Wednesday, April 15, 2009

Vincent Browne Thinks 'Retail Deposits' Are From Supermarkets...

Does anyone edit Vincent's stuff before it goes out? In today's Irish Times the great man says:

We got a glimpse of who the Anglo Irish depositors and lenders were, courtesy of Brian Lenihan on January 20th last. Anglo Irish had 300,000 retail depositors, of whom only 72,000 were Irish. The number of corporate depositors was 12,000, of whom 3,500 were Irish and 8,500 non-Irish.

So, to be clear, the beneficiaries have been these high-net-worth individuals, then the depositors who had deposits of over €100,000, retail depositors (mainly supermarkets of whom only a few are Irish) and corporate depositors (a large number of whom were non-Irish).

Which is fine, but I always thought that a "Retail Depositor" was someone like your or me who uses a bank. If, as Vincent says, the "Retail Depositors" are 'mostly supermarkets' then Anglo appears to have held a global monopoly on supermarket bank deposits as it held 300,000 of them....

No comments: