Bank of England Governor Andrew Bailey warned banks they would face challenges negative interest rates would bring
The Sunday Times with the report, citing a letter Bailey sent last month
- adapting to a move into negative territory would be a "significant operational undertaking for firms"
- time would be needed, up to a year, to alter computer systems, update contracts and so forth
- Times reckon that the letter is the Bank of England preparing the City for the possibility of a shift to negative rates
