Here, Simon Kollerup was convened to elaborate on his sharp criticism of banks that charge negative interest rates on customers. A criticism Kollerup maintains at the consultation.
The Minister of Trade and Industry points out that many banks have introduced a limit of DKK 100,000. If you have more than DKK 100,000 left in the bank, you must pay negative interest to the bank. According to Kollerup, this has created uncertainty for many Danes:
– Many people find it incomprehensible and unreasonable for banks to charge negative interest rates.
– I believe that the limit for the collection of negative interest rates has now been reached with the 100,000 kroner. If you lower the limit further, considerably more Danes will be affected by the negative interest rates, says Simon Kollerup.
According to the banks, the collection takes place because Danmarks Nationalbank charges negative interest rates, so that the banks thus incur a cost. But the Minister of Trade and Industry emphasizes that the banks are not forced to place the money in Danmarks Nationalbank.
According to Simon Kollerup, for example, banks have the opportunity to use Danes’ deposits to reduce long and expensive debt. And thus actually benefit from the money.
– I believe that the banks must think carefully before they set the boundaries down from where we are now. It is of course a message I hope they will listen to, says Simon Kollerup.
At the same time, he states that if the banks lower the amount limit further, then he will “convene the parties that find interest in it”.
It is a warning that banks risk legal action if they continue to lower the amount limit.
– I have not seen any approach to banks setting the limit further than 100,000 kroner. That is why we are following the current situation. But if they want to set the limit further down, we must jointly see what is the right tool, says Simon Kollerup.
The government may find a majority together with the Danish People’s Party for an intervention. The Danish People’s Party is concerned that, for example, elderly citizens cannot have money in the bank without it costing money.
It can force citizens into investing with risk or to withdraw large amounts of cash, critics say.
According to Simon Kollerup, it is important that the banks stop lowering the amount limit now, because the banks are absolutely central to a normal life in Denmark. Therefore, they are also the subject of a different political attention than other companies:
– You can live in Denmark without buying skimmed milk. But it is simply difficult to imagine a personal economy linked if you do not have a deposit account.
– You will not be able to receive salary and child benefit without a deposit account. And most Danes use the deposit account for rent, shopping and day care. All the transactions that are necessary in everyday life, says Simon Kollerup.
Source: The Nordic Page