The agency of credit qualification Standard and Poor's believes that Spain and Ireland are the European countries in which the global economic crisis places in a more probable situation to suffer deflation. Other countries, on the other hand, are considered to be "immune" by the report. There are Germany, France and Italy.
“The descents in the GDP registered in the second half of the year have continued in the first trimester of 2009 postponing the hopes of an upturn in the activity at the end of this year”, indicates the economist chief of S&P, as they gather diverse news agencies.
The analysis of the economist thinks that although the descent of the prices of last months impels of the purchasing power, the consumers prefer to be cautious and save since they do not seem to have hopes that the crisis finishes in a short term. For this motive S&P they believe that the perspectives of such a weak “” recovery raise the doubts if the current "deflation" might transform in deflation, what it would lead to the consumers to postpone his decisions of buy and to keeping on saving or you can use credit card
According to information published by the Spanish Bank the slowness valuation is the highest of last twelve years. The information registered until January 31, 2009 informs that 72.048 million euros exist in loans of doubtful cashing, what supposes a valuation of 3,86 %. In January of last year the slowness was in 1,04 %, with only 18.385 millions of bad credits.
The January information supposes the highest number of the history and shows the big deterioration of the Spanish economy. The increase of bad debts of last months is the biggest and it has been producing in continuous, although already in July, 2008 the creditors' Martinsa-Fadesa contest generated at once 9.828 millions of euros to itself in slowness.
The growth of the slowness in January has affected to the savings banks which valuation happened from 3.79 % in December to 4,45 % and now they have certa of 40.000 million euros in assets that do not know if they are going to charge. The banks are slightly better, with a valuation of 3,17 %, but his mulberry also has grown and it is about 25.700 million euros. Other entities, like the credit cooperatives (land-banks mostly) have a slowness of 3,24 %. And the financiers, support his slowness level in 6,09 %, the highest valuation.
The information published yesterday by the National Institute of Statistics (INE) does not leave place to doubts and removes us from any optimistic vision: the sector of the housing keeps on sinking. The one that had been the principal economic engine of last years continues with strong descents and is placed in his lowest levels from the series of information gathered from 2007 by the INE.
This way, the housings buying and selling closed in January with a descent of 38,6 %, in which 37.931 operations were done and it accumulates three months of falls. The houses market first hand is the one that has accelerated the rhythm of his fall that has doubled: from 14 % that went down in 2008 it has happened to 29,1 % in January, 2009. As a whole 2008 finished with a descent of the sales of 28,6 %, but age of that time the second-hand housing the one that more was falling down. Now the returns have been turned and it has begun the real adjustment of the new work, which already saw to come for the information of the presales.
The reduction in the houses buy is the strongest of last months and it is located at the same level as in the worst month of 2008, when the buyings and sellings lowered 38,6 %. Nevertheless, if we look at the intermonthly valuation, the comparison between December, 2008 with January, 2009, the sales of houses have grown 17,1 %.
An Extra Deposit Payroll that TAE offers profitability of 4 % is the Box bet Castile The Spot to reward the clients with payroll domiciled in the entity and to attract new others. The box of La Mancha, which is in a process to fuse with Unicaja, tries to receive this way saving.
The new deposit is a schedule date of six months of duration that also an additional profitability bonus includes for those clients that they keep his payroll domiciled in Box Castile The Spot at least for four months continued during the validity of the deposit. These clients will benefit from one
4 % TAE (3,96 % annual face-value), while the remains there will receive a few benefits of 3 % TAE (2,98 % annual face-value). To hire the deposit it is necessary to realize a minimal investment for 1.500 euros and, from here on, multiple of 500 euros without quantity limit. The interests liquidation is half-yearly. Also to domicile the payroll in Box Castile The Spot offers a series of advantages, like being able to have for anticipated the payroll even in three occasions without interests or commissions. Also it is possible to enjoy the so called “tariff zero”, that is to say, without commissions or maintenance costs in transferences, income of national checks and domiciled receipts.
But it is not the only entity that offers interests over the market. Box Madrid, with a lot of major business volume, has thrown a line of deposits baptized like Deposits Noé, which consists of four impositions to three years with compensation indexed to the Euribor to three months.
The Euribor keeps on making the mortgaged ones happy and supports his tendency to the fall, up to the point that is located in the minimums of his history. If in February it closed in 2,13 %, in what we take of month it has already descended below 2 % in the different days in which there has been bank activity. On March 15 the cut is located in 1,923 %, and the average of the two weeks is 1,963 %, a value that is 2,627 points minor to that of March of last year.
This way the reference index most used to calculate the payment of the mortgages was not in so low values from June, 2003, in particular the minimum intradía more down registered till now was corresponding on June 16, 2003 when the indicator closed in 1,929 %. The average of this month also was showing the record of lower medium month's characteristic with 2,014 %.
With the average that this one reaching during this month a mortgage for 120.000 euros to 20 years that is checked by this fact (it depends on the cases, but it is habitual that is two months old later) would save 164,2 euros in his monthly quota and of 1.964 euros a year. For a loan for 300.000 euros, the saving would be almost 5.000 euros a year.
The week closed on Friday with his fourth consecutive increases day and the Ibex 35 recovered again 7.000 points that it had lost during last week; in particular it closed 7.427. In the Friday closing day the Ibex a 1,19 % has been revalued, and 7,08 % in the week, an increase that was not happening from the first three days of the year. The recovery of this week does that selective Spanish remains in losses of 19,23 % in what it goes of year. In whole, in the latter five days of market it has gained 7,08 %, the biggest profit give of ends of November, 2008, when the volatile nature was making to register falls and very marked increases.
The makers of the weekly increase have been the banks, authentic indicators of the crisis, with profit that have been from the Santander, 3,14 % and the BBVA of 2,6 %. All the big values, less Repsol, which has fallen down a 1,46 %, have registered increases in a day that has cooled down with the opening of Wall Street and in that the principal index of the bag of Madrid was gaining more than 2,2 % to half a meeting. Some specialists, nevertheless, make sure that the Spanish market remains without tendency and that the information that generates Spain for the safe-conduct of the financial system has economic impact small in contrast to what it happens in the United States.
The international stage threw on Friday an upward day to us in the European Stock Exchanges, which expecto the German, there registered increases cheered up by the positive information of Wall Street that closed his indexes with Dow Jones (+53.92 / +0.75 %) and Nasdaq (+5.4 / +0.38 %). The Stock Exchange of Values of London closed to the rise and his principal index, the FTSE-100, raised a 1,12 % up to 3.753 points. The index DAX 30 of the Stock Exchange of Fráncfort lowered 0,07 %, up to 3.953 points. While, the Stock Exchange of Paris closed with profit and his principal indicator, the CAC-40, it raised 0,42 % to 2.705 units.
SICAV is the initials of Society of Investment of Variable Capital. This figure is a vehicle of collective investment that gathers the Spanish law, but that also happens in other countries of Europe, in Luxembourg and France principally. They work in a way similar to a Fund of Investment, and, although they are not so popular, the Spanish investors add a whole of 425.000, according to Inverco information.
The norms that the SICAV governs are the same that those of the funds: they pay a 1 % of the tax of Societies, have a value of his liquidity that is calculated every day by a funds agent, and have to work across an Entity Trustee of the money and of the qualifications, controlled and authorized by the CNMV (National Commission of the Stock market). The control panel that carry out són an external audit every year. The SICAV, as the Funds can have different investment philosophy, 100 % in fixed revenue, 100 % in bag, a mixed investment, etc.
In a SICAV the participation is under the pretext of shareholder: actions and not shares are bought as it would be done in a Fund. Of the yields it is necessary to pay 18 % on the appreciation when they sell, like the difference between the acquisition and the sale of the funds. Nevertheless there are small differences. For example, they are ruled by a General Meeting of Shareholders at which all the shareholders or investors are present. Also there is a Council of Administration, in observance of the law of the S.A. Another difference is that have a daily liquidity since they extend and reduce automatically his capital as the investors buy new actions or sell those that they already had. The SICAV, they quote in Stock Exchange, but not on the continuous market, but in MAB (Stock-exchange Alternative Market).
In the United States a person can buy a house and ask for a mortgage loan to a bank without problems. If with the time difficulties arise and the owner cannot face to his obligations with the bank it has it so easy as to leave the keys in the office and to go away to live to one of these trailers that we see in the movies. Nevertheless, in Spain, going away to «to live under a bridge» is not so easy. That you go, insurance, but you will keep on owing money to the bank and this one will be in charge of receiving it from you. This is a measurement contemplated by the Spanish mortgage law, one of the laws that more straight affect us, but that any more we do not know. Has anybody fixed in the meaning that has the phrase «loan with mortgage guarantee»?
It seems that this modest preposition, with, does not pay very much the attention. In fact this week the newspaper El Pais, in an article he was gathering critically the practice of the banks in certain cases of sequestrations. According to the article the banks force the clients with problems to pay the difference between the current commercial value and the purchasing power of his mortgaged housings. Namely those who cannot keep on paying his mortgages, in spite of the sequestration and of losing his house, keep on owing money. And the fact is that in fact, the Spanish law establishes that that one that requests the loan must answer for him and that the mortgage, the housing, is an only one guarantee. If, at the moment of crisis when one proceeds to the sequestration the house has lost value and does not sell in auction for the amount of the debt, the borrower must keep on answering with the patrimony that it should have until it covers his loan.
In epochs of crisis it is not missing the imagination, how it is demonstrated by the appearance of the loans P2P, which work to image of the exchanges of files between computers. This way to click rhythm, we can request loans and hope that a user should be interested by the conditions and should grant it to us. The experience has just come to Spain, but in other countries as the United States or Great Britain they are already provided with companies of certain experience in this business. As more popular examples stand out Cripple or Lending Club. The idea arises of adapting the functioning of auctions of eBay and also of the social networks that communicate acquaintances.
In Spain there has arisen Comunitae, which is announced and has announced that it will begin to offer his services from May. This company will make possible to the clients to be bankers and to give his own money across uns auctions system. Comunitae will realize intermediation services and a commission will charge for them both from the lender and from the borrower. Legally the company presents itself as a financial intermediary, although it is hanging of there is approved the law that will regulate this activity.
The most important groups of large supermarkets of Spain are these days of throwing of proposals and offers to try to save the fall in stung from the consumption. Carrefour, the most important group with 168 centers in Spain, he announced Wednesday that would lower the prices 25 % in a whole of 10.000 products and that would not be an offer but a permanent reduction. The bundle of reduced products is formed principally by food of the first need, drug store and personal cleaning. The descent does not go to be done globally but it will depend on every large supermarket because, as make sure sources of the company, the shopping basket changes very much of one community to other one.
The Carrefour estimations calculate that an average family (four persons) will be able to save this way approximately 500 euros per year. This aggressive campaign tries to associate the mark at the cheapest price of the market and one more step is in his politics of promotions, based previously on the pague two and take three.
But the new Carrefour strategy does not come alone but it looks like an answer to the initiative of Mercadona, which takes months reducing costs. In fact it has eliminated 800 products for not selling too much and like that logistic costs saved themselves principally. The result is that it has managed to lower his prices on 10 %, and in some cases, like the fruits and vegetables, it comes to 20 %.
We want to put the economic and financial actuality within reach of your hand, with a simple and direct language, so that we all could comprise it. The real estate market, the Stock Exchange, the different options to invest, you count and bank deposits... So that you know what to do with your money.
- Spain is the country with more deflation risk
- The slowness in maxima for 12 years
- Housing, it continues the collapse
- Movements to receive deposits
- The Euribor keeps on beating descent records
- Week of breather and increases in Stock Exchange
- SICAV, an alternative of investment
- The unknown side of the mortgages in Spain
- Loans 2.0, credit between individuals
- Price war in the feeding
- It continues the fall of the interest rates and the Stock Exchange
- Measurements of the government against the unemployment, without consensus
- The bank crisis in Stock Exchange
- The unemployment in Spain and the bad economic management
- The economic crisis generates opportunities
- The labor calendar of 2009
- TAE, meaning and calculation
- Interprofessional minimum wage 2009 and minimal pensions
- The IPC of the rents: calculation and update
- Forecasts of the Euribor for 2009
- The best deposits of January, 2009
- The Euribor: calculation and meaning
- Evolution of the interest rates and his consequences
- Where to put the money in epochs of crisis
- Pension plans 2008 of the Santander