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Private sector deposits in Spanish banks dip in April -ECB
May 30, 2012 / 11:28 AM / 6 years ago

Private sector deposits in Spanish banks dip in April -ECB

FRANKFURT, May 30 (Reuters) - Firms and consumers pulled their money out of Spanish banks in April, European Central Bank data showed on Wednesday, as the Spanish government struggles to shore up its banking system.

Spain’s banking woes - the result of a burst property bubble aggravated by recession - have combined with growing uncertainty about Greece’s survival in the euro zone to reignite the euro sovereign debt crisis.

Data from the ECB showed that private sector deposits in Spanish banks fell 1.9 percent in April, reversing a slight rise in March.

Total deposits decreased to 1.625 trillion euros from 1.656 trillion in March, and are about 6.7 percent below their peak in June 2011.

Other countries in the middle of the debt crisis showed little change.

In Greece deposits rose slightly to 171.5 billion euros from 171.1 billion.

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, are not seasonally adjusted and differ slightly from national central bank figures. The measure excludes deposits from central government and financial institutions. (Editing by Ruth Pitchford)

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