German Banks Start Charging Retail Savers

GERMANY - - As Cornelius Riese, co-CEO of Frankfurt-based DZ Bank AG (Germany’s second-largest by assets), observed, negative rates indeed “have a huge impact on banks.” Riese ventured to offer some gentle criticism of Draghi & Co’s grand policy experiment: “Maybe at the end of the story, in three to five years, we will notice it was a historical mistake.” The ECB's imposition of negative interest rates have created an "absurd situation" in which banks don't want to hold deposits, rages UBS CEO Sergio Ermotti, arguing that this policy is hurting social systems and savings rates.

Oswald Gruebel, who served as Credit Suisse CEO from 2004 to 2007 and as UBS Group AG's top executive from 2009 to 2011, has slammed ECB policy in an interview with Swiss newspaper NZZ am Sonntag. “Negative interest rates are crazy. That means money is not worth anything anymore,” Gruebel exclaimed. “As long as we have negative interest rates, the financial industry will continue to shrink.”

And finally, Deutsche Bank CEO Christian Sewing warned that more monetary easing by the ECB, as widely expected next week, will have “grave side effects” for a region that has already lived with negative interest rates for half a decade. “In the long run, negative rates ruin the financial system.”

“Just what is an APOSTLE?”
Just what is an Apostle?

Today we find the Church of God in a “wilderness of religious confusion!”

The confusion is not merely around the Church – within the religions of the world outside – but WITHIN the very heart of The True Church itself!

Read online or contact email to request a copy

Listen to Me, You who know righteousness, You people in whose heart is My Law: …I have put My words in your mouth, I have covered you with the shadow of My hand, That I may plant the heavens, Lay the foundations of the earth, and say to Zion, “you are My people” (Isaiah 51:7,16)