Central Bank figures show household deposits increased by €4.7 billion, or 3.1 per cent, in the year to end-September. Photograph: iStockThe large amount of savings in low-yielding Irish bank accounts has been described as a “missed opportunity”. It noted these movements were contributing to a slowly decreasing share of overnight deposits, which represented 87.3 per cent of the total stock of household deposits at September-end. Retail banks have been criticised for failing to increase their deposit rates in line with European Central Bank (ECB) levels while reporting big annual profits. Banks insists, however, that Irish savers have been slow to move their money out of low-yielding overnight deposit accounts and into accounts with higher interest rates.

Source: The Irish Times November 14, 2024 01:06 UTC