Bauparkassen: Schwäbisch Hall announces further existing contracts – Handelsblatt

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Schwäbisch Hall is the building society of cooperative banks

(Photo: AP)

Berlin / Stuttgart the home loan industry is due to the zero interest period under massive pressure. In addition, the stringent regulatory requirements after the financial crisis lead to additional costs. Companies are responding by cutting costs on this trend, and expensive legacy contracts rid of them.

The Bausparkasse Schwäbisch Hall holds about at the termination of numerous old contracts. “We do this for reasons of equal treatment of home savings”, chief executive Reinhard Klein told the “Welt am Sonntag”. What is possible and permissible, you’ll need to use. However, were the contracts would terminate, on average 22 years old. “It’s certainly no pleasure to terminate contracts. But you can also say: After 15 to 20 years, a contract may also end, “said Klein. Customers who rejected an allotment of building savings volume as long probably are not interested in taking the loan. “But that is the purpose of building savings.”

So the assets are spread across German households

• “34″

  gross assets: € 100
  net assets: minus € 3,000
  Annual net income (self-assessment): € 7500

  the 5th percentile means that households below this threshold, are among the poorest five percent in Germany. Source: Bundesbank, data refer to 2014

• gross assets: € 700
  net assets: 0. €
  Annual net income (self-assessment): € 9600

  The 10th percentile means households below this threshold, are among the poorest ten percent in Germany. Source: Bundesbank, data refer to 2014

• gross assets: € 5,200
  net assets: € 2,400
  Annual net income (self-assessment): € 14 300

  The 20th percentile means households below this threshold, among the poorest 20 percent in Germany. Source: Bundesbank, data refer to 2014

• gross assets: € 14,200
  net assets: € 10,700
  Annual net income (self-assessment): € 17 800

  The 30th percentile means households below this threshold, among the poorest 30 percent in Germany. Source: Bundesbank, data refer to 2014

• gross assets: € 33,200
  net assets: € 27,100
  Annual net income (self-assessment): € 21 100

  The 40th percentile means households below this threshold, among the poorest 40 percent in Germany. Source: Bundesbank, data refer to 2014

• gross assets: € 77,200
  net assets: € 60,400
  Annual net income (self-assessment): € 23 900

  The median divides Germany into two halves: Who has more, is one of the richer half. Guests who do not, is part of the poorer half. Source: Bundesbank, data refer to 2014

• gross assets: € 142,700
  net assets: € 111,900
  Annual net income (self-assessment): € 27 800

  The 60th percentile means households above this threshold, are among the richest 40 per cent in Germany. Source: Bundesbank, data refer to 2014

• gross assets: € 216,100
  net assets: € 174,900
  Annual net income (self-assessment): € 33 100

  The 70th percentile means households above this threshold, are among the richest 30 per cent in Germany. Source: Bundesbank, data refer to 2014

• gross assets: € 315,600
  net assets: € 274,700
  Annual net income (self-assessment): € 39 600

  The 80th percentile means households above this threshold, are among the richest 20 per cent in Germany. Source: Bundesbank, data refer to 2014

• gross assets: € 522,000
  net assets: € 468,000
  Annual net income (self-assessment): € 50 300

  The 90th percentile means households above this threshold, are among the richest ten percent in Germany. Source: Bundesbank, data refer to 2014

• gross assets: € 816 500

  net assets: € 722 000
  Annual net income (self-assessment): € 60,000

  the 95th percentile means that households above this threshold, are among the richest five percent in Germany. Source: Bundesbank, data refer to 2014

The high credit interest of the contracts from the. 1990s are a burden on the industry in today’s low-interest periods. The large wave of layoffs began in 2015, over 200,000 old contracts were dissolved. Despite Klein expects that in Schwäbisch Hall new contracts with a contract sum of around 30 billion euros this year.

In a major rival it had in the first half of five billion euros. The LBS West is now retroactively 1 January 2016 arose from LBS Baden-Württemberg and Rhineland-Palatinate LBS. The merger was finally completed on Saturday, informed the LBS with in Stuttgart. With 1150 employees and total assets of over 17 billion euros, the new bank will be larger than the LBS West and LBS Bayern. Office is in Stuttgart with about 600 employees, Karlsruhe (300 employees) and Mainz (250) are only locations.

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In order to complete the merger both companies submitted half-year figures. Reported to the LBS Baden-Württemberg from January was able to conclude new savings contracts with a volume of 3.94 billion euros by June – although this was a decrease of three percent compared to the same period last year, but a decline at very high levels. The LBS Rhineland-Palatinate could enter into contracts for 1.05 billion euros, posting a rise of almost five per cent. A company spokeswoman said the merger will secure the performance of LBS West. It was “prepared for the continuing challenges of the low interest rates”.