€3bn deposit outflow from banks

BANKS based here suffered a near €3 billion outflow in deposits in October, reversing two months of inflows, as the deepening eurozone debt crisis spooked some savers, Central Bank data showed.

Irish banks, including local units of foreign banks, had nearly €350bn in deposits from residents and non-residents at the end of October, compared with €352bn at the end of September.

The annual rate of deposit decline in Ireland ticked up to 11% in October from 10.5% the month before as insurers and pension funds upped their withdrawals.