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Written Answers - Irish Bank Deposits

Tuesday, 15 May 2012

Dáil Éireann Debate
Vol. 765 No. 3

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 169.  Deputy Eoghan Murphy Information on Eoghan Murphy Zoom on Eoghan Murphy  asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan  the amount of money currently on deposit in Irish banks household deposits and others, excluding foreign-owned deposits. [23695/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan The Central Bank of Ireland (CBI) publish a comprehsensive data set on a monthly basis in relation to deposits at Irish banks, both Covered and non Covered institutions. These data from part of the bank’s Monthly Banking Statistics which are unconsolidated and reflect data on the assets and liabilities of within-the-State offices of credit institutions. There are three tiers of balance sheet published by the CBI each month. They are a) Credit institutions — Aggregate balance sheet (which is labled table A4); b) Credit institutions — Domestic Group (table A4.1) and c) Credit institutions — Covered Group (table A4.2). Table A4 has the widest coverage of institutions and is effectively the banking “system” in Ireland. The other two are sub-sets of table A4, with the Domestic Group representing those banks and credit unions which have significant business with Irish resident households and non-financial corporations in terms of credit and deposits. The Covered Group (table A4.2) which has the narrowest scope, represents only AIB, Bank of Ireland, EBS, IBRC (formerly Anglo Irish and Irish Nationwide) and permanent tsb. At each balance sheet tier, there are three different measures of deposits that can be tracked or quoted and this can sometimes cause confusion. The “Private Sector Deposits” category is the narrowest measure and the one that tends to get the most focus however. To this one can add General Government deposits and deposits from Monetary Financial Institutions (MFI’s) to get “Depo[353]sits from Irish Residents” and when non resident deposits are added one reaches a figure that is best described as “Total Deposits”.

Private sector deposits across the entire Irish banking system amounted to €163.1bn at the end of March 2012. The CBI provides a further breakdown of these deposits into various catergories. Within this figure, Household deposits amounted to €92.1bn, deposits held by Non Financial Corporations (NFC’s) amounted to €29.7bn, Other Financial Intermediaries were €30.1bn and finally Insurance Corporations/Pension Funds accounted for a further €11.1bn. Unsurprisingly the Irish Covered Banks account for a large share of these Private Sector Deposits — around 64% or €103.9bn.

To aid analysis and interpretation of deposit trends at the Irish Covered Banks, the Department of Finance recently began publishing a consolidated dataset on deposits. This dataset is sourced from the Central Bank of Ireland but unlike the data referred to above, it excludes intra-company exposures and also includes deposits held in foreign subsidiaries. The most recent data set for end March 2012 showed that deposits at the Covered Banks on this basis were circa. €149bn. This figure has increased from around €147bn at year end and has been on a slow rising trend since the Autumn of last year. Further details on this dataset or indeed on the CBI statitics can be found at http://banking.finance.gov.ie/wp-content/uploads/Deposit_Note_Mardataset.pdf and www.centralbank.ie.


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