Banks are increasingly charging companies to have deposits with them. The data compiled by the European Central Bank shows the reality to which negative rates have led.
On the list of what European countries charge, Spain is in the second position, according to the data it collects The Economist. In October, the interest rate stood at -0.33% compared to -0.25% the previous month.
At the top of the list compiled by the European body is Germany, the only country that charges more than Spain for deposits to companies, standing at -0.36%.
In the rest of the continentThe Netherlands would be in the same situation as Spain with an interest rate of -033,%; while in Portugal it would be -0.3; Luxembourg, at -0.22% and Austria, at -0.16%.
On the other side of the table, the banks that give the most to companies for having their deposits in them, stand out Italy with an interest rate of 0.54% and Malta with 0.71%. In positive, there are also Ireland, with a rate of 0.21%; Greece with 0.12% or Cyprus with 0.13%.
Negative interests: how they work and what exactly do they mean for your mortgage or savings
The ultra-low interest rates set by the European Central Bank have created an anomalous situation in which banks are seeing their traditional business of borrowing money and lending it at a higher interest rate run out of oxygen. Added to this situation are the complications of the economic slowdown derived from the Covid 19 pandemic.
In this context, banks are trying to improve their accounts and for this in Spain a new wave of mergers is being prepared with which entities seek to achieve synergies that allow them to reduce costs.
In this sense, it is already closed the operation of CaixaBank and Bankia; Liberbank and Unicaja are expected in January; while Sabadell could enter into some type of operation throughout 2021, according to analysts after the negotiations with BBVA were broken.
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