minister said on Tuesday, drawing incredulity from the banking industry.
Banks Under Fire in Denmark as Subzero Rates Hit Retail Deposits
Apr 28 2021, 12:42 PM
April 27 2021, 5:28 PM
April 28 2021, 12:42 PM
(Bloomberg) Denmarkâs government has summoned representatives from the financial industry to talks as banks in the country impose negative interest rates on an increasingly large chunk of retail deposits.
(Bloomberg) Denmarkâs government has summoned representatives from the financial industry to talks as banks in the country impose negative interest rates on an increasingly large chunk of retail deposits.
The announcement comes just one day after Danske Bank A/S, Denmarkâs largest lender, said it will be applying negative rates to deposits as low as 100,000 kroner ($16,000), more than halving an existing threshold.
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COPENHAGEN, April 27 (Reuters) - Danish lenders have gone too far in their efforts to pass on the costs of negative interest rates to customers, Denmark’s business minister said on Tuesday, drawing incredulity from the banking industry.
In 2012 Denmark became the first country in the world to impose negative rates, a trend since adopted by some other countries as developed economies faced both weak inflation rates and changing savings patterns by consumers and businesses.
The Danish central bank’s introduction of negative rates - forcing lenders to deposit funds at the central bank at negative rates - prompted most Danish banks to start introducing negative interest rates on private clients’ deposits in 2019.