At the 2018 AGM it was agreed to put our reserve funds (to be used in the event of an emergency) into an interest-earning deposit account.

Although this may be possible to do in several countries in Europe, in Spain it is not only impossible; any account we have incurs charges.

I have been asked by a house owner what we have done to implement the AGM resolution.

The simple answer is nothing. I am not prepared to open a second account which will drain our community of funds with additional bank charges. The last thing I want to see is our money being drained by the banks.

Our administrator knows of our need to build an effective reserve and administers our funds with this in mind.

However, if any owner knows of a bank which is prepared to pay interest on a deposit account I would be interested to hear the details – provided that it does not put any of our community money at risk.