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FarCenter

(19,429 posts)
Thu May 17, 2012, 12:46 PM May 2012

Greeks not alone in bank savings exodus

Greece's banks have lost 72 billion euros in deposits since the start of 2010, or about 30 percent, according to data compiled by Thomson Reuters. Five of Greece's top banks saw 37 billion euros taken out last year, including 12 billion from EFG Eurobank (EFGr.AT) and 8-9 billion apiece at National Bank of Greece (NBGr.AT), Piraeus (BOPr.AT) and Alpha Bank (ACBr.AT).


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More than 120 billion euros was taken from two banks in Belgium alone, including an exodus of customer deposits from Dexia (DEXI.BR) which had to be bailed out and restructured. KBC (KBC.BR) also saw a big outflow. Some 90 billion euros was taken from France's banks, including around 30 billion each from Credit Agricole (CAGR.PA) and BNP Paribas (BNPP.PA). French banks were hit last year by their heavy exposure to Greece and concerns about their liquidity that forced them to accelerate plans to shrink. Worries the eurozone crisis would spread also saw about 30 billion euros in deposits leave Italian banks, although inflows to BBVA (BBVA.MC) helped limit the net outflow from Spain.

Cash flooded into Britain; more than 140 billion euros was deposited in four big banks alone. The UK benefits from its position outside the eurozone and its Asia-focused banks HSBC (HSBA.L) and Standard Chartered (STAN.L) are seen as particular safe-havens. Other banks to see big inflows included Barclays (BARC.L), Germany's Deutsche Bank (DBKGn.DE), Switzerland's Credit Suisse (CSGN.VX) and UBS (UBSN.VX) and Russia's Sberbank (SBER.MM) and VTB (VTBR.MM).

http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_17/05/2012_442610

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