Spanish banks recorded sizeable deposits outflow in July
28 August, 2012, 21:50. Posted by Zarathustra
Tags: Euro Crisis
ECB published the deposit data for July earlier.
Out of the peripheral countries, the most worrying one appears to be Spain, which saw about 4.7% drop in deposit for July compared with June, or a €74 billion of outflow. This is the sharpest monthly drop on record. Deposits dropped across sectors.
Meanwhile, France and Germany continue to see inflow, while Greece’s deposit pressure ease with about €3 billion of inflow in July after sizeable outflow recorded in May and June.
The chart below from Goldman Sachs shows the deposit outflow from retail and corporate sector of Spain turning quite bad in July.
Source: Goldman Sachs
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About Zarathustra
Zarathustra: Founder and Managing Editor of Also sprach Analyst. Once an analyst, now an investor and entrepreneur. Based in Hong Kong, but Londoner at heart.