In the months of March and April bank deposits grew strongly. The reason is that Italians, in a climate of continuous political and economic uncertainty, show their preference for liquidity rather than investment. This figure comes from the research "The compass of the Italian economy" by Intesa San Paolo.
Overall customer deposits, for the fifth consecutive month, showed a growth rate of around 7%. And in April, according to the ABI, the dynamics of deposits recorded a further acceleration. In the field of deposits, the recovery of current accounts was confirmed; the flow of savings to time deposits continued. In March, the monthly increase in fixed-term deposits strengthened (nearly reaching 3,9 billion after two months in which the net flow was 2,4 billion). Current accounts recorded a growth of 3,9%.
The overall performance continues to benefit from lively dynamics of the current accounts of non-financial companies and the recent return to growth of those of Italian households. These, in particular, increased by 3,7% in March. Current accounts of non-financial companies grew by 6,5%.
On the other hand, the performance of bank bonds continues to worsen: their stock suffered a decline of 8,7% in March. The increase in deposits, however, compensated for the decline in bonds; Indeed overall funding continued to grow (albeit at a slower pace, 1,1%, compared to 2,5% in the previous two months).
