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Полушкина Мария Олеговна
Don State Technical University, Russia
Las innovaciOnes de los scientíficos españoles
This article presents the most interesting inventions of different scientists. It notices that the government of different countries plays a great role in innovations development. It also displays that innovations have a good influence on people.
Keywords: innovations, scientists, science, government, invent.
Nos parece que ya se ha inventado todo que necesitamos. Todo es mecanizado: la lavadora nos libra de toda clase de preocupaciones con lavado. El lavaplatos friega nuestra vajilla. El aspirador nos ayudó a olvidar la escoba. No podemos imaginar nuestra vida sin coches, teléfonos móviles, Internet, máquinas combinadas de cocina y etc. Pero los científicos no pueden pararse y encuentran las cosas que hasta ahora necesitamos mucho pero no nos damos cuenta. Algunas cosas son objetos de uso corriente, algunas resuelven los problemas del decoro, y otras son tan curiosoas y interesantes!
Billetera que controla lo que gastas
Los científicos de España han creado una billetera que podría ser la solución de los problemas que tenemos todos los que somos manirrotos y gastamos más de la cuenta.
La cartera, hace 3 cosas por medio de la conexión bluetooh que lleva, lo que la comunicará con el móvil: si tenemos dinero y gastamos poco, la cartera estará hinchada, si no, de desinflará conforme vayamos gastando. Además, por cada transacción que realice el banco en nuestra cuenta, la billetera vibrará.Y por último, la billetera es capaz de impedir abrirse cuando lleguemos al límite marcado, no dejándonos abrirla para sacar más dinero.
Armario 3D
Para aquellas personas que llegan a casa y dejan todo tirado en el primer sitio que tienen a mano, les este armario va a encantar. No tendrán que pensar donde dejar las cosas ni como colocarlas, simplemente lo que deberán hacer es pasar por delante y las dejas incrustadas. Por fin queda el modelo 3D de lo que han puesto por delante, seguros que más de uno podría hacer auténticas obras de arte.
i-Duck
Si una persona necesita permanentemente escuchar música o su emisora preferida de radio, incluso cuando está tomando un baño, se ha creado para ella el i-duck, un sistema de emisor-altavoz wireless al que podrá conectar su reproductor digital.
Este patito obviamente flota, es resistente al agua y se puede suponrlo que al jabón, lleva una radio integrada, y permite oír la música sin peligro que la fuente de audio se moje ni tener que llevar auriculares, siempre tan antiestéticos, en la bañera.
Puede ser muy útil para familias con niños pequeños, facilitando la diaria tarea del baño.
Manos libres
El mayor problema de los lavabos públicos es la puerta. Toda la suciedad, gérmenes, etc. acaban en la maneta de la puerta del lavabo. Una persona debe salir del lavabo pero no quiere abrir la sucia puerta con sus manos que acaba de lavar. Está atrapado: o se mancha las manos o tiene que esperar a que entre alguien dejándole dentro de la mortal trampa.
Para evitar esta incómoda situación se ha creado el ToeOpener, una maneta para abrir las puertas de cierre por muelle sin necesidad de utilizar las manos, utilizando un pie, o en su defecto una muleta.
Aparte de la hipótesis inicial del lavabo, puede ser útil para puertas de garajes, almacenes, y en general lugares en los que podemos salir con las manos ocupadas. Es mas barato añadir el ToeOpener que cambiar la puerta a una batiente.
Lámpara camaleón
Es un aparato que ilumine (lámpara) y que se adapte al color de la superficie donde está (camaleón). Es ideal para los que no pueden encontrar la lampara conveniente para su interior. Ahora no hay ningun problema! Lo que necesita es ponerla sobre la superficie con el color que le gusta.
El despertador que estimula tu cerebro
Levantarse por la mañana es la peor batalla a la que debemos enfrentarnos diariamente. Muchas veces apagas el despertador tan profundamente dormido que no sales de la cama y luego toca correr. La mejor manera para que esto no ocurra es intentar apagar el despertador de tal manera que estimules tanto tu cerebro que no puedas volver a dormirte. Para eso tenemos el IQ Alarm.
Es un despertador que suena como cualquier otro pero para silenciarlo es necesario responder de 1 a 3 preguntas de lógica, como las de los test de inteligencia (dificultad ajustable, claro, no hace falta ser Einstein para poder apagarlo), esto hará que tu cerebro salga del letargo de la noche y se active para afrontar el duro día que tienes por delante (si no fuera así no tendrías despertador).
Por cierto, está todo pensado, la batería no se puede quitar fácilmente por lo que tendrás que responder a las preguntas casi obligatoriamente, además se van actualizando por WiFi para que no te las aprendas (estos tíos piensan en todo). Y ya aprovechan la conexión para ponerte el tiempo de tu ciudad. Otra genialidad geek al servicio del ciudadano. Otra cosa es que lo estampes contra la pared…
Cepillo y pasta, todo en uno
Cuando viajamos siempre es interesante ahorrar espacio, y a veces el neceser de higiene crece de manera exponencial. Para ayudarnos en este ahorro y evitar posibles olvidos se ha diseñado el Twist&Brush, un proyecto de cepillo de dientes que lleva la pasta incorporada en el mango. La pasta se aplique girando la base del mango.
Sillón salvapiernas
Es un sillón para dos personas sentadas a diferente nivel, una versión actualizada del clásico confidente, pero con las dos personas mirando en la misma dirección, lo que es muy práctico para ver la tele un vez pasada la pasión inicial. También puede ser muy útil para reyes magos del Corte Inglés, Papá Noël del Carrefour o similares, todo el día haciéndose fotos con los niños. Ya que vas a acabar con la retinas achicharradas por los flashes, por los menos que tengas las piernas descansadas.
iPad - ahora más cómodo
Los tablets, con el iPad a la cabeza, están arrasando. Cada vez más gente se apunta a navegar con esas ligeras tabletas, pero cuando se trata de introducir contenido, la cosa cambia. Ese teclado virtual está lejos de ser operativo en manos de aquellos que están en la otra punta de la brecha digital.
Hay mucha gente mayor a la que incluso los teclados de ordenador tradicionales les parecen un invento poco práctico, y recuerdan con nostalgia la eficiencia de las viejas Underwood y Olivetti que dominaron en su juventud.
Para ellos hoy hay una gran noticia. Apple y Olivetti se han unido para crear un dispositivo espectacular: el TypeScreen. Una máquina de las de antes, con sus enorme teclas negras, redondas y espaciadas, pero que en lugar de imprimir sobre hojas de papel, lo hacen golpeando suavemente sobre la pantalla del iPad (compatible también con el iPad 2).
No hay problemas con los gatos
Cada familia que tiene un gato sé un problema de distracción de su animal doméstico. A veces cuando vuelvan a casa se encuentran sus zapatillas mordidas, o peor, que parezca que están bien pero que tengan un regalo dentro. El Frolicat es un dispositivo que lanza un haz láser de manera aleatoria con la intención de “entretener” a su mascota. La bestia perseguirá la luz y aunque lo alcance no tendrá nada que cazar. ¡Si quieren uds que sus animales se entretengan necesitan este dispositivo!
Pero todo eso no podría aparecer sin ayuda de los gobiernos de los países donde trabajan estos scientíficos. Por elemplo, en EE.UU. hay conocido Valle de selício. En cada universidad española hay especiales departamentos de ciencias, donde todos los estudiantes tratan de inventar algo. Ademas, allí hay Museos de ciencias, adonde van alumnos para ver la ciencia “en vivo”. Estos museos son construidos por dinero del gobierno y las los precios para entradas para los visitantes son míseros. Así el gobierno español cria a los scientíficos desde la niñez.
Estas innovaciónes tienen muchas ventajas. Hacen nuestra vida más comoda. Pero además nos hacen ser creativos, desarollan nuestra fantasía. Nos dan un impulso para que seamos innovadores nosotros mismos.
Referencias
- www.nopuedocreer.com
- te-emv.com/valencia/2011/04/12/premian-tres-valencianos-exposicion-invenciones-ginebra/798207.phpl
- ссылка скрыта
Полушкина Мария Олеговна
Don State Technical University, Russia
Mortgage problems in different countries and their solution
This article deals with the mortgage problems in different countries. It compares the mortgage market in Russia and the European one. It also discusses ways to solve the problems in housing.
Keywords: mortgage, housing, Russia, affordable, government, rate, problem.
5 million Russian families were waiting for the subsidized housing in 2010. Even in Moscow, where the accommodation problems can be solved more effectively than in other regions of our country, this is a bread-and-butter issue too. This year accommodations have been given to people who have been standing in the queue since 1990! The situation in other regions is worse – some families have to wait for 25 or 30 years.
Unfavourable living conditions lead to birth rate decrease, prevent new families found. Housing construction development can activate other branches of industry like engineering industry, cement production and etc. These branches development mean new working places creation and employment growth.
But the point is that the government doesn’t have enough means to supply all the wanting with accommodation. That is why affordable mortgage becomes more and more urgent theme nowadays. Unfortunately, currently a very small part of Russian families can afford themselves to get a new apartment using mortgage. In 2010 only 187,3 mortgage credits were given to the sum of 234,2 billion roubles. It’s only 8% of all the credits which were raised that year.
And what are the credit extension conditions in other countries?
According to press account this year in China an estimated 65 million apartments across the country have been bought as speculative investments and sit empty. The reason is mortgage credit affordability. Chinese families can raise a 4-6,5% mortgage rate. That is why a lot of Chinese people prefer investing their money in accommodation.
France.
Demand for property in France appears to be strong, with the number of overseas enquiries for homes in the country rising.
Comments from French estate agent Leggett Immobilier suggest that the country has put the recent global economic troubles behind it and is now an attractive market for investors to by in.
So far in 2011, the firm reports that it has seen an almost 100 per cent increase in new buyer enquiries compared to last year's figures.
The stability offered in France is proving attractive to international property investors and reports suggest that the increasing demand is also being driven by mortgage rates, which are at their lowest levels since the Second World War (over 3,3 -3,6%).
"Enquiry levels from both shows are substantially up from both 2009 and 2010," managing director Trevor Leggett said.
"This is particularly the case for property on the Cote D'Azur where our representatives have already closed a significant number of sales this year."
Meanwhile, according to the latest figures from foreign exchange company Moneycorp, Germany, France, Italy and Ireland all proved popular destinations last month.
United States.
Mortgage rates eased this week for the first time in a month, as signs of inflation remained subdued, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.
Rates on 30-year fixed-rate mortgages averaged 4.8 percent with an average 0.7 point for the week ending April 21, down from 4.91 percent last week and 5.07 percent a year ago.
This year, rates on 30-year fixed-rate loans have ranged from 4.71 percent in early January to a high of 5.05 percent in February. The 30-year fixed-rate mortgage hit an all-time low in Freddie Mac records dating to 1971 of 4.17 percent during the week ending Nov. 11.
"Low inflation is keeping mortgage rates at bay," said Freddie Mac Chief Economist Frank Nothaft in a statement. "The core consumer price index rose just 0.1 percent in March, below the market consensus forecast. The 12-month growth rate in core prices was 1.2 percent, which is also rather low by historical standards."
United Kingdom.
Overseas property owners with euro-denominated mortgages are struggling with the effects of the first European interest rate rise since July 2008.
Mortgage rates are starting to rise in Europe and the currency looks increasingly overvalued against the pound and the dollar.
The euro has strengthened since the rate hike was announced, and the weakening pound has proved too much for many UK overseas property owners.
Adam Jordan, a senior currency expert at money transfer specialists Moneycorp, said that the company had seen a 40% rise in the number of people repatriating large sums of money to the UK during the first quarter of 2011 compared with the last quarter of 2010.
Jordan fears that things will get even worse when the European Central Bank (ECB) increase interest rates again in September of this year, as many experts believe is inevitable.
"The markets are expecting a rate increase in the UK in October, but this is more uncertain because we haven't seen the Bank of England response to this week's inflation figures," says Jordan. "It's possible that the gap between interest rates in the UK and abroad could widen further."
Recent figures from Smart Currency Exchange show that the average increase in European mortgage repayments after the ECB rate rise will be £1,750 a year. Rates are expected to increase further to a possible 1.75%.
Moneycorp’s Jordan says that he has seen an increased number of clients choosing to re-mortgage their main home in the UK in order to pay off the mortgage on their second home overseas and avoid making regular payments in euros.
Charles Purdy, director of Smart Currency Exchange, said that he was advising customers to be "very realistic" about the exchange rates they will get against the euro.
“People need to realize that the size of their mortgage has effectively increased,” he says, “and there is inflation in Europe, too, so that makes it even worse. People who are buying abroad now are more worldly wise than they were a few years ago, but I am telling them that they need to budget for €1.10 to the pound rather than €1.20 or €1.30."
Spain.
New figures show that there was an increase in the number of property sales in Spain in 2010 with buyers spending more on homes than they did in the previous year. Whilst the report suggested a positive attitude towards the Spanish Property market heading into 2011, other data has shown that property prices in Spain fell in the first quarter of this year for the tenth consecutive period.
Recent figures from the Spanish Ministry of Housing showed that there was a 5.9 per cent increase in the number of sales in Spain compared to the previous year. In addition, data from the Bank of Spain showed that foreign investors spent 2.9 per cent more on property in 2010 than they did in 2009.
The final quarter of 2010 showed the highest year on year improvements, suggesting that overseas investors were finally returning to Spain to take advantage of low cost property.
However, whilst there have been positive noises surrounding the struggling Spanish Property market, the Spanish Ministry of Housing also recently reported that the average price of houses and apartments fell by 4.6 per cent between March 2010 and March 2011. Prices fell 2.5 per cent from the previous quarter; the tenth consecutive quarterly decline.
The European Mortgage Federation also found that Spain, which has the highest unemployment rate in Europe after almost two years of recession, also has the highest ratio of outstanding floating-rate mortgage loans in the region.
Fernando Encinar, head of research at Idealista.com, Spain’s largest property website, said: “Rate rises discourage buyers and sellers dropped asking prices before rates increased to encourage sales.”
The European Central Bank recently raised the benchmark interest rate to 1.25 per cent after maintaining it at a record low of 1 per cent since May 2009 in a reaction to the global financial crisis.
Ireland.
Banks have been giving their initial reaction to a 0.25 percentage point in interest rates announced by the ECB.
This will mean a similar rise for homeowners on tarcker mortgages, which are linked to the ECB rate.
Bank of Ireland and its ICS subsidiary have also announced that they will be raising their fixed mortgage rates. The increases - ranging from 0.7 to 1.3 percentage points - will come into effect from April 15. Bank of Ireland and ICS tracker rates will rise by a quarter-point from Wednesday April 13.
Jonathan Byrne, the bank's head of mortgages in the Republic of Ireland, said fixed rate mortgages had become increasingly costly for the bank in recent months, and its current fixed mortgage rates were 'not sustainable'.
'While we have resisted increasing rates until now, we have no choice but to make this move to ensure we remain open for business,' he added.
National Irish Bank has said it will not be increasing its variable mortgage rate from the current 3.4% following the ECB announcement. The bank also said it would not increase fixed rates, though its ECB-linked tracker mortgages will rise in line with the 0.25-point increase.
And what is the mortgage situation in Russia?
Prime Minister Vladimir Putin has delivered a report on the government’s performance in 2010 in the State Duma on 20 of April 2011. And of course he has mentioned the problem of mortgage in Russia:
“A major part of the funds received, 50 billion roubles, was spent on the support for mortgages. Thus, these funds enabled Vnesheconombank to set aside 50 billion roubles for mortgages.
There is a general revival of the demand in the housing market. The number of mortgages grew 2.5 times last year. The average interest rate is dropping. In 2009 it was 14.3% in roubles, and last year it dropped to 13.1%. Today you can get a loan at 12.5%. The rate depends on the creditor and the various terms and sometimes it is lower but the average is still 12.5%, which is still too high. It is still an expensive loan for the time being. This is why we have decided to make a mortgage more accessible.”
So the average interest now is lower than last year, but it continues being minimum twice as high as in Europe.
But not only the rate plays a great role in mortgage affordability. People’s incomes and accommodation price signify too.
Average salary of a German is $4.000 a month. American has the same salary. A Frenchman gets over $2.710 and Spanish earns $2.600.
At the same time average square metre accommodation price in Berlin is $3.200, in Washington - $2.700, in Paris - $4.800 and in Madrid it’s $4.200.
The situation in Russia differs drastically. According to Russian statistics centre, average salary in our country in 2010 is 20.584 roubles ($736). And accommodation square metre in Moscow is $4.500. Even that fact that the prices in other cities are lower (three or five times lower than in our capital) not every Russian can buy a flat with the help of mortgage.
So it is obvious that mortgage credits in Russia are 3 of 5 times less affordable than in Europe.
Is there any solution of this problem?
Vladimir Putin is trying to solve this problem: “In 2010, we made the decision to allocate 250 billion roubles to support mortgage lending. Vnesheconombank joined with partner banks to launch a mortgage refinancing programme, which will allow banks to issue loans at a rate of 11% per annum for the purchase of housing in new buildings. The programme will reach its peak in 2011-2012. All necessary funding for its implementation has been set aside in Vnesheconombank.
According to our estimates, about 540-580 billion roubles in mortgages will be issued in 2011, and we will be able to exceed the pre-crisis level of 650 billion roubles in 2012. To be sure, in order to change the price of mortgages, we will also have to continue to combat inflation and to create favourable macroeconomic conditions. It is hard to achieve this goal by some special means. We must continue our work to bring mortgage interest rates down to 5-6% per annum.”
So, banks play a great role in mortgage rate. They have an opportunity to downsize the credit rates but of course they don’t want to do it. Why do they need allocation of 250 billon roubles to do that while all the European banks do it without government help? Anyway, there is hope that this emission will be effective.
But the government shouldn’t only give money to the banks. On the one hand, a new effective government mechanism is necessary. For example, the help of flexible tax policy can be helpful. The income tax decrease can stimulate bankers to lower rates.
On the other hand, interest in mortgage credits can be ensured with the help of accommodation price decrease. It can be implemented in two ways. First of all, building volume should be extended. Also new technologies can be involved in building. This will give an opportunity to build modern, ecological and cheap accommodation.
Moreover, the government should increase wages and salaries of Russian people, because inflationary process in our country is inevitable.
At the same time, it should be mentioned that other countries have problems with mortgage, too.
China.
The rapid rise of housing prices up to 10 per cent in comparison to the last year in China has brought with it a sizable increase in the scope of personal mortgages at banks throughout China. By the end of the first half of this year, personal mortgages made up 24% of the loan portfolio of the average Chinese bank. The increase at individual banks ranged from 10%-30% year over year, with the Industrial and Commercial Bank of China holding the largest amount of personal mortgages, totaling 452.5 billion RMB. The government of Beijing, Shanghai and other cities have limited the number of dwelling objects which can be the property of one Chinese person.
United States.
It became evident with JPMorgan Chase’s results on Wednesday. The company beat earnings estimates only because it made so much money trading commodities. The mortgage picture was grim — a $1 billion charge for the increased cost of mortgage servicing thanks to new regulations, and another $650 million for increased foreclosure costs.
“It’s more people, more costs, more compliance rules,” JPMorgan CEO Jamie Dimon told reporters on a conference call after the bank’s results were released. “It’s going to cost more money” to service mortgages and complete foreclosures.
Those costs rose while JPMorgan’s portfolio of residential mortgage loans shrank 12 percent.
In part, Dimon blames the rising costs on the fact that state attorneys general haven’t been able to reach a universal settlement with the banks on their mortgage servicing. He says it’s making the problem worse. “We have homes sitting there for 500 days rotting that we can’t do anything about,” he said. “That’s not good for anybody.”
Certainly the market’s not thrilled about the deteriorating mortgage picture. JPMorgan’s shares closed at $44.89 Friday [JPM 44.89 -0.08 (-0.18%) ], down 3.5 percent from when earnings were announced.
The story’s no better at Bank of America — actually a bit worse. The country’s biggest bank took $3.8 billion in charges related to mortgages.
BofA took a $1.4 billion dollar hit to revenue, about $1 billion of which came from underestimating the number of bad mortgages it would have to buy back from various parties. About half of that came from bigger-than-expected demands from Fannie Mae and Freddie Mac to buy back mortgages. The other half covered part of BofA’s buyback settlement with monoline insurer Assured Guaranty [AGO 17.60 3.43 (+24.21%) ].
Then there’s that increased cost of dealing with foreclosures that Jamie Dimon was complaining about. That took a $1.6 billion bite out of BofA’s earnings.
“We don't expect the mortgage picture to improve significantly for several quarters,” said outgoing CFO Chuck Noski. Probably that's why Bank of America’s shares hit $12.82 at the close [BAC 12.82 -0.31 (-2.36%) ], down 2.4 percent for Friday.
That doesn’t bode so well for Wells Fargo [WFC 29.89 -0.26 (-0.86%) ] whose earnings come out next week.
”Wells Fargo is worrisome if they take a servicing hit like JPMorgan,” says Rochdale Securities analyst Dick Bove. “They don’t have the trading offset.” Shares of Wells Fargo ended the day at $29.89 — down 4.68 percent since Wednesday.
Citigroup relegated its consumer finance business to CitiHoldings — the businesses it wants to ditch. Nonetheless, the business has been performing fairly well, even in its current holding pattern. Citi [C 4.42 -0.01 (-0.23%) ] also has a bigger investment bank and international exposure to offset any troubles in its mortgage portfolio.
Hong Kong.
Hong Kong’s planned sale of nine residential sites in the second quarter signals the government will use more regular land auctions to help curb a two-year surge in housing prices, Credit Suisse Group AG said.
The government will sell a site on April 27, its first auction since November, and another three on May 12, according to a Lands Department statement yesterday. It’s also considering announcing its land sale schedule at the beginning of each quarter, Financial Secretary John Tsang told lawmakers at the Legislative Council yesterday.
Housing prices in the city, ranked the world’s most expensive place to buy a home by Savills Plc (SVS), have gained more than 65 percent in the past two years on record-low mortgage rates and an influx of buyers from China. The government in November increased property transaction taxes and pledged to boost land supply amid public protest that housing prices are becoming un-affordable and as the central bank warned about the risk of a “credit-fueled property bubble.”
“The government has effectively resumed regular auction to regain control over the pace of land supply,” Credit Suisse analysts Cusson Leung and Joyce Kwock wrote in a note yesterday. “The determination to increase land supply is shown.”
The nine sites being sold this quarter will generate 2,650 new units, Tsang said.
Most government land sales in recent years have been done through the so-called application system where developers’ proposals to buy the sites trigger the auction. That system was put in place in 2002 to support falling home prices triggered by the Asian financial crisis that started in 1997. Government- initiated land auctions were partially resumed last year.
Ireland.
BANK OF Ireland has said that mortgage arrears will rise further but that the rate of increase has declined, as it reported a loss of €950 million for 2010, a drop of 57 per cent on a year earlier.
The bank faces the prospect of falling into State control as it must raise €5.2 billion, including €1 billion of contingent capital, after the Central Bank’s stress tests.
The bank said 9,169 customers, or 5.6 per cent of its 161,000 mortgage accounts, had missed at least three monthly repayments at the end of March. Arrears of 90 days or more on €28 billion of Irish mortgages rose to 4.17 per cent at end 2010 from 2.76 per cent in 2009.
“The numbers are stabilising.Arrears figures will probably go up a little bit more but the trajectory is coming down,” said the bank’s chief executive Richie Boucher.
He declined to comment on whether the bank would, like AIB, consider debt forgiveness for distressed borrowers. It would continue to work with customers on a case-by-case basis, he said.
Arrears of 90 days or more on the bank’s €7 billion Irish buy-to- let mortgages book increased to 5.9 per cent from 3.4 per cent.
But the charge taken overall on bad debts fell 34 per cent to €1.9 billion from €2.8 billion in 2009. “It’s a clean story to understand,” said Mr Boucher. “The loan losses, we are comfortable, are coming down. We have had the stress test of all time,” said Mr Boucher. The bank’s shares were flat as it failed to disclose any details of how it would raise the extra capital required.
Most of the impairment charge – some €2.2 billion of the bad debts – related to losses on loans transferred to the National Asset Management Agency (Nama).
“We see Nama as being done for Bank of Ireland – the hits have been taken,” said Mr Boucher.
The number of impaired loans jumped to €11 billion or 9 per cent of the bank’s €119 billion loan book at the end of 2010 from €8 billion or 7 per cent the previous year.
The bank would be “highly capitalised” after raising the Central Bank’s capital bill, which stress-tested the bank’s loans for a “very, very extreme downside case”.
The bank was supported by €23 billion of discount loans from the European Central Bank and €8 billion in emergency loans from the Irish Central Bank last December.
These figures have not dropped since then, said finance director John O’Donovan.
Central bank loans accounted for almost a quarter of the bank’s funding at the end of last year.
The increase in Central Bank funding was due to a loss of €20 billion in deposits over last year as a result of credit downgrades that led to corporate deposit withdrawals. Mr O’Donovan said deposits had risen to more than €66 billion from €65 billion last December.
Mr Boucher said the bank aimed to repay all Central Bank funding well before the end of 2013 when it must shed €30 billion of €119 billion in loans under the deleveraging plan. The bank’s income fell as “unsustainably high” deposit rates squeezed the net interest margin by a 0.18 of a percentage point. The margin is unlikely to rise in 2011.
But the government shouldn’t only give money to the banks. On the one hand, a new effective government mechanism is necessary. For example, the help of flexible tax policy can be helpful. The income tax decrease can stimulate bankers to lower rates.
On the other hand, interest in mortgage credits can be ensured with the help of accommodation price decrease. It can be implemented in two ways. First of all, building volume should be extended. Also new technologies can be involved in building. This will give an opportunity to build modern, ecological and cheap accommodation.
Moreover, the government should increase wages and salaries of Russian people, because inflationary process in our country is inevitable.
The mortgage real estate market analysis shows that the problem of mortgage affordability is the most characteristic to Russia and not to other countries. But at the same time solutions of this problem exist.
Mortgage credits can become more affordable with the help of the following ways:
- Flexible government tax policy can stimulate bankers to lower mortgage rates.
- Building volume should be extended;
- Use of the new technologies can reduce the price of new buildings;
- Wages and salaries should be marked up;
- The use of special governmental programmes can ensure the accommodation affordability for special citizen categories (young families, budgetary sphere representatives like teachers, doctorsa and so on)
Moreover, the government should analyze all the problems that have encountered other countries which use mortgage to solve housing problems. China, Hong Kong, Ireland and other countries experiment shows that the government should react sensitively and in proper time to the changes in the mortgage market. Housing and mortgage policy should be strategically cheched and balanced. Other countries experience displays that too low rages can’t always ensure the tension decrease in the real estate market.