German Finance Minister Olaf Scholz said on Monday he had told banks not to pass...
FILE PHOTO: German Finance Minister Olaf Scholz talks to media before the informal meeting of ministers for economic and financial affairs and Eurogroup in Helsinki, Finland, 13 September 2019. Lehtikuva/Martti Kainulainen via REUTERS
BERLIN - German Finance Minister Olaf Scholz said on Monday he had told banks not to pass on negative interest rates to savers after the European Central Bank cut deposit rates to a record low. Scholz told mass-selling Bild newspaper that he opposed government guarantees to prevent negative rates for savers.
“I told bank chief very clearly that it would be a fairly bad idea to react by slapping negative rates on millions of savers,” Scholz was quoted as saying.
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