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RBS, bailed out by taxpayers during the financial crisis, says negative interest will apply only to the overnight rate for a limited number of institutions that are required to have money on deposit to complete futures trades.
RBS said Saturday it "will now be passing the cost of holding such deposits onto a limited number of our institutional clients."
The Bank of England this month slashed its benchmark rate to a record-low 0.25 percent as part of a package of stimulus measures to boost confidence following Britain's vote to leave the European Union.