Monday, September 19, 2011

Where Do You Put Your Money?

Apparently not in a large French bank. The Financial Times reports:

Siemens withdrew more than half-a-billion euros in cash deposits from a large French bank two weeks ago and transferred it to the European Central Bank, in a sign of how companies are seeking havens amid Europe’s sovereign debt crisis.

The German industrial group withdrew the money partly because of concerns about the future financial health of the bank and partly to benefit from higher interest rates paid by the ECB, a person with direct knowledge of the matter told the Financial Times

Imagine what's happening at Italian banks.

Full report is here.