Savers Withdraw €1bn from Irish Bailed-Out Banks

01 September 2011 - Which Way to Pay

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The figures for July show €1bn has been withdrawn from our bailed-out banks in a move that clearly shows the loss of consumer trust in Irish banking at present.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

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