There has not been a flight from bank
deposits recently but just a "physiological" drop, Bank of Italy
Governor Ignazio Visco said in his final annual report on
Wednesday.
"There is no flight of deposits from Italian banks, a phenomenon
that also thanks to digital innovations shook American credit
institutions after the (Silicon Valley Bank) case, but a
physiological drop of the liquidity accumulated during the
pandemic and a shift of savers towards more remunerative
financial products, he said.
"Since July last year, when it had peaked at almost 1,620
billion, deposits have fallen by 6%," Visco said.
"The episodes of turbulence remind us how quickly investor
confidence can deteriorate," he stressed.
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