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ECB’s Negative-Rate Tweak Shifts Cash From Germany to Italy

  • Italy sees jump in deposits as ECB’s tiering takes effect
  • ECB’s Coeure flags considerable redistribution of liquidity

Photographer: Martin Leissl/Bloomberg

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Italian banks are making the most of the European Central Bank’s new tiered system for negative interest rates, luring in extra deposits as cash flows out of the euro-area core.