“NIRP” (Negative Interest Rate Policy) has been cited in print since at least May 2008 and December 2008, but began appearing with frequency in the financial press in 2012. A central bank in a country with a strong currency might charge customers a premium (NIRP) to keep that currency safe in its bank. A central bank in a country with a weak currency, however, might have to pay a high interest rate to attract customers.
 
The term “ZIRP” (Zero Interest Rate Policy) is older and has been cited in print since 2000.
 
     
Money Matters
Bank of Japan’s ZIRP Versus The Supkis RIPOFF Statistics
May 20, 2008
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COMMENTS
Of course with real economy inflation galloping along at a pretty good clip (5-15% depending who you believe) and a 2% Fed Funds rate it seems like ZIRP isn’t an accurate label. Maybe it should be called a NIRP (Negative Interest rate policy).
Posted by: Don | May 31, 2008 at 02:21 AM
     
HousePriceCrash.co.uk
NIRP
Extradry Martini
Posted 03 December 2008 - 11:46 AM
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Any negative interest rate policy (NIRP) will have to be maintained for some time and for it to be effective the banks will have to believe that it is going to be there for even longer.
   
Blue Peter
Posted 03 December 2008 - 11:50 AM
How does a NIRP (copyright that term, EDM!) sit in the context of a nation which has to sell a lot of debt to other nations?
   
Chris Martenson’s PeakProsperity
Fed cuts rate to less than 0.25% - promises to flood the world with money
by Chris Martenson
Tuesday, December 16, 2008, 3:22 PM
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What this line means is that regardless of the effective fed funds rate the Fed will be paying 0.25% to banks on all their reserves, whether required or ‘excess’.  If you loan money at 0% and then pay 0.25% when it is handed back to you for keeping in your institution, that means you are offering a negative rate of interest. This Negative Interest Rate Policy, or NIRP, sets us apart from even the Japanese whom, to the best of my knowledge, never attempted this.
 
Zero Hedge
Europe’s “Monetary Twilight Zone” Neutron Bomb: NIRP
Submitted by Tyler Durden on 06/27/2012 09:11 -0400
Just because ZIRP is so 2009 (and will be until the end of central planning as the Fed can not afford to hike rates ever again), the ECB is now contemplating something far more drastic: charging depositors for the privilege of holding money. Enter NIRP, aka Negative Interest Rate Policy.
 
Zero Hedge
Presenting The NIRP Club
Submitted by Tyler Durden on 07/17/2012 08:42 -0400
If Krugman is to be believed, the state of global sovereign nation balance sheets must be excellent as there are now 12 major nations with 2Y interest rates below 1.00% with 4 of those nations having joined the Negative-Interest-Rate-Policy (NIRP) club.
 
Canada, Sweden, USA, UK, Japan, France, Austria, and Finland are all currently below 1.00%
 
Holland, Germany, Denmark, and Switzerland are all currently negative.
   
The Jerusalem Post
Global Agenda: From ZIRP to NIRP
By PINCHAS LANDAU
07/19/2012 23:32
So great is the demand to hold francs that interest rates on short-term Swiss government paper has turned negative. People are paying the Swiss government for the honor of lending to it.
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Nevertheless, the ZIRP policy remains in place, and there has been much talk recently of a move to NIRP – negative interest rate policy, in which central banks will lend accept deposits from commercial banks only if the latter pay the borrower to accept their money. This sounds off the wall, but it is a reflection of a situation in which countries are being divided into two groups: those seen as capable of repaying their debts and those seen as likely to default. As the situation of the weaker countries – notably the PIIGS group of periphery countries in the euro zone – deteriorates, there has been a huge shift of funds from them to strong countries, both within the euro zone and outside it.