Barclays says that the 'first wave' of the run was related to solvency fears. That wave may be almost over. But ....

  • “We think the first wave of outflows may be nearly over. .. But the recent tumult regarding deposit safety may have awakened ‘sleepy’ depositors and started what we believe will be a second wave of deposit departures, with balances moving into money market funds.”

Barclays graph on the upswing of funds into money funds:

Barclays second wave bank run

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You'd have to think that what Barclays is calling a 'second wave' will not be an urgent bank run, its not based on solvency fears.