Deposits in the Portuguese banking system actually rose between June 2011 and March of this year, kicking the trend prevailing in other troubled eurozone member states, a study by Barclays reported Tuesday, 22 May.

Barclays found that the amount of cash entrusted to the financial system over the aforementioned period rose by 2% in Portugal while falling back 1% in Ireland, 2% in Italy, and 3% in Spain.

Barclays confirm that such a situation demonstrates the perceived stability thus far holding in such countries and in sharp contrast with Greece.

In the case of Greece, Barclays found deposits were down by around 24% in the last two years with the financial institution comparing the situation with the massive capital flight experienced by Argentina in 2001.

However, figures from the Bank of Portugal also released Tuesday report that the level of state debt to the Portuguese financial system had quadrupled over the last four years to close March totalling €58.7bn.

The state, and defined in its broadest sense and hence including central and local government, as well as regional governments and state-owned companies, clocked up an extra €12bn in debts over the last twelve months.

These outstanding bank debts however need to be put into context with the Portuguese state having already incurred liabilities ascending to a grand total of about €220.5bn.

This comes alongside stability in the amount of loans Portuguese banks have issued to private citizens, remaining steady between December 2010 and March 2012 and fluctuating around the €150bn mark, while loans to private companies fell back from €144.8bn to €136.1bn.