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10 May 2021

Danske Bank Lowers Negative Rate Threshold, Denmark’s Business Minister Says 'Enough is Enough' – Bitcoin News

Danske Bank Lowers Negative Rate Threshold, Denmark’s Business Minister Says 'Enough is Enough' – Bitcoin News


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Danske Bank Lowers Negative Rate Threshold, Denmark’s Business Minister Says 'Enough is Enough' – Bitcoin News.

On April 26, 2021, the Danish multinational banking and financial services corporation Danske Bank published a press release explaining that the institution has changed the threshold for personal customers and standard interest rates for business customers in Denmark.

The Bank plans to lower the threshold for charging negative interest on deposits from DKK 100,000 to DKK 250,000 ($16k to $40k USD).

Moreover, the Bank of England (BoE) wants British banks and building societies in the region to have negative bank rate solutions ready by August 2021.

At the end of April, following financial institutions like ING, Barclays, and a number of Swiss banks, the Danish financial services corporation, Danske Bank, introduced negative rates for certain deposit sizes.

With the new terms, Dankse Bank deposits from DKK (Danish crowns) 100,000 to DKK 250,000 ($16k to $40k USD) will fall into the category of negative rates.

However, a number of people are totally against the banks introducing negative rates and Denmark’s Business Minister Simon Kollerup has said “enough is enough.”.

Reuters reports that the Danish central bank started the invocation of negative rates which has in turn “forced lenders to deposit funds at the central bank at negative rates – prompting most Danish banks to start introducing negative interest rates on private clients.’”.

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