UBS: assumptions negative rates for its private super-rich clients

The Swiss bank UBS is considering applying negative interest rates even private ultra-rich clients to face the expansive monetary policy of central banks. At present the bank's customers already pay negative rates. Because of negative deposit rates Swiss banks, for their part, have to shell out to the central bank an annual rate of 0.75% in order to deposit money at the SNB.

"If the situation remains the current one, or if you were to deteriorate further, we will have to reflect upon the extension of this measure to our most wealthy clients. At the same time we will have to evaluate whether to recognize the receivable interest rates, "said Basel CEO Sergio Ermotti in today's General Meeting.