Deutsche Bank AG Chief Financial Officer James von Moltke said the European Central Bank was burdening banks with the costs of monetary policy after it decided to scrap interest payments on minimum reserves.
The ECB on Thursday announced it will stop paying banks for the money they are required to keep at the institution, a shift that will cost lenders in the region about $6 billion, based on the latest data. Deutsche Bank will lose about 200 million euros ($221 million) in revenue annually, von Moltke estimated.
Read More : Deutsche Bank CFO Criticizes ECB’s Decision to Scrap Interest on Reserves