months later flat encephalogram Fee paid despite increase in official interest rates banks begins to show signs of activity due to new time deposits. Average proportion of these savings products narrowed by households in March increased to 1.31%, from 0.89% in February. This is a level that doubles 0.59% of January. highest in nine yearsSince February 2014. Of course, for banks much less burdensome then, because the majority of families’ money is invested now on checking accounts at an insignificant average wage 0.08%According to data from the Bank of Spain.
Like this, 985,492 million In March, households owned banks 93% (915.606 million) opinion accounts to the aforementioned 0.08%. Then, only 7% (69,886 million) time deposits with an average 0.52% (The interest on the balance is lower than for new operations because most of the products were contracted at a time when businesses paid nothing or almost nothing). Instead, families 755,461 million in 2014 distributed almost equal Between 0.17% paid checking accounts and time deposits (1.39%) used to pay off customers’ debts more expensive.
Another important fact is that the household They made 11.480 million contracts Euro on deposits in March, 70% more By February and monthly amount Highest since May 2019. This allowed the balance to increase by 6.1% to the aforementioned 69,886 million (new deposits exceeded due 4,026 million). In March, there was, to be exact, bank storm Two institutions particularly affected in the markets caused by the declines of the American Silicon Valley Bank and Swiss Credit Suisse large deposit leaks.
to other products
Hence, the situation arises that Spanish businesses resort to in the month of financial turmoil. higher rate increase new deposits to households since European Central Bank (ECB) in July of last year it began to make more expensive money. This big bankers Spaniards, in any case, denied these days that the storm produces exceptional departures So they justify saving their customers drop As of December, the total of current accounts and deposits (21,474 million and 2.1%) the fate of which families more savings on other productsLike treasury bills and mutual funds.
Average payment of households’ new deposits in Spain (1.31%) remains in any case below the euro area average (2.11%), but according to ECB data, the difference between the two decreased from 1.03 points in February to 0.8 points. The difference in charging the balance compared to the average of the banks is 0.99 points. Europeans pay 1.51%While the Spaniards pay the aforementioned 0.52%. Of course, in case companiesThe interest on the new deposit, which banks have begun to pay, is already 2.28%, almost touching Europe (2.57%).
credit increase
Regarding the loan, the average type of loan new mortgages taken by families rose From 3.43% to 3.54% interest rate compared to February balance growing 2.52% to 2.7% As a result of the uplift of Euribor. This cost effectiveness What do banks get? your customers (calculated to individuals as the difference between the average interest rate of the mortgage portfolio and the time deposit balance) therefore highest region of all timeAlthough slightly moderate from the record of 2.2 points in February to 2.18 points in March.
Lower payment for deposits than in the euro area, despite what Spanish banks usually advocate does not mean the loan is cheaper. Thus, the average new mortgage rate in the country once again larger than the European average third consecutive month (3.54% vs. 3.37%). In addition, the average interest on the balance of loans for home purchases in Europe rose only from 2.04% to 2.09%, bringing the gap from 0.48 to 0.61 points compared to Spain.