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Japan begins distributing cash handouts for virus relief
TOKYO (Kyodo) – Some small municipalities in Japan began distributing on Thursday one-off cash handouts to people to help cushion them from the economic fallout related to the new coronavirus' spread. But the handouts of 100,000 yen ($938) per person may begin later in big cities because of the amount of paperwork, including processing the applications.
In the town of Higashikawa, Hokkaido, financial institutions first give residents the cash and the town office will later pay the amount back using funds from the state.
Those who have accounts at the bank affiliated with a local agriculture cooperative or a credit union are eligible to receive the 100,000 yen in the town, which has a population of about 8,000.
"We hope (the financial institutions) will make sure all citizens receive the handout," said an official of the Ministry of Internal Affairs and Communications. Prime Minister Shinzo Abe declared a state of emergency for Tokyo, Osaka and five other prefectures earlier this month. He then expanded it to the entire nation on April 16, while pledging to launch the cash handout scheme for all residents regardless of income.
His administration's earlier plan to give 300,000 yen each to households whose income has fallen met with sharp criticism.
https://mainichi.jp/english/articles/20200501/p2g/00m/0na/013000c
Deutsche Bank Capitulates: Starts Charging Negative Rate On All New Deposit Accounts Over €100,000
It has been a long time coming and it's finally here.
When the ECB first unleashed negative rates across Europe in 2014, banks were loathe to match the central bank's deposit rates for their clients to those charged by the ECB over fears depositors would simply take their money and go elsewhere. After all, the premise of paying a bank for the privilege of holding your money is still absolutely insane to most normal people.
Indeed, just last November, Deutsche Bank vowed that it would pass on negative interest rates only to larger corporate customers or the deposits of wealthy individuals and spare most retail clients, Deputy Chief Executive Officer Karl von Rohr said, explaining that German banks have already paid several billion euros in penalty rates for their deposits with the European Central Bank and Deutsche Bank’s payments amount to “several hundred million euros for 2019."
Now, less than half a year later, the Frankfurt-based bank - which itself is in dire financial straits - has capitulated and to avoid paying the ECB's punitive rate will soon introduce negative interest rates for even its medium depositors.
A Deutsche Bank spokesman told Handelsblatt that "The ongoing pressure from negative interest rates makes it necessary for Deutsche Bank to charge custody fees for new accounts exceeding €100,000 starting May 18, 2020." The "deposit rate" of -0.5% is equal to the rate the ECB charges banks for money parked there.
"This helps us on the earnings side, but above all it helps to prevent further inflows of particularly high deposits that cost us money," wrote Manfred Knof, head of the bank’s German private customer business, to his employees. This applies "especially in the event that other banks further adjust their conditions and their customers are looking for an alternative for their deposits with us."
In other words, with the ECB flooding the European financial system with a tsunami of liquidity - one which it expanded today with yet another meaningless long-term refi operation as if that will do anything to help banks who can no longer earn a net interest margin arb become solvent - Europe's banks no longer need deposits, and in fact will do everything they can to push away all but the smallest depositors. The good news, for now, is that "existing account contracts are not affected" however we expect that to change soon.
So with European banks finally cracking down on the bulk of their depositors instead of just the top 1% and corporate clients, what happens next?
Well, savers who collectively owns trillions in European bank deposits that are now non grata have two options: either pull the money out, convert it to cash and store it in a safe (something Germany has a lot of experience with especially in late 2016 when Deutsche Bank was on the verge of collapse, sparking a rush to buy safes) where it is outside of the financial system - this is precisely the alternative the ECB prepared for several years ago when it stopped printing the €500 banknote, or more likely, buy alternative physical assets which - in a time of pervasive deflation and negative rates - do not charge a penalty rate, such as gold or even cryptos.
So if over the next few months a wave of "mysterious" buying emerges and lifts all non-traditional assets which prevent central banks from imposing penalty rates, we will know why: the real great rotation has finally begun.
https://www.zerohedge.com/markets/deutsche-bank-capitulates-starts-charging-all-new-deposit-account-exceeding-eu100000
>>8983444
chek't
Baker Cap
To The Color
To the Color is a bugle call to render honors to the nation. It is used when no band is available to render honors, or in ceremonies requiring honors to the nation more than once. To the Color commands all the same courtesies as the National Anthem.
https://www.bands.army.mil/music/buglecalls/tothecolor.asp
get over yourself bible faggit