September 23, 2019 / 1:11 PM / 22 days ago

ECB's Knot: no need for law banning negative interest rates on deposits

AMSTERDAM, Sept 23 (Reuters) - European Central Bank governing council member Klaas Knot does not see the need for a Dutch law banning commercial banks from imposing negative rates on the deposits of retail savers.

Knot, speaking to parliament’s finance committee, said the risk that banks pass on negative rates to their customers is “relatively small” in the Netherlands.

Imposing a ban would potentially put pressure on the profitability of commercial banks, he said. (Reporting by Anthony Deutsch;Editing by Kevin Liffey)

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