The volume of deposits at Irish banks was largely stable in December 2013 at around €154 billion, according to the Department of Finance.

The figure represents a month-on-month increase of €1 billion, which the department said was largely due to inflows from the retail and corporate sectors – however it said much of this could be attributed to seasonal factors.

Meanwhile Irish banks have continued to reduce their reliance on borrowing from the European Central Bank, which fell by around €2.9 billion in December to €36.8 billion.

The share of total ECB funding by banks in Ireland stood at 5.1% by the end of December 2013, the department said, compared to a rate of 26.5% immediately after the country’s bailout was agreed.