Building society
The building societies are special credit institutions that, due to the z. As the German law regulated through building societies (BauSparkG) Business district restriction essentially only the housing finance through savings contracts operate.
Basic idea
The basic idea of building society savings can be illustrated with the following example:
Ten people willing to build without equity are saving with the aim of buying their own home . If everyone is in a position to one tenth of the purchase cost saving per year, so everyone would have the necessary after ten years of capital accumulated. If the ten willing builders bring their savings into a common "savings pot", the required sum can be paid out to the first of them after just one year ( allocation ) (one tenth as repayment of the savings made and nine tenths as a building society loan ). If it is now assumed that the allotted home saver pays back one tenth of the received home loan amount every year as a repayment of the home loan in the common "allocation pot", then the second home saver can implement his building project in the second year. In the third year, under the same conditions, there are eight savings and two repayments in the “allocation pot”, so that the third building society contract can also be allocated.
The building society reality is a bit more complicated, however, as there is no closed building society group. Nevertheless, today's building society savings system is based on the basic idea of collective building society savings .
history
The first written documentation of the collective saving concept on which the building society savings system is based goes back to the 3rd century BC in China . During the Han Dynasty , mutual not-for-profit savings companies were established. Home loan savings in China is currently an issue again.
The history of building societies in modern times began with the establishment of Ketley's Building Society in Birmingham in 1775 . The building society concept spread rapidly in England and the British colonies, but also in the USA (1831) and Brazil (1834). These forerunners of the modern building societies were so-called "Terminating Building Societies", as they were dissolved when the last member of the system came into possession of a home.
In contrast, German building societies were installed as permanent organizations from the start. In 1885, Pastor von Bodelschwingh founded the first German building society, the building society for everyone , in Bielefeld .
The home loan and savings system was only finally able to establish itself in Germany in the years 1921 to 1929 due to the high financial resources required to solve the housing problem after the First World War . Until then, there were a large number of smaller, partly regionally limited and mostly with limited liability "Bau- und Sparvereine gGmbH " for settlers willing to build throughout Germany , which functioned according to similar principles (see also housing cooperatives ).
At the end of the 1930s there was the first fundamental change in the German building society savings system. The "loss system" that had been in use until then was replaced by an evaluation process that was fairer. It made the allocation date of the individual building society saver dependent on the way in which he accumulated savings capital.
After the currency reform in 1948, the boom in German building societies began with the economic miracle .
In 1973 the Bausparkasse Act and the Bausparkasse Ordinance came into force in Germany . This created a uniform legal basis for the business activities of private and public building societies.
The 1991 amendment to the Building Societies Act opened the way for building societies to the European internal market. At the same time, the option of blank loans for small loans and an extensive package of building society security measures was created. Individual German building societies expanded, including in China, as well as in Eastern Europe.
Home loan savings in Germany
Legal forms in Germany
The building societies differ from each other in their legal forms .
The building societies in the association of twelve private building societies are operated in the legal form of stock corporations and are predominantly owned or controlled by insurance companies or banks . Due to the Bausparkasse Act, building societies must be independent entities, which is why banks cannot conduct the building society business directly, but only through subsidiaries.
Unlike in the banking sector, there is no separation between private and cooperative institutions. The Bausparkasse Schwäbisch Hall , which is majority owned by DZ Bank (owner: Volks- und Raiffeisenbanken), is therefore a special form . The BHW also had a special role in the camp of private building societies ; although it was a private company, until 2005 it was supported by the German Association of Civil Servants and the German Association of Trade Unions . On January 2, 2006, BHW was taken over by Postbank .
The second building societies group, currently nine state building societies, consists of institutes that are predominantly sponsored by one or more federal states and / or the respective savings bank organization. The Landesbausparkassen are members of the German Savings Banks and Giro Association and are looked after by the Landesbausparkassen federal office.
Four Landesbausparkassen are dependent departments / divisions of a Landesbank or Sparkasse. They are nevertheless, according to the Bausparkassengesetz, as independent building societies.
Three state building societies are legally competent institutions under public law.
Due to the regional division of areas into individual or a group of federal states, the state building societies, in contrast to the nationally active, private building societies, do not compete with each other.
Bauspar funding in Germany
In the Federal Republic of Germany is building savings by granting housing bonuses for saving achievements in building society accounts and the payment of employee savings allowances for capital accumulation benefits promoted. On July 4, 2008, the Federal Council introduced the Eigenheimrentengesetz, also known as Wohn-Riester . This provides for additional funding for building society savings from November 1, 2008.
Building societies in Germany
About two thirds of the home loan and savings market in Germany is covered by twelve private building societies and around one third by nine state building societies.
Building savings in Austria
Bauspar funding in Austria
In Austria Bausparen is supported by the state building society bonus. The amount of the premium is set annually and is based on the general interest rate level. It is at least 1.5 percent and a maximum of 4.0 percent. Payments of a maximum of EUR 1,000.00 (2008) per person and year are funded - from 2009 a maximum of EUR 1,200.00. The tax binding period is six years. If the home loan and savings contract is terminated before this deadline, the premium must be repaid. If the saved credit is demonstrably used for certain residential measures such as building a house or renovation, the building society bonus is retained.
The development of the home loan and savings scheme in recent years:
- 2003 - 4.0 percent
- 2004 - 3.5 percent
- 2005 - 3.5 percent
- 2006 - 3.0 percent
- 2007 - 3.5 percent
- 2008 - 4.0 percent
- 2009 - 4.0 percent
- 2010 - 3.5 percent
- 2011 - 3.0 percent
- 2012 - 1.875 percent
- 2013 - 1.5 percent
- 2014 - 1.5 percent
- 2015 - 1.5 percent
- 2016 - 1.5 percent
Building societies in Austria
There are four building societies in Austria:
- start: bausparkasse (formerly Allgemeine Bausparkasse, ABV)
- Raiffeisen Bausparkasse
- Bausparkasse Wüstenrot AG
- s building society
In other countries
The British term building society is often translated as "Bausparkasse". British building societies are organized as cooperatives and often offer their members and customers a wide range of standardized private customer products , including checking accounts, savings accounts, credit cards and deposits.
See also
Individual evidence
- ↑ Südwest Presse Online -dienste GmbH: Journey to the Middle Kingdom: Bausparen suits China. In: swp.de. Retrieved January 22, 2016 (German).
- ↑ Ulrich Scholten: The promotion of home ownership, Tübingen 1999, page 105 [1]
- ^ As a China pioneer, Bausparkasse took seven years: The Long March from Schwäbisch Hall. In: www.handelsblatt.com. Retrieved January 22, 2016 .
- ^ Association of Private Building Societies: Profile of the Association ( Memento from July 12, 2014 in the Internet Archive ) (PDF; 1.5 MB), accessed on March 22, 2014.
- ↑ "Overview of legal forms and territorial division of the state building societies" '
Web links
- Introduction to building society finance ( Memento from July 23, 2013 in the Internet Archive )
