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Report: Negative interest rate means Achmea has to pay borrower

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Report: Negative interest rate means Achmea has to pay borrower

Achmea BankNV has to pay interest to the holder of a variable-interest-ratemortgage because of a negative interest rate, Reuters reported April 4, citinga ruling announced the same day by Dutch consumer financial products regulatorKifid.

According to the news agency, the interest rate for themortgage was set at 0.7% above Swiss LIBOR, which fell to below minus 1% inJanuary. As a result, Achmea had reportedly advised the customer that nocharges were due for the mortgage, but the watchdog ruled that Achmea has toreimburse the customer for missed interest payments.

Reuters added that Achmea spokesman Stefan Kloet did notreveal how many customers might be affected by Kifid's decision.