Reuters: Financial Services and Real Estate: Irish bank deposits rise at sharpest rate in six months

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Irish bank deposits rise at sharpest rate in six months Apr 30th 2012, 08:26 DUBLIN, April 30 | Mon Apr 30, 2012 4:26am EDT DUBLIN, April 30 (Reuters) - Deposits held by the four Irish banks covered by a government guarantee increased by over one percent in March, the sharpest rise in six months that returned them to levels seen a year ago, Ireland's finance department said on Monday. Consolidated deposits at the four banks -- Allied Irish Banks Group, Bank of Ireland, permanent tsb and the Irish Bank Resolution Corporation -- rose by 2.1 billion euros ($2.78 billion) to 149 billion euros, the sixth increase in seven months. Much of the recent increase has come through lender's UK operations, particularly Bank of Ireland's tie up with the UK Post Office, but the finance department said it was encouraging that half of the overall increase in March came from Ireland. Irish banks, at the root of the country's financial crisis, suffered tens of billions of euros in deposit outflows in the run up to the country's 85 billion euros EU-IMF bailout. The finance department says the measure of consolidated deposits offers a more accurate picture of deposit flows at the covered banks than figures published by the central bank, which include intra-group deposits and exclude deposits held at overseas subsidiaries.

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