Quartix IPO: As London’s frosty market reopens co-founder Andy Walters on why he braved the waters
Share whatsapp Quartix IPO: As London’s frosty market reopens co-founder Andy Walters on why he braved the waters Show Comments ▼ Oliver Smith Telematics founder Andy Walters braved the City’s turbulent timesAs the London market starts to thaw, with the likes of Virgin Money gearing up to float after delaying when the global sell-off sent British shares tumbling, one small vehicle-tracking firm has braved the volatile market and will float today.Quartix co-founder and managing director Andy Walters says he never considered pulling this morning’s £11.4m float, despite the firm’s roadshow taking place during the downturn.“The first week of our roadshow was when the market was falling like a stone with red screens anywhere. It was really impressive that all the investors even found time to see us. But when they did, they seemed really keen on our story,” he says.Indeed they did and broker Finncap had no problem covering Quartix’s book to raise funds for shareholders selling down their stakes.Quartix manufactures driver-monitoring black boxes, used by both insurers with so-called telematics policies, and fleets of commercial vehicles looking to monitor their vehicle and driver data.The firm counts more than 6,000 commercial fleet customers – with the Ginsters food business among them – with more than 56,000 individual vehicle subscriptions, and another 67,000 vehicles in its telematics arm.The business that Walters and his three other founders bootstrapped together in 2001 has grown organically to revenues last year of £13.2m, up 58.6 per cent year-on-year, and profits of £4.7m. Now he sees the opportunity for growth overseas.“Since 2010, we’ve been marketing our products in France and in May this year we opened an office in Chicago. The US is particularly appealing, we’ve already built a small customer base in the US and we’ve only really dipped our toe in the water.”Quartix will have a valuation of around £54.1m upon its placing and will raise £11.4m for those existing shareholders, but no funds will be raised for the business itself.“We don’t need any cash injection to fund our growth and we’ve even told investors that we’ll actually be paying a dividend,” says Walters. “We’ll even be paying 50 per cent of free cash flow as an initial dividend policy.”It’s no wonder then that investors will be keen on tracking Quartix today. whatsapp Wednesday 5 November 2014 8:42 pm More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Tags: IPOs
Show Comments ▼ Tags: NULL David Beckham and Simon Fuller yesterday signed a deal with Hong Kong-listed Global Brands Group to push brand Beckham into new products – and bring in other celebrities on similar terms.Former Manchester United and England star Beckham and Fuller, his long-term business partner and creator of American Idol, signed a 50-50 joint venture with GBG’s chief executive, Bruce Rockowitz.The venture is expected to involve launching Beckham-branded consumer products, including clothes, in Asia, Europe and the US. Other celebrities are expected to join the venture within six months.GBG, which was spun out of Li & Fung, the global sourcing giant, in July, licenses brands for various products with a focus on clothing, footwear and home products, particularly in the US market. whatsapp Joseph Millis David Beckham and Simon Fuller sign deal with Global Brands Group 
whatsapp Thursday 4 December 2014 8:17 pm Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe Wrap’Drake & Josh’ Star Drake Bell Arrested in Ohio on Attempted ChildThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wrap Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramHero Wars This game will keep you up all night! Hero Wars Ultimate Pet Nutrition Nutra Thrive SupplementIf Your Dog Eats Grass (Do This Every Day)Ultimate Pet Nutrition Nutra Thrive SupplementFungus EliminatorIf You Have Toenail Fungus Try This TonightFungus EliminatorNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsLoan Insurance WealthDolly Parton, 74, Takes off Makeup, Leaves Us With No WordsLoan Insurance Wealth
Express KCS Selfridges staff enjoy a Frozen Friday Tags: NULL Sunday 7 December 2014 11:38 pm whatsapp Share What’s the best way to prep your staff for a hard day of Christmas shopping chaos? Make them all sing Disney song sensation de jour “Let It Go” from Frozen, before the shop doors open, natch. That’s what Selfridges did on Friday – handing every staff member in the store a lyrics sheet and making them belt it out before the 9am rush. Frozen, but not cool. More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Show Comments ▼ whatsapp
Emma Haslett whatsapp Tags: London house prices Monday 22 December 2014 10:54 am Show Comments ▼ More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.com Londoners are staying well and truly put, it seems. New data showing how much demand there is for property in each borough shows people just aren’t interested in buying new homes. In fact, only one borough has showed an increase in demand since February.The research, by online estate agent eMoov, shows just how put off buying new homes Londoners are: demand for new property in the capital has fallen 28 per cent since February, it said, with some of the central London “prime” boroughs – which were popular during the downturn as the wealthy sought to find a “safe haven” for their cash – faring the worst. The worst-hit was Westminster, where demand fell 42 per cent. Incidentally, that happens to be the borough with the most expensive property, with average house prices nearing £1m. Next-worst was Lambeth (another pricey borough), where demand dropped 41 per cent. As the map below shows, the only place in London with an increase in demand was Bexley, where demand increased a tiny 0.05 per cent. And the smallest fallers were also on the outskirts of the capital, with interest falling a mere eight per cent in Havering and Harrow, while demand in Hillingdon fell 10 per cent and in Bromley, it fell 13 per cent. Hover over or tap on the boroughs to see how their average house price correlates with demand. The greyed-out boroughs didn’t make eMoov’s top 100 “property hotspots”, so we don’t have any data on them. Share whatsapp London property prices: Do you live in the only London borough where demand for property is rising? 
whatsapp Bain Capital swoops on historic British car parts manufacturer TI Automotive Express KCS whatsapp Share Tags: Manufacturing sector
Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe Wrap’Drake & Josh’ Star Drake Bell Arrested in Ohio on Attempted ChildThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap The US private equity outfit founded by former Presidential candidate Mitt Romney yesterday snapped up a century-old British car parts maker. Bain Capital, which has a substantial London presence, has bought TI Automotive, which makes parts for Europe’s leading car manufacturers. Terms of the deal were not disclosed but the transaction is thought to be worth about $1.2bn. TI was founded as Tube Instruments in Birmingham in 1919 and merged with Smiths Industries in 2000 to form Smiths Group before TI Automotive was carved out from the group in 2001.“Bain Capital brings to TI Automotive a deep understanding of our business and a well-known track record of global success in the automotive industry, and we look forward to partnering with them,” TI leader Bill Kozyra said. Management will stay on to lead the group following the deal.TI Automotive used Weil, Gotshal, & Manges for legal advice while the group’s shareholder base used Blackstone Advisory Partners and a Latham & Watkins team partly based in London. Goldman Sachs and UBS were financial advisors for Bain, which was founded 30 years ago by Romney and two other Bain & Co partners. Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldGive It LoveRemember These Rare Sisters? See Them NowGive It Lovezenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyBeverly Hills MDPlastic Surgeon Explains: “Doing This Every Morning Can Snap Back Sagging Skin” (No Creams Needed)Beverly Hills MDEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorUltimate Pet Nutrition Nutra Thrive SupplementIf Your Dog Eats Grass (Do This Every Day)Ultimate Pet Nutrition Nutra Thrive Supplement Tuesday 27 January 2015 8:59 pm
Show Comments ▼ whatsapp Britain raced further towards a future where you might buy your mobile, landline, TV and broadband all from the same supplier yesterday after Sky revealed it will add mobile to its offering next year.The European pay-TV giant said a partnership with O2 will allow it to launch a so-called quad play offering next year, bundling all four services together for its customers. Sky chief executive Jeremy Darroch said the multi-year deal with O2’s parent company Telefonica UK would “build on our expertise in content, innovation and service to launch a range of exciting new services and exploit the opportunities for growth in the fast-changing mobile sector”. Sky currently counts 11.5m UK customers across its broadband, TV and landline businesses. The UK telecoms market is currently in flux as fixed-line operators, like BT and Sky, race to add mobile services to their product lineups – while mobile operators, like Vodafone and Three, race to launch their own TV and broadband products. In December BT entered exclusive £12.5bn takeover talks with Deutsche Telekom and Orange to buy their UK mobile network EE. Three’s owner Hutchison Whampoa last week confirmed it had entered exclusive takeover talks with Telefonica to buy its UK operator O2 for £10bn. Meanwhile Vodafone in November announced it would launch broadband and TV offerings this year in the UK, although it has yet to reveal details of whether it will make any acquisitions to achieve this. While these telecoms giants are all racing to bundle packages of products and services together at a discount for consumers, a move that is popular elsewhere in Europe, there is little evidence yet that British consumers have much desire for such an offering. “Consumer demand for quad play remains low with the bulk of interest unabashedly driven by the prospect of significant discounts,” said Enders Analysis analyst Rukshan Mehra in a note this week. Mehra noted that in an Enders survey from May 2014, 70 per cent of those surveyed said they were not interested in quad play. She admitted this could change as operators push more bundles into the market. “The supply push behind quad play in the UK is much lower relative to other European markets, with only three out of the big eight fixed/mobile providers currently offering both services to consumers in any form,” said Mehra Meanwhile neither of the UK’s existing quad play operators, Virgin Media and TalkTalk, have seen any dramatic takeup of quad play bundles with only 17 per cent and nine per cent of their customers respectively choosing quad play packages. Time will tell whether BT and Sky’s big bets on quad play will pay off in the coming years. whatsapp Thursday 29 January 2015 9:16 pm Game of phones: £22.5bn worth of deals transforming UK mobile, broadband and TV markets Share Express KCS by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comBeverly Hills MDPlastic Surgeon Explains: “Doing This Every Morning Can Snap Back Sagging Skin” (No Creams Needed)Beverly Hills MDEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorUltimate Pet Nutrition Nutra Thrive SupplementIf Your Dog Eats Grass (Do This Every Day)Ultimate Pet Nutrition Nutra Thrive SupplementNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyDefinitionThe Most Famous Movie Filmed In Every U.S. StateDefinition Tags: NULL
Tags: Apple whatsapp Apple overtakes Android in US smartphone sector for first time in three years Apple is on a roll. After posting record profits that put it in the history books and following that up with an all-time high share price, you might be thinking so what. But much of Apple’s success in the three months to December 27 came from China, where revenues grew 70 per cent, and which is believed to be dwarfing US sales. So the fact iOS just overtook Android as the bestselling smartphone in the US for the first time since 2012 should give investors – and chief executive Tim Cook – another reason to smile. As if they needed one. The latest figures from Kantar Worldpanel ComTech show that for the three months to the end of December, Apple regained its crown in the US, “albeit by the slimmest 0.1 per cent margin”, said chief of research Carolina Milanesi. In fact, the iPhone 6 was the best-selling smartphone in the US, both as self-purchases and gifts. Samsung retained its number two spot with the Galaxy S5. “While the success of the iPhone 6 and 6Plus is unprecedented, this quarter’s performance also points to Apple having its strongest portfolio ever,” Milanesi said. “With a range of devices available at different price points in both contract and pre-pay Apple was able to take advantage of a weaker Android offering at the premium end of the market.” In the UK meanwhile, iOS gained 13.1 percentage points at the expense of its competitors, the biggest gain in Europe. Samsung, LG and Sony all lost market share both year-on-year and against the previous quarter. “Italy was the only European market where Android grew,” said Dominic Sunnebo, strategic insight director at Kantar Worldpanel ComTech Europe. In China meanwhile, Apple is still lagging behind Xiaomi, although has closed the gap by growing market share from 19 per cent last year to 21.5 per cent this year. Almost a quarter of Chinese consumers who bought an iPhone in the past three months were acquiring their first smartphone, Kantar Worldpanel said. Share 
whatsapp Catherine Neilan Show Comments ▼ Wednesday 4 February 2015 4:30 am
Monday 16 February 2015 5:34 pm Joe Hall whatsapp Tags: NULL whatsapp Bondage is clearly big business. Despite some unflinching viciousness from the majority of critics, Fifty Shades of Grey destroyed a number of box office records in its opening weekend. The film was always expected to draw in big crowds. E.L James’ three-part novel sold 100m copies and Odeon sold one ticket of the movie every seven seconds ahead of its release. Yet with its risque subject matter few would have foreseen the biggest opening weekend of all time for both a film defined as romantic drama and film released in February. Fifty Shades made an incredible $158m worldwide from 58 territories outside the US following its release on Friday, beating openings set by soppy box office smashes such as Titanic, Ghost, Jerry Maguire and The Great Gatsby. The film from British director Sam Taylor-Johnson is already the 14th highest-grossing romantic drama of all time according to Box Office Mojo. Yet not only has the erotic drama beaten records set by more traditional romances, it has trumped its R-rated contemporaries too. Fifty Shades’ global opening weekend take is the biggest of any film assigned the most restrictive certificate by US censors, and the fourth biggest in domestic terms. Universal’s president of domestic distribution Nick Carpou said after the weekend: “Our fondest wishes were realised. This is one of those moments where I can speak for the entire studio and say we’re celebrating.” No wonder. Fifty Shades is Universal’s second biggest international opening weekend of all time, just behind the $160.3m earned by 2013’s Fast and Furious 6. In the UK it went one better, setting a new record for Universal with its £13.7m haul. Its domestic take of $85m was the studio’s third best domestic opening weekend of all time. The film’s massive success was mainly driven by a female audience. According to Universal, 68 per cent of North American audiences were female.Percentage of North American Fifty Shades of Grey audience | Create infographics Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity Weekzenherald.com20 Rules Genghis Khan’s Army Had To Live Byzenherald.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunDefinitionThe Most Famous Movie Filmed In Every U.S. StateDefinitionTheFashionBallPrince Harry Admits Meghan Markle May Not Be The OneTheFashionBallNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity Mirror Five Fifty Shades of Grey charts that show how bondage is big business Show Comments ▼
Blue and Red Ukip profiled: The two tribes at the heart of Nigel Farage’s party Share Tags: General Election 2015 Nigel Farage People Thursday 26 March 2015 5:51 am Ever since Ukip began to breach double digits consistently in the polls and win over councillors and MEPs beyond its southern heartlands, the makeup of Ukip supporters has shifted.Back in the old days Ukip voters were almost entirely made up of ex Conservatives and those who hadn’t voted before. But with an increasingly aggressive strategy of reaching out to voters in the Midlands and the North, a hefty chunk of Ukip support now comes from traditional Labour voters. New data from pollster YouGov gives us an insight into what it calls “the two tribes of Ukip.” The divide is between those voters who were formerly Conservatives of right-leaning and those who used to vote Labour. These two groups are popularly known as “red” and “blue” Ukip.Blue Ukip is overwhelmingly concentrated in the South East, while red Ukippers reside in the North. The Midlands is evenly split between the two.Red Ukip supporters put traditional left-wing issues like re-nationalising utilities and railways at the top of their domestic concerns, while blue Ukip voters like the party’s stand against what they perceive to be political correctness and multiculturalism.However, it isn’t just politics where the two camps diverge. Ukip’s two tribes have radically different cultural tastes in terms of their favourite celebrities and TV shows: blue Ukip puts Margaret Thatcher and Boris Johnson among their top-rated celebs. Their red counterparts were more likely to name Piers Morgan and Michael Barrymore among their favourite stars.Many ex-Labour voters who feel let down by their party on issues such as Europe and immigration have found their concerns are shared by Nigel Farage’s formerly Thatcherite party. Farage has spent considerable effort courting Labour’s vote outside London, promising to abolish the so-called bedroom tax, crackdown on zero hours contracts and attack further private sector involvement in the NHS.This has led to something of a tension between the two wings of the party. While both may support EU withdrawal and stricter limits on immigration, economic issues and some social issues can be subject to intense debate. Libertarian stalwarts like Clacton-on-Sea MP Douglas Carswell may find it increasingly difficult not to clash with the party’s more anti-business tendencies. 
Jeff Misenti Show Comments ▼ whatsapp whatsapp
by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekComedyAbandoned Submarines Floating Around the WorldComedyGameday NewsNBA Wife Turns Heads Wherever She GoesGameday NewsNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorBridesBlushThis Is Why The Royal Family Kept Quiet About Prince Harry’s Sister BridesBlushOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent Express Greek banks lost €7bn of deposits during February Share Show Comments ▼ whatsapp Thursday 26 March 2015 10:05 pm whatsapp
More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Express KCS GREEK banks suffered heavy outflows of deposits in February, figures released yesterday by the country’s central bank reveal.Depositors withdrew €7.6bn (£5.6bn) during the month, leaving total private sector deposits at €140.5bn – 14.5 per cent less than end-November levels.The figures support earlier reports in City A.M. that deposits had fallen to around €140bn before stabilising once Greece had its bailout extended by its Eurozone partners at the end of February. However, reports have said outflows picked up again last week.The banks must borrow emergency funds to cope with the outflows, but these are capped by the European Central Bank (ECB) – a decision that has drawn criticism. “In a banking crisis, the central bank should lend without limit on all good collateral,” Professor Forrest Capie of Cass Business School told City A.M. The former official historian of the Bank of England said: “Any cap on such lending would be wrong. If the Eurozone is a monetary union, the ECB as lender of last resort should in a crisis lend without limit on good collateral. If Greek banks turn out not to have good collateral they will fail for that reason.” Tags: NULL