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  "documentTitle": "AerCap Holdings (AER)",
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  "authorName": "David Einhorn",
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  "notes": "Includes a cartoon illustrating the concept of charging customers for deposits.",
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      "text": "We are paying attention to a possible transition from banks rejecting depositors to depositors rejecting banks.",
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      "text": "There is a limit to this, of course. At some point banks will decide it's cheaper to hold physical currency in their vaults than it is to maintain excess deposits at central banks. Correspondingly, customers can decide they would rather hold cash than pay for the privilege of depositing money.",
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      "text": "Last year, the ECB and other European countries began charging banks for deposits. The Danish and Swiss now charge 75 basis points. Banks are beginning to pass the negative rates onto commercial customers.",
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      "text": "Wilkins here, has come up with a real gem of an idea. Why not charge our customers for actually depositing their money with us?",
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      "text": "“Wilkins here, has come up with a real gem of an idea. Why not charge our customers for actually depositing their money with us?” — Kes (Cartoonist)",
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      "text": "Source: GS Global Macro Research, “Negative Interest Rates: Helpful or Harmful?”, February 27, 2015.",
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