Irish household savings reach a new record of €131bn

An extra €2.2bn of savings were deposited in Irish banks in April

Over the past year, households have also made significant net repayments of credit and loans of €242m.

Irish households saved an extra €2.2bn in April with overall deposits now standing at a record €131bn.

The figure for April compares with a €3bn for the same month in April 2020, which was the first full month of strict Covid-19 restrictions.

Over the past year, households have also made significant net repayments of credit and loans of €242m compared to positive net drawdowns of €1.1bn in the 12 months to April 2020.

The figures from the Central Bank show loans for house purchase fell by €166m in April while lending for homes on an annual basis reached €408m, the lowest recorded since May 2018.

Consumer lending including overdrafts and credit card debt also fell in the last year with repayments exceeded new lending by €554m.