Huw Van Steenis's questions to Julius Baer Group (JBAXY) leadership • Q4 2015
Question
Huw Van Steenis from Morgan Stanley asked about the contingency plans Julius Baer would consider if the Swiss National Bank were to make negative deposit rates even more negative, and the resulting impact on treasury management.
Answer
CFO Dieter Enkelmann explained that the net impact from negative rates is currently relatively small. The bank already charges institutional clients for deposits and is considering introducing charges for private clients on Euro holdings, particularly from booking centers in Monaco and Germany, to offset costs and discourage large inflows from other banks. For Swiss Franc deposits, there are no plans to charge private clients.