Households put €5.3 billion on deposit between April and the end of June this year, according to the Central Bank.

That compares to savings of almost €2 billion in the same three month period last year.

The pandemic restrictions meant some households, that weren't impacted by loss of income during the pandemic, put money aside that they would ordinarily have spent in the wider economy.

Deposits continued to grow in June, but at a slower pace than the previous two months. 

Launching the July stimulus package last week, the Taoiseach and Tánaiste said there was a significant amount of money in the economy that people had saved throughout the pandemic shutdown. 

The stimulus measures were designed to release some of those pent up savings, they said.

Tánaiste Leo Varadkar said around 2 million workers in the economy had suffered no loss of income in recent months and they had saved significant amounts while the economy was all but shut down.

Other aspects of the Central Bank's Money and Banking Statistics show that consumer lending recovered somewhat in June, with net borrowing of €45 million recorded.

Over the three month period, households repaid €407 million more than they drew down in loans. 

That contrasts with net drawdowns of €185 million in the same three month period last year.