Banks cut reliance on ECB funds

Irish banks’ reliance on ECB funding continued to fall last month, hitting the lowest level for five years.

New monthly data — published yesterday by the Department of Finance — showed total use of ECB facilities by all Irish- based banking institutions amounted to €43.6bn in July, down by about €2.5bn or 5% on the previous month. July’s reading was the lowest monthly level measured since Sept 2008.

Compared to the same month last year, ECB funding amongst all Irish-based banks was down by 45%, or €36.4m.