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UniCredit will introduce negative interest rates on deposits over 1 million euros



UniCredit thus brought the announcement of its CEO Jean-Pierre Mustier last week. He then said that, in response to European Central Bank measures, it will introduce negative interest rates on deposits above 100,000 euros (2.58 million kronor).

Mustier's announcement was criticized by Italian banking unions. The Codacons Consumer Protection Group wanted to challenge this step in court.

According to a UniCredit spokesperson, however, negative interest rates will only apply to customers who have more than one million euros in their account, ie 0.1% of customers. The Bank will also offer them alternative forms of investment.

Mustier, as president of the European Banking Federation, recently lobbied the European Central Bank to reduce the impact of negative interest rates on banks. He recommended the price of deposits.

UniCredit's Czech affiliate declined to comment on whether the measure should also be applied at home. The situation here is different. Unlike the euro area, where the ECB reduced the deposit rate to -0.5%, the Czech National Bank maintains the basic interest rate at 2%.

Some banks in Germany and Denmark have already introduced negative interest rates on high deposits.


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