And The Hits Just Keep On Coming: Spain Sees €31 Billion Deposit Outflow In April

Tyler Durden's picture


Just when talks of Accelerated Kinetic Action In Close Proximity To Cash Dispensing MachinesTM in Spain were quieting down, here comes Goldman to reminds us that nothing is fixed. "The ECB released April deposit data today. Italian deposits in April were stable, with a moderate increase in retail (+€7 bn) more than offsetting a small reduction in corporate deposits. In Spain, April saw €31 bn (or 1.9%) deposit outflow from banks. Within this only half is attributable to corporate (down €7 bn or -3.4%) and retail balances (down €8 bn, or -1.1%). The residual outflow is attributable to deposit reductions by others (financial institutions / pension funds / etc)."

And a pretty chart to go with this as we focus on the next Spain story:

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Wed, 05/30/2012 - 10:26 | 2475424 junkyardjack
junkyardjack's picture

Maybe the deposits went to Greece....

Wed, 05/30/2012 - 10:29 | 2475452 slaughterer
slaughterer's picture

Safe harbor:



Wed, 05/30/2012 - 10:35 | 2475487 Big Slick
Big Slick's picture

[sarc]  You're thinking of this place all wrong. As if I had the money back in a safe. The money's not here. Your money's in Joe's house...right next to yours. And in the Kennedy house, and Mrs. Macklin's house, and a hundred others. Why, you're lending them the money to build, and then, they're going to pay it back to you as best they can. Now what are you going to do? Foreclose on them?...Now listen to me. I beg of you not to do this thing. If Potter gets hold of this Building and Loan there'll never be another decent house built in this town. He's already got charge of the bank. He's got the bus line. He's got the department stores. And now he's after us. Why? Well, it's very simple. Because we're cutting in on his business, that's why. And because he wants to keep you living in his slums and paying the kind of rent he decides. Joe, you lived in one of those Potter houses, didn't you? Well, have you forgotten? Have you forgotten what he charged you for that broken-down shack? Here, Ed. You know, you remember last year when things weren't going so well, and you couldn't make your payments? You didn't lose your house, did you? Do you think Potter would have let you keep it? Can't you understand what's happening here? Don't you see what's happening? Potter isn't selling. Potter's buying! And why? Because we're panicky and he's not. That's why. He's picking up some bargains. Now, we can get through this thing all right. We've got to stick together, though. We've got to have faith in each other.

Wed, 05/30/2012 - 12:16 | 2475973 eclectic syncretist
eclectic syncretist's picture

Sounds more like a bank walk than a bank run.

Wed, 05/30/2012 - 10:27 | 2475433 London54321
London54321's picture

Get ready to go long matresses!



Wed, 05/30/2012 - 10:27 | 2475434 kilters
kilters's picture

Have we had the "Spain is not Greece" from Rajoy yet?

Wed, 05/30/2012 - 10:39 | 2475499 THX 1178
THX 1178's picture

Wouldn't it be surprising if Greece followed Spain's lead & left the EU & not the other way 'round?

Wed, 05/30/2012 - 12:00 | 2475902 upWising
upWising's picture

España no es un Zombi. (todavía) 

[Spain is not a Zombie.  (yet)]



Wed, 05/30/2012 - 10:27 | 2475437 SHEEPFUKKER

I checked my account, they didn't go there. 

Wed, 05/30/2012 - 10:45 | 2475509 LouisDega
LouisDega's picture

Same here.

Wed, 05/30/2012 - 10:27 | 2475440 Cognitive Dissonance
Cognitive Dissonance's picture

We're gonna need more fingers for that leaky dike.

Someone call the squid.

Wed, 05/30/2012 - 10:27 | 2475441 bigwavedave
bigwavedave's picture

That was April. Before the Kinetic Action In Close Proximity To Cash Dispensing Machines started to Accelerate

Wed, 05/30/2012 - 10:34 | 2475480 brooklynlou
brooklynlou's picture

Did I miss the memo? You can't use 'bankrun' in a sentence any more?

Wed, 05/30/2012 - 10:28 | 2475444 Nothing To See Here
Nothing To See Here's picture

The looters continent collapse will be most welcome, and that it might bring down with it the formerly free continent which had everything but lost it all by adopting the looters philosophy will be well deserved.

Wed, 05/30/2012 - 10:28 | 2475449 Oh regional Indian
Oh regional Indian's picture

Classic. In things that really matter, our data is a month too late.

Bet you if they really want people to start panicking, we'll see live, second by second updates like the Debt Clock...

Imagine what the figure will be for the last WEEK of May.



Wed, 05/30/2012 - 10:34 | 2475481 No Euros please...
No Euros please we're British's picture

MAYhem to be followed by JUNEbuggery.

Wed, 05/30/2012 - 10:35 | 2475484 Zero Govt
Zero Govt's picture

news not only a month late but from Goldman Sucks no less

..who've been sitting on the data like vestal virgins no doubt

Wed, 05/30/2012 - 10:29 | 2475451 Dr. Engali
Dr. Engali's picture

Last one out turn off the lights. We want to keep that Chinese electric bill low.

Wed, 05/30/2012 - 10:37 | 2475490 Cognitive Dissonance
Cognitive Dissonance's picture

While I agree that China is a future super power and holds a great poker hand..............

.......they have also constructed their own house of cards. The primary difference is that they aren't in denial of it and thus they will survive the fall in much better shape than the so-called "developed" world.

Wed, 05/30/2012 - 10:39 | 2475503 Nothing To See Here
Nothing To See Here's picture

Kinda true. China is the host and USA is its parasite, living off its lifeblood. But as in many instances, getting rid of the parasite can kill the host. I guess it all comes down to how, when and where. Risky procedure.

Wed, 05/30/2012 - 11:15 | 2475679 Poetic injustice
Poetic injustice's picture

Ah, but China gets all the technologies, which can be compared with vaccine.
Of course downsizing of manufacturing would be needed, but China's future looks brighter than USA.

Wed, 05/30/2012 - 14:10 | 2476565 Iwanttoknow
Iwanttoknow's picture

Except the population.

Wed, 05/30/2012 - 10:40 | 2475508 Dr. Engali
Dr. Engali's picture

I agree whole heartedly. We had one voice out in the political world trying to be heard and tell the people the truth, but they chose not to listen. It really makes me sad how easily the sheeple where lulled back to sleep.

Wed, 05/30/2012 - 10:42 | 2475514 brooklynlou
brooklynlou's picture

Yes, they have a house of cards, but they're betting that their people will become content consumers (unhappy Id, meet iPad. iPad, meet unhappy Id) chasing after the latest gadgets and goods. They're very closely following the development path the US took.

Wed, 05/30/2012 - 10:38 | 2475493 Zero Govt
Zero Govt's picture

in Europe it takes 20 minutes to turn on the lights as we've all had the EU directive (monopolist stitch-up) on green lightbulbs which are fuking garbage like every other Govt directed 'enterprise'

Wed, 05/30/2012 - 12:02 | 2475906 upWising
upWising's picture

There is no light to turn out because someone stole all the lightbulbs, the switch, and the wires in the wall.  A candle, maybe, but the matches are wet.


Wed, 05/30/2012 - 10:30 | 2475462 sudzee
sudzee's picture

Each euro supporting 10 in "assets" things get tough real quick.

Wed, 05/30/2012 - 10:31 | 2475464 ghostzapper
ghostzapper's picture

But, but, but I swear I heard David Faber say something this morning about a deposit security program for all of Europe.  If he was talking about it then it must be true and it most be uber-bullish, no???

Wed, 05/30/2012 - 10:34 | 2475478 youngman
youngman's picture

My reaction was..."that is all"........I would have pulled everything out by now....

Wed, 05/30/2012 - 10:34 | 2475479 adr
adr's picture

Maybe they started runnign JG Wentworth ads in Spain.


Wed, 05/30/2012 - 10:36 | 2475488 Ted Baker
Ted Baker's picture


Wed, 05/30/2012 - 10:47 | 2475540 ArrestBobRubin
ArrestBobRubin's picture

Let's get that Party started...

Ready, Aim...... Downgrade!

Wed, 05/30/2012 - 10:38 | 2475494 narnia
narnia's picture

There were about £900 billion notes in circulation at the end of 2011. You'd have to be a brave soul to be a big depositor from a PIIGS country to not have physical possession of these balances in notes.

Wed, 05/30/2012 - 10:40 | 2475506 Quinvarius
Quinvarius's picture

Thank God the bankers finally gave up on money printing and decided to die.

Wed, 05/30/2012 - 10:42 | 2475515 Bastiat009
Bastiat009's picture

Are Europeans buying US$ or just selling gold to get euros?

Wed, 05/30/2012 - 10:51 | 2475564 Quinvarius
Quinvarius's picture

No one that actually has gold is selling it.  They already did that back in the 90's. 

Wed, 05/30/2012 - 12:34 | 2476081 fuu
fuu's picture

Your correlation is lacking today.

Wed, 05/30/2012 - 10:45 | 2475521 ArrestBobRubin
ArrestBobRubin's picture

The hits keep on coming for Zuckerberg too. Turns out he's also a non-tipper, whcih is a sure sign of a true douche bag. Even at a Kosher restaurant, at least he's an equal opportunity cheapO...

The owners of the kosher restaurant in Rome's Jewish Ghetto – a historic quarter in the centre of the city – were surprised when Mr Zuckerberg and Priscilla Chan walked away without leaving a gratuity.

Their bill came to just 32 euros after a lunch consisting of deep-fried artichokes – a Roman Jewish speciality – fried pumpkin flowers and ravioli stuffed with sea bass and artichokes.

Instead of wine or beer they opted for a bottle of water and a pot of tea.

Mark Zuckerberg's receipt

Waiters at Nonna Betta, which specialises in Roman Jewish cuisine, were amazed by Mr Zuckerberg's parsimony, not just because of his huge wealth but because of Americans' reputation for tipping generously, as is expected of them at home.

Wed, 05/30/2012 - 10:47 | 2475536 magpie
magpie's picture

Austeritybook, bitchez.

Wed, 05/30/2012 - 11:15 | 2475681 nodhannum
nodhannum's picture

More power to them.  Was the restaurant service compris?  If it was, they might leave some small change rounded out to say the nearest Euro but not a lot extra.  Actually it is good to see rich folks eating at regular establisments and living like the rest of us do.  If it wasn't service compris and they left nothing then that is another matter unless the service was piss pour.

Wed, 05/30/2012 - 11:43 | 2475809 ArrestBobRubin
ArrestBobRubin's picture

Is this really Mark's mom?

Wed, 05/30/2012 - 10:48 | 2475548 The Reich
The Reich's picture

Run Amigo, run!!

Wed, 05/30/2012 - 10:53 | 2475577 earleflorida
earleflorida's picture

buy the past and sell the futures ?

Wed, 05/30/2012 - 10:58 | 2475602 sudzee
sudzee's picture

Will my credit card still work if the banks are bust?

Wed, 05/30/2012 - 11:59 | 2475895 GreenShoots
GreenShoots's picture

Hi, Do you have the complete report???


Wed, 05/30/2012 - 14:13 | 2476582 jerry685
jerry685's picture

Bank run..jog...


Coming to a bank near you soon....

Wed, 05/30/2012 - 14:28 | 2476648 robertsgt40
robertsgt40's picture

It's called a bank run.  Wait til the rest of the herd spooks.  Eh ha

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