European Union Banks Lack Confidence From Most Citizens

More than 60 percent of citizens surveyed in the European Union don’t have confidence in their nations’ financial institutions, according to research conducted by Gallup Inc.

The 61 percent figure is up 6 percentage points from last year as residents lost trust amid the sovereign-debt crisis, the Omaha, Nebraska-based polling and research company said. Thirty- four percent of the roughly 1,000 people polled in 27 EU countries had confidence in their banks and financial institutions, according to the survey.

In Malta, 72 percent of citizens surveyed had confidence in financial firms while fewer than 18 percent of those in Spain, Greece and Ireland did, the survey shows. Confidence in the banks of Cyprus declined the most over the year earlier.

The survey was conducted through telephone and in-person interviews from October 2011 to July 2012. Citizens were asked about their opinions prior to the announcement from European Central Bank President Mario Draghi that he’d do whatever it takes to preserve the region’s currency, according to Gallup.

To contact the reporter on this story: Dakin Campbell in San Francisco at dcampbell27@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net.

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