Few months later dragging feetSpanish banks are gradually increasing interest rates interest new deposit. Especially assets A little And digitalLarger ones are slower and prefer to negotiate individually when the customer requests, rather than offer general offers. As a result, banks agreed to pay on average. 2.33% on deposits subscribed in the new term July by digits, something more June (2.21%) but noticeably higher 0.15% of last year’s July (when the European Central Bank began raising official interest rates to fight inflation) and 0.67% last January. Of course, the country’s banks continue to charge these savings products. half a point down than the average eurozone (2.83%).
Traditionally difference In Spain, there was not such a large difference between the amount paid on deposits and the amount paid in the currency union. Since statistics began in 2003, the spread has normally a few decimal places even hundreds. In fact, Spanish banks earns more wages than EuropeansAs between 2004 and 2006 (for financing financing) housing bubble) or between 2007 and 2011 and in 2012 (due to major banking crisis). However, in recent months, the difference has reached the point where it touches Turkey. percent point (1.65% in the Eurozone and 0.67% in Spain in January), because Spanish organizations enjoyed these benefits. abundant liquidity so that interest rates on deposits do not increase and its consequences are more beneficial from the increase in the cost of loans.
This strategy changes as it changes. ECB pulls liquidity market, but slowly decline in loan demand It makes banks need less resources. Definitely, the vice president of economics, Nadia Calvinosued the industry again this thursday pay more to save as it did before summer. “They have to to speed up He stated that in ‘Cadena Ser’, sufficient fees should be paid to deposits. The Minister thus announced that, as he had done before, he plans to raise the issue again at his meeting with the financial employers in the coming weeks. The meeting they held at the end of June. Likewise, the ECB has been calling the banks for months. don’t just increase the interest on your loansBut it also increases deposit rates, so that interest rate increases are more effective in the fight against inflation.
Companies and checking accounts
Also, as since 2016, houses they keep getting fee a lot for their deposits less than in one companies. So they got one 3.11% For time deposits subscribed in July, 0.78 percentage points more than families. The result of this trend over the years is that the average species deposit balance (not from new operations) in July 1.27% in households and 2.6% in companies. It should also be taken into account that 90.5% of the money Number of individuals with deposits in banks existing accounts mercenary at 0.12%In 2014 (the year the ECB put rates negative to revive the economy) it was more or less evenly distributed between accounts and time deposits. In other words, banks find it a lot financing is cheaper retailer than ever.
The increase in time deposit types caused the households to reach the month of July. 93,504 million €27,044 million allocated to these savings products and 40% more 6.482 million compared to the same month of 2022 and 7.4% more By June. However, the money saved checking accounts crashed again (up to 894,953 million), for families devoting their resources to cushioning the blow rising rates and high inflation (more early mortgage repayments) and other best paid products (Treasury bills and mutual funds). This situation caused the total amount they kept in banks to decrease in July. 988,457 million11,400 million and one 1.1% less 5,329 million compared to a year ago, and 0.5% less By June.
most expensive loan
On the credit side new mortgage rate Aid to households in Spain in July increased slightly compared to the previous month by 3,746% at 3,753%more than that couple compared to a year ago (1,803%) and its level Highest level since March 2009. Contrary to the deposit It has nothing to do with the euro zone.or (3.75%), which is a higher profitability From your customers. Inside portfolio setHowever, the average interest rate currently faced by Spanish mortgage loans 3.33%maximum since December 2009 and highest percentage score close to the euro area average (2.27%).
Households closed the month of July with a record credit debt bank 688,007 million an amount of Euro 1.8% less more than a year ago. Like this demand is falling In addition, the cost of credit rises and purchasing power falls due to high inflation, as the ECB aims to increase interest rates. advance repayments they accelerated. Therefore, mortgaged home loans fell 3.1% to 501,585 million, partially offset by the increase in other types of loans, such as consumer loans. on his behalf, business finance -credit and debt issuances- fell further: 2.8%up to 927.911 million.