The agency has received requests from individuals for more than 300 million euros in just one week
The unbridled hunger of private investors for the public debt has had its first effect. Given the deluge of requests to purchase bills, bonds and debentures, the Treasury was compelled to initiate a plan to strengthen its customer service channels, both through its website and telephone service.
The numbers speak for themselves. In 2008 and 2012, the years in which the highest demand for public debt by private investors was recorded, the maximum requests via the internet amounted to almost 200 million euros. In 2022, in just six months, the demand received in these years doubled to 403 million euros. In 2023, the demand will reach almost 900 million euros, and more than 300 million applications have been received in a week.
This increase in demand today caused a delay in the purchase service through the website of the Treasury, as well as occasional service interruptions “due to the need to maintain the level of security of operations and the correct transfer of data to the Banco de España ”, said the organization.
In addition to technical repairs, the telephone service and information request service will be expanded, with the aim of answering questions that citizens may have during the purchasing process. Specifically, public debt can be acquired mainly through the following channels: online via the website www.tesoro.es, through a financial intermediary or by going in person to a branch of the Bank of Spain by appointment.
In fact, today there are long queues of individuals at the various headquarters of the organization, with the aim of buying government debt. A trend that has gained momentum due to the low remuneration that banks offer savings despite the rise in interest rates.
Specifically, the average rate that banks pay on their 12-month deposits is limited to 0.41%, according to the latest data from the Bank of Spain. In current accounts (at sight) it remains at 0.032%. Faced with this low fee found at banks, the Treasury already pays 3% for its 12 month letters.
The Treasury conducts public debt auctions -Letras, Bonds and Government Bonds- according to a set calendar which can be accessed at the following link.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.