The Bank of England has given lenders six months to get ready for negative interest rates after a review found that implementing the policy sooner “would attract increased operational risks”.
More than 160 banks and building societies responded to the Prudential Regulation Authority’s review on the feasibility of the policy, which was launched last autumn. It found “any shorter implementation period could adversely impact some firms’ safety and soundness” due to the short-term fixes that would be needed for banks’ IT systems.
This is the start of a massive programme of confiscation of private wealth -inflation, high taxes and now charge to hold cash. The Great Reset is coming under a Conservative govt.