Money flies to Belgium - Spear's Magazine

Money flies to Belgium

In a new sign of the scale of the flight to quality to financial institutions perceived by clients as safe, Deutsche Bank increased its customer deposits in Belgium by about EUR 3 billion last year.

In a new sign of the scale of the flight to quality to financial institutions perceived by clients as safe, Deutsche Bank increased its customer deposits in Belgium by about EUR 3 billion last year.

The inflows into the German banking giant were at the cost of Fortis and Dexia, which have both been badly hit by the global credit crisis with outflows together of at least EUR 10 billion.

The data comes from financial daily De Tijd, which annually asks 12 banks active in Belgium for information about the size of their deposits. Overall, rivals of Fortis and Dexia saw their deposits rise by EUR 8.5 billion.

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