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Bank of England asks banks about readiness for negative rates

LONDON, Oct 12 (Reuters) - The Bank of England asked banks on Monday for information about their readiness for the possibility of zero or negative interest rates, following up on its announcement last month that it was considering how to take rates below zero if needed.

“As part of this work, we are requesting specific information about your firm’s current readiness to deal with a zero Bank Rate, a negative Bank Rate, or a tiered system of reserves remuneration – and the steps that you would need to take to prepare for the implementation of these,” Deputy BoE Governor Sam Woods said in a letter to banks. (Writing by William Schomberg, editing by Huw Jones)

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