Spaniards pull cash from banks

Moves by consumers and firms to pull their money out of Spanish banks gathered pace in July, with private sector deposits falling at a record rate as the country bore the brunt of the Eurozone’s debt crisis. Private deposits fell by almost five per cent to €1.509 trillion (£1.119 trillion), European Central Bank data showed yesterday, in the biggest monthly drop since the statistical series began in 1997. Yet Spain’s central bank played down the drop, saying it was mainly due to the holiday season.