Irish households put away approx €13.4 billion of savings in banks and credit unions in the 12 months to the end of November, as they adopted a cautious approach to their finances during the coronavirus pandemic, according to the Central Bank. (Irish Times 06.12.20)

Household deposits rose by more than 12 per cent to a record €124 billion. Companies, excluding financial firms, set aside an additional €12 billion of deposits during the period, pushing the overall figure up 20 per cent to an all-time high of almost €72 billion, according to the Central Bank

“Deposits from Irish households and non-financial corporations continued to record strong growth in November, as the impact of Covid-19 continued to diminish individuals’ opportunity and willingness to spend, and likely induced further precautionary savings,” the bank said.

For the month of November alone, lodgements by households and businesses exceeded withdrawals by €2.5 billion, as the Republic was in the middle of second period of heightened coronavirus restrictions and families planned Christmas spending.

The €13.4 billion annual increase in household savings was the greatest since the Central Bank started compiling data in the current format in 2003.

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