Deposits shuffled

SPAIN’S six big banks lost €35 billion in deposits, a reduction of 2.9 per cent, reports for 2023’s first quarter revealed.

Sources at the banks involved hastened to clarify that in part it was a seasonal effect as 43 per cent of this amount ­ €16.34 billion ­ occurred as companies withdrew cash accumulated at the end of the previous year to pay bills, complete impending transfers and pay executives’ bonuses.

The same sources explained that there were various reasons for the loss of the remaining 57 per cent, approximately €22 billion but this was principally the result of transferring funds from savings accounts to products generating better returns.

Clients had not withdrawn money, but instead had moved it to investment accounts, the banks stressed, or had acquired Spanish government bonds.

His standing was questioned after a Commons select committee appearance in January this year, prompting some members of the board of International Distributions Services (IDS), Royal Mail’s parent company, to conclude that new leadership was required.

A spokesperson for Royal Mail and IDS said they did not comment on rumour or speculation.