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Local Belgian bank applies negative interest rates

Belgian bank Puilaetco Dewaay will soon start to apply negative rates. 

The private bank will grant these rates to private clients that have more than 5 million euros in cash, De Tijd and L’Echo report. 

Contrary to foreign banks, Belgian banks have been very cautious about applying negative rates to private accounts up until now. Puilaetco Dewaay is the first to do so.

Customers who have signed an investment advice contract and have invested over 5 million euros mostly in cash will be the first private customers to receive negative rates.

Puilaetco Dewaay already applies negative rates to current accounts denominated in certain foreign currencies, but now they will also consider deposits made in euros.

Sarah Johansson
The Brussels Times