Loans with negative rates would be 'a perversion', ECB's Nowotny says
- Health, tech stocks extend Wall Street record-setting rally
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
President of the Austrian National Bank and European Central Bank Governing Council member Ewald Nowotny attends a news conference in Vienna, Austria June 6, 2016. REUTERS/Leonhard Foeger
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
VIENNA (Reuters) - Consumer loans with negative interest rates would be "a perversion", one that has not happened even in negative-rate trailblazer Switzerland, European Central Bank Governing Council member Ewald Nowotny said on Thursday.
"I believe it would be a perversion, an economic one, for loan rates to suddenly be negative. It totally goes against the economic nature of a loan," Nowotny told an economic conference in the Alpine resort of Alpbach.
"In Switzerland that has been ruled out for loan agreements for a long time. Now it has been ruled out for Austrian loan agreements," he added.
(Reporting by Francois Murphy and Kirsti Knolle; Editing by Richard Balmforth)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wall Street again marks new highs in post-election run
- Bolton says Trump moves could signal 'different,' tougher, China line
- South Sudan expels head of Norwegian refugee agency
Create E-mail Alert Related CategoriesReuters
Related EntitiesEuropean Central Bank
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!