# Why would borrowing rates for repurchase agreements be negative

I don't understand this graph:

And this paragraph:

Borrowing rates using German and French government bonds as collateral fell to minus 4.9% and minus 5.3%, respectively, which meant market participants were being paid record amounts to borrow.

Why would borrowing rates be negative?

So if I have German bonds and give them to a bank for 100\$, then I will pay back only 95.1\$?

Why would the bank accept such a deal? Besides the fact that they loose money, don't they need to hold cash?