Consumer and firmsĪ deposits in banks in troubled Eurozone member states remained mainly stable in November, the European Central Bank data showed, indicating that worst fears of bank collapses or even a Eurozone exit are receding.
The ECB managed to calm financial markets by announcing a new government bond purchase plan in September, which has since brought down sovereign bond spreads for countries such as Italy and Spain.
Private-sector deposits in Italian banks rose by 0.1 percent to 1.443 trillion euros in November after falling almost 2 percent in October. Spanish banks recorded a 0.8 percent increase to 1.516 trillion at the end of November.
Īccording to Reuters, Greek bank deposits rose by 408 million euros to 161.4 billion euros. They have been relatively stable since the June elections eased fears the country might drop out of the currency bloc, but are still about one third below their December 2009 peak.
Deposits in other countries at the sharp end of the Eurozone crisis were little changed. In Ireland they decreased 0.7 percent to 199.1 billion euros, while in Portugal they rose marginally. Monthly fluctuations in the figures are common, though sharp consecutive drops in countries with stable banking systems are unusual.
The data, which is for all currencies combined, is not seasonally adjusted and differs slightly from national central bank figures. ItĀ does not include deposits from central governments and banks.
(Source: Reuters, Capital)
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