Big jump in Irish ECB borrowings

Frankfurt: Irish credit institutions’ borrowings from the European Central Bank rose 25% in under a month to September 24, the Irish Central Bank said.

The ECB funding reliance by lenders, including international and domestic companies in Ireland, rose to €119.1 billion from €95.1bn at the end of August, according to statistics published by the ECB.

Irish banks are growing more dependent on the ECB after the state nationalised Anglo Irish Bank last year, and said the cost of bailing out its lenders may be as much as €50bn.