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S U B S C R I B E
Tuesday, 9 October, 2012
Banks charge negative interest rate on Swiss franc holdings
Two giant custody banks, State Street Bank and Bank of New York Mellon Corporation, are charging negative rates for investors holding the Swiss franc, according to a report from Bloomberg news. So instead of paying interest, clients are paying them. However, custody banks are not traditional banks, for instance where mortgages are drawn, but rather a place where large investors and pension funds keep money and assets. Rudolf Minsch, chief economist at the Swiss Business Federation, explains to WRS’s Alex Helmick how this is tied to the eurozone crisis:
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