BREAKING NEWS

ECB's new rules for parking cash provides some relief - German banks

Euronews logo
Text size Aa Aa

BERLIN (Reuters) – Germany’s bank lobby group on Friday said the European Central Bank’s (ECB) decision to reduce penalties for parking large amounts of cash with the ECB would help local lenders save 500 million euros ($554.70 million) annually.

Germany’s banks will still pay negative interest rates for storing unused cash, but staggered penalties which are applicable from Nov. 1 are less of a burden than the current system, the BdB said.

“The relief (for banks) is moderate”, the lobby said.

(Reporting by Tassilo Hummel; Editing by Edward Taylor)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.
Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.