In Bavaria, a bank decides to charge the deposits of its affluent customers – The World

It is a tiny bank, located in one of the richest regions of the country, but his decision caused a wave of concern in Germany. From 1 ^st September Raiffeisenbank cooperative bank Gmund am Tegernsee charge deposits superiors individual customers 100 000 up 0.4%. In other words, this property in Upper Bavaria (southern Germany) will go directly negative rate imposed by the European Central Bank (ECB) to its most affluent customers. Limited in scope, this event is the developer of a discreet but real phenomenon: the general rise in retail bank rates for individuals

Raiffeisenbank Gmund am Tegernsee is characteristic of a local bank. German financial industry. The model is unchanged since the late nineteenth ^th century, it survived all the upheavals of history: investors locality combine them in a cooperative bank, they can join shareholder, they collect deposits from savers and distribute the credit to local businesses and individuals in closed circuit. The 1021 cooperative banks ( “Volksbanken” and “Raiffeisenbanken”) that exist in Germany include 30 million customers, representing about a third of banking in the country, alongside savings banks ( “Sparkassen”) and private banks.

“100 000 euros on their current account”

As cooperative banks and savings banks mainly live …