BlackRock’s Rachel Lord has warned that some €14tn of retail money in Europe is sitting in deposits for the benefit of banks, leaving individuals potentially missing out on greater returns in the markets.
Lord, the head of international at BlackRock, the world’s largest asset manager, said that Europe needs to address the issue of mounting cash piles and under-investment in capital markets, noting “how do you take those savings and channel them into productive investments?”
“Across all of Europe, there’s around €14tn of household savings currently in cash deposits . . . just in cash deposits at the bank.”
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