big bank Exclude getting into a pay war deposits. The main Spanish entities were idly by Continuous and accelerating rise in interest rates by the European Central Bank In recent months, and at the present time, they will not go into trying to lure customers in exchange for offsetting obligations. In this sense, the financial sources consulted show that banks will focus their strategy on other savings and investment products that offer more attractive returns to customers.
Over the past six years, banks have been phasing out operationsOffers to attract customers through bonuses Savings accounts and deposits. In March 2016, the European Central Bank cut interest rates to 0% and since then the price of money has been at an all-time low, so Customer savings are no longer attractive for entities. Not only did they not get a return on the money, they had to pay to keep the money safe.
However, in recent months, The European Central Bank gave a shift in monetary policy Forced by the price hike crisis. In the heat of ever-rising rates, Some small entities have launched offers Bonus accounts and deposits to attract clients and liquidity. The sector remained speculative, viewing with suspicion any move by big banks that would launch a war on liabilities, but market insiders make it clear that large entities will not join the fray.
The same sources explain this Banks have ample liquidity Due to the savings achieved during the Covid-19 pandemic. In addition, they remember that despite the exponential rise in rates, it takes several months for the credit portfolio to re-price itself, so the entities still It did not witness an adequate increase in the interest margin to compensate for the passive voice.
Although banks refused to comment on the matter, other financial sources also refer to the current composition of credit portfolios. In this sense, they detail that a good part of The assets that banks have created in recent years are fixed rate loans And no matter how much interest rates go up, they won’t go up. In the same vein, they argue that because of the large amount of savings they have on their balance sheets, the liability bonus will eat up the higher interest margin they will start earning in the coming months.
Saving and investment
From the point of view of the customer, the same sources indicate that even if banks begin to compensate for deposits, A level sufficient to offset inflation will not be reached (currently 6.8%). The circumstance arises that during the period of negative interest rates, savers are harmed because their savings do not generate profit. And at the moment, despite the fact that interest rates have risen quickly and in a short time, they will not be rewarded either.
It should be borne in mind that the deposit facility (the interest rate at which the central bank pays overnight deposits) still at 1.5%. Some experts consider it to be 3% when entities can make an offer.
king Bank of Spain, in informal conversations with the bankers during their regular meetings with the supervisor, commented on the irony of the situation. Although it was done in a relaxed manner and without putting pressure on the banks to start offsetting liabilities, it reflects the benefit that the dance of offers has aroused on the liabilities.
at recent days , CEOs of the main Spanish banks They confirmed during the presentation of the results of the third quarter that they would not enter into a war of deposits. “Deposits should be a means of saving for customers, and at this time we do not see that it is far from being the best,” he said. Gonzalo Gortazar, CaixaBank CEO.
For his part, he said, “Deposits have started to make profits, but the prices depend on the liquidity of the system and there are so many that I do not expect great pressure on the rewards,” Honor Genk, BBVA CEO.
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