“Even though, measured by the value of the securities, we only charged negative interest for particularly high liquidity holdings, and then only for the shortest possible period, we are pleased to be able to hold the liquid assets free of charge again”, Said mentioned. “We aspire to offer attractive services for our clients in everything we do.”
In 2007, prior to the global financial crisis, the deposit rate of the European Central Bank (ECB) stood at 3.25 per cent. During the economic turmoil and the subsequent euro crisis, however, the ECB pushed the interest rate at which commercial banks can park money at national central banks down to zero. In 2014, the interest rate even turned negative, meaning that banks had to pay money for their deposits at central banks. This step was supposed to encourage the banks to lend money.
As a result, more and more commercial banks turned to charging their customers custody fees or negative interest rates. Now these times have come to an end: In combating inflation, the ECB has completed the interest rate turnaround. In July, the deposit rate was raised to zero per cent, and since mid-September it has been positive again. “That is why we were particularly pleased to see off negative interest rates in Luxembourgish with our customary ‘Äddi’, with a ‘bye’“, Said concluded.
Additional information is available at www.moventum.lu
Moventum Asset Management S.A. (Moventum AM) is a wholly owned subsidiary of Moventum S.C.A. Since 2019 Moventum AM manages Moventum’s own funds of funds and individual mandates as part of its asset management portfolios.
As an independent financial service partner, Moventum S.C.A. has been providing a home for financial service providers such as advisors and asset managers as well as institutional clients from all over the world for more than 20 years. The digital “MoventumOffice” platform offers access to more than 10,000 funds, ETFs and other securities. In addition, it allows financial advisors to open securities accounts for their clients, to place trading orders and to use analysis, reporting and support tools. Institutional clients are able to outsource their entire fund trading with complementary services to Moventum as part of collective or individual custody account management. A variety of fund services are assumed for asset managers, ranging from registrar and transfer agent services to fund accounting, company administration and domiciliation services.
Moventum S.C.A
12, rue Eugène Ruppert
L2453 Luxembourg
Telefon: +352 (26154) 200
http://www.moventum.lu
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Telefon: +49 (178) 4980733
E-Mail: bodo.scheffels@news-and-numbers.de
