Recently the US Treasury announced a further 0.25% cut to the USD FED Funds Rate to 1.75>2.00%. At this time we are unable to absorb this rate reduction and have therefore made the decision to reduce all USD interest rate tiers by 0.25% with immediate effect.
We have managed to remain somewhat behind the curve with negative EUR interest rates, holding our rate at just -0.25% for some time. However due to recent changes within the underlying pool of deposits within the EUR ‘Managed Pool’ this rate has now dropped by a further -0.25% to -0.50% with immediate effect.
