houses Last year they made an unprecedented commitment letters Treasure. However, the money they allocate deposit the term was more than twice Although they invested more in the government’s short-term debt securities. interest the amount paid for the banking products in question noticeably lower. Families increased their letter portfolios 22.151 million As the euro increased between January and November, deposits increased 54.324 millionAccording to data published this Monday by the Bank of Spain.
Banks therefore had the advantage that their customers already had money stored in the organizations, normally with little or no fees. Banks offer various offers throughout the year. Profitability increases slightly through deposits to avoid excessive resource outflow. Money actually saved existing accounts because families have fallen 75.743 million It is assumed that between January and November last year, a significant portion of this amount was transferred from these current accounts to other products (such as bills or investment funds) in addition to time deposits, thus mitigating the impact of the rise. Price:% p.
This helps explain the rise in official interest rates. European Central Bank (ECB) moved a lot public debt faster rather than bank deposits (whose interest is determined based on investors’ purchase orders). While the Treasury committed to pay interest on bonds between 1.387 percent and 2.565 percent in the November 2022 auctions, these rates were between 1.387 percent and 2.565 percent in the same settlements last November. 3.58% and 3.747%. Faced with this, banks increased the new term deposit rate from 0.71% in November 2022 to 0.71%. 2.57% same month last year. Organizations were able to modulate the increase thanks to the measures they had. commercial power and her high liquidity.
big difference
As a result, despite this difference in profitability, families continue to put much more money into banks than they put into government loans. In November, 23.977 million by letters (1.084 million and 4.7% more than October), 119.486 million deposits (7.987 million and 7% more). With the rise in public debt rates starting earlier, households’ bond portfolio grew more than deposits in the last months of 2022 and the first months of 2023. However, the money that families deposited into banks on time increased more than last year. The amount they have allocated to public debt securities since last March.
Additionally, the growth in families’ letter portfolios is increasing. temperateThis is a trend that is likely to continue in the coming months. On the one hand, areas of interest mercenary they are going down As the market becomes more and more confident ECB Interest rate cuts will begin this year. In fact, the rate in recent auctions was higher in three months than in twelve months; This only happens when the money price is expected to be lower within a year. On the other hand, banks continue to gradually increase deposit interest rates, and more and more institutions are increasing deposit interest rates every day. specific campaigns or productsHowever, the decrease in Euribor, which is the reference in determining the rates of these products, limits the predictable increase in these products.