Savings certificates

Debt securities issued by banks which can be purchased by investors for a fixed, non-callable term – predominantly four to eight years – at a usually fixed interest rate (certificate of deposit for a specific sum of money for a fixed time and usually at a stated interest rate). There is no stock exchange trading. Savings certificates with a maturity of up to two years are counted as M2 by the ECB; if the maturity is longer, they belong to M3. – Savings certificates no longer appear as a separate item in the ECB’s statistics. If they are registered securities, they are included in deposits with agreed maturity. If they are non-negotiable bearer bonds, they are included in bank debt securities. – In the statistical section of its respective monthly report, the Deutsche Bundesbank reports savings bonds separately according to their issue value at inception, broken down by issuer group. – See deposits, maturity transformation, savings bulge, savings premium bond, savings bond. – Cf. the Bundesbank’s monthly booklet “Banking Statistics,” section “Banks (MFIs) in Germany,” subheading “Liabilities” for the volume of savings bonds issued.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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