Negative Interest Rates

International money market interest rates have been at historic lows for some time now due to prevailing market conditions.

As a result, many of our counterparties are now charging us for holding certain currencies with them.

In light of this, as from 1 February 2018, we will be introducing negative interest rates on some of our currency accounts.

From that date, we will charge negative interest on all credit balances held in the following currencies and at the following rates:

Currency                            Gross Rate p.a. %

Swiss Francs (CHF)           - 1.20%

Danish Krona (DKK)          -1.20%

Japanese Yen (JPY)           -0.45%

Swedish Krona (SEK)        -1.20%

(Gross rate means the interest rate that you are paid without the deduction of tax)

If you hold currency accounts with us in one or more of the above noted currencies and have any questions regarding this change please call our banking team who will give you more information.

We will calculate the negative interest rate charge at the same frequency as would apply to the payment of credit interest. Such interest will therefore accrue on a daily basis and be charged at the end of each quarter in March, June, September and December.

All other terms and conditions relating to accounts remain unchanged.