CARGA_INICIAL20200528
El objetivo de este artículo es descomponer el efecto de los tipos, volúmenes, y recomposición de masas, en el comportamiento diferencial del margen de intereses en el sector bancario español frente al europeo.
After one year of intense interest rate increases, coupled with very slow pass-through to deposit rates, households have moved decisively to reconfigure their savings, and also
their borrowings. In this process of recomposition of household financial flows and the search for an alternative to deposits, the early cancellation of debts, especially variable rate mortgages, which are undoubtedly the most affected by the rise in interest rates, has
gained increasing significance.
Este artículo analiza la magnitud del proceso de cancelación anticipada de hipotecas mediante un análisis conjunto de las series de concesión hipotecaria y de saldos vivos de dicho tipo de deuda, así como su contraste con las métricas históricas de vencimiento natural de la deuda hipotecaria.
Although the new interest rate scenario is clearly good news for the banks’ margins, the intensity, speed and persistence with which the increases have affected all tenors of the curve have other potentially very adverse effects for the banks more exposed to interest rate risk. While a comparison of EU versus US banks reveals that EU banks are less exposed to interest rate and liquidity risk, these aggregate parameters mask significant dispersion among the various entities on both sides of the Atlantic.
