Household deposits see biggest quarterly increase since 2008

Household deposits see biggest quarterly increase since 2008

Household deposits grew by €1.8 billion, or 1.8%, over the first quarter of 2019, new figures from the Central Bank show today.

The Central Bank said this marked the largest quarterly increase in household deposits since the fourth quarter of 2008 and comes despite the low interest rates people on getting on their savings.

In annual terms, household deposits continued to grow, increasing by €4.5 billion (4.7%) and marking the 18th consecutive quarter of annual growth.

The Central Bank noted that net new lending for house purchases was €1.1 billion in the year to the end of March – the largest annual increase since late 2009.

Meanwhile, other personal lending increased in net terms by €135m over the quarter.

According to the Central Bank, new lending exceeded drawdowns by €619m in the 12 months to the end of the first quarter of this year.

This was the largest annual increase in personal lending since third quarter of 2017, it added.

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