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Negative Rates Questionnaire for Firms Released

BOE

The Bank of England has released the questionaire for firms to fill out regarding their readiness for negative rates: https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/letter/2020/info-request-operational-readiness-policy-rates-app1.xlsx?la=en&hash=C645BBC29971A53F8315E9B66DA1B90987146EB0

  • Questions include to what extent can systems handle zero or negative rates currently, what level of decimal places systems can handle, whether systems could handle a tiered system and what costs/time scales getting systems ready would incur.
  • In a letter from Sam Woods, Deputy Governor of the PRA, to CEOs, he writes that " The Bank and PRA will consider the wider business implications, including on financial stability, safety and soundness of authorised firms and pass-through to the wider economy. This letter, however, is seeking information to understand firms' operational readiness and challenges with potential implementation, particularly in terms of technology capabilities."
  • The press release also states that "This structured engagement is not indicative that the MPC will employ a zero or negative policy rate."
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