Cash-rich companies are starting to spend again-both on buying up cheap assets and on repurchasing shares, according to a number of media reports. But they also continue to use that cash to more effectively manage their supply chain, reduce cost of goods sold, and ensure supplier stability.

Enrico Camerinelli, senior analyst at Aite Group, says that very large corporates that are cash rich are not ready to put money in bank deposits, but still want to put it to good use. "They are looking at ways to use this cash to ensure business continuity, particularly by helping suppliers still in difficult situations without access to bank funding," Camerinelli says.

CFOs might be forgiven for thinking that putting their cash into a European bank is a bit like entrusting your prized aquarium to BP. With corporate deposits at near-record highs and the counterparty reputation of banks at all time lows, some companies are taking matters into their own hands.