HOMEOWNERS in Spain will save some money this year now that the Eurozone interest rate, the Euribor, has fallen yet again.
Over the course of 2015, the rate which affects savings and loans in countries which use the common currency has plummeted by a record 80%.
As at the last day of December, the Euribor stood at 0.059%, having started 2015 at 0.323%.
This means a typical Spanish homeowner who has a €120,000 mortgage over a 20-year term with a standard ‘Euribor +1%’ rate would see a reduction in monthly payments of €14.63, or a total of €175.56 per year.
For 2016, the future of the Euribor continues to be uncertain since it is linked to European Central Bank (BCE) monetary policy, partly based upon crude oil prices.
Analyst for XTB, Jaime Díez, says oil prices could carry on ‘falling as sharply as it has in the last two years’ – which will be great news for mortgage-holders or those with loans, but not so positive for those who rely upon savings interest for their income.
But other experts say it seems unlikely that monetary policy in the Union will be based upon even greater interest rate falls.
XTB believes ‘rock bottom’ for the Euribor could be around 0.04%, and may reach it in the first quarter of 2016, but could start to climb later in the year.
The plummeting Euribor, which reached record highs of over 5% at the end of 2007, is aimed at making it easier for individuals and companies to seek credit in order to improve the flow of money within the Eurozone economy.
Information provided by thinkspain.com
AMAZON is set to bring 1,000 new jobs to Spain as part of the online retailer’s expansion plans in the next three years according to an announcement on Wednesday November 18.
Along with a new distribution centre in Barcelona, the company’s logistical centre outside Madrid will be enlarged from 32,000 to 75,000 square metres.
With around 400 workers in Spain since they started in the country in 2011, Amazon plan to begin hiring for the new positions at the beginning of next year and the average monthly salaries are expected to start at €1,422.
Employees can expect a 7 per cent raise after 6 months and with the bonus in place the salaries would be €1,599 which Amazon say is 111 per cent more than the minimum.
Madrid’s regional leader, Cristina Cifuentes welcomed the decision, saying it was ‘a positive step.’
Amazon España’s operations director Fred Pattje said:
“We are very satisfied that we can continue investing and creating jobs in Spain so that Amazon customers can receive their order much quicker and enjoy an unimaginable experience when it comes to shopping.”