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Swiss banks deposits plummet in 2008

Swiss banks deposits plummet in 2008
AP
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First Published: Tue, Feb 24 2009. 05 43 PM IST
Updated: Tue, Feb 24 2009. 05 43 PM IST
Geneva: The amount of money deposited in Swiss banks shrank by more than a quarter in 2008 as the global financial crisis hit asset values and customers withdrew large sums amid concerns about probes into the offshore banking industry.
Figures released by the Swiss National Bank on Monday showed total deposits fell 27%, or 1.41 trillion Swiss francs, to 3.82 trillion francs—their lowest since August 2005.
Deposits from foreign customers shrank by 882 billion francs, while Swiss customers had 531 billion francs deposited in their country’s banks, according to the SNB’s monthly statistical bulletin.
Foreign private customers saw the highest proportional drop in assets—36% or 371 billion francs—leaving only 671 billion francs worth of deposits in Swiss vaults. That is the lowest deposit amount from foreign private customers since the end of 1998.
Deposits by foreign institutional customers dropped 23% to 1,386 billion francs.
Domestic private customers had 417 billion francs deposited by the end of the year, 28% less than in 2007.
The report did not break the figures down by institution, but Switzerland’s two flagship banks have reported billions in asset writedowns and customer withdrawals last year.
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First Published: Tue, Feb 24 2009. 05 43 PM IST