On 10 March the ECB announces a cut in its deposit rate to minus 0.4%. Aimed at boosting the Eurozone economy, the move is highly material to the profitability and share value of banks. The ECB also decides against introducing a tiered deposit rate structure, a system of multiple rates used in Switzerland and Japan to encourage lending to companies while also punishing banks that hold too much cash. On complaints by banks that negative interest rates hurt profitability, a senior ECB official argue that banks should revisit their business models and invest more in efficiency through digital technologies. Some criticize the continuation of negative rates, arguing that negative indirect effects overshadow the initial impacts of seeking to tax excess deposits or in effect offering to pay banks to lend. Avoiding too much risk by lending more, banks may respond by charging more for lending (e.g. mortgages) and charging higher fees.