Northern Rock ups Irish market share

IRISH savers have deposited more than €1 billion in British bank Northern Rock.

The bank said that at the end of March some €1.05bn had been deposited, up from €907 million at the end of 2004.

It said the average balance in its 23,342 accounts was €45,021.

Sales and marketing director Andy Kuipers said most Irish savers with demand accounts earn less than 0.5% on their savings.

“We estimate Irish savers could be losing out on interest to the tune of around €1bn a year by not switching to better paying accounts,” he said.

The bank said its lending was 54% up on last year in the first quarter of 2005.