Cajamar : interest on units

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AkoAko
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Cajamar : interest on units

Postby AkoAko » Sat Aug 01, 2020 8:19 am

Has anyone received any information on these Cajamar units of €61 each . Payment of interest on these units used to be every 3 months , Mar , Jun , Sep and Dec , then Cajamar decided it would be better for them to pay every 6 months in Dec and Jun which had the effect of reducing the APR for holders . Next they held on to actually paying out for a month each time so interest earned up to December would be credited at the end of January , interest earned up to June would be paid the end of July .

So far the one due this year has not been credited , the last time it was late i spoke in person to bank staff who said it was due to a computer problem and would receive it within a few days . It turned out that the bank staff were only passing on the information they had been given , in reality it was due to the change from quarterly to semi Annual , the staff member i spoke to wasn't very happy , they felt they had been unintentionally misleading customers when they had previously promoted this form of investment on the basis of the terms at the time . Customers would be told that as well as earning higher rates of interest and holding over €1000 of them would give them maintenance free banking . The current rate of interest is 1.75% .

Im wondering now if Cajamar have changed the terms or frequency of payments again . These Units are not protected under the Bank Guarantee scheme so for anyone holding a large quantity its a concern .

Had a response from Cajamar and will post it here as it could be useful to others with these Units " The liquidation of capital contributions is suspended, at least until 01/01/2021, on the recommendation of the European Central Bank (same as dividends from other financial institutions).
Last edited by AkoAko on Mon Aug 03, 2020 2:07 pm, edited 1 time in total.

AkoAko
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Re: Cajamar : interest on units

Postby AkoAko » Mon Aug 03, 2020 2:06 pm

Update , the date for payment im now told will not be until Jan 1st 2021 at the earliest , if you sell your units before then you forfeit the interest you have already earned . Not very good situation .

It is the recommendation of the BCE that to conserve capital no dividends are paid out before Jan 1st 2021 at the earliest although having read the directive i see no mention of withholding interest for anyone disposing of their units before then , see no reason the units cant be sold now and the interest earned be paid at a later date , looks like an incentive to dissuade customers from doing so while at the same time coincidentally boosting the Banks profits . .

Recommendation ESRB/2020/7 of the European Systemic Risk Board of 27 May 2020 on restriction of distributions
during the COVID-19 pandemic (OJ C 212, 26.6.2020, p. 1).

morlandg
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Re: Cajamar : interest on units

Postby morlandg » Mon Aug 03, 2020 4:32 pm

Hi AkoAko
I've checked my bank statements and find that I was paid 4.35 'Credit.Interests' and I paid 0.83 tax on 'Capital Yield' on 30th June 2020. I assume these refer to my 1000+euros shares that I bought a few years ago.

AkoAko
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Re: Cajamar : interest on units

Postby AkoAko » Mon Aug 03, 2020 6:40 pm

Thats a puzzle Morlandg , none of our accounts show anything and the explanation we were given was accompanied by an attachment to confirm their explanation . The description for the interest payments on these Units is " CONTRIB.INTERESTS. - LIQ SEMESTR SOCIO " so possibly you have something else , I would attach the directive if i could find an option to add attachment .

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Enrique
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Re: Cajamar : interest on units

Postby Enrique » Mon Aug 03, 2020 7:18 pm

Hi,
Looks like the Attachments Tab is missing On the General Section, others I've looked at Computers , Travel have the Attachments Tab
UNIX is basically a simple operating system, but you have to be a genius to understand the simplicity.

AkoAko
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Re: Cajamar : interest on units

Postby AkoAko » Mon Aug 03, 2020 7:30 pm

Cant see how to attach the document but heres the link to it .

https://eur-lex.europa.eu/legal-content ... 251_R_0001

Its clear that Banks have been advised not to pay dividends but nothing about not paying at a later date if there sold before hand .


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