No flight from deposits, just physiological drop - Visco

(ANSA) - ROME, MAY 31 - There has not been a flight from bank deposits recently but just a "physiological" drop, Bank of Italy Governor Ignazio Visco said in his final annual report on Wednesday.
    "There is no flight of deposits from Italian banks, a phenomenon that also thanks to digital innovations shook American credit institutions after the (Silicon Valley Bank) case, but a physiological drop of the liquidity accumulated during the pandemic and a shift of savers towards more remunerative financial products, he said.
    "Since July last year, when it had peaked at almost 1,620 billion, deposits have fallen by 6%," Visco said.
    "The episodes of turbulence remind us how quickly investor confidence can deteriorate," he stressed. (ANSA).