Stadium visit insurance according to Allianz a fair offer

The new insurance package “Around the visit to the Arenas” of the Alliance z can not convince the experts of the Federation of Insured (BdV). On the contrary: the product causes great criticism . It is incomplete and underachieving , it says in a press release. Martin Oetzmann advises BdV even to spend the contribution of two euros for the package rather at the sausage stand in the stadium. For accident and key protection, there are from the perspective of consumer advocates large insurance gaps. Too small is the sum, the insured received about after an accident. In addition, the “disability amount of 50 percent is set too high.” Also with the delay protection, the experts see room for improvement. Now the alliance reacts to the criticism and makes it clear: The insurance package is in view of the benefits “a fair offer”.

Allianz: insurance package with good price-performance ratio

“Once pay 2 euros and in case of need in addition to the existing pension entitlements receive a monthly pension of 250 € – that’s a good price-performance ratio, ” says a spokeswoman to finanzen.de. In addition, it is customary in the industry “that an accidental pension from a degree of disability of 50 percent is paid.”

The insurance package can be used to supplement an existing insurance cover . “The Alliance deliberately offers an accident pension because it complements the most disability benefit covered in a private accident insurance.” With a monthly pension of 250 euros, for example, a domestic help could be financed.

 

 

Key loss services “very fair offer”

The criticism of the BdV in relation to insufficient benefits in the key protection can not understand the alliance. Anyone who orders a professional locksmith to open the apartment or car door, in which there is only a very low probability that it will destroy the castle. Securing this low risk would not have been possible at the “price of two euros.” Thus, the payment of up to 500 euros in case of key loss in view of the low insurance contribution is a very fair offer .

Proof of delay must be comprehensible

On the indirectly asked question of the federation of the insured, whether as a reason for delay long waiting in the traffic jam represents a non-culpable delay , the answer of the alliance is: Yes. By submitting the original ticket or scan, the insurer can see how large the delay of the insured person is. By stating a reason, such as congestion on the A9, the provider can also check whether there were actually traffic disruptions at this time. As a rule, no further proof is necessary to get refunded half of the ticket price.

Insurance package “Around the arena visit”: Advantages and disadvantages to weigh

So far, Allianz has received mostly positive reactions to the insurance package from fans. The services may be manageable. But given the intention that the insurance “Around the Arenabeeuch” is intended to supplement existing insurance coverage, especially in accidents, the price-performance ratio can be little opposed. Interested FC Bayern fans should still weigh before the conclusion of the pros and cons , so as to make a well-considered decision.

The main differences between these two types of card and their recommended uses

With the Después credit card you can pay for your purchases over time and make use of over 6,000 ATMs

Maybe you even have several of each of them; they are part of your everyday life and you use them daily, to pay for more and more things… But do you really know the difference between one and the other?

 

 

Credit or debit: it depends on how we pay the amount of the debt generated by our purchases.

1. The method of payment. With a debit card, the payment is charged directly to the account – checking, or savings book account – of the card holder. Thus, they only allow a charge up to the limit of the funds of the account.

On the other hand, with a credit card you can even pay if you do not have funds, since you can postpone the charge until the following month. In this manner, the card holder takes out a debt with the bank (for that reason, before granting a credit card, the bank studies our viability, making sure that are creditworthy). Even so, the credit card has a limit.

The credit can be “paid back” in three ways: either at the end of the month (a set day of the month following the month the purchase is made), or through a percentage (which every month we will pay) or a fixed installment (this format is known by the name “revolving”, and consists of paying an fixed amount that is established).

Which credit card are you looking for? Find it based on your age and the payment method that most interests you: more information

2. The possibility for financing. Credit cards allow for financing. Thus, they allow you to pay in installments and to make your purchases without the need to pay out the total of the payment. Let’s say that, as its name suggests, it implicitly involves the granting of a loan by the bank.

On the other hand, debit cards are a means of payment in themselves: the amount is directly charged to the card holder’s account, and is deducted directly from the balance.

3. Interest. A credit card charges interest to the card holder, when withdrawing money or splitting the payments into installments. These interest charges are not frequent in debit cards.

As you can see, the differences are considerable and they vary depending on the preferences and needs of each consumer. If you have questions, don’t hesitate to ask us; at BBVA we have the one which is best for you.

International financing

Open up new markets and manage your international operations quickly, securely and efficiently. This is why we place our extensive foreign branch network and a large team of experts at your service, making us your best ally.

• Highly specialised team in both national and international markets.
• Financing products for importers, exporters, forfaiting, infrastructures or investment.

Apply

• Importers
• Exporters
• Forfaiting
• Infrastructures
• Investment

If your company is an importer, you have the possibility of financing all or part of the payment to your foreign supplier. The duration is from the date of payment by the financial institution to the maturity of the agreed operation. 

This type of credit is in euros or any officially quoted currency and can be applied for by resident or non-resident individuals or legal entities.

Advantages for your company as importer:

• Minimize finance costs and foreign exchange risks. 
• Greater margin for negotiation, as you can offer your suppliers longer payment periods. 
• Gives you bargaining power to obtain better prices or discounts in the operations, as you can offer to pay in cash.

Advantages for exporters:

• Avoid commercial, political or exchange rate risks by being paid in cash.
• The reference rate is usually the EURIBOR, although the LIBOR may also be used for operations in other currencies.

Foreign exchange risk:

If the financing is in euros, the importer does not assume any exchange rate risk. If it is in another currency, they assume an exchange rate risk and agree to the refund of currencies whose countervalue will not be known until the maturity date. 

For transactions with emerging countries, it is essential to have CESCE insurance coverage for political and trade risks. BBVA grants the foreign importer up to 85% of the total amount to be financed directly. Moreover, for the remaining 15% not covered by CESCE, we can offer you financing through the Accompaniment Loans.

If your company is an exporter, you can request the total or partial financing of the payment of your sales abroad: 

• Financing the manufacturing period between the time you receive the order and the delivery of the merchandise or service (pre-financing).
• With post-financing, if your company sells on credit, financing the deferred payment collection.

Advantages for your company as exporter:

• Greater competitiveness by having financing and also minimizing the finance costs and foreign exchange risks derived from the operation.
• Possibility of carrying out more sophisticated operations with a greater risk that require guaranteeing the credit provided.
• Liquidity in order to carry out your sales plans and manufacture the orders or execute the services, being paid in advance for exports.

Advantages for your importing customer:

• As your company will have greater financial flexibility, you will be able to accept more interesting terms for your overseas customer. The reference rate will usually be the EURIBOR, although the LIBOR may also be used for operations in other currencies.

Foreign exchange risk:

If the financing is in the same currency as the trading operation, there is no foreign exchange risk, but if it is in a different currency there is a foreign exchange risk. 

For transactions with emerging countries, it is essential to have CESCE insurance coverage for political and trade risks. BBVA grants the foreign importer up to 85% of the total amount to be financed directly. Moreover, for the remaining 15% not covered by CESCE, we can offer you financing through the Accompaniment Loans.

We place the most advantageous financial service related to Foreign Trade at your service: Medium- and long-term export forfaiting.

We take responsibility for buying, in cash and without any recourse against you, internationally accepted financial documents issued as a form of payment for your exporting (letters of credit, promissory notes, letters, guarantees, and in some cases, issued invoices).

As an exporter, you can provide financing for your importing customers without taking on debt yourself, while eliminating your commercial and political risk. You can also get paid in cash for your exported products at the time of transfer.
 

Benefits for your company (exporter):

• Obtain immediate liquidity.
• Finance your client without consuming your banking risk limits.
• Eliminate all risks of the transaction (commercial, political and exchange), as they are taken on without resource by BBVA.
• Improve the structure of your balance sheet by transforming realizable into available assets.
• Know your financial costs from the beginning in order to be able to allocate them to the transaction.
• Simplify administrative tasks of accounts receivable for the transaction. Simplify the procedure.

We finance projects to be executed in emerging countries, where the main guarantees are the cash flow of the operation and project assets.
Financing for these projects requires a high degree of sophistication in terms of the financial products employed, which must be custom-designed for each project. For this reason, we have a highly-specialized team in Spain and in our international network (Europe, Asia and America) who will help and advise you at all times.
This type of financing is applied to concessions contracts known as BOT Project Finance. (Build Operate Transfer), B.L.T. ( Build Read Transfer), established via trusts or via the cession of collection rights. They entail political-administrative, construction, operative, demand and financial risks.

We finance investments made by Spanish companies for creation of companies, subsidiaries, or permanent establishments in emerging-market countries, or for their full or partial acquisition, purchase of shares for capital increases, or other asset contributions. 

Features:

• The investing company must have a majority of Spanish capital.
• The contracts, agreements, commitments and administrative concessions shall be subject to this financing, in which the sole or majority holder is a Spanish company.
• Only new investments or increases in existing investments may be financed.
• The beneficiary shall be the foreign company, the recipient of the investment. Loans are granted in any currency admitted to trading on the Madrid Foreign Exchange Market.
• Financing will have CESCE coverage, for political risks.

   

 

 

The call for help from the Spanish government to fill the holes in its banking sector raises many questions.

The lack of details about the agreement and the persistence of tensions in the markets suggest a loss of investor confidence in Europe’s ability to find a systematic solution.

An exclusive financing of the EFSF is unlikely, it is better to expect a combined intervention of the EFSF and ESM , through the FROB.

A forced recapitalization of the banking system seems unlikely. This would be detrimental to all bondholders and would freeze access to financing from all interested parties.

Although the distribution of losses threatens the holders of hybrid and subordinated debt, the holders of senior bonds or guaranteed bonds appear to be less exposed, at least in the short term.

The possibility of additional losses in real estate loans, combined with the economic contraction, could cause a further downgrade of the Spanish sovereign rating and repercussions for supranational, corporate and financial issuers.

Review of proposed measures for the recapitalization of banks

At the moment we know that the measures proposed at least initially represented 100 billion euros channeled through the FROB . On the other hand the two royal decrees announced this year, in order to cover the losses of real estate and financial investments of banks have been about 54 billion euros , which would reduce coverage levels to a much more realistic level than the previous one.

Pending an independent evaluation of the health of the Spanish banking system, and taking into account its defective structure and the results of the stress tests of the banks by the EU, it is believed that the real cost of the rescue of the Spanish banking system exceeds the 100 billion euros. The temporary dimension is a determining factor, with profit generation being a key tool for banks to cover their losses.

What recapitalization model?

A bank recapitalization decided by a government, like any political decision is difficult to predict. Taking Ireland as a model, we could deduce what could happen to banks that require large injections of public capital.

1. Holders of hybrid and subordinated bonds (Tier1, UT2 and LT2)

These values ​​represent a significant shared risk of losses, through coupon deferrals and coercive liability management (LMEs), as would be the case in Ireland.

Furthermore, although it is set to take effect no later than 2018, the Irish experience suggests that any additional legislation necessary to impose shared losses on the holders of subordinated bonds could be adopted very quickly.

The political will in Spain to impose losses on the holders of subordinated bonds could be lower (or more difficult to implement) than in Ireland, a large part of these being held by politically sensitive partisans.

2. Senior bondholders

No impact expected in the short term.

The distribution of losses in the holders of senior bonds is unlikely in the short term , the ECB strongly opposes for reasons of financial stability.

We can not exclude an eventual distribution of longer-term losses, especially for non-viable and non-systematic institutions, particularly if the cost of recapitalization endangers Spanish public finances.

3. Guaranteed bonds

Neither is the distribution of losses expected for the bonds guaranteed immediately, being these excluded from the field of requalification of the debt in the recent proposal of the EC. This asset class is also an important systematic particularly useful funding as benefits.

Classification without changes

Santander and BBVA should be able to meet the new solvency requirements using their own resources, and it is thought that the regulator will not force them to strengthen their capital. If these banks decided to request assistance from the FROB, it would probably be quite limited and without preferential conditions.

Where will the funds come from?

Whatever the final size of the rescue plan, it is likely that the funding will come from the EFSF (EFSF), the ESM (European Stability Mechanism) or a combination of the two.

With or without Spain the load is heavy

At the risk of putting the knife back into the wound

Potentially the rescue plan adds about 10% of GDP in the debt ratio of the Spanish government, bringing it close to 100% of GDP in 2015 or earlier. This strong increase would increase the need for State funding. If the recapitalization of banks remedies their immediate needs, it also increases the government’s liabilities and exerts additional pressure on their solvency . What in the eyes of rating agencies does not have a positive influence.

The government’s limited access to foreign financing has revealed its growing dependence on national banks as the main buyers of its new issues. In turn, these banks need ECB funds to buy these bonds.

In the end it seems that this is only a partial solution to a much bigger problem for the euro area as a whole.

 

The Obligatory S age of Old Age and Disability (SOVI) was the way to protect the worker before the current Social Security system. Despite its age and its obsolescence in the vast majority of cases, it still applies in cases of old age, disability or widowhood of those workers who were quoted before 1967.

Until 2005, SOVI pensions were subject to a strict regime of incompatibilities. However, article 4 of Law 3/2005 of March 18 established the following: “SOVI pensions are compatible with economic benefits of an extraordinary nature granted to citizens of Spanish origin displaced during their minority. , to the foreigner in the period between July 18, 1936 and December 31, 1939, as a consequence of the Civil War and who developed most of their life outside the national territory. “

Also in 2005, specifically with the publication of Law 9/2005 of June 6, the compatibility of SOVI pensions with widow’s pensions of the current Social Security System was allowed.

Economic amount of SOVI pensions and application procedure

The SOVI pensions represent an imprescriptible, life-time and fixed amount economic benefit . The amount to be received in 2017 is set at € 408.10 per month in 14 payments, as long as there are no concurrences with other benefits or it is the widow’s pension, in which case that amount will always be.

In the case of receiving a SOVI pension for old age or disability, in addition to the economic benefit granted to the displaced of Spanish origin during their minority as a result of the Civil War, other benefits not considered concurrent are added. These additional compatible benefits are also regulated by Law 3/2005 of March 18 and are the following:

• The pensions received by the handicapped or disabled invalids of the first degree because of the Civil War.
• Extraordinary pensions derived from acts of terrorism .
• The subsidies of aid by third person . In the event that there are concurrences with other pensions, the amount to be received for the SOVI pension for disability or old age is € 396.20 per month in 14 payments. However, if the sum of all concurrent pensions and that of the corresponding SOVI is less than the amount set in 2016 for the concurrent pension, the SOVI pension will then increase an amount equal to the resulting difference.

On the other hand, if there is concurrence with a widow’s pension of the Social Security , the sum of both pensions can not be more than double the minimum widow’s pension for people with 65 or more years. In 2017, said widow’s pension is set at a minimum of € 637.70. So, if the SOVI plus the pension in question total more than € 1,275.40 per month, the amount of the SOVI will be reduced until that figure is reached.

The request for SOVI pensions can be made at any Social Security Information and Service Center. To perform the procedure, you must deliver the following documentation:

• DNI of the applicant.
• Tax Identification Card of the Applicant.
• Family Book or marriage certificate in case of being married.
• Identity card of the spouse and of all family members over 14 years of age living with the applicant and in their charge.
• Application form that you will find in the following link.

In addition to these documents, if you want to apply for the SOVI pension for widowhood, you must also submit the following documentation, if one of the cases occurs:

• If separated or divorced : judgment of judicial separation or divorce.
• If there is more than one beneficiary of the pension: declaration of cohabitation.

Find the pension plan that best suits your savings needs: access the BBVA catalog

Requirements to receive any of the SOVI pensions

In the case of the pension of the SOVI for old age , the requirements are the following:

• Having reached 65 years of age , or failing 60 if it is old age due to disability. This disability must be permanent and totally prevent the performance of the usual profession.
• Not be entitled to any other benefit offered by the regimes that make up the current Social Security System. Except, of course, the widow’s pension that can be beneficiary.
• Have been affiliated with the Labor Retirement Scheme or have contributed 1,800 days to the SOVI Regime before 01/01/1967.

For the disability pension , it will be necessary to comply with the following:

• That the disability is permanent and absolute for the applicant’s profession and that it is the cause of the termination of employment.
• That is not derived from a work accident or occupational disease compensable.
• Credit 1.800 days of contribution to the SOVI before 01/01/1967.
• Not have the right to another benefit of the current Social Security.
• Having reached the age of 50 or, failing that, 30 if the disability is due to total immobility of the extremities, blindness or incurable mental disorder.

In the case of a SOVI pension for widowhood , the requirements change according to three assumptions:

• SOVI pensioner with death prior to 01/01/1967 :
• The deceased must have died after 01/01/1956.
• The solicitor:
• Not be entitled to any other SOVI pension.
• Be 65 years old at the time of death. If you have 50 or more, you are entitled to receive the pension when you turn 65.
• Carry 10 years of marriage with the deceased.
• Pensioner of the SOVI with death after 12/31/1966 : the same requirements as for the widow’s pension of the Social Security will be demanded.
• No pensioner of the SOVI :
• For the causer:
• Death as of 01/01/1956.
• To have been affiliated to the Obligatory Worker Retirement or to credit 1,800 days of contributions to the SOVI before 01/01/1967.
• For the applicant: the same requirements as for pensioners who died before 01/01/1967.

All SOVI beneficiaries can opt for BBVA to enter their pension in a quality bank. Doing so will enjoy interesting benefits such as saving bank fees or free credit cards.