Beyond retail savers, banks that are holding cash in excess of required reserves have no choice but to accept the negative interest rates that central banks impose; indeed, they could not hold, manage, and transfer those excess reserves if they were held as cash, rather than in a negative-yielding account with the central bank. Of course, this is true only so long as the nominal interest rate is not too negative; otherwise, switching to cash – despite the storage and safety costs – starts to make more sense.
除了零售储户，持有多于准备金要求的现金的银行别无选择，只能接受央行制定的负利率；事实上，如果这些超额准备金是以现金方式持有而非存放在负收益率的央行账户中，银行就无法持有、管理和转移这些超额准备金。当然，只有在名义利率不至于负得太离谱时这一点才成立；否者的话，持有现金——尽管会带来储存和安全成本——就会更有意义。