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Irish bank crisis ECB cash at 2008 level

Friday, January 24 12:06:59

Usage of the ECB's emergency facilities by banks in Ireland declined to E36.8 billion in December - the lowest level since September 2008, according to the latest figures from the Department of Finance.

The level of borrowing from the ECB by both covered and non-covered banks decline by around E2.9 billion (around 7pc) during the month of December to E36.8 billion.

The share of total ECB funding by banks in Ireland has declined steadily from a peak in November 2010 of 26.5pc (immediately after the bailout) to 5.1pc at end-December 2013.

The covered banks accounted for around 4.1pc of total Eurosystem funding at end-December 2013.

Meanwhile, deposit volumes in Irish Covered Banks remained stable in December 2013 at E154 billion.

The Department of Finance said that deposit volumes remained stable in December 2013 at E154 billion, with deposits increasing by E1 billion month-on-month.

The increase in deposits volumes in December was largely due to strong inflows from Retail and Corporate customers in Ireland although a large portion of these inflows are attributable to seasonal factors, it said.