August 22 2019

Legal bans are no help

The German Banking Industry Committee (GBIC) comments as follows on the discussion about a possible legal ban on negative interest rates for deposits of less than 100,000 euros:

“In a market economy, banks – like all other businesses – calculate their prices and charges on their own on the basis of the market environment. That also applies in times of negative key interest rates that the banking industry cannot ignore. Legal bans are alien to the system, don’t help customers and may ultimately lead to dangerous financial market instability. Such proposals show how far the undesired side effects of the European Central Bank’s negative-interest-rate policy already reach.”

Press Contact for the Deutsche Kreditwirtschaft

Dr. Kerstin Altendorf, Tanja Beller | Spokesperson

Association of German Banks

+49 30 1663-1250 and -1210 | bdb-pressestelle@bdb.de

Stefan Marotzke | Spokesperson

German Savings Banks Association (DK-Federführer 2018)

+49 30 20225-5110 | presse@dsgv.de

Melanie Schmergal | Spokesperson

National Association of German Cooperative Banks

+49 30 2021-1320 | pressestelle@bvr.de

Dominik Lamminger | Spokesperson

Association of German Public Banks

+49 30 8192-162 | dominik.lamminger@voeb.de

Dr. Helga Bender | Spokesperson

Association of German Pfandbrief Banks

+49 30 20915-330 | bender@pfandbrief.de

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