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Czech Republic Remains Second Most Successful Country in Building Saving
News » Czech Republic Remains Second Most Successful Country in Building Saving
Prague/Brussels, 29 April 2009 – The Czech Republic remains the second most successful country as regards the number of building saving contracts. According to data from the European Association of Building Saving Banks (EuBV), Germany comes first with 30.5 million building saving contracts, followed by the Czech Republic whose five building saving banks have signed more than five million contracts, and Austria just behind with some 35 thousand fewer contracts.
In 2008, Czech building saving banks were affected by the looming financial crisis as well as by the adverse impact of a decrease of the state subsidy as of January 2004. More than two million clients reached the end of the five-year compulsory saving period after which they were able to withdraw their money. In this respect, the results are very good – the number of clients dropped only slightly, by 65 thousand,? says Jiri Sedivy, Secretary of the Czech Association of Building Savings Banks.
| Most successful countries in number of building saving contracts in 2008 | ||
|---|---|---|
| country | total number of building savings contracts | new contracts/total contracts |
| 1. Germany | 30 520 602 | 12.7 % |
| 2. Czech Republic | 5 070 510 | 20.5 % |
| 3. Austria | 5 037 688 | 19.3 % |
| 4. Slovakia | 1 040 799 | 17.3 % |
| 5. Hungary | 610 085 | 23.1 % |
| 6. Croatia | 315 538 | 20.6 % |
Source: European Association of Building Saving Banks (EuBV), 2009
The total number of clients of building saving banks in Europe exceeded 42.5 million in 2008, which was approximately the same as in the previous year. Building saving has been affected by the economic recession but I should stress that at the same time, building saving is a system that provides a relatively stable source of finance for housing needs in a time of crisis. For instance, in Romania, state subsidy was increased at the beginning of this year to motivate as many people first to save and then invest using a loan, says Vojtech Lukas, chairman of the Czech Association of Building Savings Banks.
Vitejte na www.acss.cz
We are your adviser in the world of building savings.
The Association of Czech Building Societies in the Czech Republic (ACSS) comprises five building savings banks. It was founded on June 29, 2000, with the aim of supporting the joint interests of the building savings banks operating in the Czech Republic. It thus continued a long-term informal co-operation among the financial institutions.
You can get more information about the ACSS here.
NOT TO OMIT
ACSS advises: Home-building savings contracts signed in 2003 remain in full force and effect regardless of the expiration of the five-year saving phase. You can read more here.