The banks did not have prior knowledge about the new series of Savings Certificates, with a lower remuneration, nor about being able to start marketing this product, guaranteed today the Associação Portuguesa de Bancos (APB).
In response to Lusa, an official source from the APB said that “the banks had no prior knowledge, either of the decision on Savings Certificates, or of the intended involvement of the banks in their sale”.
At issue is the decision announced by the Ministry of Finance, last Friday night, to end the 'E' series of Savings Certificates and start the 'F' series, with a lower remuneration, and that the banks also may become a sales channel for this financial product.
However, an official source of the APB emphasizes that the decision will be up to each financial institution: “Once the conditions for this involvement are known, each bank will proceed with its analysis and decide for itself”.
The new series of savings certificates, the 'F', began to be marketed today, offering a gross base interest rate of 2,5%, with a maximum term of 15 years, at the end of which they 'return' to the bank account at that are associated.
In terms of the interest rate, the rules determine that it is fixed taking into account the average of the three-month Euribor values “observed in the previous 10 working days, the result being rounded to the third decimal place”.
This formula cannot result in a base rate lower than 0% or higher than 2,5%.
Taking into account the average values of the three-month Euribor (which rose from 3,179% in April to 3,372% in May), securities in this new series are now being marketed at a gross rate of 2,5%.
The rules also determine that the maximum 'series F' certificates per savings account is set at 50 thousand euros, with this maximum “accumulated with 'series E' certificates [the one on sale until last Friday] for a savings account” cannot exceed 250 thousand euros.
In addition to these changes, the 'series F' is accompanied by another: CA subscriptions are no longer made only at CTT branches or Espaços do Cidadão, but are also available “on the physical or digital networks of any financial institution or payments registered with the Bank of Portugal and indicated for the purpose by the IGCP”.
The suspension of the E series, and its replacement by the new one, has generated several criticisms from the opposition, who accuse the Government of giving in or doing a favor to the banks.
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