Deposits are mounting in Irish banks and financial institutions

DUBLIN: Deposits in Irish banks and financial institutions is breaking all records. The latest Money and Banking Statistics from the Central Bank show that the level of deposits is at an all-time high. The outstanding amount of household deposits now stands at €123 billion. According to the Central Bank, non-financial corporations accounted for €70 billion.

Deposits by households grew by €1.7 billion in October. This is an increase of €12.6 billion (11.7%) in a year. The central bank reveals that this is the highest annual increase on record.

Family loans increased in October but are lower than a year ago. Mortgage loans have grown to almost half what they were a year ago. Mortgages rose to €97m in October, an annual increase of 0.9%. Home lending was increasing at a rate of 1.7% a year ago.

The central bank commented that mortgage lending has been operating at its lowest annual rate since July 2018.