Spanish families have traditionally trusted their money in their homes and in savings. When the real estate bubble exploded and the first option became less attractive or impossible for many families, people continue to store their savings in bank accounts.
The Bank of Spain's numbers for February show that family savings rose 0.37% since January and that small- and medium-sized businesses and multinationals also boosted savings by 1%.
The data comes from the time before the Cyprus banking scandal, but the confirmation that deposits less than 100,000 euros will continue to grow -- they will be backed by public money -- should help continue this trend in the years ahead.