Negatiivinen korko ja velvoiteoikeus
Avainsanat:
negatiivinen korko, korkolaki, kuluttajaluotot, velvoiteoikeusAbstrakti
Negative interest rates and contract law
Euribor interest rates, which are important reference rates in banks’ lending and deposit taking contracts, have been negative since 2014–2015. In addition, certain key European Central Bank (ECB) reference rates are negative. The purpose of this exceptional monetary policy by the ECB has been to stimulate the economy and support growth in the euro area.
This article examines the legal implications of negative interest rates. The starting point in Finnish contract law is that the interest on a loan is for the parties to agree on, in line with the doctrine of freedom of contract. The parties to the loan can therefore also agree to apply a negative interest rate. A more difficult contractual question arises if the parties have agreed on a loan with a floating interest rate, which is common in loan agreements between banks and borrowers. Today loan agreements usually include a zero-rate floor, in which the reference rate will never be less than zero. These are valid clauses not only in corporate lending but also in consumer mortgages. In the absence of a zerorate floor in the loan agreement, and if the agreement has been entered into before the rates have become negative, the starting point in the interpretation is, nevertheless, that the interest rate of a loan cannot be negative.
In Finland, banks have implemented negative rates on corporate deposits. This is reasonable because of the liquidity regulation of banks and negative central bank rates. For consumer deposits, negative interest rates have not been implemented. The Finnish Financial Supervisory Authority has recommended a cautious approach to negative deposit rates in consumer accounts.
