Household deposits surge by record €14.2bn in 2020 fuelling hopes for recovery this year

Savings accumulated during the pandemic should support a strong recovery in consumption in 2022
Household deposits surge by record €14.2bn in 2020 fuelling hopes for recovery this year

Restrictions imposed to curtail the spread of Covid-19 are thought to have contributed to households amassing almost €125bn in savings this year, up 12.8% on the previous year.

Household deposits increased by a record €14.2bn last year, fuelling hopes  there is a significant amount of money that could be unleashed to help the recovery from the Covid-19 crisis.      

The new figures from the Central Bank also showed that in December alone, household deposits increased by €950m, more than four times the €212m in deposits in December 2019.

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