Homeownership, Riester pension and Co The vast majority of Germans provide privately for the age – only nine percent do not do that. This was the result of a representative forsa study commissioned by CosmosDirekt. 1 However, the financial livelihood in old age is in danger as soon as a sickness or an accident is the end of employment. CosmosDirekt explains why occupational disability insurance not only secures a living, but also makes an important contribution to old-age provision.

When body and soul go on strike and working life has to be forced to rest, it often has financial consequences. Because without a regular income, those unable to work depend on state support – often beyond the retirement age. However, not everyone receives the statutory disability pension automatically. This financial support only gets those who can not work at all or only a few hours a day. As a rule, it is not enough to maintain the standard of living. “Disability insurance not only helps to offset the loss of income due to disability. It also allows those affected to maintain their private retirement savings. This is all the more important because disabled people inevitably suffer losses in statutory pensions, “says Karina Hauser, expert on occupational disability protection at CosmosDirekt. Especially younger unemployed workers are particularly affected. The expert explains what to pay attention to.

Tip 1: Take out occupational disability insurance early
In general, the younger the insured, the cheaper the policy. One reason is that most people are still fit for health when they start their careers. Nevertheless, the risk of becoming incapacitated for work is also high for young employees: for a 20-year-old man today, the figure is 43 percent. For women of the same age, it is only insignificantly lower at 38 percent. 2

Tip 2: Provide private for old age
Those who can no longer work for health reasons, for the increased risk of not being adequately supplied in old age. It is true that the State continues to write well the pensionable points which it acquired on average until the onset of occupational disability beyond the so-called reckoning period up to the age of 62. But beware: “Young people today are facing a retirement age of 67. For those unable to work, five years less are counted in the statutory pension fund than employees of the same age. In addition, those who become disabled at a young age can not benefit from salary increases. Consequently, the statutory retirement pension is calculated on the basis of low pension points – the result is a significant pension gap, “says Karina Hauser.

Tip 3: Plan contributions for retirement
Well, who makes provision for old age – but how can private old-age provision be continued even in the event of occupational disability? “The occupational disability pension should make it possible to continue to pay contributions for private old-age provision,” advises Karina Hauser. “It is often possible to agree to a deduction of occupational disability benefits when concluding a private pension.”

  • Occupational disability and old-age provision 83 KB

  • 1 forsa study “Work, family, pension – what gives German security”. In May 2014, 2,001 persons aged 18 and over were interviewed in Germany.


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At the heart of the case is the risk that the aid will distort banking competition.

“We must be careful not to introduce distortions in the competition”

“We must be careful not to introduce distortions in the competition,” he said during the “Grand Jury RTL-LCI- Le Figaro ” about the aid of 10.5 billion euros in capital brought by France to six banks: BNP Paribas, Societe Generale, Crédit Agricole, Caisses d’Epargne, Banques Populaires and Crédit Mutuel.

Negotiations are tense between Paris and Brussels, the European Commission being reluctant to endorse the plan to support French banks of 40 billion euros announced on 13 October. At the heart of the case is the risk that the aid will distort banking competition.

Sunday, November 30, the President of the European Commission, the Portuguese José Manuel Barroso, expressed his reservations. While affirming that Brussels examined rigorously and quickly the French plan and that there was no blocking, he warned against a “law of the jungle” between countries of the European Union.

“We must be careful not to introduce distortions in the competition,” he said during the “Grand Jury RTL-LCI- Le Figaro ” about the aid of 10.5 billion euros in capital brought by France to six banks: BNP Paribas, Societe Generale, Crédit Agricole, Caisses d’Epargne, Banques Populaires and Crédit Mutuel.

The use of these funds is of concern to the Commission because, in return, the French government is asking banks to increase their credit to businesses and individuals. State aid would then allow them to gain customers on unassisted banks.

Mr. Barroso believes that a distinction must be made between emergency measures, such as the rescue of the Franco-Belgian bank Dexia, and the restructuring measures to which these loans belong to French banks. “There must be a clear and homogenous criterion for the whole of Europe” in support of the banking sector, he added, warning against a “fragmentation” of the single market.

Friday, the Minister of Economy, Christine Lagarde, and the Commissioner for Competition, Neelie Kroes, had raised this issue without being able to move forward. “There is a willingness on both sides to reach an agreement,” said a spokesman for the Commission. Negotiations will continue this week on the sidelines of meetings of European finance ministers in Brussels on Monday 1st and Tuesday 2nd December.

Since the beginning of the financial crisis, Brussels has insisted that the intervention of governments to help banks must be made in return for adequate remuneration, accompanied by measures to compensate for distortions of competition and be limited to strictly necessary to remedy the disruption to the economy created by the crisis.


Asked about a possible blocking of the French plan by Brussels on the sidelines of a UN conference on financing for development in Doha on Saturday, November 29, Nicolas Sarkozy said he had “spoken on the phone” with Mr. Barroso the day before. “I do not think there is such a willingness on the part of a particular commissioner, it would be that everyone understands that we have changed hands and that we have to move quickly,” he added. President of the Republic.

In the past, French officials accused the Commission of being too dogmatic in the application of the competition rules. This time, with the financial crisis, it is more flexible. But “as the economic situation improves, the Commission will tighten the bolts to prevent governments from taking advantage of the crisis to over-subsidize or favor their companies, ” said Jean Pisani-Ferry, director of the think tank Bruegel Brussels.

Juvenile unemployment, public debt … Brussels ‘catches’ Spain in seven of the 14 imbalance indexes

  • Spain still does not respect the unemployment standards, public and private debt, net international investment position and losses in the share of exports.
  • In addition, it fails to meet two new criteria related to employment: long-term unemployment rate and unemployment of young people between 15 and 24 years of age
  • The European Commission urges to take “decisive actions” before proposing next year a fine equivalent to 0.1% of GDP (about 1,000 million euros).
  • Read the report of the European Commission (PDF).

A group of people queue in front of an employment office in Madrid. GTRES

The European Commission (EC) has warned on Thursday that Spain suspends half of the 14 indicators on macroeconomic imbalances that accumulates its economy, such as high unemployment or large public and private debt, so he recalled that he has to take ” decisive actions “.

l Poverty indicators remain among the highest in the EU Spain still does not respect the standards recommended by Brussels in terms of unemployment , public debt, private debt , net international investment position and losses in the market share of exports .

In addition, it also fails to meet two of the three new indicators introduced by the European Commission in its analysis known as the “Alert Mechanism” on the economic situation of European countries. These three indicators focus on employment and Spain fails to comply with the two related to the long-term unemployment rate of the active population and the relative unemployment rate of young people between 15 and 24 years of age .


“In addition,” says the European Commission, “the improvement of the situation in the labor market has not translated into a reduction in poverty indicators, which are still among the highest in the EU .”

Tasa de desempleo y su evolución de 2013 a 2015. (COMISIÓN EUROPEA)

This year, Spain continues to comply with the Brussels cut in six other indicators: the effective exchange rate, the current account balance, nominal unit labor costs, housing prices, the flow of credit to the private sector and total liabilities of the financial sector. It also approves the activity rate of the total population, another of the new markers introduced this year.

“Decisive action is required”

The Commission recalled that it warned last February that Spain is accumulating macroeconomic imbalances that ” require decisive action and specific vigilance , particularly regarding the high levels of private, public and external indebtedness in a context of high unemployment”.

Further examine related risks and monitor progress in smoothing out excessive imbalances In addition, it is stated to be “useful, also taking into account the detection of imbalances that require decisive actions and specific supervision, to further examine the related risks and to monitor the progress in smoothing excessive imbalances “, a recommendation that is not new for Spain.

This will be carried out in a coordinated manner with the surveillance missions of the Spanish economic drift that are carried out after the end of the rescue granted to the country to clean up its banking.

With these data, the Community Executive will decide in the spring if the detected imbalances can be considered “excessive” or not . If Spain continues to persistently suspend the indicators and does not take the necessary measures to correct the imbalances, the EC could propose, as a last resort, the Council of the EU to impose a fine equal to 0.1% of annual GDP ( about 1,000 million euros)

 The Banking Act (KWG) regulates the business activities of banks and financial services companies. The focus is on the regulations governing the amount of lending in relation to equity, reserve requirements, Bafin’s influence on business activities and organizational requirements.

Basis of the KWG

Picture: Law paragraphsThe aim of the KWG is to steer the banking industry in such a way that, on the one hand, the banks are protected against bankruptcy and, on the other hand, that investors’ deposits are not jeopardized. This should generally protect the banking industry. The KWG came into force in 1936. Among other things, the KWG regulates the operating license for a company with the business object banking.

Loans and deposits

For the purposes of the KWG, the analysis of a credit institution does not separate deposits and loans. The notification of large loans and deposits ensures that they are in a healthy relationship. If the lending volume exceeds the permitted amount, Bafin decides whether or not lending is permitted. The companies have a duty to provide information, in which the key figures for the individual loan and deposit volumes must be stated on a monthly basis. For loans, a distinction is made between standardized loans, million credits and large loans. With regard to large loans, the report must be made every three months.

Definition of large loan

Under a large loan, the KWG understands all loans to a borrower in the sum, provided they exceed ten percent or more of the liable equity capital of the bank. As a result, a large loan in the context of credit default risk poses a particular risk for the bank. For monitoring, large loans as well as millions of loans are to be reported to the central bank for evidence of the Deutsche Bundesbank, the department that oversees bank lending. These loans are not just loans to non-banks, but also include cross-institution loan lending.

Basel II

This pass, implemented in Germany as Solvabilitätsverordnung, regulates the capital requirements for a bank with regard to borrowing. In addition to the risk weighting of the loans granted, Basel II is still based on two other cornerstones. One is the regulatory review process, which provides for ongoing scrutiny by the state bodies. Secondly, market control plays a role. This is made possible by the disclosure of the business activity. This allows market participants to assess how conservative or speculative a company works and reward or sanction it accordingly.

Related topics Credit Equity Equity Debt Bankruptcy Credit intermediary Residual debt waiver Remaining debt insurance Prepayment penalty Usurious interest Interest

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Real Estate: “At this price, you buy a shed!”

Real Estate: "At this price, you buy a shed!"

The number of real estate transactions in France fell by 10% in the first quarter. The readers of Monde.fr tell the obstacles that prevent them from acquiring property.

The World | • Updated

    The number of real estate transactions at the national level declined by around 10% in the first quarter. In a call for testimonials launched by Le Monde.fr, Internet users tell the obstacles that prevent them from acquiring real estate.

    • "Most ads that seem correct only stay in the window for two days" , by Clement B., 23, Rouen

      Living and working in Rouen, young active, I try to stay in the city center (where I currently rent an apartment) to be able to go out easily and go to work on foot. Having a contribution and salary that I would call high, I thought I could easily find what I was looking for: a F3, bright and in good condition.

      It was without counting on investors. After four months of research, the only apartments I visited were dark old apartments, mostly in poor condition or in more distant areas of the city center. Most of the ads that look good only stay in the window for a maximum of two days and I do not count the number of times I was told: "This one is gone very quickly, but we have other equivalents "… equivalent in size and price … not in quality! The proof ? It's been four months since I see them in the window.

      The scourge that seems to settle is called investor: these people are the first on the apartments and if the state is suitable, they buy, refresh and rent. I am also a tenant in a building owned by an investor! They partition the market, they make the prices, both for renting and buying …

      • "Buying becomes impossible for first-time buyers", by Antoine B.

      Expatriate, civil servant, with a consequent salary, my bank nonetheless refused me a loan of 200 000 euros (half of which by the loan with zero rate) over twenty years, on the ground that they could not be certain that I would continue to earn this salary during the loan period! But I had a personal contribution of 120,000 euros, more than a third of the total amount of the project, and could have paid well before. The risk of unemployment was almost non-existent. Under these conditions, what is a bank for? Buy becomes impossible to first-time buyers.

      • "At that price, you buy a shed!" , by Morgan, 25, IT executive, Essonne

      I recently studied the possibility of buying a property in the Paris region, in Juvisy, Essonne. Winning my life correctly (more than 2,200 net euros per month), I met my advisor to get an idea of ​​my borrowing possibilities. Result: with a maximum of 120,000 euros of borrowing, whatever the contribution, the loan is over twenty years! My advisor told me directly: "At this price, you buy a shed!" The main difficulties are therefore a low contribution and prices in the Paris region. Yes, I make a good living, much more than my parents who can not help me invest, as it is more and more (at least among my acquaintances).

      • "Adieu Paris" , by Guillaume N., 27 years old, engineer

      I am a member of a CAC 40 group, so I am a well paid person. I rent and I can put 10 000 euros aside each year for five years. But 50 000 euros of contribution for a good which is worth at least 300 000 in the Paris area, with a room for a child who arrives, that means that I commit myself for twenty years and that if there is work to do, I will not be able to devote a large budget and of course, it is me who will realize them. In short, not happy.

      So, I want to go to the province where, for a lower price, we can have a house, a garden, four rooms and transport times divided by three. I am now looking for work in the provinces. The Paris region loses attractiveness for young people – even graduates – because of real estate prices. And the decline of some unfortunate points on the price index that we were talking about recently will not change things. Goodbye Paris!

      • "The current level of prices would lead me to spend all my savings", by Jean S.

      After a series of missions in the provinces, I returned to settle in the Paris region with my partner and my three children. My wealth consists entirely of liquid investments that should in absolute allow me to acquire a house adapted to the size of our family in the limit of the first suburbs of Paris, East of Paris (Chelles).

      But it is clear that the current level of prices would lead me to spend all of my savings for twenty years and to go into debt another twenty years, and this without even having undertaken the least improvement work. All this because of the swelling, for ten years, of a real estate bubble which poisons the purchasing power of the Parisians, to the detriment of "the real economy". Not inclined to become a voluntary victim of this situation, I was lucky enough to find rent a house millstone, very large, but classified G energy performance.

      By persuasion and insistence, I convinced the owner to do some improvement work. Since then, I take advantage of this accommodation, the rent of which costs me less than the repayment of a mortgage. I will wait as long as necessary for the prices to return in reasonable proportions. At the limit, I wonder if the late acquisition (once the children left) of a small Parisian apartment or a house in the province would not be the best solution, in fine.

      • "We were looking for 70 m 2 , we are now looking for 50" , by Alexandrine, 28, Paris

      It's been a year and a half that my husband and I are looking to buy in Paris. We were looking for 70 m 2 , we are now looking for 50 m. We were looking in the 11 th , we are now looking in the Goutte d'Or. We were looking for a good around 500,000 euros, we are now limited to 400,000. We were looking for an apartment with elevator, we have obviously totally abandoned this idea.

      The prices are incredibly high and the precarious economic situation means that we do not want to commit ourselves to too high monthly payments, in case one of us is left without work. We know that only a big stroke of luck will allow us to find something suitable in our prices.

      • "The sellers do not hesitate to triple the purchase price", by Jacques S., 55, executive

      I am one of the "well-off" buyers, with a budget of 650,000 euros. But the offer does not correspond to my needs in the plain of Perpignan. Today, there are hundreds of goods at these prices, but the overall standing does not correspond to the asking price. I feel like I'm the target of a "pigeon hunt" that I do not like. Last argument heard when I asked the justification for the price of the house: "It's to buy us a sailboat." Real estate is often seen by homeowners as a hen with golden eggs, and sellers do not hesitate to triple the purchase price of ten years ago.

      • "Renting leaves a lot more flexibility" , by Mara, 33

      We are two thirty-year executives, with an income of 5,200 euros monthly and more than 200,000 euros of contribution. To buy an apartment matching our needs in the next five to seven years (T 3 / T4, more than 60 m 2 , parking, near suburbs, south-west of Paris), we would have to borrow at least € 300,000 , not including notary fees. Which equates to nearly 1,700 euros a month over … thirty years, when my parents paid their house (in the west of Paris and with a surface of more than 150 m 2 ) at the same age, with only one salary and in less than twenty years.

      Out of the question to borrow on such a long period for a property in which we would not stay any more than a maximum of ten years. The rental is more accessible and allows much more flexibility, both at the level of professional developments and family. Despite a significant contribution, the price level keeps us away from the market, as many "young" potential buyers.

      • "The old adage 'to rent is to throw money out of the windows' is no longer valid" , by Sandie B., 32, senior manager

      I rent a well placed house, close to shops, transport, in a listed city. Buying this house over twenty years would increase the rent by 2.5 – not including the notary fees, the property tax and the inevitable repairs. I am nevertheless solvent for the purchase of a house, but I prefer to save the delta between my rent and the potential monthly payments, which assures me a patrimony (although it is not stone), a greater mobility in case of transfer or resignation, and less hassle in case of accident of life of any kind. Nowadays, the old adage "rent is to throw money out of the windows" is no longer valid because of the prices too high.

      • "Eight or ten years ago, we rolled out the red carpet, today we are regarded as less than nothing!", By Laurent F., 37, La Garenne-Colombes

      We are two executives on permanent contracts, accumulating 4,600 euros of income per month. We have a patiently built contribution of 130,000 euros. Despite our "good profile" according to the banks, impossible to find a housing that meets our needs. The last real estate agent with whom we discussed admits that it has become a luxury market in Paris, but also in the near crown, where we are looking (Hauts-de-Seine).

      Eight-ten years ago, we rolled out the red carpet with our budget, today we are regarded as less than nothing! Buying your home is reserved for the very rich today, impossible to do it thanks to his only work. We are disgusted by this country which does not dare to confess that we are in the middle of the real estate bubble, which has no recoil on the prices too high and which looks only at the pseudo fiscal advantages, without taking into account that the housing, it is first a need and a right.

      • "We bet that prices will not fall" , by Erick L., optician, 44 years old, Savigny Sur Orge

      We found the house of our dreams at the price we wanted at the end of March 2012: 350,000 euros for 137 m 2 25 minutes from Paris, with a loan of 3.70% over twenty years. We finally found that the owners were more reasonable and the houses, sold at the right price, whereas before they were often surcotées more than 20%.

      This is certainly due to elections: there are fewer buyers, because they still hope for election promises, for more sellers who, they fear that the decline in prices will not endure. And that, I do not believe it. This is the bet we make for our project, because we intend to sell our old house after the elections. So we took the precaution, on the promise of sale, to defer the signature at the notary for five months. And we will sell at the market price, via a real estate agent.