Economy.- Banks diverted 78% of loans to large companies to SMEs after the ECB bond program

Spanish bond issuers, mostly large companies, reduced their demand for bank credit for funds obtained from the corporate bond purchase program promoted by the European Central Bank (ECB) in March 2016, which made the institutions The majority of their credit offer was shifted to smaller companies, which were able to “significantly” increase their level of real investment.

Image result for ecb MADRID, 18 (EUROPA PRESS)

Spanish bond issuers, mostly large companies, reduced their demand for bank credit for funds obtained from the corporate bond purchase program promoted by the European Central Bank (ECB) in March 2016, which made the institutions The majority of their credit offer was shifted to smaller companies, which were able to “significantly” increase their level of real investment.

This is clear from an analytical article prepared and published this Thursday by the Bank of Spain on the effects of the program of purchase of corporate bonds of the Eurosystem on Spanish companies, which shows that the offer of total credit to all non-issuing companies increased in 3,450 million euros in the three months after the announcement of the program.

This amount represents 78% of the total credit decrease suffered by banks due to the substitution of loans by debt by the issuing groups.

By size of the company receiving the credit, on average, for each euro that decreased the credit destined to a company that had issued bonds after the announcement of the CSPP, 48 cents were redirected towards credits granted to large companies, 15 cents to companies of size medium and another 15 to small and micro enterprises.

The new credit funds redirected to the three previous groups of companies represent an increase of 3.3%, 1.8% and 0.8%, respectively.

PURCHASE PROGRAM: 7,000 MILLION PER MONTH

In March 2016, the European Central Bank announced the extension of the asset purchase program (APP) to the highly rated credit bonds issued by non-financial corporations in the euro area.

After the announcement of this new program (CSPP, for its acronym in English), there was a “significant drop” in the interest rates of those bonds issued by Spanish companies eligible for purchase by the Eurosystem, and was extended to other securities with a worse credit rating, through the usual process of recomposing investment portfolios. At the same time, there was a “significant increase” in the new issues of bonds and obligations.

In this way, the funds obtained in this way led the Spanish bond issuers, which are usually large companies, to reduce their demand for bank credit, while the credit institutions responded by shifting their credit offer to other companies that They do not have the same facility for issuing bonds and they are usually smaller in size.

Thus, of every euro of reduction of the outstanding credit balance of large companies with Spanish credit institutions, some 78 cents were redirected to other non-issuing companies, including SMEs.

Purchases within the CSPP in the EU as a whole have meant, on average, about 7,000 million euros per month, which represents around 10% of acquisitions of the asset purchase program since June 2016, date on which the that purchases began, to reach a total of 132,000 million euros at the end of 2017, with a relatively homogeneous distribution by sectors of economic activity.

The bonds of Spanish companies represented 11% of all purchases of the CSPP. In turn, of the total of 1,071 issues partially acquired under the CSPP, 100 of them have been issued by 17 Spanish companies.

GREATER ISSUE OF BONDS

The analysis shows that the favorable conditions of the fixed-income market encouraged companies to carry out new bond issues, since 33 companies carried out new issuance transactions in the six-month period following the announcement of the debt purchase program; that eleven went to the market for the first time.

“The companies that increased their volume of fixed income instruments used the funds obtained through these issues, at least in part, to reduce their volume of bank loans,” explains the agency.

In detail, for each percentage point that increased its balance of bonds issued between February and June 2016, the issuing companies reduced their bank credit by 0.44%.

In addition, from the announcement of the purchase program in March to mid-April 2016, the profitability of the eligible bonds issued by Spanish non-financial corporations decreased by 44 basis points (bp), which represents a notable decrease, since it represents 30 % of the average level of the returns of these assets during said period.

Posted in Uncategorized

Bondora / isePankur

 isePankur platform allows individuals and companies to lend money to each other , without the intervention of a bank or financial institution. Applicants may request between 500 and 10,000 euros to be returned in a maximum of 60 months. Savers who want to invest their money will have the best guarantees and a very attractive return.

Bondora isePankur additional information

Bondora / isePankur is an international platform dedicated to managing and contacting individuals and companies that need financing, with individuals and investment companies that are willing to offer such financing. That is, it is an intermediary company of personal loans between individuals and / or companies that removes the banks and financial entities from the equation.

The intention of Bondora / isePankur is to democratize finances. For this purpose, it makes available to borrowers and lenders a system that facilitates and expedites the request, processing and granting of loans between the various parties. Through this system you can request between 500 and 10,000 euros with return terms ranging from 1 to 60 months.

wnwa2prm The process to apply for a loan is very simple. You must fill out the application form of the Bondora / isePankur website and provide all the documentation requested. Once your data has been verified, your request will go to an auction in which investors will make offers to offer financing, placing first those that lower interest ask.

Your request can be active for a maximum of 3 days, even if 100% has been covered, in order to receive better offers, although you can close it once it reaches 100%. The money will be transferred to your Bondora / isePankur account, from where you can make a transfer to one of your bank accounts.

In order for your application to be accepted, you must comply with a series of requirements , necessary for investors to have sufficient guarantees that their money will be returned. It is necessary to have a salary that covers the monthly expenses of the credit, not appear on delinquency lists or have any default, have no criminal record or any gambling problem in your history.

It will also be necessary to provide bank statements and other documents that prove your identity and your solvency. The better your economic situation, the more financing offers you will receive and the lower interest you will pay. The minimum interest paid on loans through Bondora / isePankur is 12%, from there it will depend on how attractive your proposal is.

In addition, you can also register as a private lender and invest your savings in loan applications from other individuals and companies. You can start with just 5 euros and get very attractive rates of return. With just a few minutes a month you’ll have enough, Bondora will take care of the rest.

For investors, the entity offers a series of tips to optimize the loans granted . Depending on the risk profile, you can bet more on some loans than on others, but one of the main recommendations is to diversify. If the money is shared among multiple borrowers, the risk of losing it is also shared and, in case of default, the impact on the total will be much lower.

The process of selection of candidates by Bondora is very meticulous and all possible data of the applicant is checked to be able to create a profile and find out its solvency. From there, the entity assigns a score that will determine the interest that must be paid. The higher this interest is, the less solvent the applicant will be, so the chances of having problems paying will increase.

As you can see, besides being a company where applying for a loan is also an excellent opportunity to invest and get a return on your savings. At a time when bank deposits do not contribute anything, you may be able to consider this option.

Posted in Uncategorized

The 'hacking' of a Panamanian law firm uncovers a world elite of evaders

The investigation points to the environment of Putin, Macri and the Icelandic prime minister

The investigation points to the environment of Putin, Macri and the Icelandic prime minister

New media hit to tax havens . A massive hack has brought to light 11.5 million files of the Panamanian law firm Mossack Fonseca , a law firm that is one of the five largest in the world specialized in serving opaque companies. The documentation obtained uncovers hundreds of people involved: among them, twelve heads of state or prime ministers, six of whom are active, 128 leading politicians, 61 relatives or close associates, 29 people who are part of the Forbes list of the first world fortunes, in addition to businessmen, sportsmen or personalities from the world of entertainment.

Unlike other leaks about opaque international operations that focused on a single bank, such as the Swiss leaks , referred to the HSBC, and the UBS leaks , or in a single financial market on the global scene, such as the Luxembourg leaks, the already known ones as the Panama Papers show a global panorama of the phenomenon of opaque operations involving a large number of countries and financial transactions worldwide.

The origin of the scandal comes from an anonymous source who sent internal documents from the Mossack Fonseca office to journalists from the Süddeutsche Zeitung in Munich more than a year ago. The German newspaper decided to share this information with the International Consortium of Investigative Journalists (ICIJ), based in Washington, which has coordinated the work since last July. The investigation includes 11.5 million documents covering operations of 214,000 companies in virtually all countries from 1977 to December 2015 in 21 tax havens. The information was broadcast yesterday by a hundred media outlets from 77 countries, including The Guardian, Le Monde, BBC and, in Spain, El Confidencial and La Sexta .

Among the people listed in the documentation who would be involved in opaque operations carried out from Mossack Fonseca are the Prime Minister of Iceland, Sigmundur David Gunnlaugsson, or the President of Argentina, Mauricio Macri. Also people from the surroundings of the Russian president, Vladimir Putin (leads to him a track of loans of 2 billion dollars); of which was president of Egypt Hosni Mubarak; of Libyan ex-leader Muammar Gaddafi, and Syrian head of state Bashar al-Assad. A series of credits point to FIFA officials.

 

The names of ex-footballer Michel Platini and Leo Messi are also included in the documents.

The names of ex-footballer Michel Platini and Leo Messi are also included in the documents.

Sources close to the Argentine player yesterday rejected this information and explained that all taxation is done through the company Leo Messi Management. They also added that they have submitted all the relevant supplementary declarations.

In the list of alleged fraudsters there are several Spaniards. One is Pilar de Borbón, sister of King Juan Carlos, who would have presided over a company (Financial Front, created in 1974) that, according to the leaked documentation, closed in June 2014, five days after the proclamation of Felipe VI.

They also include the brothers Agustín and Pedro Almodóvar, who are listed as agents of a company (Glen Valley Corporation, discharged in 1991 in the British Virgin Islands), which was in operation coinciding with the premieres of the films Tacones farades and Kika.

Also, in the dossier there are members of the Domecq family , who since 2005 have been authorized by Rinconada Investments Group, based in Panama.

Offshore companies are companies that do not register any real economic or commercial activity. While it is not illegal to have a firm in a tax haven, it serves as a screen for their owners to transfer money, make financial transactions, open bank accounts abroad or carry out operations without the tax burdens they have in the countries of origin.

According to information released yesterday, the Mossack Fonseca law firm helped its clients to launder money, avoid sanctions and evade taxes. His modus operandi was to provide names of directors and shareholders to hide the identity of the true owners of these ghost companies. In some cases, to make it difficult to trace the activities, the same fraudster acted through three or four offshore companies spread across several countries.

Panama is one of the countries in which the legal profession has specialized more in recent years in the creation of companies that have headlines (activity that is protected by Panamanian law) that are offered to residents abroad to Deposit funds in the country. Formally, the opening of accounts in Panama through a front man (who in parallel grants powers to the real owner of the money through a private contract) is not a crime per se. It is if those funds come from criminal activities or money laundering. Or if the interest of the one that opens the account is to escape to the Property of the country in which it resides.

The specialization of Panama in this type of activities is well known by the international tax authorities.

The specialization of Panama in this type of activities is well known by the international tax authorities.

Many times it is the banks of other countries reputed for their low tax burden that direct their owners to that country. And the difficulties that Panamanian legislation supposes for researchers are also known. The release to the public light of the true owners of tens of thousands of accounts managed by one of the big Panamanian law firms is a blow to a country that has specialized in these activities and in which the great lawyers also dominate the political system .

Posted in Uncategorized

The owner of the English academies Brighton accepts three years in prison

The owner of the English academies Brighton accepts three years in prison

Barcelona. (EFE) .- Alfredo I., the owner of Brighton English academies , who went bankrupt in 2002 leaving thousands of students in the street , has accepted a three-year prison sentence in the trial that has been held against He at the Audiencia de Barcelona, ​​after a decade of broken training. In the fifth section of the Audiencia de Barcelona the trial against Alfredo I was scheduled today, for whom the Prosecutor’s Office initially requested eight years in prison, plus a fine of 14,400 euros, for a punishable insolvency offense and another for continued fraud.

The public prosecutor , however, has withdrawn the accusation for the crime of insolvency punishable and has left in three years the penalty for fraud after the owner of the academies agreed to settle for that sentence reduction. The agreement, which has prevented the holding of a trial that was to last for weeks, also includes four of the five banks that the prosecution also accused as civil liability, for having continued to charge students who had subscribed loans with them to pay for English courses.

Only Banco Pastor has refused to accept the pact with the public prosecutor, who has withdrawn his accusation against the other banking entities for having consigned the money that was claimed to them in the criminal process. The Accés Language company, owner of the Brighton academies, of which the defendant was the sole administrator, has also complied with the agreement, as explained by the lawyer representing them, Jordi Busquets. The defendant has accepted before the court the facts attributed by the Prosecutor for the bankruptcy of the language academies, which he created in April 1999 with the opening of several centers in Barcelona and the Barcelona towns of Badalona, ​​Martorell and Sabadell.

According to the facts included in the fiscal qualification brief, and which have been accepted by the defendant, in 2001, due to the ” generalized crisis ” of the sector and the expansionist policy of the business, the defendant was faced with several economic problems that led him to default on the rent payment of the leased premises. For the prosecutor, this expansionist policy was due in part to the aggressive advertising of the product as a “new business policy” that consisted of requiring students to pay for the contracted course early, allowing them to finance it through a medium-term loan with banking entities. who had previously arranged their concession with the accused.

In 2001, the company’s short-term debts were 1.1 million euros, which it faced without the ability to repay them, so their situation was “technical bankruptcy”, due to lack of assets and sufficient income to meet the payment required. However, according to the prosecutor, the defendant, failing to do his duties and knowing his insolvency situation, “which he had hidden with obvious profit motive”, continued to offer courses, including fifteen different languages, with significant price reductions and hiring verbally to new teachers.

In 2002, the company’s losses amounted to 57,064 euros and its debts to 1.5 million , with a total of 3,783 students enrolled. According to the prosecutor, on October 29, 2002, the defendant, who “continued to offer his courses and admitting student enrollments until the day before,” presented a voluntary bankruptcy petition in the courts, without informing the workers or the students. of the academies. The case for English academies Brighton came to trial in 2008, but a judicial oblivion forced to return it to instruction because almost 1,400 injured had been left out of process.

The prosecutor argued that he did not include those affected in his qualification because he trusted a list provided by court of instruction number 25, in which only a thousand students were registered. Although in the hearing room the defendant has accepted the integrity of facts that he accused the prosecution, in a statement sent to the media has ensured that at no time “acted in bad faith, or with profit to profit” and also invested ” until the last moment “your personal assets to be able to continue with the activity of the company.

The defendant alleges in the statement that he commissioned a computer company a comprehensive management program to manage its growth, although it was delivered late, and with a malfunction, which prevented him from detecting that 46% of students had already paid their tuition. , but not the rest of the course, and in spite of that they continued receiving language classes and occupying a place that they did not pay.

 

Posted in Uncategorized

NIDORA®, when you thought you had seen it all

 

Well, that, when one thought that he was already chastened and that nothing more crazy than what he already knows, and that is not little, appears in the glittering business in the slimming industry the nth weight loss story. It is called NIDORA ® and I do not know the origin of its name.

What is NIDORA ® ?

Image result for what

According to the original website that promotes it …

“NIDORA ® is a weight loss system created by a clinically proven medicine professional”

Its operating system can not be simpler , again according to its promoters,

Sprinkle NIDORA ® on your food and you will eat less, you will feel full faster and you will lose weight naturally.

That is, they pretend to make us believe that it is a “powder” that generously scattered as a salt shaker over what is going to eat is generated in the diner a faster activation of appetite control , so that it ends eating much less than if these “magic powders” were not used . Wow, they have discovered, like many others, the philosopher’s stone of slimming treatment and we did not find out. Well, without learning about the orthodox channels on this type of discovery with incalculable practical dimensions … if true, of course.

I know what you’re thinking, and no, it’s not about sprinkling your food with a product that contributes to what you’re going to eat unpleasant characteristics in the “skunk-ass scent” scenario, do you remember ( Woman gets thin because the food smells like shit and sells your system )? No, according to the website from which it is sold, NIDORA ® bases its operation on an extremely simple scientific process . Say what…

While we eat, the receptors of smell and taste send messages to the brain, which releases certain hormones to indicate to the organism that it is time to stop eating. By intensifying the smell, NIDORA ® accelerates the activation of the feeling of satiety, therefore, you eat less and eat fewer calories! As NIDORA ® works with the body’s natural impulses, instead of against them, there is no feeling of hunger or anxiety.

If your operating system is interesting, what you should not miss are the promises regarding its benefits , that is, the magnitude of the weight loss per unit of time. Well, look, about 15 kilos in six months … without diet, without restrictions, without exercise, naturally, pleasantly, without yo-yo effect … as I say the philosopher’s stone of weight loss.

In case you have not understood it, they will explain it again in this illustrative video. Prodigious calculation of calories lost.

And what does NIDORA ® contain to perform such a prodigy?

Image result for contents

I will not expand: Maltodextrin (without gluten, clarify); Tricalcium phosphate; silica; soybean (soy lecithin) and natural and artificial flavorings (which by the way is not specific). You can check them in this link . I imagine your next question, is there any favorable opinion on any of these ingredients, alone or in a wise combination, that certifies their properties when it comes to promoting satiety and therefore facilitate weight loss? Estoooo …

The question is a joke, right? No, or anything remotely approached.

How many studies are there to certify its effectiveness?

<strong>How many studies are there to certify its effectiveness?</strong>

Zero player. Well actually, there seems to be one: the one that the manufacturer claims to have or have done and that does not appear anywhere. And record that speaks of him (you can check this link ) with a pomposity that leaves one with his mouth open :

No other system to lose weight has achieved such eloquent clinical results . For 6 months, 1000 women and 1000 men sprinkled flavored crystals but without flavor in everything they ate. In each serving of food, in each small bite, in each bowl of cereal and in each glass of ice cream … None of these 2000 people knew if he was ingesting the product (NIDORA ® ) or if he was taking a placebo, only the researchers knew it . The product was not supplied to 100 people in the 2000s, instead they received a placebo. They also did not know what was being supplied to them. In addition, participants were not asked to change their normal diet and / or exercise program.

[…] The 1900 people who took part in the clinical study as a test group and completed the program lost an average of 15 kg. The participants came to these results without following a special diet and / or exercise regimen. The 100 of the control group lost an average of only 1 kg.

And who is that Dr. Setephen Hill, a renowned neurologist, who endorses the system?

I do not know, I’ve searched everywhere and the only thing I’ve found is this eloquent web , “static” where there are, to testify to his person. And hope that the best is still missing.

In this website of the system literally states that NIDORA ® is not a dietary supplement, so here in Spain should not apply Royal Decree 1487/2009 relating to this class of products and which aspire to ascribe all sellers of slimming martingales (green coffee, tea of ​​the same color, phaseolamin, pepper extract …). No, these pass Olympicly from the RD 1487/2009 and say not to define a dietary supplement. So, with the chosen bunch of legislation that one dominates, the only thing that can be applied is the RD 1907/1996 , on advertising and commercial promotion of products, activities or services with purported sanitary purpose … and what do we do when applied to it? ? Well contrast that hardly another product of these characteristics meets as many irregularities as does the NIDORA ® of yore. According to this RD is expressly prohibited:

  • Suggest specific slimming or anti-obesity properties: Incomplete (hahaha)
  • That claim a therapeutic utility for one or more diseases, without adjusting to the requirements and requirements provided in the Law of Medicine and provisions that develop it: Incomplete
  • That provide certain relief or cure securities: Incomplete
  • That they use as backup any type of authorizations, homologations or controls of sanitary authorities of any country: Incumple ( mention to the FDA)
  • That they intend to provide testimonies of health professionals, of famous people or known by the public or of real or supposed patients, as a means of induction to consumption: Incumple
  • That attribute to food products, intended for dietary or special regimes, preventive, curative or other properties than those recognized to such products in accordance with its special regulations: Incomplete
  • That they use the natural term as a characteristic linked to pretended preventive effects: Incumple
  • And, in general, that they attribute specific preventive or therapeutic effects that are not backed by sufficient technical or scientific evidence accredited and expressly recognized by the State Health Administration: Incomplete

Well, there you have it, NIDORA ® , a miracle product like a pine tree that, according to my sources, is at the moment in the spotlight of many of those stores known as herbalists. A paradigmatic example of what we need least in the field of obesity, accessible in our environment and as far as I know, our health authorities looking the other way. So there is no way.

 
Posted in Uncategorized

The ECB lowers rates to the lowest level in its history, 0.25%

Mario Draghi has predicted a “prolonged period of low inflation” in the euro area and will give “all the necessary liquidity to the bank until July 2015”

The ECB lowers rates to the lowest level in its history, 0.25%

The European Central Bank ( ECB ) has fallen by surprise today the interest rate in the euro zone from 0.50% to 0.25% , the lowest level in its history. There were two circumstances that justified that the ECB has placed interest rates at a new historical low: the strength of the euro and low inflation in the eurozone recorded in October.

However, in the last week the experts did not rule out a reduction of the rates as it did in meetings of previous months, the analysts thought that the president of the monetary institution, Mario Draghi , would postpone this decision to later months.

Draghi has forecast a “prolonged period of low inflation” in the euro area and guaranteed that he will observe the conditions of the money market.

“The market has taken it fabulously, because it shows that the ECB will do everything it takes to make the recovery in Europe real,” added Renta 4 analyst Óscar Moreno.

Draghi announced today that the entity will give banks all the liquidity they need until July 2015 at a fixed interest rate on their main refinancing operation, the weekly auction.

“It will be another oxygen ball,” he illustrated. The head of analysis of Selfbank, Victoria Torres, has also shown its “absolute surprise”, since, although they predicted that it would produce a decline, it was expected for the December meeting of the ECB.

Torres has indicated that the ECB has decided to lower rates because the economy of the Eurozone “continues without going back”. However, experts have warned that Spain’s recovery should not be relied upon to lower rates .

“It is not the panacea for unemployment to come down and credit to flow again,” Pingarrón explained.

“This decrease is not going to be immediately transferred to the real economy and it will not be enough to reopen the debt market, but it will have an important psychological effect,” said the Self Bank analyst.

The market had asked in the last two weeks the president of the ECB, Draghi to lower the price of the money to reactivate the internal demand and the credit because the levels of inflation in the euro area were touching the 0% and could cause that the zone euro will enter deflation .

The lowering of interest rates will flood the liquidity market, which will allow greater capital flows at a price close to 0%.

The stock market has received strong rises, at 13h30 (Spanish time) when it has been known the ECB decision to lower interest rates by a quarter of a point – the historic decision decided by the European Central Bank. The Spanish selective (Ibex-35) pointed to strong increases of 1.50% at 1:45.

ECB’s decision to lower interest rates

Image result for ecbThe decision of the European Central Bank (ECB) to lower the interest rates of the euro by a quarter of a percentage point, up to the historical minimum of 0.25%, has had an immediate impact on the currency market, where the euro loses strength against the ‘greenback’ and was at minimum since September.

The price of the European common currency fell to $ 1.3364, after having started the session at $ 1.3512, which is the lowest change since last September 18.

The consensus of analysts had anticipated that the strength of the euro and low inflation in the euro area in October could justify a cut in the ruling rate at the November meeting.

The European institution has reported in a statement that it also reduced the marginal credit facility, by which it lends money to banks for a day, by 25 basis points to 0.75%. However, it maintained the deposit facility, for which pays the money, at 0%.

The reduction in the price of money will benefit all citizens who have products linked to mortgage loans, which will lower the marginal rate, but will hurt deposit clients since banks will tend to reduce the remuneration of this type of product. saving.

In fact, in the last six months, Spanish banks have reduced the remuneration of deposits from 3% to 1.25%.

Justification

Image result for justified photoIn the opinion of the experts consulted by Europa Press , there were two circumstances that could justify that the ECB place interest rates at a new historical low: the strength of the euro and low inflation in the eurozone recorded in October.

The annual inflation rate for the euro zone stood at 0.7% in October, four tenths below the level reached the previous month, which is the lowest reading of the price indicator since November 2009, when the figure inflation of the eurozone was 0.5%.

Other experts, such as UBS, predict that the reduction in interest rates will occur as a “last intention” to avoid a sharp rise in the coming months of the Euribor index, to which most of the mortgages in the euro zone are linked. The banks will return the aid granted at low interest rates (LTRO) and capital injections offered by the ECB to 3 years and the excess liquidity in the interbank system will disappear, which allows the entities to finance each other.

The economy of the euro zone experienced an expansion of 0.3% in the second quarter of the year compared to the previous three months, which means ending six consecutive quarters of GDP contraction, as reflected in the latest estimate data published by Eurostat.

The European Commission has published its autumn economic forecasts this week, from which it appears that the recovery of the eurozone economy will continue in the coming months, albeit at a slow pace, due to adjustments in the Member States with problems and to the worsening of the external environment.

Brussels estimates that the eurozone will contract 0.4% this year due to the drag effect of the first quarters, and will grow by only 1.1% in 2014 – instead of the 1.2% it predicted in the spring – and a 1, 7% in 2015.

The Ibex approaches 10,000 points after the rebate

The Ibex 35 has been driven by 1.7% and has touched the entire 10,000 after the European Central Bank (ECB) has decided to lower the interest rates of the euro and leave them at 0.25%.

ArcelorMittal led the increases close to 2:00 pm, with an advance of 7.37%, followed by Popular (+ 3.80%), BBVA (+ 3.41%), Indra (+ 3.51%) and Santander ( + 3.46%).

On the other hand, BME left 2.81%, Inditex -0.17%, DIA 0.15% and Jazztel 0.12%. After this rate reduction, the main European markets – Paris, Frankfurt and London – have started to rebound and registered increases close to 1%.

In the currency market, the euro relaxed to 1.3370 ‘greenbacks’, while in the debt market, the risk premium stood at 235.3 basis points, with the yield of the 10-year bond at 4.064%.

The ECB Governing Council has decided on Thursday to lower the interest rates of the euro to a new historical low of 0.25%, an option with which markets have speculated in recent weeks, but that was not the central scenario.

Posted in Uncategorized

Montero opens the door to delay the Budgets until they are agreed upon

Montero opens the door to delay the Budgets until they are agreed upon

Madrid, Aug 12 (EFE) .- The Minister of Finance, María Jesús Montero, has opened the door to delay beyond September the presentation of the 2019 Budgets, which will have a high social component, with the aim of approving them once that are “agreed” with other political formations.

“If you do not have time to agree with the political groups in September, and obviously the important thing is to reach an agreement, we can present them in November and they would also take effect on January 1,” the minister said in an interview. with EFE.

In any case, Montero works to present the accounts in September, as established by law, because he believes that there is “time to agree”, although “if it could not be” it would be delayed, always with the objective that they come into force when 2019 begins. .

In fact, the minister has proposed to the groups the possibility of agreeing on measures to be included in future budgets during the negotiations for the approval of the deficit path for the period 2019-2021, which was rejected in Congress and which will return to the Chambers at the end of the month.

Montero is confident that will achieve “sufficient support to overcome the refusal to process,” ie the possible vetoes, and raises that if a political party agrees with a part of the budget but not another “maybe the The expression of your vote must be an abstention. “

The future Budget will have “a high social component” and will advance in “the recovery of lost rights” during the crisis, for example through education or dependency policies.

In this regard, he pointed out that the accounts will restore the possibility that non-professional caregivers of dependents may contribute to Social Security and recover part of the funding given to the autonomous communities for these services.

 

Regarding pensions, “the Government has always wanted

them to be updated according to what the cost of living is updated”, although it is a matter that corresponds to the Ministry of Labor and will depend on “the elements” with which Count

This Budget will have, in case the Executive manages to take forward the path of budgetary stability for the period 2019-2021, a ceiling of expenditure of 125,064 million euros, 4.4% more than in 2018.

However, this limit of non-financial expenditure could require an “adjustment” if the flexibilization of the path of correction of the deficit proposed by the Executive is rejected again in the Cortes, something foreseeable by the refusal of the PP, which has an absolute majority in the Senate.

The minister is now “more optimistic” to be able to move forward the “open talks” with several parliamentary groups, which offers the possibility of agreeing on measures to be included in future accounts.

If finally it returns to the previous path, the budgetary adjustment would ascend to 1,200 million Euros – since the State would only relax its objective of deficit in one tenth of the GDP with the new path -, something that “can be done without much problem (…) basically increasing income. “

In fact, the Executive already plans to incorporate tax changes in next year’s accounts, among which the establishment of a minimum tax of corporate tax of 15% on the taxable base, which currently stands at 19%, when the type nominal is 25%.

Other taxes such as digital or banking will be developed later, while the equalization of the tax burden of diesel and gasoline, which is part of the environmental package, is not yet decided whether or not to enter the next Budget.

Posted in Uncategorized

Instant Credit from OnlineCredit up to € 1,500

Additional information from OnlineCredit

Quick loans from OnlineCredit OnlineCredit is a company that grants online loans up to € 1,500 at a time and with the possibility of returning it in comfortable terms of up to 4 months.

There are 2 tranches of credits one of up to € 800 to return in 30 days and a second section of € 850 to € 1,500 that allows payment in installments of 1 to 4 months. All the procedure to request a loan in OnlineCredit is done through the Internet with some simple forms and with a quick response.

The only limit with which you will find is that new customers can only ask for a maximum of € 300 and once they return that first loan can get up to € 1,500 without questions or paperwork . Applications are accepted from anyone regardless of whether they have payroll or not, even if it appears in ASNEF lists. The only requirement is to be over 21 years of age and have sufficient capacity to pay back the money, therefore a demonstrable source of income is needed, although it is not necessarily a payroll.

Steps to request a loan at OnlineCredit

To request money in OnlineCredit you should know that this process can only be done through the Internet. The procedure is simple and intuitive, you just have to follow 4 simple steps:

1.- Access the website onlinecredit.es from any device with an internet connection. Once inside you will see a screen where you must indicate the amount of money you need and select the term.

request for loans at OnlineCredit

2.- Fill out the online form: a new page opens in which you must enter your personal information, contact details, account in which you want to receive the money. You must also choose a password to access later to the private area of ​​OnlineCredit customers from which you will see the status of your application and you can request more money in the future.

3.- Data verification: in this step OnlineCredit verifies your identity and your income. Have both a copy of your ID and your proof of income in case you are requested to upload it via the Internet or send it by email.

4.- Confirm the credit: if you have accepted your application before receiving the quick credit you must read the contract that they send you by email and confirm that you accept the loan. After this last step you receive the money in 15 minutes.

As far as the first loan is concerned, that is to say the one that only reaches 800 euros, the commission will be accrued for no more than 30 days from the issuance of the loan. If you want to repay the loan in advance, you can do it 5 days after the loan is issued. In case of early payment of the loan, the commission is accrued only for the number of days during which the customer has used the loan. The applicable interest for the extension of loan repayment is 1% (daily). The commission received for late payment of the loan will be 1.5% of the total amount. The accumulation period of sanctions is maximum 60 days.

As for the second tranche of loans of up to 1500 euros, the advance payment can be made only once during the entire loan repayment period. In case of non-payment, the relevant penalty will be 1.5% of the total amount not paid per day and the maximum amount of said penalty will be 800 euros.

If you think you will not be able to meet the deadline to return the borrowed money you can request an extension without a time limit but you must take into account that the commission for the extension of the payment of a loan is 1% daily according to the days postponed This means that the total commission will be calculated according to the number of days of extension of the return period, and in that case, you will be free of the payment of fixed expenses.

Remember that if you think that you will be able to return a loan on time, it is best not to request it or request a smaller amount, because then the problem may be much greater.

Posted in Uncategorized