Banks charge for Swissie holdings

Switzerland’s largest banks are to charge fees and pay negative interest rates on Swiss franc deposits made by rivals to encourage them to limit their holdings of the currency. “We invite our customers to keep cash balances as low as possible to avoid negative credit charges,” Credit Suisse said in a note to clients yesterday. To shield the economy from deflation, the Swiss National Bank set a floor of 1.20 francs per euro in September 2011.