Savers trust banks in euro crisis states again

Savers trust banks in euro crisis states again

This is according to figures released by the european central bank (ECB) on monday. The numbers also went up in italy and spain. In italy, with about 1497 billion even the highest level since the introduction of the euro was reached.

The development can be seen as a sign that fears of a eurozone breakup and banking collapse are subsiding.

Central bank president mario draghi had declared only a week ago: "the darkest clouds over the euro zone have cleared away."The ECB attributes this to its crisis policy: money for banks in the euro zone has been cheaper than ever in recent months.

In germany, which was in high demand as a safe haven during the debt crisis, the amount of savings deposits was in short supply. In december, it stood at just under 3143 billion, compared with a good 3190 billion in november. However, the value is even higher than a year earlier (3091 billion euros).

At the height of the crisis, foreign savers also moved their money to german banks, even though they hardly received any interest on their savings deposits. The money was considered safe there.

Overall, the savings deposits of private households and companies in the euro countries totaled around 10.9 billion euros at the end of 2012, according to ECB figures. A year earlier it was a good 10.75 billion euros.

Leave a Reply

Your email address will not be published. Required fields are marked *