| Deposit Trends at Irish Covered Banks – April 2013
20 May 2013 |
Deposits Levels Remain Stable in April 2013 at €153.4bn Excluding a significant once-off reclassification of a life assurance company deposit within a Covered Bank (€1.2bn), deposits in the Covered Banks decreased marginally by c.-€1.2bn (-0.8%) month on month in April. An analysis of the impact of the reclassification and FX movements is set out in Table A below. On a constant currency basis underlying deposits at €153.4bn were c.-€2.4bn lower month on month in April however, this includes the once-off reclassification of a life assurance company deposit (-€1.2bn).The cumulative growth for the last 12 months (i.e. Apr 2012 versus Apr 2013) remains positive with headline deposits up c.€2.2bn (1.5%) year on year (or €3.4bn, ignoring the impact of the reclassification) with the pace of year on year growth continuing to moderate. The moderation in the rate of growth of deposit volumes is not unexpected when account is taken of the deposit gathering initiatives by the Covered Banks in 2012, together with the substantial completion of their deleveraging programmes. These factors have resulted in a lower balance sheet funding requirement among the covered banks, which is supported by the return of the Covered Banks to market issuance.As anticipated, we continue to observe an insignificant impact on deposit volumes in the Covered Banks as a result of the ending of the ELG Scheme for new liabilities on the 28th of March 2013. Covered Banks usage of Eurosystem funding Drawings from the ECB by Covered Banks declined by €0.1 billion (or -0.3%) during the month of April. ECB borrowings were flat during the month of April which reflects a reduction in the balance sheet funding requirement within the Covered Banks during the month. Year-on-year borrowing from the ECB is down c.-€26.7bn (-40%) to stand at c.€39.45bn at end-April. The reduction in borrowing from the ECB has been achieved through managed deleveraging, deposit gathering and the return of AIB, BOI and PTSB to international funding markets. Deposit Note April 2013 Dataset Next publication date |
| Usage of ECB facilities by banks in Ireland – April 2013
20 May 2013 |
Usage of ECB facilities by banks in Ireland (covered and non-covered) continue to reduce Banks operating in Ireland (i.e. both covered and non-covered banks) continue to reduce their level of borrowing from the ECB. During April total utilisation of ECB facilities by banks in Ireland declined by €0.3 billion (c.0.6%) to c.€52.8 billion – it’s lowest level since September 2008.Year-on-year, funding drawn from the ECB has reduced by €34 billion or 39%. The reduction from peak of €136.4 billion (end November 2010) is €83.7 billion or 61.3%. Covered Banks usage of Eurosystem funding Drawings from the ECB by Covered Banks declined by €0.1 billion (or 0.3%) during the month of April. ECB borrowings were flat during the month of April which reflects a reduction in the net funding requirement within the Covered Banks during the month. Year-on-year borrowing from the ECB is down c.€26.7 billion (-40%) to stand at c.€39.45 billion at end-April. The steady decline in reliance on ECB funding reflects the continued strengthening of the banking system. The reduction in borrowing from the ECB has been achieved through managed deleveraging, deposit gathering and the return of AIB, BOI and PTSB to international funding markets. |
| Deposit Trends at Irish Covered Banks – March 2013
17 April 2013 |
Headline deposits at covered banks remained stable in March at €155.6bn, increasing by c.€0.9bn (c.+0.6%) during the month due to strong Retail inflows. On a constant currency basis, underlying deposits were c.€1.5bn higher month on month in March, however some volume was lost in the UK, offset by the strengthening of Euro against Sterling during the month.
While headline deposits during March increased, the weakening of Sterling against the Euro since December continues to affect deposit values, of the movement in UK deposit volumes since December c.53% of the movement is attributable to unfavourable foreign exchange movements. The cumulative growth for the last 12 months (i.e. Mar 2012 versus Mar 2013) remains positive with headline deposits up c.€6.5 bn (4.3%) year on year although the pace of year on year growth continues to moderate. The ending of the ELG Scheme on the 28th of March has not had an impact on deposit volumes in Covered Banks. |
| Usage of ECB facilities by banks in Ireland – March 2013
17 April 2013 |
Banks operating in Ireland (i.e. both covered and non-covered banks) continue to reduce their level of borrowing from the ECB. During March total utilisation of ECB facilities by banks in Ireland declined by €8.8 billion (c.14%) to c.€53.1 billion – it’s lowest level since September 2008. |
| SME Credit and Funding Newsletter – Spring 2013
19 March 2013 |
The Department of Finance, on behalf of the SME State Bodies Group, has produced the first in a series of information newsletters dealing with credit and funding issues for the Small and Medium Enterprise (SME) sector. The newsletter provides information on the various State and private initiatives aimed at increasing the SME sector’s awareness of and access to credit and funding, as well as focusing on positive stories from the sector. The publication of this newsletter contributes to the objectives contained in the Government’s Action Plan for Jobs 2013. |
| Deposit Trends at Irish Covered Banks – February 2013
14 March 2013 |
Consolidated Deposits at Covered Banks
Headline deposits at covered banks remained stable in February at €154.8bn, increasing by c.€0.5bn (c.+0.3%) during the month due to inflows of deposits from Corporate and Non-Banking Financial Institutions. On a constant currency basis, underlying deposits were c.€1.1bn higher month on month in February, however some volume was lost in the UK. While headline deposits during February increased, the weakening of Sterling against the Euro since December has affected deposit values significantly. Headline UK Retail deposits are down c.€3.1bn since December with volume fluctuations only accounting for only c.€0.8bn of this movement, with the remainder attributable to unfavourable foreign exchange movements. The cumulative growth for the last 12 months (i.e. Feb 2012 versus Feb 2013) remains strong with headline deposits up c.€7.7 bn (5.2%) year on year although the pace of year on year increase has moderated somewhat. The stability in customer deposit volumes among the covered banks comes at a time when the cost of deposit funding is reducing and the ELG scheme for new liabilities is being ended. While still very early in the process, there have been no negative trends or unusual deposit volume movements as a result of announcement to end the ELG scheme on 28th March 2013. |
| Usage of ECB facilities by banks in Ireland
14 March 2013 |
Banks operating in Ireland (i.e. both covered and non-covered banks) continue to reduce their level of borrowing from the ECB. During February total utilisation of ECB facilities by banks in Ireland declined by €8.2 billion (c.12%) to €61.9 billion – it’s lowest level since September 2008.
Year-on-year, funding drawn from the ECB has reduced by €25.2 billion or 29%. The reduction from peak of €136.4 billion (end November 2010) is €74.6 billion or 55%. |
| State Financial Supports for the SME Sector
8 March 2013 |
One of the actions contained in the Action Plan for Jobs 2013 is to “promote awareness and understanding of the full range of Government supported funding programmes and incentives in place to meet the financing needs of the SME sector, including through online resources….”.
To this end, the Department of Finance has produced a table of State financial supports. This table includes the Government body responsible for the financial support, a description of the support and a link to the relevant webpage. This table will be reviewed an ongoing basis. State Financial Support for SMEs In addition, the Department of Finance has also produced a presentation outlining the various tax measures introduced in Budget 2013. Assistance for the Small and Medium Enterprise Sector Further details on all of the various tax incentives and reliefs can be found at www.revenue.ie |
| ECB Funding by banks in Ireland in January 2013
14 February 2013 |
Continued reduction of usage of ECB funding by banks in Ireland at lowest level since September 2008
Banks operating in Ireland (i.e. both covered and non-covered banks) continue to reduce their level of borrowing from the ECB. During January the funding drawn via the ECB refinancing operations declined by €0.9 billion (1.2%) to €70.1 billion – its lowest level since September 2008. Year-on-year, funding drawn from the ECB has reduced by €22.6 billion or 24%. The reduction from peak (end November 2010) is €66.4 billion or 49%. Covered Banks usage of Eurosystem funding Year-on-year borrowing by the covered banks from the ECB is down €18.3 billion (28%) to stand at €48.1 billion at end-January. The steady decline in reliance on ECB funding reflects the continued strengthening of the banking system, albeit from a weak base. The reduction in borrowing from the ECB has been achieved through managed deleveraging, deposit gathering and the return of AIB, BOI and PTSB to international funding markets. The continued decline in ECB borrowing, on a sustainable basis, demonstrates the stability in deposit volumes and the progress being made in restructuring the domestic banking sector. Drivers of reliance on Eurosystem funding by the Covered Banks Share of total ECB funding |
| Deposit Trends at Irish Covered Banks – January 2013
14 February 2013 |
Headline Deposits at Irish Covered Banks remain stable in January
Headline deposits at covered banks remained stable in January at €154.3bn, decreasing by c.€1.4bn (c.-0.9%) during the month due to foreign exchange rate movements. On a constant currency basis, underlying deposits were €0.2bn higher month on month in January. The cumulative growth for the last 12 months (i.e. Jan 2012 versus Jan 2013) remains strong with headline deposits up c.€7.1bn (4.8%) year on year although the pace of year on year increase has moderated somewhat. The stability in customer deposit volumes among the covered banks comes at a time when the cost of deposit funding is reducing across the banking system as a whole. A look at the monthly trend The decrease in headline deposits during January of €1.4bn, which was due primarily to the weakening of Sterling affecting balances in the UK, continues the general theme of stability evident in underlying deposit volumes. Volumes in the UK were broadly unchanged in January. Deposit_Note_Jan_dataset (Feb 2013) Next publication dates |
| Deposit Trends at Irish Covered Banks – December 2012
17 January 2013 |
December deposit levels in Irish covered banks grew to €155.8 billion
Headline deposits at covered banks increased by €1.6bn in December to €155.8bn. On a constant currency basis, deposits were €1.9bn higher month on month in December. The cumulative growth since the start of the year is strong with headline deposits up €8.7bn (6%) at year-end or €7.9bn on a constant currency basis, although the pace of year on year increase has moderated somewhat. It is encouraging that as advertised deposit interest rates for both Corporate and Retail customers continue to trend lower across the sector that deposit volumes have remained broadly stable in the second half of the year. Usage of ECB funding by banks in Ireland Year-on-year, funding drawn from the ECB has reduced by €36.3 billion or 34%. The reduction from peak is €65.5 billion or 48%. Share of total ECB funding The covered banks (excluding IBRC) account for c.4.3% of total Eurosystem funding at end-December 2012, down from a peak of c.18.8%. |
| Deposit Trends at Irish Covered Banks – November 2012
20 December 2012 |
November deposit levels in covered banks remain stable at €154 bn
Headline deposits at covered banks remained stable in November at €154.1bn, declining slightly by c.€0.6bn (c.0.4%) during the month. This continues the stable trend in deposit volumes since the summer. It is encouraging that as advertised deposit interest rates for both Corporate and Retail customers continue to trend lower across the sector that deposit volumes have remained stable in the second half of the year. |
| Review of Work carried out in Q3, 2012
23 November 2012 |
A presentation outlining our work during the third quarter can be viewed below.
Ireland Banking Economic Report Card Q3 2012 The successful completion of the Quarter 3 2012 Review of the EU/IMF Programme was announced on the 25th October 2012. The links below are presentations with further detail and based on material provided to the Troika. SME Household Lending Oct 12 website |
| Deposit Trends at Irish Covered Banks – October 2012
15 November 2012 |
October Deposit Levels in Irish Covered Banks grew to €155 bn – highest level since January 2011
Headline deposits at covered banks remained stable in October, growing by c.€1.5bn (c.1.0%) during the month to €155 billion, their highest level since January 2011. The growth in deposits during October was largely due to Corporate and Retail deposits in Ireland, offset by a small decline in deposits by NBFI’s. On a constant currency basis, deposits were €1.7bn higher month on month in October. The trend in deposit volumes in October may reflect an element of seasonality as flows are typically stronger on the back of tax planning by corporates and individuals in advance of the 31 October tax deadline. Notwithstanding this, the cumulative growth since the start of the year remains strong with headline deposits up c.€7.8bn (5.3%) or c.€6.1bn on a constant currency basis. The year-on-year increase in October is €10.9bn or 7.6%, although the pace of year on year increase has moderated somewhat. Covered Banks usage of Eurosystem funding Eurosystem funding to Covered Banks peaked at c.€93bn in January 2011 and has since reduced by 39% or €36bn to €57bn. While there is still much work to do, the continued decline in ECB borrowing demonstrates the progress being made in restructuring the domestic banking system. Deposit_Note_Oct_dataset (Nov 2012) Next publication date 24/01/2013* December Deposit note (* Please note revised date due to year end reporting.) 14/02/2013 January Deposit note 14/03/2013 February Deposit note |
| Deposit Trends at Irish Covered Banks – September 2012
18 October 2012 |
September Deposit Levels in Irish Covered Banks stable at €153 billion
Headline deposits at covered banks remain stable at €153 billion in September, decreasing marginally by c.€0.8bn (-0.5%) due mainly to business as usual outflows. On a constant currency basis, deposits were €0.6bn lower. The main driver of the decrease during September was softer volumes in Corporate deposits and Non-Bank Financial Institutional deposit balances in both Ireland and Overseas locations. The cumulative growth since the start of the year remains strong with headline deposits up c.€6.3bn (4.3%). The year-on-year increase is €11.1bn or c.8%, although the pace of year on year increase has moderated. Covered Banks usage of Eurosystem funding at €60 billion (5% of total Eurosystem) The usage of Eurosystem funding by AIB, BOI and PTSB reduced by a further €0.4bn in August 2012, reflecting the continued progress that is being achieved by the Banks in terms of deleveraging and deposit gathering. Eurosystem funding to Covered Banks peaked at c.€93bn in January 2011 and has since reduced by 34% or €32bn to €61bn. Ireland’s share of total Eurosystem funding has declined steadily from a peak in December 2010, immediately after the bailout. The covered banks (excel IBRC) system accounts for c.5.0% of total Eurosystem funding at 30 September 2012, down from a peak of c.18.1%. Deposit_Note_Sept_dataset (Oct 2012) October data will be published on 15 November 2012 |
| Deposit Trends at Irish Covered Banks – August 2012
20 September 2012 |
Deposits at covered banks remained stable though August at €154 billion demonstrating continued depositor confidence in the strength of the banking system following its successful recapitalisation last year.
Headline deposits fell during August by c.€0.3bn (-0.2%) due to exchange rate movements. Adjusting for exchange rate movements, underlying deposit volumes continued to grow in August by an estimated €0.3bn. Since the start of the year Deposit in the Irish covered banks have increase by c.€7.0bn and have increased by €14.0bn to €154.1bn since reaching a low-point of c.€140bn in July 2011. Cumulatively, on a constant currency basis deposit volumes have increased by €5.1bn since the start of the year. September data will be published on 18 October 2012 |
| Eligible Liabilities Guarantee (ELG) Note – September 2012
17 September 2012 |
The Department is working with the other Authorities and the Participating Institutions to reduce coverage of liabilites under the ELG Scheme during 2012. |
| Deposit Trends at Irish Covered Banks – July 2012
24 August 2012 |
The data set for July 2012 also shows that deposits at the Covered Banks rose by €1.5bn (1.0%) month-on-month to €154.4bn. This represents an increase of €14.3bn to €154.4bn since reaching a low-point of c. €140bn in July 2011. This demonstrates depositor confidence in the strength of the banking system following its successful recapitalisation last year.
The data shows that the usage of Eurosystem funding by AIB, BOI and PTSB reduced further in July 2012 to €61bn, reflecting the continued progress that is being achieved by the Banks in terms of deleveraging and deposit gathering. Eurosystem funding to Covered Banks peaked at c. €93bn in January 2011 and has since reduced by €32bn to €61bn. The Irish banking system now accounts for c.5.0% of total Eurosystem funding, down from a peak of c. 18.1%. August data will be published on the 20th September, 2012 |
| Deposit Trends at Irish Covered Banks – June 2012
31 July 2012 |
Deposits at covered banks have remained stable through June, despite the significant uncertainty in Europe. The data set for June shows that deposits at the Covered Banks rose by €0.6bn (0.4%) month-on-month to circa €153bn. The cumulative growth since the start of the year is c. €5.8bn (3.9%). Year-on-year deposits have increased by c. €13bn since the low point of €140bn in June 2011. |
| Report of the Regional Meetings on Credit Supply
5 July 2012 |
On foot of the Mazars SME Lending Demand Study, and in order to understand the situation “on the ground” as well as stimulating further ideas to get movement from the bottom up, a series of seven regional meetings with local representatives was undertaken, hosted by the Minister for Small Business, John Perry, TD, supported by Mr John Moran, Secretary General in the Department of Finance. Further details are available below.
Report of the Regional Meetings on Credit Supply July 2012 Appendix Report of the Regional Meetings on Credit Supply July 2012 |
| Deposit Trends at Irish Covered Banks – May 2012
28 June 2012 |
Deposits throughout May have remained very stable, despite elevated stresses in Eurozone markets. The data set for May shows that deposits at the Covered Banks rose by €0.9bn (0.6%) month-on-month to circa €152bn. The cumulative growth since the start of the year is c. €5.2bn. |
| Review of Work carried out in Q1 2012
31 May 2012 |
On the 26th April 2012, the successful completion of Quarter 1 2012 Review of the EU/IMF Programme was announced. A review of our work in the Banking Division during this period is set out and can be viewed below.
The links below are presentations with further detail and based on material provided to the Troika. Banking Division – Recent Progress and Deleveraging |
| Deposit Trends at Irish Covered Banks – April 2012
31 May 2012 |
Deposits at the Covered Banks rosee by a further 1.4% during the month of April to circa €151bn. The increase during April of 2.1bn follows a similar rise in March and brings the year to date increase to €4.2bn. |
| Deposit Trends at Irish Covered Banks – March 2012
30 April 2012 |
Covered bank deposits rose in March by over 1% taking total balances to circa €149bn. |
| Relationship Frameworks for the Irish Banks
30 March 2012 |
The Department of Finance publishes the Relationship Frameworks specified by the Minister for Finance for the following banks:
Irish Bank Resolution Corporation Also: Cover Note |
| Deposit Trends at Irish Covered Banks – February 2012 16 March 2012 |
Covered bank deposits in February were broadly flat versus the previous month which is a solid performance in light of typical seasonal weakness post the year end. Further details are available below. |
| Deposit Trends at Irish Covered Banks – January 2012
29 February 2012 |
January’s consolidated deposit figures for the Covered Banks show that the stable trend identified in H2 2011 continued into the new year. Further details are available below. |
| Review of Work carried out in 2011
17 February 2012 |
On the 19th January 2012, the successful completion of Quarter 4 2011 Review of the EU/IMF Programme was announced. Click here to view the press release. A review of our work in the Banking Division during 2011 is set out and can be viewed below.
The links below are presentations with further detail and based on material provided to the Troika. |
| Deposit Trends 17 February 2012 |
An information note on Deposit Trends at Irish Covered Banks can be viewed here. |
| Scheme of Personal Insolvency Bill
25 January 2012 |
Scheme of Personal Insolvency Bill is published. Groundbreaking changes to Ireland’s bankruptcy laws are announced by Minister Noonan and Minister Shatter.Click here to view the press release and here to view additional documentation and worked examples relating to the scheme. |
| Update on the Implementation Plan for the Government’s Banking Sector
30 September 2011 |
The Department of Finance publishes an update on the implementation plan for the Government’s Banking Sector as announced by the Minister for Finance on 31st March 2011. This presentation has been used by the Minister and Department officials in briefing investors in Ireland and key international decision makers. This presentation has been used by the Minister and Department officials in briefing investors in Ireland and key international decision makers. Click hereto view the presentation. |
| Restructuring of the Irish Banking System
31 March 2011 |
The Minister announces a reorganization and recapitalization of the Government supported banking sector. Click here to view the Minister’s statement on banking matters and here to view a presentation entitled Restructuring of the Irish Banking System. Click here to view the FAQ document. Further information can be viewed at the Central Bank of Ireland website here. |
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