Court rules for Deutsche in negative interest case
Decision turns on Isda’s 2010 best practice guide, which said interest was only payable when rates were positive
Deutsche Bank does not have to pay the Netherlands negative interest on collateral posted to cover mark-to-market losses on derivatives transactions dating back to 2001, the UK Court of Appeal has ruled.
The judgement, released earlier today (May 2), was widely expected. Most lawyers Risk.net spoke with earlier this week said they thought the lower court’s ruling last July would be upheld.
Beginning in 2001, Deutsche Bank and the state of the Netherlands, acting through the Dutch State
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