Tuesday 21 November 2017

Investors banking on security of Swiss boxes

A safe box in the safe room of the Zuercher Kantonalbank (ZKB) at the Bahnhofstrasse in Zurich. Photo: Reuters
A safe box in the safe room of the Zuercher Kantonalbank (ZKB) at the Bahnhofstrasse in Zurich. Photo: Reuters

Investors trying to protect their wealth from global economic uncertainty have been stashing bank notes, gold bars and other valuables in Swiss banks, fuelling demand for safe deposit boxes.

The eurozone debt crisis and fear that loose policy by central banks will stoke inflation have sent investors in search of extra security. Some banks in Switzerland, known for their financial stability, say they have even run out of space.

"We are experiencing a rise in demand for safety deposit boxes. In many branches the safe deposit boxes are fully rented," said Albert Steck, spokesman at Migros Bank.

Irish Independent

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