Savers Withdraw €1bn from Irish Bailed-Out Banks

01 September 2011 - Which Way to Pay

Email Article Print Article

Savers Withdraw €1bn from Irish Bailed-Out Banks

The level of private-sector Irish deposits is at a new low of €102.6bn following substantial withdrawals from individuals and companies as shown by figures released by the Central Bank yesterday.

The figures for July show €1bn has been withdrawn from our bailed-out banks in a move that clearly shows the loss of consumer trust in Irish banking at present.

The figures released by the Central Bank also indicated a fall in lending across Irish banks, a further indication that many individuals are turning to private brokers to solve their monetary pressures. The decrease in the “private-sector” deposits at the 6 bailed-out banks is particularly stark given that their fall accounts for the overall drop seen within a group of about 20 “domestic” Irish banks.

July has also served to mark out the bailed-out banks’ first increase in overseas deposits for over a year as after a period of heavy declines, non-Irish funds jumped about €1bn. It is believed that this rise is in part due to intergroup movements of money between different facets of the Irish-owned finance sector, rather than 'new' deposits.

With regard to lending, the Central Bank said loans to households were 3.9% lower in the year to the end of August, including a 2.4% fall in mortgages and an 8.8% drop in borrowings for other purposes.

Lending to 'non-financial corporates', or ordinary companies, was down 2.4% in the year to end-July, an improvement on the 3% fall in the year to end-June.



Compare Foreign Exchange and Currency >>

Compare Loan and Debt Products >>

Compare Cards Products >>

Compare Money Products >>

Compare Insurance Products >>

Everyone in this day in Age has some kind of gadget. lets hope its insured. gadget Insurance
23 August 2018
Which Way To Pay
Making sure our loved Gadgets are covered by gadget Insurance is a must.
As we all know our health is one of the most important things in life . So we need to make sure we are fully covered with the correct Health Insurance.
30 August 2016
Which Way To Pay
Health Insurance is a very important thing that everybody should think about , this also means taking the correct cover for your personal requirements.
New Product Range: Vehicle Loans
22 October 2015
Which Way To Pay
Check Out our latest new product range added to Which Way To Pay: Vehicle Loans