Household deposits declined by €962m in the year, says Central Bank of Ireland
The Central Bank said total household deposits were up by 4.5 per cent from 2023 last year, or €6.9 billion, as consumers put €7.3 billion into accounts with an agreed maturity of up to two years. Photograph: Alan Betson/The Irish Times
New data from the Central Bank of Ireland published on Friday reveals household deposits dropped by €264 million in December, primarily driven by a €671 million decline in overnight deposits. Deposit rates hit their highest level in more than a decade last year as domestic banks responded to the European Central Bank’s decision to raise key interest rates in a bid to tackle inflation.
Meanwhile, net lending to households increased by €3.2 billion, or 3.1 per cent, last year, the Central Bank said on Friday.
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