ECB’s negative interest rates under fire in Germany

The headquarters of Commerzbank (centre) juts out between the euro sign and the ECB in Frankfurt, Germany. The announcement by one of the country’s biggest lenders, Commerzbank, that it will start charging clients with high deposits on their accounts has angered many. — EPA

FRANKFURT: The European Central Bank (ECB) is under fire in Germany because of its policy of negative interest rates, which is prompting some banks to charge customers for holding money in their bank accounts.

In Germany, where saving is considered a virtue, the announcement by one of the country’s biggest lenders, Commerzbank, that it will start charging clients with high deposits on their accounts has angered many.