Thursday, February 28 14:21:30
Central Bank support for the Irish covered banks fell further in January and now stands at its lowest level since the end of the original blanket bank guarantee in September 2010, latest figures show.
For the system as a whole (including foreign banks operating in Ireland), ECB borrowing fell by E0.9bn to E70.1bn.
Within this, the covered banks (AIB, Bank of Ireland and permanent tsb) accounted for around 70pc (E48bn), falling by E0.7bn in January.
In January there was also an estimated E40bn in ELA funding for IBRC, but this will fall out of the figures entirely in February following the liquidation of that entity. As a result, we are likely to see total central bank support for the covered banks fall to 2008 levels this month.
Deposit growth picked up in January. Following a E1.4bn increase in the month, deposit growth strengthened from 2.5pc yoy in December to 3.7pc yoy. Within this, growth in deposits from insurance companies and pension funds (ICPFs) accounted for the majority of the monthly increase.