Bedmaker cashes in on Spain savings fears

An ingenious bed manufacturer in the Spanish city of Salamanca has developed a crisis-proof mattress that comes within an inbuilt safe.

Bedmaker cashes in on Spain savings fears
The firm DESS believes the best place to keep your money safe is inside your mattress. Photo: YouTube

The high-quality mattress was developed by a company called Descanso Santos Sueños (DESS), or "Dream Heavenly Dreams".

It contains an inbuilt safe where people can stash their money and valuables out of the reach of eurozone financiers.

With a price tag of €875 for a double bed, the mattress was released only three weeks ago — or just in time for the Cyprus bailout.

After Europe's finance ministers decided Cypriots with more than €100,000 in the bank would have to help pay for bank rescues on the island, people across the eurozone have become jittery about their own savings.

But with the DESS mattress people can sleep easier at night.

In a video on the company website, founder Francisco “Paco” Santos says: "They say history is repeating itself. 

"Our grandparents understood that the safest way of saving money was under the mattress.

"Now we are proposing the same thing, because we have seen people's lack of certainty about the current situation."

Santos worked in the mattress industry for some 16 years before being fired in 2009.

Instead of throwing in the towel, however, he developed the idea of the mattress known as the "caja de ahorros", or savings union.

"There's no denying that our idea is slightly crazy, but we believe that with this mattress we can help people sleep well, not just because of its high quality, but because they will have peace of mind," said Santos in the video about the company.

Santos told Spain's El Economista newspaper his firm had received 80 enquiries in one week alone, and that 30 deals had been completed.

He also said an international company had expressed an interest in the Portuguese-made product.

Asked whether the business was profitable, Santos explained to El Economista that as the owner of a small business, he was more interested in covering costs.

"You can't do any more than that," he said. 

The company has also invested in a clever advertising campaign that mocks traditional bank advertisements.

The ad includes a fictitious bank, the Caja de Ahorras Mi Colchon, and Santos is its president.

In the ad, the bank president invites people to become clients by buying a mattress and putting their hard-earned savings money inside.

Santos then assures viewers that this mattress is the best security because it doesn't "fail or merge, or dance to the music of the markets".

The company's slogan is "Your money stays close to you".

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Spain to make another EU bank bailout payment

Spain plans to pay back €2.5 billion ($2.8 billion) in bailout loans it received in 2012 from the European Union to bolster its ailing banks, the economy ministry said on Wednesday.

Spain to make another EU bank bailout payment
Photo of euros: Shutterstock

Madrid will transfer the funds to the EU rescue fund in July — ahead of schedule — an economy ministry spokeswoman said.

Spain has already reimbursed two tranches of the €41.4 billion in bailout funds it received for its banking sector, despite having a decade to do so.

Madrid made the first repayment of €1.3 billion in July 2014, followed by a second installation of €1.5 billion in March 2015.

Spanish banks were battered when the country's decade-long housing bubble burst in 2008, spurring the state to nationalize some lenders and seek EU aid.

Spain's eurozone partners agreed in June 2012 to provide up to €100 billion to rescue its crippled banking system.

The Spanish economy, the eurozone's fourth-largest, returned to growth in 2014 with expansion of 1.4 percent after five years of recession.

The government expects the economy will expand by around three percent this year, faster than any other large eurozone country.