Bank of England asks banks about readiness for negative rates

LONDON, Oct 12 (Reuters) - The Bank of England asked banks
on Monday for information about their readiness for the
possibility of zero or negative interest rates, following up on
its announcement last month that it was considering how to take
rates below zero if needed.

"As part of this work, we are requesting specific
information about your firm’s current readiness to deal with a
zero Bank Rate, a negative Bank Rate, or a tiered system of
reserves remuneration – and the steps that you would need to
take to prepare for the implementation of these," Deputy BoE
Governor Sam Woods said in a letter to banks.
(Writing by William Schomberg, editing by Huw Jones)