Central Bank figures indicate that households continued to have a high level of savings in the third quarter of 2010.
The bank has published quarterly financial accounts for the three-month period from July to the end of September last year. These show that the net financial wealth of households in Ireland grew by 3% during the quarter to €93 billion or €20,745 per person.
The Central Bank says this was largely due to a reduction in liabilities, as households tried to cut the high debt levels built up before the financial crisis. Households' net lending reached a record of almost €4 billion.
In the Government sector, total liabilities continued to increase in the third quarter of last year, rising by 10% from the previous quarter to €151 billion. This was due to bond issues and an €8.6 billion increase in the promissory note paid to Anglo Irish Bank.
Consumer Advisory Group members named
The Central Bank has named the members of its Consumer Advisory Group, which will advise the bank on its performance in protecting financial services consumers.
The committee members are MABS communications officer Michael Culloty, Dermott Jewell, the chief executive of the Consumers Association of Ireland, UK-based consultant Elaine Kempson, Canadian consultant Bill Knight and Dr Anthony Walsh, the chief executive of the Institute of Bankers in Ireland.
The appointments are for a three year term and members service on a voluntary basis.
'Consumer protection is a priority for the Central Bank and the Consumer Advisory Council will play an important role in contributing to our knowledge and understanding of the issues that affect consumers,' commented Bernard Sheridan, the Director of Consumer Protection.
