“Not unusual” for UK banks to need 6 months for negative rates – BoE’s Broadbent By Reuters

LONDON (Reuters) – Bank of England Deputy Governor Ben Broadbent said he thought it was reasonable for the BoE to give banks at least six months to prepare for the possible introduction of negative interest rates.

“I don’t think they are unusual compared to elsewhere,” Broadbent told CNBC.

“I don’t think it’s unusual at all that banks need some time to get their IT systems ready to deal with it,” he added.