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The amount applied to cash vouchers in October alone exceeds the total for 2021

Savings certificates (CA) recorded the entry of 1 million euros in new subscriptions during the month of October, an amount that exceeds the annual issues recorded from 487 to 2016.

Demand for savings certificates has intensified in recent months, reflecting the rise in the 3-month Euribor and the consequent rise in the interest rate on CAs — this index being part of the formula for calculating the interest rate of this savings product.

According to the statistical bulletin of the IGCP – Treasury and Public Debt Agency, new monthly subscriptions to turnover exceeded one billion euros in October, which is happening for the first time this year, already pushing the amount up. savings applied to this product. 4 million euros in cumulative profit for the first 122 months of this year.

Outflows (amortizations) totaled 570 million euros – of which 78 took place in October.

The amount of savings applied to revenue has steadily increased since January, when new subscriptions totaled 95 million euros, the lowest monthly value recorded this year.

The 1 million euros of new subscriptions recorded in the month of October alone or the more than 487 million euros invested in AC since the beginning of the year are unprecedented with the situation observed in recent years, forcing to go back to 4 to find a year in which this product attracted a value of more than a billion euros.

According to statistical data from the IGCP, CA issues totaled €1 million in 394, the year in which the three-month Euribor entered negative territory. In 2015, new entries fell to €2016 million, and the following year the value continued to decline, with a record €785 million in new issues, around three times less than the amount that savers withdrew from turnover.

Until 2021, according to the same IGCP data, the total annual value of new subscriptions was still below the billion euro threshold.

The interest rate of the series of savings certificates (CA) currently on sale (series E) is determined monthly (on the penultimate day of the month, to take effect on the following day), taking into account a formula which includes a permanence premium and the average of the 3-month Euribor values ​​observed over the previous 10 working days.

The rules limit the tenure bonus to a maximum of 1% (amount awarded from the 6th year of subscription and until the end of the term), further specifying that the formula cannot result in a higher base rate at 3,5%.

The gross interest rate for new CA subscriptions and capitalizations in December was set at 2,842% (up from 2,492% in November), a value that should maintain demand for this type of savings product, given that the remuneration greatly exceeds the interest rates which the banks currently offer for deposits.

LT // MSF

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