Back to the Bank Deposits in the Age of COVID-19

Sir John Templeton once claimed the four most expensive words in the English language were “this time it’s different”. Our objective with this briefing note is to look back ten years and dare to look forward and assess whether, in fact, this crisis will be different. This is a short story about deposits and financial shocks. It does not cover all aspects of the deposit business and should be read as initial commentary that will be followed by more fact‐based analysis when the data becomes available.