Bausparen – A system invented in Baden

Transcription

Bausparen – A system invented in
Baden-Württemberg and exported to
Europe and the world
Université Paris 1 Panthéon-Sorbonne
Séminaire „Contrôle – Audit – Finance“
Stuttgart, May 8th 2014
Jens Kuderer, LL.M.
The Arbeitsgemeinschaft Baden-Württembergischer
Bausparkassen
Members of the Arbeitsgemeinschaft
Baden-Württembergischer Bausparkassen (ARGE)
Bausparkasse
Schwäbisch Hall AG
Wüstenrot
Bausparkasse AG
LBS Landesbausparkasse
Baden-Württemberg
Deutsche Bausparkasse
Badenia AG
The institutions forming the ARGE represent more than
50 % of the German bauspar-market and employ about
10.000 members of staff in Baden-Württemberg
19,4%
ARGE-institutions
51,3%
Net-new business
production 2012
Other private
Bauspar-institutions
Other public
Bauspar-institutions
The Arbeitsgemeinschaft BadenWürttembergischer Bausparkassen is
concerned with issues directly or
indirectly relevant for home
ownership as an element for stable
asset accumulation, retirement
provision and social stability
29,3%
Jens Kuderer, LL.M. // Stuttgart, May 8th 2014
Arbeitsgemeinschaft Baden-Württembergischer Bausparkassen
Seite 2
Bausparen and home owner ship are important factors of
private assets and financial precautions
Bausparen is a significant element of private financial capabilities in Germany
Percentage of home ownership
Number of Bauspar-contracts
Germany
46 % of all apartments1
Baden-Württemberg
53 % of all apartments2
Germany
367 of 1.000 inhabitants3
Baden-Württemberg
443 of 1.000 inhabitants4
Germany
Bauspar-amount per capital Baden-Württemberg
Average Bauspar-amount Germany
per new contract Baden-Württemberg
9.830 Euro 3
13.300 Euro 4
32.320 Euro 3
37.600 Euro 4
Quellen:
1 Stat. Bundesamt
2 Stat.Landesamt
3 Bundesverbände
Bausparkassen
4 ARGE
Home ownership is propably the widest spread and socially best
balanced form of wealth in Germany. This is the result of a well
established financial culture which doesn‘t look for „quick wins“ but
is aimed at long lasting and stable values
Seite 3
Saving for an house takes time…
Example:
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Ten potential home owners, each of them
is able to save 10,000 € p.a.
Costs for one house
are 100,000 €
If every potential home owner saves only for his own house,
it takes each of them ten years, until they have enough
money to built it
Seite 4
The basic Idea: help for self-help
Example:
Potential home owners pool their money in a common fund
Year 1
The 1st one can buy or
build a house by drawing
on the savings of the
other nine
Year 10
Year 2
The 2nd one can realise his
house by drawing on the
savings of eight plus the
redemption payments made by
the first one
All of them are able to buy or
build their houses by using this
system, 4.5 years earlier on
average as if each had saved
the necessary money alone
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Bausparen: A self enclosed system
Self enclosed system
 Deposits of the Bauspar customers
 Deposit interests paid by the Bauspar institution
 Repayment amounts of those Bauspar
customers, who have already obtained
Funds in
a loan
Bauspar
account
 Possibly Government subsidy (premium)
Loan
repayments
Interests
obtained
Govermental
premium
Bauspar
Customers
All deposits and repayments made flow
into one fund from which in turn new
loans are issued
Guarantees sustainability
and independence
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Financial target (Bauspar-amount)
The architecture of a Bauspar-contract
Deposit
Loan
Savings period
Allotment
generally about 40 %
Loan period
generally about 60 %
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About 90 years ago the first Bausparkasse was founded
1924
Foundation of the first Bauspar-institution, the “Bausparkasse der Gemeinschaft der
Freunde Wüstenrot” in Baden-Württemberg
Till 1931 Founding phase of the majority of German Bauspar-institutions
1991
Amendment of the Bauspar Institutions Act allows operations in other countries
Drawing of the Bausparcustomers who will get the
money to build their houses
(allotment) in the 1920‘s in
Wüstenrot
Seite 8
Today a allotment is calculated using a mathematical
assessment process
Relevant for the allotment is to reach the „Bewertungszahl“ (evaluation figure)
Calculation of the Bewertungszahl (BZ):
200 x TB
BZ =
D / 1000 + ZF x D x D / (SHS + 3 x G)
TB = Tilgungsbeitrag
D = Differenz Bausparsumme / Bausparguthaben
ZF = Zinsfaktor
SHS = Summe Habensalden
G = Bausparguthaben
Seite 9 24.06.2015
Seite 9
Bausparen today (in Germany)
22 Bauspar-institutions
 30 mill contracts
12
private
institutions
10
public
institutions
operate all
over Germany
operate in
regionally
defined
markets
legally
indipendent
institutions
institutions
incorporated
under public
law or in public
ownership
 824 bn € Bauspar-amount
 33 bn € payment of building
capital (deposits and loans)
in 2012
 The average Bauspar-amount
is 30,000 – 40,000 €
Seite 10
Bausparen today (worldwide)
Countries in Europe already
working with the Bauspar-system
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Germany
Austria
Slovakia
Czech Republic
Hungary
Romania
Slovenia
Croatia
Luxemburg
Belgium (special conditions)
First steps
Interested
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India
China
Kazakhstan
Russia
Peru
Ecuador
Chile
Vietnam
Thailand
Chile
Switzerland
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Differences between the US-Loan system
and the Bauspar -system
US-Loans
Bausparen
100 % mortgage
+ up to 20 % on top
Conservative mortgage limit
(usually 80 %)
No equity required
Equity required
Volatile interest rates
Fixed mortgage interest rate till the
loan is paid back completely
Customers without sustainable
financial capability get loans
The customer has proven his financial
capability during the savings phase
Low requirements on the solvency of
the institutions
Governmental supervision and strong
restrictments
Seite 12
Market opportunities
Bausparen is more than buying or building houses:

Accumulation of capital assets

Securing the value of wealth by investing in
real estate, especially in times of inflation

Energy efficient refurbishment

Retirement provisions by
 Owning a house (no costs for rent)
 „Wohnriester/Eigenheimrente“ – Bauspar-contracts
with governmental incentives especially for private
pension provisons
Additional income from rent

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Bildungssparen – Using the Bauspar-contract to finance academic studies
(in Austria only)
However, the Bauspar-regulations limit the usage of Bausparcontracts to certain purposes usually related to housing (e.g.
Bauspar-loans can’t be used to purchase a car or for travelling)
Seite 13
Bauspar-contracts belong to the most popular
financial investments
Funds of German citizens 2013
Bank deposits (longtime savings)
55
Savings on giro accounts
42
Bauspar contracts
37
Life insurances
36
Temporary investments
30
Real Estate
25
Riester retirement plans
23
Investment funds
21
Stocks
15
Securities
7
Other forms of saving
1
0
10
20
30
40
50
60
Quelle: Prof. Dr. Christian Klein, University of Kassel
tns Infratest; Verband der privaten Bausparkassen
Bauspar-institutions are number two in house financing
Marketshare for house-financing 2012
Landesbanken
(state banks)
Lebensversicherungen
(life insurance companies)
Realkreditinstitute
1%
(mortgage banks)
4%
Sparkassen
(public saving banks)
34 %
Kreditbanken
(commercial banks)
18 %
3%
Bausparkassen
(Bauspar-institutions)
23 %
Genossenschaftsbanken
(cooperative banks)
17 %
Source:Verband der privaten Bausparkassen;
Other associatons; Prof. Mechthild Schrooten, University of Bremen
One can‘t ecpect low risk and high returns simultaneously
μ
(chance/return)
Convention:
The higher the return,
the higher the risk
respectively
3
The lower the risk,
the lower the return
1.
2.
3.
Loan and Bauspar-contract
Real-estate-credit
Loan and stocks
2
1
σ
(risk)
Source: Prof. Dr. Christian Klein,
University of Kassel
Any questions?
Seite 17

Bausparen – A system invented in Baden

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