Haircut on interest rates of deposits

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Haircut on interest rates of deposits
 © In-Cyprus 2019
Not only big depositors in Cyprus banks won’t be earning any interest but they will also have to pay to keep their money there. For the first time ever, Cyprus banks are introducing a negative interest rate on big clients.

Hellenic Bank has already sent out letters informing clients whose deposits are in the millions that their interest rate is to be turned into a negative one. In other words, they will now have to pay the bank overhead.

However, Hellenic Bank notes that this measure mainly applies to semi-governmental organisations and big welfare funds. And that it...


This article was automatically added to our system 6-8-2019

Haircut on interest rates of deposits


The contents of this article including any associated images are © In-Cyprus 2019
Views & opinions expressed in this article are those of the author and/or In-Cyprus .

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Article Tags: haircut, interest, rates, deposits,