The new series of savings certificates (CA), F, is attracting fewer subscriptions, the main explanation for which is the significant decline in the wage rate and some improvement in interest rates on some term deposits. In September, new subscriptions amounted to 364 million euros, the lowest value during the year.
The net balance between new subscriptions and amortizations, which amounted to 200 million euros in September, is only 164 million euros, an amount far from the 3.549 billion euros recorded in March of this year, the maximum for this year, and several more months. In 2023, a strong “race” took place for this savings product.
The decline in new subscriptions is explained by the government’s decision, last June, to suspend Series E, which guaranteed a base rate of 3.5% (benefiting from the sharp rise in Euribor for three months), and replace it with Series F, with a base rate of 2.5%, which is higher than many of term deposits.
The decline in current account profitability was considered a concession to the banking system, which in the first months of the year witnessed the approval of a large amount of deposits for this and other applications. The government rejected these criticisms, justifying the change by the cost the product represents to the public treasury.
In its 2024 state budget proposal, the government expects a sudden decline in demand for this product, and estimates a net increase in the public debt instrument at only €576 million. The lower estimated net worth is due to depreciation, i.e. the coming of maturity of some of the newer series, which, unlike the initial series, have a maximum duration of 10 years.
Series F he have The maximum validity period extends to 15 years, but with lower retention premiums, by 0.25 percentage points between the second and fifth years, reaching 1.75 points in the last two years of the subscription period.
At the end of September, the total current account balance amounted to €34,032 million.
In Treasury certificates, the rate of new subscriptions remains very low, remaining at five million euros, with redemptions amounting to 189 million euros, a trend that has been observed for some time. The total balance of this product amounts to 11,693 million euros.
The total savings products allocated to individuals, in September, amounted to 45,725 million euros, with a negative variance of 20 million euros, which has not been seen for almost two years.
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