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Deposits fall €20bn in a year

THE level of deposits in Irish banks dropped by €20bn in just 12 months, new figures show.

In February alone there was a fall-off of €1.8bn in deposits, which was down 10pc from the same month last year, the Central Bank said.

Total deposits were down to €165bn, down from €185bn the same month a year earlier.

Households withdrew €6bn from banks and building societies, to take the total on deposit to €93bn, the figures up to the end of February show.

Deposits by big businesses fell by €6bn, to €33.2bn, according to the Money and Banking Statistics from the Central Bank.

The figures cover all domestic banks in the State and foreign-owned banks with operations here, a spokesman for the bank confirmed.

Mortgage lending was down 2.7pc to €99bn.

Irish Independent