Certificates capture of more than a billion euros in two months – Economic

Certificates capture of more than a billion euros in two months – Economic

Catherine Melo

Yesterday 17:29

Crisis in BES justified in large extent the high level of subscriptions Savings Certificates and Treasury recorded in July and August.

In August, the Portuguese applied, in net terms to EUR 555 million in savings certificates and Treasury. This amounts to € 1.1 billion net volume of subscriptions of two categories of savings products in the state space of two months and a third of recorded since the start of the year. This development not unrelated to the crisis around the BES which led many Portuguese to flee deposits and seek refuge in other types of applications.

According to the Agency for the Management of Treasury and Public Debt (IGCP), investment in savings certificates (CA) increased from EUR 250 million in August, while the Treasury Savings Certificates More (CTPM) raised in the same period 305 million euros in net terms. This is the second best record monthly subscriptions of the year, below that recorded in July and at the time the Technical Unit for Budgetary Support (UTAO), in a note distributed to Members, justified precisely with the turbulence around the BES . “To these increases may have contributed to uncertainty in the banking sector, as a result of the case BES “, the point in UTAO.

The latest figures from the IGCP thus show that since the beginning of the year the Portuguese already applied almost EUR three billion in certificates, rising to EUR 15 100 million the total amount invested in these savings products aimed at retail.