Introduction of Liquidity Fee for legal entities

2 Feb, 2022

Being transparent is one of our priorities and this is why we would like to inform you that we will amend our Commissions and Charges Table so as to introduce a liquidity fee of 0.40% (annual rate) that will apply to all legal entities which have current and savings accounts with credit balances that exceed €100,000.

The need for this fee comes from the negative interest rates applied by the European Central Bank on liquid funds maintained in the banking system. By applying this fee we are addressing the additional cost from this excess liquidity kept in current and savings accounts. We want to point out that the fee does not apply to fixed term deposits.

In more detail, the liquidity fee of 0.40% (annual rate) will be:
• applied to legal entities, on a per customer level and charged on a monthly basis
• calculated based on your total daily closing credit balances that exceed €100,000 on EUR denominated current (with and without limit) and savings accounts
• debited on the primary current account of each legal entity on the last day of each month.

The liquidity fee will be in effect from 04/04/2022, if your account was opened before 02/02/2022. For new customers that open accounts as of 02/02/2022 onwards, the fee will have immediate effect.

If you do not accept the proposed changes you must inform us of your disagreement before 04/04/2022. In such a case, you have the option to close any accounts covered by our General Terms and Conditions without any charge.

If you agree with these changes, you do not need to do anything as they will be deemed to be accepted by you and take effect from 04/04/2022.

You can find the new Commission and Charges Table:
• at the our website under the General Terms and Rates page or here
• at our Banking Centres
• by asking for a copy to be sent to you via post

If you need more information, we are always happy to help. You can call us at 8000 0050 / +357 22849000 (Mon.-Thur. 08:15-17:00, Fri. 08:15-14:00) or if you prefer you can contact your Relationship Officer directly.

Our promise remains to continue providing high quality services and products that are competitive and be transparent in our decisions and actions.