Created to keep the valuable assets of individuals and companies safe from lovers of other people’s things, the rental of safe deposit boxes has been one of the services traditionally offered by banks. However, the lower supply caused by the reduction of offices has generated unsatisfied demand that companies that operate outside the financial sector are now trying to fill. This is the case of Barcelona Vaults.
The company, owned by the Irish holding company The Vaults Group, has taken advantage of the surge in gold purchases in recent years and the growing fear over the increase in burglaries in homes and establishments to expand the safe rental business. And the city of Barcelona has been the first place chosen to install its first vault in Spain for this purpose, the construction of which has been carried out by the Catalan company Ferrimax.
In total, the investment amounts to two million euros, which will be expanded to ten with the five centers that the group plans in Valencia, Seville, Malaga, Zaragoza and Madrid, a city in which there is only one similar service offered by another company. Since it opened its doors in Barcelona two weeks ago, the service “has had strong demand,” explains the managing director, Seamus Fahy, who is convinced of the growth capacity of this business model that The Vaults Group already has. It has been brought to the United Kingdom and Ireland and is being released for the first time in Barcelona.
The main attraction that it boasts is the high level of security required, one of the reasons why banks “are being reluctant to offer this service,” says security consultant and head of analysis of the facility, Eduard Zamora. In this sense, he assures that the trend of the main financial entities is to centralize the rental of safe deposit boxes “in very high security corporate buildings” and offer it only to VIP clients.
However, the company wants to reach a broader audience by offering safe deposit boxes ranging from 400 to 4,200 euros per year. Jewelry, watches, gold and silver are the most popular items. And also, unlike most banks, it allows you to store cash, something that customers who fear a financial crash especially value. “This is another of the factors that makes this business boom,” acknowledges Zamora, who holds the position of president of the Association of Comprehensive Security Directors (ADSI).
Privacy is so high that biometric data is required to give access to the camera and not even, the company assures, the Tax Agency can scrutinize the contents of the boxes. “In cases of organized crime and by court order they must be opened,” clarifies Antonio de la Casa, CEO of Ferrimax. Other clients of the service are professionals concerned about keeping important documents safe and investors in cryptocurrencies who thus preserve the private keys that give access to the administration of this type of assets.
Although only the renter of the box can know the contents, along with three people authorized by him, it is prohibited to store explosives, firearms, drugs, liquids and food, although the company admits that “it never knows what is inside.” Is an assault possible? “Total security does not exist,” Zamora acknowledges, “so time is very important: the more resistance you put against the attackers, the longer it will take them to complete the attack.” And if they reach the vault, “a system that fills the room with smoke will prevent them from seeing,” he adds.
All control is insufficient to prevent episodes such as the one that occurred two decades ago at the Mataró corporate headquarters of one of the defunct savings banks from happening again. “There they even emptied 2,000 compartments with people inside,” recalls de la Casa.
According to the Bank of Spain, financial institutions usually take out insurance that covers up to a certain amount, “but they are not obliged to replace what was stolen.” In the event of the death of the contract holder, the heirs and executors “may open the box and dispose of its contents once their will has been accepted.” Finally, it is worth mentioning that the Supreme Court recently ruled that the Tax Agency can seal the safes of individuals and companies guarded by banks without judicial authorization.
