The agency has received requests from individuals for more than 300 million euros in just one week
The unbridled appetite of private investors for the public debt of the State has had its first consequence. Given the avalanche of requests to buy bills, bonds and debentures, the Public Treasury has been forced to initiate a plan to strengthen its customer service channels, both through the website and the telephone service.
The numbers speak for themselves. In 2008 and 2012, the years in which the highest volumes of public debt demand by retail investors were recorded, the maximum requests through the web amounted to nearly 200 million euros. In 2022, in just six months, the demand received in these years doubled, reaching 403 million euros. In 2023 the demand amounts to almost 900 million euros, and in just one week requests for more than 300 million have been received.
This increase in demand these days caused the slowdown of the purchase service through the Treasury website, as well as occasional interruptions in its service “due to the need to maintain the level of security of operations and the correct transmission of data to the Banco de España”, as indicated by the organization.
In addition to technological fixes, the telephone service and information request service is being expanded, with the aim of responding to questions that citizens may have in the purchasing process. Specifically, public debt can be acquired mainly through the following channels: online through the website www.tesoro.es, through a financial intermediary or by going in person to a Bank of Spain branch by appointment.
In fact, these days there have been long lines of individuals at the different headquarters of the organization, with the aim of buying public debt. A trend that has accelerated due to the low remuneration that banks offer savings in deposits, 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 remuneration that can be found in banks, the Treasury already pays 3% for its 12-month letters.
The Public Treasury carries out public debt auctions -Letras, Bonds and State Obligations- according to an established calendar that can be consulted at the following link.