Private-sector deposits down 10.5% as pension funds up their withdrawals

DEPOSITS were withdrawn at a slower annual pace in September from Irish banks.

But insurers and pension funds upped their withdrawals, meaning overall Irish private-sector deposits were down 10.5% year-on-year compared to a 10.4% fall in August, Central Bank figures showed yesterday.

Consumers, companies and pension funds have been withdrawing cash from Irish-based banks for the past year, but the rate of decline in household deposits fell to 4.7% year-on-year in September from a 5.4% fall the previous month.