BoE Gov Bailey (weekend press report) preparing City for negative rates

Author: Eamonn Sheridan | Category: Central Banks

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 
Bank of England Governor Andrew Bailey warned banks they would face challenges negative interest rates would bring
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