FILE PHOTO: German Finance Minister Olaf Scholz talks to media before the informal meeting of ministers for economic and financial affairs and Eurogroup in Helsinki, Finland, 13 September 2019. Lehtikuva/Martti Kainulainen via REUTERS
BERLIN - German Finance Minister Olaf Scholz said on Monday he had told banks not to pass on negative interest rates to savers after the European Central Bank cut deposit rates to a record low. Scholz told mass-selling Bild newspaper that he opposed government guarantees to prevent negative rates for savers.
“I told bank chief very clearly that it would be a fairly bad idea to react by slapping negative rates on millions of savers,” Scholz was quoted as saying.
Afternoon RateTart 😀😅😂🤣 🇩🇪 😟 German sense of humour is not a laughing matter.
Deutsche Bank opens books to Finance Minister and he'll fold immediately. In the end the ones shouldering the bill for all this debt are the plebs...
Deplorable that negative rates were even considered (in essence, penalizing savers for saving money while banks profited from the money) ridiculous finance interest Banks EthicsMonth
Thanks for the latest news.
frankknopers They are scared for a bankrun !
sallycopper That will affect bank solvability. There must be some other solution. What about German savers saving in American dollars? One could argue that isn't a smart thing to do because the dollar is a foreign currency, but isn't the Euro also a foreign currency?
Loan $ is POOF, and they charge US? We should get a Discount for getting them that free money!
I do not think the ECB would agree