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: ruling could give rise to historical restitution claims, say lawyers

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 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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here