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A little more on the change to the threshold....>

SNB
SNB: A little more on the change to the threshold where negative interest rates
are charged on negative rates.
- Previously up to 20 times minimum reserves were eligible for exemption from
negative rates.
- Now the threshold will now be set monthly going forward. From November 1 this
will be set at 25 times.
- At first glance this appears as though there will be more excess reserves that
will be exempt from negative rates.
- However, it is not quite this simple as the reference period for the minimum
reserves has changed....

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