There have been some questions about the veracity of the ISI data shown in the post labeled "Run on banks in Spain is very real". As a confirmation of those results we provide the latest data from the ECB. The chart below shows quarter over quarter changes in total deposits by the "real economy" (excluding deposits by banks with each other) at German and Spanish banks. The data is through Q1 of this year. Given the record spreads of Spanish to German bonds was saw on Friday, does anyone believe this situation has improved since the end of the first quarter?
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| "non-MFI" stands for Non - Monetary and Financial Institutions - these are deposits by corporations, households, etc. (source: ECB) |
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