FT: Seimens pulled more than EUR 500 mln from French banks

The FT reports that German industrial giant Siemens pulled more than a half-billion in euro deposits from French banks and put them on deposit directly with the ECB (I didn’t know corporates had that options…)

A major vote of no-confidence in the European banking system, including the German banks, if true.

In total, the firm has between EUR 4 and 6 bln on deposit with the ECB.