Banks' ECB borrowings eased in May

Friday 10 June 2011 11.48
Bank borrowings - May figures down
Bank borrowings - May figures down

Irish banks' reliance on funding from the European Central Bank and the Central Bank eased a little in May to stand at €156 billion, data showed today.

The banks' ECB borrowings fell to €102.3 billion as of May 27 compared to €106.1 billion as of April 29.

The Central Bank lent banks based in the country €53.7 billion in special funding as of May 27, down from the €54.1 billion lent the previous month.

Irish banks are reliant on central bank funding due to deposit outflows and their exclusion from interbank lending markets. That reliance dropped by 12% in April mainly due to the country's debt agency temporarily placing deposits with some lenders.