Banking problems

Alan Heath
06-11-2001, 00:00

The banks are now considering ways of reacting to the news that savings accounts will now be taxed. When a similar measure was attempted in Germany, one quarter of deposit accounts were closed as clients took their money elsewhere. Deposit accounts have been becoming less attractive for some time as interest rates on savings have fallen dramatically this year (more quickly, it should be said, that lending rates). To make matters worse the banks have been reporting falling profits and this is likely to get worse. Some analysts see a course of action of reducing credit risk making borrowing much more difficult and hence wiping out any good that may have happened from reductions in interest rates.

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