Euro-NIRP

[OwlHoot]

Does that mean banks in the Eurozone will now have an extra incentive to speed up the clearing process?

Or that they will be drawn towards the Bank of England's clearing services?

2013-07-09 ECB's Asmussen hopes for deal with Bank of England on clearing houses

[doodab]

That's actually less than I get on my current account. Quite some achievement.

[speling bee]

All going to plan, I see.

The European Central Bank has made the unprecedented move of charging banks to deposit money in a dramatic attempt to inject life into the eurozone's flagging economy and ward off the threat of a damaging deflationary spiral.

In what marks an historic first for the troubled region, president Mario Draghi and his colleagues on the governing council cut the deposit rate to -0.1% from zero, meaning banks will now have to pay for the privilege of parking their money with the ECB.

European Central Bank imposes negative interest rates on banks | Business | theguardian.com