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The use of negative interest rates with a special reference to banking cash deposit contracts in the law of Croatia (CROSBI ID 73931)

Prilog u knjizi | izvorni znanstveni rad | međunarodna recenzija

Vargek Stilinović, Ana ; Stilinović, Marko The use of negative interest rates with a special reference to banking cash deposit contracts in the law of Croatia // The Law of Obligations in Central and Southeast Europe: Recodification and Recent Developments / Slakoper, Zvonimir ; Tot, Ivan (ur.). Abingdon : New York (NY): Routledge, 2021. str. 156-174

Podaci o odgovornosti

Vargek Stilinović, Ana ; Stilinović, Marko

engleski

The use of negative interest rates with a special reference to banking cash deposit contracts in the law of Croatia

The use of negative interest rates in the banking business is currently one of the most debated subjects within the EU banking sector. Although negative interest rates were initially introduced exclusively as an unconventional monetary policy tool, certain banks in EU member states started to implement such rates in contracts involving retail and corporate deposits. In simple terms, a negative interest rate can be defined as an interest rate the value of which is set below zero. Regarding cash deposits, this means that instead of receiving an income on cash deposits, the depositor shall be obliged to pay a fee to the bank for providing a service of "safekeeping" of funds. Negative interest rate, therefore, functions on the reverse logic in comparison to the regular interest rate. In the EU, the Danish central bank was the first that introduced negative interest rates in 2012. This central bank noted that savings through cash deposits lead to a further fall in prices. To counteract the observed trend, it introduced a negative interest rate on cash deposits of commercial banks. The first European commercial bank to introduce such a negative interest rate on retail and corporate deposits was Germany's Skatbank. Thus, its customers (individuals and legal entities) were obliged to pay the bank a "savings" fee in the form of negative interest for deposited funds. This unconventional policy sought to encourage banks to lend more strongly, and the customers to invest and spend money. Also, in recent years, there has been a trend of contracting negative interest rates in business relationships between commercial banks in situations where they are faced with excess liquidity. Namely, instead of spending huge amounts of money on storing cash, banks deposit excess liquidity with other banks. In doing so, other commercial banks charge them a fee for "keeping" their money. This practice is widespread among commercial banks within the EU. The purpose of this paper is to analyse whether the use of negative interest rates in banking cash deposit contracts would be permissible under Croatian laws. Currently, this contract is regulated under the Civil Obligations Act. According to the mentioned Act, contract on banking cash deposit is concluded where a bank undertakes to receive, and a depositor undertakes to deposit a certain amount in cash with the bank. The Act also stipulates that the bank shall pay interest on the money deposited unless otherwise prescribed by the law. The authors seek to determine whether such stipulation precludes the possibility of setting a negative interest rate, even though the purpose of such a contract is different from the one originally conceived in the Act. Furthermore, can such contract be considered as an innominate banking cash deposit contract falling outside of the scope of these provisions? To provide possible solutions, the authors also analysed the domestic laws, comparative European laws, and the respective court practice.

negative interest rates, banking cash deposit contract, monetary policy

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Podaci o prilogu

156-174.

objavljeno

Podaci o knjizi

The Law of Obligations in Central and Southeast Europe: Recodification and Recent Developments

Slakoper, Zvonimir ; Tot, Ivan

Abingdon : New York (NY): Routledge

2021.

9781003080565

Povezanost rada

Pravo