Money and Banking Statistics – December 2015

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Irish households were net funders of the Irish banking system for the sixth consecutive month in December 2015. This means that deposits held by Irish banks from households have exceeded on-balance sheet loans owed by households since July 2015. This is the first time the value of outstanding loans fell below the level of deposits held since the late 1990s.

Irish banks’ held €2.8 billion more household deposits than loans in the month, which is a sharp reversal of the position in early-2009, when household loans exceeded deposits by €53.5 billion. The lower LDR reflects both debt reduction and recent deposit accumulation by households. However, asset sales and population changes in the banking sector have also had a significant impact and drive the trend in the LDR over time. It should be noted that much of this debt is still owed by the household sector, but the creditor is no longer the banking sector.