Up to 300 people are queuing in front of Northern Rock's headquarters in Dublin today to withdraw their savings following its bail out by the Bank of England, despite assurances their deposits were safe.
Customers said the pictures of thousands of customers trying to take their money out in Britain had prompted them to do the same here
Many had been waiting in line since 8am. They said the run on the bank had made them worried about their money.
But Northern Rock's senior manager Brian Kavanagh said their money was safe.
He said the Finance Minister Brian Cowen and the Bank of England had said deposits were secure.
The bank is having difficulty coping with the avalanche of phone calls and a deluge on the internet and that is forcing more people to go to its office.
RTE's business desk has received calls from customers who made same day transfers on Friday, which they say have not gone through yet.
As much as £2bn - around 8% of the banks deposits - is believed to have been withdrawn from Northern Rock accounts on Friday and Saturday.
Britain's fifth-biggest mortgage lender, which on Friday was rescued by emergency Bank of England funding, said there was no need for investors or customers to panic and it remained solvent.
Nevertheless, customers appeared set to continue pulling out savings and by early on Monday its shares had more than halved in value since Thursday's close.
Northern Rock said today it had not yet drawn any funds from an emergency facility it had arranged with the Bank of England.
It also released a statement this evening saying it is not in talks about a rescue takeover.
However the bank has said it is studying all options in the interests of shareholders and customers.
And Chancellor Alistair Darling has said the British government will guarantee the savings of customers of Northern Rock.
Shares in the British bank closed down 35% today, following a 31% fall on Friday, sparked by news the BoE has pledged to provide emergency funds to the bank after a credit crunch hit its ability to raise funds in money markets.
'Savings are safe. The Bank of England wouldn't have given us this facility if we weren't a solvent, well capitalised bank,' a spokesman for the bank said.
Fears have mounted that a run of withdrawals will exacerbate the lender's funding problems and force a fire sale of the business.
And Northern Rock is unlikely to survive as a standalone business as it faces a loss of confidence in its brand and business model, analysts said today.
The problems were triggered by the global credit crunch as banks, worried about exposure to dodgy US mortgage debt, jacked up the price of lending to each other.
Meanwhile, David Ingram, CEO of Start Mortages, has said that a number of key factors, including interest rate rises and poor lending practices, led to the crisis in the US sub-prime sector.
Mr Ingram has called for tighter regulation in the specialist lending market in Ireland.
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The Financial Regulator has pointed out Irish consumers' savings are covered by the UK deposit protection scheme (www.fscs.org.uk).
Northern Rock customers with concerns are advised to contact the bank's consumer helpline on 1850 315 115. The helpline is open from 8am-8pm Monday-Friday, 8pm-4pm on Saturday and 10am-pm on Sunday. They can also consult the Regulator's website www.itsyourmoney.ie.
