Payday Loan Advice service: Spanish citizens give away other 12 billion to banks

Saturday, September 21, 2013

Spanish citizens give away other 12 billion to banks

From the pocket of citizens to the financial system or government coffers . It has been the norm since the crisis began . Never have so many had done so much for so few. A direct aid and rescue of the state, we can aumar silent or subtle measures but they are still more of the same . A transfer of wealth from the citizens to the bench.

This is the case when in late December , early January 2013 , the Bank of Spain , " recommended " to all banks in a coordinated lowering profitability of deposits. In other industries who decide to make concerted efforts to agree on the price of the products or services offered Competition Courts usually end up imposing heavy fines . This seems to not be the case in the banking sector , which seems to be always on the sidelines of the good or evil in our country.

The consequence of the recommendation of the Bank of Spain is quite clear in the chart where you attach reflects the evolution of the average return on deposits offered by Spanish banks . You can see the sharp fall between late December 2012 and February 2013. From an average return higher than the 2.8 % we have moved to an average return of 1.95% , we will deposit yields levels of mid-2004 when the Spanish banking liquidity swimming in rivers and had no problem financed.
Impact ? For the pockets of citizens ?

Then we perform a calculation roughly . The total volume of deposits in our country is about 1.4 trillion euros. If offered an annual return of 2.8 % would enter some 39,200 depositors million a year. If the current yield 1.95% down to enter depositories 27,300 million. Nearly 12 billion euros to spend pocket thicken the depositories to fatten the bottom line of banking.

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