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Swiss alternative bank ABS breaks negative rates taboo
Published Sun, Nov 22, 2015 · 09:50 PM
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Zurich
A TINY Swiss bank specialised in financing social and environmental projects will on Jan 1 go where no retail lender has gone before, applying negative interest rates on individual clients.
The Alternative Bank Schweiz (ABS) caused shockwaves with a letter sent to all clients in mid-October informing them that it would begin imposing interest charges on deposits in 2016.
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