At least one every five euros treasure letters in your hand individuals. the charm of it Public debt short term (up to 12 months) has increased rapidly with the start of 2019, combining security and relative usability. increase in interest ratesStarted by the European Central Bank (ECB) in July of last year, the biggest boom has been since the end of 2022.
The difference between the new yield large bank depositsThe interest, which is currently 2.21% on average (barely 0.12% in current accounts) and 3.75% on average in mortgage purchases, is one of the factors that increases the bond interest and allows the Treasury to pay interest. to meet financing targets in each of the auctions.
In one of the six and 12-month headlines this week, the marginal rate rose to 3.665 percent in the first; At the 2012 level; but the latter, which was expected to reach 4%, was 3,682%, far from the 4% many had expected and the 3,804% of the previous auction. Next Wednesday, the last bill auction of this month will be held with the three and nine-month bond auctions, which were held at a marginal rate of 3.531% and 3.810%, respectively, last month.
By May, the latest available data put the sum of invoices in the hands of individuals at around 15,000 million euros, representing 20.91% of the totalwas surpassed only by non-residents with 32.88%. The current weight of these financial assets in the hands of individuals is unprecedented, because the highest level was reached in 2007 with 10.97%, The year before the outbreak of the major financial crisis, precipitated by the fall of Lehman Brothers.
The highest point reached by individuals Absolute bond investment reached in 2008, with a total of 4,730 million, constituted 9.08% of the total. After the sovereign debt crisis in the European Union (EU) in 2012, the interest of individuals in these financial assets, especially negative interestsso, a stage where investors must be willing to pay, rather than charge, to finance the Treasury. It was a period that lasted from 2016 to 2022.
Despite this avalanche of demand, big banksThose with abundant liquidity did not have to prioritize liquidity. depositIts volume totaled 989,000 million euros in June, although they acknowledged that there would be a time when they would have to do so.
Small and medium-sized banking
are the small and medium-sized ones that choose to offer. Interest rates exceeding 4%. In some cases, the major banks in the system are improving the charging of deposits through their digital subsidiaries. This situation open bankSantander group or digital account banc sabadell.
There are ‘online’ organizations that offer more than 4% APR for terms of six months to one year. Among them, Banco Mediolanum and Italian bank systemanyone project banktogether fjord bankwith Lithuanian coin among others.
Vice President and Deputy Minister of Economy, Nadia Kalvino, He went so far as to publicly criticize how little the big banks pay deposits, and the industry replied that the increase would be due to competition, not because they said so.
The big jump in private investors’ bond demand took place last November and December, and its rise has not stopped. The Treasury, which only sells directly through the Bank of Spain, which has very few offices throughout the country, has limited face-to-face commercial capacity. In fact, he had to in February. to paralyze your website and finally drive potential customers to the network or request an appointment to avoid the crowds.
The enthusiasm of public debt savers meant that they closed last year with 3,233 million euros invested in government bonds: 1,826 million short-term bonds and 1,407 million longer-term bonds and liabilities. In 2023, the data will be higher.
Amount, highest since 20152.226 million, and 68.8% higher than at the end of 2021, thanks primarily to the extraordinary increase in the individual bond portfolio (from 17 million a year ago to 1.809 million in the bonds and bond portfolio). liabilities increased by 417 million and 42%.