Household savings fall by most in 11 years as consumers up festive spend

Household deposits dropped by €1.4bn last November, which is in contrast with the significant accumulation of deposits since the start of the Covid crisis

Although Irish household savings took a backseat in the lead up to Christmas, they have increased annually by almost €11bn. 

Irish household savings suffered the largest monthly fall in 11 years in November, as consumers increased their spending in the run-up to Christmas, Central Bank figures show.

Household deposits dropped by €1.4bn last November, which is in contrast with the significant accumulation of deposits by households since the start of the Covid crisis.