Latest News

LookingGlass Site Seal

ABOUT SSL CERTIFICATES

03rd February 2016


Negative Interest Rate Charges

Dear Valued Client,

 

The recent implementation of tighter controls by the European Central Bank, and actions by the Bank of Japan, have meant that short-term market interest rates for both the Euro and Japanese Yen currencies are presently negative.

 

Our correspondent banks supporting our Euro transactions have advised us that they will begin to charge us for all Euro balances we maintain with them after 29th February, 2016, and so we regret that we will have to pass on these charges to you, if you maintain balances with us in Euros.

 

The Euro penalty to be charged is equivalent to an annual interest rate of 0.5% (50 “basis points”) and will be accrued on the daily Euro balance maintained with us and charged to your account shortly after the end of each month. The first charge will be applied effective the end of March, 2016. Such charges will continue until further notice and we need to advise that rates may have to change in future, in line with market conditions.

 

For balances maintained in Japanese Yen, we have not yet been advised by our correspondent banks as to if, or at what level, any penalties will be charged. We will advise details just as soon as we become aware of them.

 

Please note that negative interest rates already pertain in the market for balances held in Swiss Francs and though we do not yet charge any penalty, it is likely that such charges will have to be imposed in the future.

 

BOSLIL is able to provide accounts in 15 currencies, so if you would like to consider switching your Euro, Yen or Swiss Franc balances into another currency, please contact your Client Relations officer, who will be able to assist.

 

We are sorry to have to advise you of these charges, which are caused by present international currency market conditions. We will advise you of any further changes as they occur.