UniCredit to apply negative rates only on deposits over 1 million euros
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MILAN (Reuters) - UniCredit will only apply negative rates to customer deposits of more than 1 million euros, the Italian bank said on Monday, clarifying comments by its CEO last week which drew angry reactions from unions and consumer groups.European banks are grappling with the consequences of the European Central Bank's September decision to cut its key deposit rate further into negative territory, making it tough for banks to earn money from their traditional lending business.UniCredit..