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Spain Deposits Rose in November, Easing Pressure on Bank Funding

Spanish deposits gained in November, suggesting pressure on bank funding is easing as the country’s second-largest lender is raising money from bond investors.

Corporate and household deposits climbed 0.7 percent from October to 1.46 trillion euros ($1.9 trillion), the Bank of Spain in Madrid said on its website today. Retail and corporate deposits rose 2 percent in November from the previous month, according to separate data from the European Central Bank.

Spain’s banks have been able to start stabilizing their deposits, a core source of funding, since ECB President Mario Draghi’s July pledge to do everything necessary to defend the euro, said John Raymond, an analyst at CreditSights Inc. in London. That’s key for banks to keep funding costs under control and continue supplying credit to companies, he said.

“It’s another piece of good news,” Raymond said. “It’s still hard to know whether it’s sustainable.”

Banco Bilbao Vizcaya Argentaria SA, Spain’s second-biggest bank, helped the resumption of bond sales in Europe after the holiday period. The bank is selling 1.5 billion euros of five-year bonds priced to yield 295 basis points more than the benchmark swaps rate, according to people familiar with the transaction who declined to be identified before it’s completed.

Concerns about the future of the euro and the cost of Spain’s banking cleanup helped accelerate the outflow of deposits from the country’s banks last year. Core company and household deposits slumped 5.3 percent between June and August, according to Bank of Spain data.

While Spain’s banks have since been able to restore confidence, core deposits were down 7.2 percent in November from a year earlier.

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