On 12th October 2020, The Bank of England (“BoE”) published a letter requesting feedback in relation to any possible operational implications that firms would encounter if the Bank of England’s Monetary Policy Committee (“MPC”) implemented a zero or negative policy rate. A copy of the letter is available here.
Guernsey regulated firms should consider if there are any technical operational issues relating to entering zero or negative rates in their systems as well as if there are any contracts in place that would be materially affected by the change. However, the BoE has stated that its engagement with these issues should not be considered indicative of an imminent negative or zero policy rate being set up.
To view this notification in full, please click here.
For further information & guidance, please contact the Advisory Team at Aspida via info@aspidagroup.com
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