HE shock inflationary and rate increases It causes a rapid rise in interest rates for central banks to combat it recombination of savings and investment houses Spaniards. Unusual increase in interest paid by the government treasure letters caused families to allocate these short-term debt securities 16,608 million euros At the end of June, published by the Bank of Spain this Wednesday. about this number highest since what starts the statistics 2002 and barely compare 19 million The value of the same month in 2022. in the same period investment individuals in companies Ibex 35 up 14.6% 86,743 million. However, in the same period, selectivity increased even more (18.5%), which means that citizens About 2.950 million withdrawn the companies in question in these twelve months.
There are decisions behind all of this. European Central Bank (ECB) Trying to break through the inflation spiral. The monetary authority of the eurozone therefore increased the main interest rate 0% to 4.25% Between July 2022 and last July deposit facility -interest paid on money held by banks, most relevant in the current context- has passed -0.5% (gave them back less than they hid) at 3.75%. This triggered the interest in bonds: In the June auctions of last year, the Treasury, -0.35% at three months and 0.504% at one yearLast June, it was among the varieties in the same snacks. 3.263% and 3.468%.
less in banks
The increase in household bond investment also contributed to banks’ persistent resistance to raise interest rates on time deposits despite the rise in official interest rates. average type new depositThere, it is done 0.11% June 2022 at 2.21% The level last June is still well below the letters and also the average eurozone (2.7%). Moreover 91.3% of the money It is in the current accounts that households have in banks and is higher than the average. only 0.12%. This is despite the increase in savings in time deposits (18,295 million and 27% to 85,890 million). Total balance Proportion of families working in banking (accounts plus deposits) 4,534 million decreased and 0.5% to 992,854 million.
All these households first Spanish owner of letters The treasury was ahead of the banks in the data for the first time, and the gap widened in June. So families two months ago 23.4% of 71,004 million The euros for these titles were in circulation when they had only 0.02% a year ago. they are ahead banks (17%), companies (9%), mutual funds (6%), public administrations (4.6%), insurance companies (3%), pension funds (1.5%) and the Bank of Spain (1%). They just surpass them foreign ownersin any case it reduces their investments (by 50%, up to 23,675) and thus their weight (from 62% to 33.3% in June 2022).
stabilization
Of course enthusiasm of individuals Letters are starting to pile up at the start of the year, as evidenced by the queues at Bank of Spain headquarters or the problems on the Treasury’s website. stabilization symptoms. Therefore, the volume of these titles in the hands of individuals twice a month It will grow very large in January and February more moderate 11% in June compared to May. Last week’s auction also hinted at this stability: sue high but second lowest this year so far. It’s probably related to this checking rates: After more than a year of strong increases, quarterly bond yields similar Compared to the July auction (3,535%, 3,535 percent compared to 3,531 percent before), for nine-month titles went down a little (from 3.81% to 3.7%).
The government continues to pay anyway. high interest for paying off your debt. Last week, the yield on the nine-month bonds was as follows: second highest Since its inception in 2013, after the maximum value reached in July. Quarterly interest rate remains unattainable for several years. 12 years. This is not a particular increase as in Spain’s debt crisis a decade ago. The interest they pay all european countries They experienced increases as the ECB increased interest rates. future development and therefore savings and investment opportunities The household rate depends on what the central bank does about interest rates in the coming months. The institution left in July Open door They decided to either raise it again or take a break at the mid-September meeting, but the market currently favors the latter, which explains the stability of bond yields.