The BOI results were published today:
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BoI said:
So, while deposits overall are up, deposits in savings accounts were down and deposits in current accounts were substantially up.
Keeping deposits in current accounts is rarely a good idea but it is a clear side effect of the low interest environment.
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BoI said:
Customer deposits of €39.1 billion have increased by €2.4 billion year on year. We have a strong customer deposit franchise with 27% market share. Within deposits, current account credit balances have grown by €2.8 billion while other deposits have declined by €0.4 billion.
So, while deposits overall are up, deposits in savings accounts were down and deposits in current accounts were substantially up.
Keeping deposits in current accounts is rarely a good idea but it is a clear side effect of the low interest environment.