It wasn’t that long ago that fears of a flight in deposits at Russian banks reached fever pitch. Sour loans and a rouble rout threatened to push lenders to the wall. The government pledged US$200bn in support, if needed.

In the end, a full-scale banking crisis was avoided, although a number of smaller banks failed. The survivors—particularly at the larger end of the scale—are now performing admirably, especially considering their recent travails. Reflecting both renewed confidence in the banking system and a lack of appealing alternatives, deposits are climbing steadily even as interest rates are cut. Russia’s Deposit Insurance Agency reckons that bank deposits will grow by 25-30% this year.