Consumers have continued to set aside more money in recent months, according to the Central Bank, with household deposits reaching €136 billion at the end of October.

That is €1.2 billion higher in the month, and almost €13 billion higher year-on-year, representing annual growth of 10.6%.

Household savings boomed during 2020 as pandemic restrictions forced the closure of retail and hospitality businesses for much of the year.

However, despite the easing of restrictions, many consumers have continued to put money away this year.

The Central Bank said overnight deposits – which include current accounts – continue to be the main driver of the monthly and annual increases in household deposits.

At the same time consumers have continued to increase their borrowing, with net lending to households rising by €210m in the month.

Year-on-year there was a €600m (0.7%) increase in net lending.

Net lending for house purchases were €142m higher in the month, and were €805m (1.1%) higher over a 12 month period.