Spanish banks continue to drag their feet in charging deposit Organizations in your customers’ country promised to pay households 1.65% Average for these savings products subscribed in May compared to 1.4% in April. To put it in perspective, Interest came on the bonds that the Treasury put out to tender in the same monthBetween 3% and 3.2% in different maturities (three, six, nine and 12 months), compared to the 1.64% that banks are willing to pay for deposits with a maturity of less than one year. Therefore, the rate of interest paid by the State, practically twice than banking
This raise rate Official interest rates by the European Central Bank (AMB) to combat the inflationary spiral, therefore, transferred For this reason very irregular caused the volume of both savings products literature in the hands of the treasure houses It has increased nearly a thousandfold since then. 14 million Euros from April 2022 until today 13,206 million from last April. This deposit household banking also increased, but at a slower rate: 71,021 million from the fourth month of last year 74,723 million at the end of last April. In other words, households allocated 13.192 million to bills and 3.702 million to deposits in these twelve months.
Spanish banks continue to be less paid sixths Deposits of 20 financial sectors eurozoneAccording to data released by the ECB this Wednesday. Only Greeks, Croats, Portuguese, Slovenes and Cypriots They offered a lower rate in May. At the opposite extreme, the banking of countries such as: Italy (3.12%), France (3.09%), Lithuania (3.25%), Estonia (2.87%) or Belgium (2.83%). The interest on new deposits to Spanish households was therefore significantly below once again that month. European average (2.44%).
months later flat encephalogram Despite the ECB’s rate hike, repayments of new time deposits to Spanish households jumped from 0.89% to 1.31% in March, signaling some movement. However, again in April and May slow growthAlthough 1.65% is the highest level since then end of 2013. Moreover deposit set the average interest rate for the family term but 0.9% Due to the slow increase in the rate of new deposits compared to the average 1.68% in the euro area.
0.1% savings
It is also noteworthy that most of the money families save in banks pyrus 0.1%. Of the 986,408 million Euros that households had in establishments in May, 91.8% (902,630 million) existing accounts apparently at the aforementioned 0.1%. but a 8.2% (80.027 million) deposit maturity averages 0.9% (interest on balance is lower than on new operations because most products are contracted during a period when businesses pay nothing or almost nothing).
Inside 2014755,461 million distributed to families with new time deposit rates at current levels almost equal 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, the Bank of Spain 3.250 million savings Euro last year as it raised the deposit rate significantly less than expected based on historical experience.
cheaper loan
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 May fifth country 20 with the new currency union mortgage they presented an average type less thanTogether 3.71% Compared to 3.61% in March. Of course, it measures the difference between mortgage types and deposit types. cost effectiveness assets received your customerscontinues to move in all-time highsexceeding two percentage points.
Despite this low relative cost of the loan, printing on the bench Spanish has increased in recent weeks to increase the deposit fee. repeatedly requested by the vice president of economics, Nadia KalvinoAs before Christine Lagarde and Luis de Guindos, ECB president and vice president. The industry excused itself for not doing this. high liquidity and not passed on to customers negative rates The years before the tightening of monetary policy brought with it a cost that it now wants to recoup. organizations, possibly around summer Deposit rates start to rise despite something they had already anticipated on previous occasions and eventually postponed.