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JAK BANKING SYSTEM. THE PURPOSES OF JAK:. TO SUPPORT THE MEMBERS WITH A BANKING SYSTEM AT COST PRICE. ... AND TO SPREAD INFORMATION ON INTEREST-FREE ECONOMY. Deposits and Loans (1991 -2009). Deposits Loans. FAIR!. SAVER. BORROWER. UNFAIR!. BORROWERS. SAVER.
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JAK BANKING SYSTEM
THE PURPOSES OF JAK: TO SUPPORT THE MEMBERS WITH A BANKING SYSTEM AT COST PRICE... ... AND TO SPREAD INFORMATION ON INTEREST-FREE ECONOMY.
Deposits and Loans (1991 -2009) Deposits Loans
FAIR! SAVER BORROWER
UNFAIR! BORROWERS SAVER
JAK’S SAVING AND LOAN SYSTEM INTEREST- FREE! POINTS!
Balance in the Saving and Loan System ”I shall contribute to the system to the same degree as I use it” How do I contribute? By saving. How do I use ít? By taking loans. Hence, I have to save as much as I borrow. To measure ”that I save as much as I borrow” we have to time into consideration: I contribute the system more if I save 10 000 KR for one year, than I do if I save 100 000 KR for one day.
Saving points One positive saving point = + 1 SP = To save 1 KR in JAK for one month. (When the saving factor is 1) One negative saving point = - 1 SP = To have a debt of 1 KR for one month. Hence: ”One should save at least as much as one borrows ” means ”One should always have a positive balance of saving points in JAK (today or in the long run)”
SAVE ON A REGULAR BASIS 1000 KR PER MONTH FOR 3 YEARS, SAVINGFACTOR 1: SINGLE DEPOSITION 10000 KR FOR 3 YEARS SAVINGFACTOR 1: SAVING POINTS SAVING POINTS UNSURE? - CALL!
SAVING FACTOR POINTS!
LOAN A LARGER PRE-SAVING GIVES MORE POINTS. MORE POINTS GIVES A SMALLER TIED SAVING
kr Saving The saving is contractual and equal in size to the loan (if no money has been saved prior to the loan) + Saving points Tid - Saving points Amortization
IT IS THE 3% OF THE DEBT DURING THE WHOLE REPAYMENT PERIOD HOW DO YOU CALCULATE THE COST OF THE LOAN?
TAKING THE LOAN DEPOSIT LOAN AFTER REPAYMENT
Equity Deposit why? In order to have a bank licence, JAK is obliged to own a large reserve on its own (ca. 5 million euro). It is the owners of the bank (the members) who ought to make this investment. And we do. How? -Via the membership deposit: Every new JAK member deposits 200 kr. This money is a basic deposit. The following years the member pays 250 kr, not as a deposit but as a membership fee (to cover for annual admin. costs). The basic deposit stays in the bank and add to its capital reserves. - Via the equity deposit: 6% of the loan. This money goes back to the member when the loan is paid off (*). It accounts for a dynamic part of the reserves, which is passed on like a baton. (*) If JAK’s economy is in good order. It has always been..
INTEREST-FREE LOANS COST LESS PROFIT INTEREST ADMINISTRATION ADMINISTRATION SMALL LOAN LOSSES LOAN LOSSES
APPARTMENT! PROPERTY! SURTY! LOANS WITHOUT SECURITY UP TO 100 000 KR
YOUR MONEY IS KEPT SECURE. GRYMT GOOD! STRONG DEMANDS FOR SECURITY ON LOANS. DEPOSIT GUARANTEE ON ALL SAVINGS.
MEMBER ABILITY TO PAY WE HAVE DONE A CREDIT RATING, AND EVERYTHING IS PERFECTLY IN ORDER. SECURITY
THE FLOW OF MONEY IN CONVENTIONAL BANKS AND IN JAK…
PROFIT COMMITIONS, ETC. ADMINISTRATION ADVERTISEMENT LOSSES TAX
DEPOSITS + POSSIBLE SURPLUS LIQUID MEANS SAVINGS LOANS
MEMBER RETURNS MEMBERSHIP FEE BORROWER ACTIVITIES FOR PUBLIC EDUCATION LOAN FEE TAX
20 000 € - 10 years JAK JAKComercial Income by Normal Support Savings Loan interest (6%) (2%) Repayment 167 € 167 € - Savings 167 € 0 € 0 € Cost 25 € 25 € - Monthly payment 3 59 € 1 92 € 235 € Total Cost 3 000 € 3 000 € 8 220 € 1 590 €