Deposits soar at Britain's oldest privately owned bank Hoare

Britain's oldest privately owned bank enjoyed a £200million surge in deposits last year as its super-wealthy clients took fright at the eurozone crisis.

C Hoare & Co said customer deposits surged from £1.8billion to more than £2billion in the year to the end of March.

The rise in balances was ‘similar to the customer behaviour observed during the credit crisis of 2008’, the bank said.

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Almost all of the increase was in accounts that are ‘repayable on demand’, indicating it went into instant-access accounts likely to pay lower rates of interest.

The bank, owned by the Hoare family, was cautious with the money it held. It put £631million into central banks, well up on the £172million the year before.


‘The board chose to forgo return for lower risk. This was triggered by concerns about placing funds with other banks, particularly those in continental Europe,’ the bank said.

Loans and advances to other banks more than halved in the period. Pre-tax profits rose from £21.8million to £24.9million.