{"id":6280,"date":"2012-05-21T18:16:30","date_gmt":"2012-05-21T16:16:30","guid":{"rendered":"http:\/\/boilingfrogs.stanislasjourdan.fr\/?p=715"},"modified":"2019-12-15T17:25:11","modified_gmt":"2019-12-15T16:25:11","slug":"run-spanish-banks","status":"publish","type":"post","link":"https:\/\/stanislasjourdan.fr\/en\/2012\/05\/21\/run-spanish-banks\/","title":{"rendered":"A run on the spanish banks?"},"content":{"rendered":"

Is there a bank run on the Spanish banks? According to El Mundo<\/em>, Bankia’s customers did withdraw<\/a> 1bn euros on a single day last week (the information was then denied by spanish officials). True or not, these allegations are a good opportunity to have a look on the long-term evolution of the deposits in Spain.<\/p>\n

In a recent post, Alejandro L\u00f3pez claims<\/a> that spanish banks lost 50bn euros of deposits since january 2011. This is untrue according to my own findings based on the Bank of Spain statistics: all deposits (including non residents and MFIs) have even increased by 11bn on that period. Here is a home-made chart that shows deposits evolution in the spanish banking sector (until march 2012):<\/p>\n

\"\"<\/a><\/p>\n

As we can see, deposits have clearly stagnated since 2008. However, the chart becomes much more worrying if we exclude monetary financial institutions deposits. Then we can see a decrease of private sector deposits by 118bn euros since january 2011.<\/p>\n

\"\"<\/p>\n

However, i would say that there is currently no evidence of a silent bank run in Spain like in Greece<\/a> or Ireland. At least not yet : next data release will tell us if the trend is accelerating or not.<\/p>\n

What remains certain is that spanish banks are under great pressures on the asset side of their balance sheet. Their non-performing loans portfolio<\/a> have increased again by 1,08% in march, to 148 bn euros.<\/p>\n

\"\"<\/p>\n

These bad loans, essentially mortgages, represent a potentially big and dirty black hole<\/strong> for the spanish banking sector. At some point, someone will have to pay for that. And I guess depositors won’t be too happy if they are told to do so.<\/p>\n

\n

PS: The data I used are available here,<\/a> reduced from the Bank of Spain deposits and target2 liabilities.<\/p>\n","protected":false},"excerpt":{"rendered":"

Is there a bank run on the Spanish banks? According to El Mundo, Bankia’s customers did withdraw 1bn euros on a single day last week (the information was then denied by spanish officials). True or not, these allegations are a good opportunity to have a look on the long-term evolution of the deposits in Spain.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_links_to":"","_links_to_target":""},"categories":[1],"tags":[370,350,95],"class_list":["post-6280","post","type-post","status-publish","format-standard","hentry","category-blog","tag-banks","tag-eurozone-crisis","tag-spain"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p2om4O-1Di","_links":{"self":[{"href":"https:\/\/stanislasjourdan.fr\/en\/wp-json\/wp\/v2\/posts\/6280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stanislasjourdan.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stanislasjourdan.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stanislasjourdan.fr\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stanislasjourdan.fr\/en\/wp-json\/wp\/v2\/comments?post=6280"}],"version-history":[{"count":2,"href":"https:\/\/stanislasjourdan.fr\/en\/wp-json\/wp\/v2\/posts\/6280\/revisions"}],"predecessor-version":[{"id":6782,"href":"https:\/\/stanislasjourdan.fr\/en\/wp-json\/wp\/v2\/posts\/6280\/revisions\/6782"}],"wp:attachment":[{"href":"https:\/\/stanislasjourdan.fr\/en\/wp-json\/wp\/v2\/media?parent=6280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stanislasjourdan.fr\/en\/wp-json\/wp\/v2\/categories?post=6280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stanislasjourdan.fr\/en\/wp-json\/wp\/v2\/tags?post=6280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}