It emerged last week that UBS is planning to charge its wealth clients, those with more than SFr2m ($3m) of deposits with the Swiss bank, a negative interest rate. Credit Suisse is thinking of doing the same. Other private banks already do this.

With the European Central Bank expected to move its rates further into negative territory in the coming weeks, the phenomenon seems likely to spread.

In this Alice in Wonderland world, characterised by its vast post-crisis monetary policy experiment, we really have gone down the rabbit hole.


Negative rates are supposed to stimulate the economy, incentivising investment