rendimax is Banca IFIS’s high-yield online savings account for private investors, companies and insolvency proceedings. It can be activated on the website www.rendimax.it. The Bank has been operating in the retail funding market for 7 years now, achieving outstanding results. The visibility brought by rendimax burnished its credentials in a constantly evolving sector. The quality of the service provided by Banca IFIS is one of the hallmarks of this product: customers consider it the most efficient offering on the market, with the call centre and the operational office ensuring constant support.
Born in early 2013, contomax is Banca IFIS's crowd current account, born from the dialogue with the Web. It can be activated on the website www.contomax.it. To date, there are over 2,500 active accounts. The main services available are: advanced Bancomat (debit card that can also be used for on-line purchases through the Maestro service); payment of utility bills and Telepass motorway tolls, the transfer of funds from one account to another and, in addition, mobile phone top-ups. This account has no opening or management fees, and the Bank pays the stamp duty. The account also guarantees high returns thanks to a series of interest rate solutions for the amounts deposited.
Investments in securities
Based on the trends in market rates on government bonds in the Bank's portfolio, as well as considerations on the costs to refinance the debt collateralised by said securities, the Bank deemed it expedient to restructure part of the Italian government bond portfolio in April 2015. Its size remained the same, but there were some changes concerning the bonds with the longest maturities. As a result, the average maturity slightly increased, and the most distant maturity is now 2020. The portfolio consists mainly of floating-rate or inflation-indexed bonds. The Bank has continued refinancing this portfolio at interest rates around zero. In the wake of this decision, the securities previously classified as HTM were reclassified to the AFS category.
The portfolio currently consists almost exclusively of short-term Italian government bonds. At 31 December 2015, the weighted average residual life of these securities was 30,2 months. Considering the sharp reduction in yields registered over the last two years, the Bank decided not to increase the stock of bonds in its portfolio: indeed, their amount declined to 3,2 billion Euro at 31 December 2015.
The Bank continues refinancing the securities portfolio by pledging it as collateral with both the Eurosystem and the electronic market for government bonds (MTS). In 2015, the latter turned out to be the main refinancing channel thanks to the strong level of liquidity it has showed so far and, most importantly, its cost. Following the reduction in the refinancing rates offered by the Eurosystem (which have been standing at 0,05% since September 2014), refinancing rates on the MTS have fallen even below 0,00%. As a result, the latter has become the main channel for refinancing the portfolio.