Deposits by households paid into Irish banks and financial institutions are now at their highest level since records began. 

According to the Central Bank's latest Money and Banking Statistics for October, the outstanding amount of household deposits now stands at €123 billion. 

The figure for non-financial corporations is €70 billion, the Central Bank added. 

Deposits by households increased by €1.7 billion in October - an increase of 11.7% or €12.6 billion in a year - the highest annual increase on record. 

Loans to households did increase in October, but levels are sharply down on a year ago. 

For households, the drawdown of loans exceeded repayments by €19m. This compares to €1.9 billion of loans over repayments in October 2019. 

Mortgage lending, however, is growing at a little over half the rate it was a year ago.  

Mortgages grew by €97m in October, an annual increase of 0.9%. Home lending was increasing at a rate of 1.7% a year ago. 

Mortgage lending is running at its lowest annual rate since July 2018, the Central Bank noted. 

Consumer lending did increase by €31m in October but repayments exceed loans on an annual basis by €533m - a decrease in net lending of 4.1% in a year.  

Companies repaid more than they borrowed in October to the tune of €363m. 

On an annual basis, lending to non-financial corporations is down €2.6 billion, leaving total lending to the sector at its most negative since November 2015. 

Meanwhile, separate figures from the Central Bank also show that debit and credit card spending in October was 13% down on the same month last year, due to the reintroduction of Covid-19 restrictions. 

However, the Central Bank said the declines were not as sharp as in March and April and spending began to recover late last month.

On an annual basis, lending to non-financial corporations is down €2.6 billion, leaving total lending to the sector at its most negative since November 2015. 

Meanwhile, separate figures from the Central Bank also show that debit and credit card spending in October was 13% down on the same month last year, due to the reintroduction of Covid-19 restrictions. 

However, the Central Bank said the declines were not as sharp as in March and April and spending began to recover late last month.