BoE Asks If Finance Chiefs Are Ready For Negative Interest

Law360, London (October 12, 2020, 4:45 PM BST) -- The Bank of England asked financial services companies on Monday to tell it how prepared they are for the possibility of zero or negative official interest rates, as the cost of credit continues to drop in response contracting economic demand during the COVID-19 pandemic.

The BoE has written to the chief executives of banks and other finance firms asking them to provide details of how a zero or negative interest rate would affect their business and their customers.

"Since the financial crisis in 2008, interest rates in the U.K. and elsewhere have reached historically low levels, and some central banks have...

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