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UK banks would need at least six months to prepare for negative rates, says BoE

LONDON, Feb 4 (Reuters) - Britain’s banks would need at least six months to prepare for any cut in interest rates to negative territory, the Bank of England said on Thursday.

The central bank published results from its review of how prepared lenders like HSBC, Lloyds and Barclays would be to implement negative interest rates for the first time.

“The Prudential Regulation Authrity’s engagement with regulated firms had indicated that implementation of a negative Bank Rate over a shorter timeframe than six months would attract increased operational risks,” the BoE said in a statement. (Reporting by Huw Jones, Editing by Iain Withers)

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