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It’s fine, it’s fine.
We just gotta get this gay marriage thing in the Donbass, and then everything is fine.
The counteroffensive is going great and so on; we just need more drones or whatever.
Just relax.
European savers are pulling more of their money from banks, looking for a better deal as lenders resist paying up to hold on to deposits some feel they can currently live without.
The trend emerged as some of the region’s biggest lenders outlined a profitable start to the year in results that also offered a glimpse of a phenomenon dubbed a “bank walk” – a slow but notable outflow of customer cash.
Lenders wasted little time in charging more for loans when interest rates rapidly rose from an almost 15-year slumber around zero last year, but most have dragged their feet on boosting deposit rates paid to millions of their customers.
That has boosted profits at many major banks beyond many analysts’ expectations but left savers disgruntled, raising fresh questions over the longer-term stability of the sector.
“Traditional banks need to decide whether to maximise their return by keeping rates on deposits as low as possible, or to prioritise their liquidity and stability by increasing rates and retaining customers’ funds,” Nicola Marinelli, assistant professor of finance at Regent’s University London, said.
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Most banks boast liquidity and capital levels above regulatory requirements but the demise of U.S. lender Silicon Valley Bank and Switzerland’s Credit Suisse are cautionary tales of what can happen when customers desert lenders at greater pace.
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In Britain, NatWest (NWG.L) customers withdrew 11.1 billion pounds in the first three months of the year, HSBC’s deposits excluding one-off inflows dropped by $10 billion to $1.6 trillion, while Barclays and Lloyds Banking Group recorded falls of 5 billion and 2.2 billion pounds respectively.
In Germany, Bundesbank data showed households’ deposits dropped nearly 8% from a year earlier, with Deutsche Bank, the country’s largest bank, partly attributing its own 4.7% fall in the first quarter to contagion fears from the banking crisis in the United States and Switzerland.
Chief Financial Officer James von Moltke conceded, however, that more competition with “some price-sensitive deposits leaving the bank”, and some clients shifting to higher-yielding alternatives like money market funds, also played a role.
France’s BNP Paribas also reported a modest dip in first quarter deposits, while Spain’s Santander was the only European heavyweight to report a rise, of 6%, over the same period.
No, no.
Don’t worry.
It’s all fine.
