German bank lobby group calls for tiered ECB deposit rate - Reuters

In remarks prepared for a Monday press conference, Germany’s bank lobby group, BdB, President Hans-Walter Peters called on the European Central Bank (ECB) to reduce the charge that banks pay on some of their excess cash by introducing a tiered deposit rate, Reuters reports.

Key Quotes:

“If the ECB is unable to end the era of negative interest rates this year, then it should at least take the central banks in Switzerland and Japan as a model.” 

“The allowance must come now.” 

“Profitable banks are not a nice-to-have but a must-have for a large and export-oriented economy like the German economy.”