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