(REUTERS) — HSBC is to start charging other banks for depositing money in currencies of countries that have negative interest rates.
Europe's biggest bank will join a number of other U.S. and European banks to charge their peers for holding deposits - effectively passing on the cost of holding money where interest rates have turned negative.
The move will affect deposits from banks in euros, Swiss francs, Danish crowns and Swedish crowns. A European Central Bank's bond-buying programme has depressed interest rates across Europe.