KBC has become the first Belgian bank to confirm it is applying negative interest rates on short term deposits by very large companies. This means those companies will have to pay to put their money in the bank, according to the De Tijd and L’Echo. “There will be no negative rates for 99.9% of companies. These negative interest rates will only apply to a few very large companies”, KBC explained. BNP Paribas Fortis and ING have said that they will not apply negative rates. Belfius has refused to comment. KBC cannot do the same with individual savings accounts as they have a legal minimum interest rate of 0.11%.
Andy Sanchez (Source: Belga)