Bloomberg News

Irish Guaranteed Banks’ Deposits Rise 5% in Second Half of 2011

February 14, 2012

Feb. 14 (Bloomberg) -- Ireland’s state-guaranteed banks’ consolidated deposits rose by 5 percent in the second half of last year, recovering almost half the amount of outflows for the first six months, according to the Finance Ministry.

The four lenders’ deposits increased by 7 billion euros to 147 billion euros in the second half the year, following the recapitalization of the sector, according to figures published on the ministry’s website. The banks’ deposits had fallen by 15 billion euros in the first half, it said.

“While deposits have yet to return to levels seen at the start of 2011, it is encouraging that deposits with the covered institutions have not only stabilised but are also increasing,” said Glas Securities, the Dublin-based fixed-income firm in a note today.

To contact the reporter on this story: Joe Brennan in Dublin at jbrennan29@bloomberg.net

To contact the editor responsible for this story: Finbarr Flynn at fflynn3@bloomberg.net


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