Siemens shelters up to €6bn at ECB

Author (Person)
Series Title
Series Details 20.9.11
Publication Date 20/09/2011
Content Type

Siemens withdrew more than half-a-billion euros in cash deposits from a large French bank in September 2011 and transferred it to the European Central Bank, in a sign of how companies were seeking havens amid Europe’s sovereign debt crisis.

Siemens’ move demonstrated the impact of the eurozone’s deepening sovereign debt crisis on confidence in European banks.

Related Links
BBC News, 20.9.11: Siemens 'withdraws 500m euros from French bank' http://www.bbc.co.uk/news/business-14984084
Deutsche Welle, 20.9.11: Siemens pulls cash from French bank, deposits at ECB http://www.dw-world.de/dw/article/0,,15401692,00.html

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