Irish household deposits remain elevated after Covid crisis

Higher real income growth, reduced spending and precautionary savings contributed to a significant increase in Irish household deposits during the pandemic.

Irish households are heavily reliant on deposits, with relatively smaller participation rates in other financial assets, said the Central Bank.

Irish household bank deposits remain at an elevated level of over €140bn despite end of the Covid crisis, according to Central Bank research.

Irish deposit growth has eased back to pre-pandemic rates. By the end of May, the total Irish household deposits of €144bn were 30% higher than at the onset of the pandemic.