The amount of banks’ debts guaranteed by the state has dropped to €87bn from €375bn in 2008, according to the Department of Finance.
Banks have paid the government €3.37bn over the four years for using the scheme.
The banking guarantee of 2008 has become notorious for shifting the cost of bank losses to the state from private investors.
Much of the original debt has been paid off by the banks – in particular money owed to bondholders of the various lenders.
The bulk of the remaining cash still covered by the guarantee is now made up of customer deposits in banks, according to the official data.
Just 1pc of the remaining €87bn covered by the guarantee is owed to lenders to the banks, almost 70pc of the guarantee now protects customer deposits.