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Dutch parliament tells ECB's Draghi it opposes 'tiered' rates

Reuters | Updated: 11-09-2019 23:36 IST | Created: 11-09-2019 23:35 IST
Dutch parliament tells ECB's Draghi it opposes 'tiered' rates
Image Credit: Reuters

Dutch parliament on Wednesday sent a formal letter to the European Central Bank underlining its opposition to a policy under consideration that lawmakers think is contrary to Dutch interests.

The letter, addressed directly to ECB President Mario Draghi as the bank's governing council gathers for a policy meeting, ignores the convention that central banks should be free of political pressures.

The letter included a translation into English of a motion passed by Dutch parliament that says offering banks "tiered", or preferentially high, interest rates on deposits held at the ECB would be unfair to pension funds that are currently forced to invest at negative rates.

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