RBS, headed by Ross McEwan, is imposing negative rates on some customers
by Tim Wallace
Royal Bank of Scotland will impose negative interest rates on some of its biggest customers from Monday, as central banks’ sub-zero policies start to bite.
The 70 largest companies which are heavily involved in financial trading, including other banks and pension funds, will face the charge when trading options and futures.
Traders have to post collateral with clearing houses – funds which cover the cost of transactions if the trader is unable to pay the bills.
If the institutions put cash on deposit as collateral, they will now face a negative charge.