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Swiss franc scraps euro peg
Comments
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Read yesterday that Nestle bonds are offering a small negative interest rate now!0
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That's correct. You now pay for the privilege of lending money to Nestle.
Denmark has just made their interest rates more negative. Much shaking of heads at the morning meeting when that was announced.
The FT was (half) joking that someone should set up a cash ETF to beat negative interest rates. Get a load of CHF1,000 bank notes and stick them in a bank vault somewhere then issue shares against them and charge 20bps (0.2%). Hey presto, you get revenues of CHF20,000,000 a year off CHF1,000,000,000 put into storage and your clients save a total of CHF55,000,000,000 vs the Swiss base rate!
Obviously storing a billion francs in cash isn't going to be cheap but I bet I could do it for less than CHF20,000,000!0 -
That'll work until the SNB decide to change the design of their notes, and make all yours worthless :eek:'In nature, there are neither rewards nor punishments - there are Consequences.'0
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I wonder if a shortage of swiss and danish high denomination notes might result?I think....0
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