This Spanish banking mixes back into fee between deposit Compared to most of their European counterparts. The country’s banks promised to pay household 1.41% On average, in the contracts signed in April, then again By March. This caused them to be less than six to reward these financial products in terms of 20 sectors financial eurozonea position below the position they occupied at the end of last year. Left behind by the Irish. Only Greeks, Croats, Portuguese, Slovenes and Cypriots offered a lower rate than data released this Monday by European Central Bank (ECB).
At the opposite extreme, the banking of countries such as: Italy (3.08%), France (2.95%), Lithuania (2.68%), Estonia (2.66%) or Belgium (2.65%). Thus, the interest on new deposits to Spanish households in April was once again significantly below. European average (2.27%) and indeed, the gap between the two rates has widened since the end of last year. (from 0.8 to 0.86 points). To put it in perspective, closing of 2021Before the dizzying rise in official interest rates began to combat the inflationary spiral, the difference was minimal. 0.17 points.
months later flat encephalogram Despite this increase in the cost of money, the repayment of new time deposits to households signaled a certain dynamism in 2018. Marchwhile jumping 0.89% to 1.31%. However, in April it again recorded insignificant growth, at 1.41%, the highest level since then. early 2014. Moreover deposit set the average interest rate for the term the families are contracted 0.7% Due to the slow increase in new deposit rates compared to last year, Average of the euro area 1.61%.
Cheaper
But what’s more, most of the money families save in banks pyrus 0.1%. Thus, from the 986,408 million Euros that households had in banks in April, 92.4% (911.685 million) see current accounts to the aforementioned 0.1%. but a 7.6% (74,723 million) time deposits with an average rate of 0.7% (interest on the balance is lower than that of new operations because most products are contracted at a time when businesses pay nothing or almost nothing).
Inside 2014While the new types of time deposits are at the same level as now, families have 755,461 million almost evenly distributed Between (0.17% paid) checking accounts and time deposits (1.39%). Therefore, it is now very difficult to pay off the debts of its customers. cheaper for banks Then what. In a report published a few days ago, Bank of Spain forecast of the industry 3.250 million savings Euro last year to significantly increase the deposit rate less than expected based on historical experience.
The other side of the coin is type of loan, as banks often use it to defend lower deposit fees compared to the eurozone. Spain, thus, was in April seventh country 20 in the currency union new mortgages presented Lowest average rate with 3.48% It’s down slightly compared to 3.55% in March. Of course, it measures the difference between mortgage types and deposit types. cost effectiveness assets received from their customerscontinues to move in all-time highsexceeding two percentage points.