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Spain's rich eye high yield deposits | Reuters: "Spain limps out of a deep recession amid concerns it could still face a Greek-style debt crisis, many of its rich are betting on high yield domestic bank deposits to preserve their capital base.
In the last few months, the large Spanish SICAVS -- the investment vehicles tailor-made for the wealthy -- have increased to 16 percent from 6 percent the allocation for these deposits in their portfolios, according to end-June data from stock market regulator CNMV.
Spain's biggest bank Santander (SAN.MC) was first out of the starting gate in the race to capture deposits in January, offering interest rates of up to 4 percent.
This compares with ordinary deposit rates more like 1 to 2 percent, depending on the bank, while Spanish treasury bills are yielding not much more than 2 percent."
In the last few months, the large Spanish SICAVS -- the investment vehicles tailor-made for the wealthy -- have increased to 16 percent from 6 percent the allocation for these deposits in their portfolios, according to end-June data from stock market regulator CNMV.
Spain's biggest bank Santander (SAN.MC) was first out of the starting gate in the race to capture deposits in January, offering interest rates of up to 4 percent.
This compares with ordinary deposit rates more like 1 to 2 percent, depending on the bank, while Spanish treasury bills are yielding not much more than 2 percent."
