Bank of England asks banks how ready they are for sub-zero rates

A person wearing a mask walks past the Bank of England in London, Britain, March 23, 2020. REUTERS/Toby Melville/File Photo

The BoE and lenders had to understand the implications of any such moves “since the MPC may see fit to choose various options based on the situation at the time,” he said, referring to the central bank’s Monetary Policy Committee. The BoE set a deadline of Nov. 12 - a week after its next monetary policy announcement - for banks to respond.

Banks in most euro zone countries charge customers a fee for having accounts, whereas in Britain such charges are rare, and lenders’ returns are largely based on the difference between lending and deposit rates. Its next move is widely expected to be an increase in its 745 billion-pound bond-buying programme in November.Governor Andrew Bailey repeated his comments that the BoE’s assessment of negative rates was not a sign that it would cut rates below zero.

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