This positive sentiment extended to non-euro area banks, with UK banks experiencing positive inflows of € billion compared to inflows of €9 billion for euro area banks. The higher figure for the UK may be partially accounted for by rebalancing from sovereign to corporate bonds as UK government bonds experienced an outflow of € billion, to close at € billion, alongside upward revaluations of € billion. UK banks’ participation in ECB operations, through their subsidiaries and branches, is also likely to have contributed to investor confidence. .
