Business Irish

Tuesday 19 November 2019

ECB funding to State's banks falls 46pc since June 2012

Colm Kelpie

EUROPEAN Central Bank funding to the state's banks has fallen by almost a half in the last year, figures show.

ECB borrowing fell 2pc during June but was down 46pc on June of last year, according to the latest data from the Department of Finance.

The Department said the steady declined reflected the strengthening of the banking system.

"The reduction in borrowing from the ECB has been achieved through managed deleveraging, deposit gathering and the return of AIB, Bank of Ireland and Permanent TSB to international funding markets," the Department said.

Year-on-year borrowing from the ECB is down €30bn to stand at €34.76bn at the end of June.

Meanwhile, deposit volumes remained stable last month at €152.03bn, although they are down fractionally on June 2012.

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