Irish households continued to save large amounts of money in June, but the rate of growth in deposits has slowed further.

According to the Central Bank, household deposits grew by €453 million in June to stand at a record €132 billion by the end of the month.

That compares with an €845 million increase in the same month in 2020, when Covid-19 health restrictions constrained household activity.

As recently as April of this year, Irish households were putting in excess of €2 billion a month into bank, credit union and post office accounts.

Those who were fortunate enough to be able to continue working during the pandemic generally saw their savings levels rising.

The highest monthly savings levels over the past year and a half coincided with the heaviest of the pandemic restrictions.

However, the annual rate of growth in household deposits remains at an elevated level relative to its pre-Covid average.

It has slowed somewhat in recent months, moving from its 14% February peak to stand at 11.5% in June.

It's hoped that some of those savings will be released to drive the recovery in the domestic economy in the months ahead.