Irish banks lose $91 billion in deposits in 2010

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Bank customers using Irish financial institutions have withdrawn more than €70billion ($91 billion) within the past 12 months.

New data released by the Central Bank of Ireland shows that Irish banks lost €69.5 billion of deposits from the start of 2010 up until the end of November. It is likely that additional investments were withdrawn during the month of December, bringing the total to well over €70billion.

The information details transactions at 20 “domestic credit institutions” and incorporates indigenous Irish banks plus foreign outlets with Irish retail operations such as KBC, Rabobank and Northern Rock.

Investors from outside the euro area were largely responsible for the deposit collapse. Their deposits accounted for just €155 billion in Irish banks in November, a significant decrease from the €202 billion at the beginning of 2010.

Coinciding with Ireland’s bailout from the EU and IMF, €38billion in deposits were drawn down between September, October and November.

Deposits from Irish companies and savers fell €13 billion to €297billion in the same 11 month period.

The figures maintain that this fall was caused by private-sector depositors, who withdrew €16billion of their cash.

In November alone more than €6 billion was withdrawn.