Irish Banks See On-Demand Deposit Rates Reach 8-Year High at 0.13%
Irish banks rely on customers maintaining funds in on-demand accounts as deposit rates hit highest level in 8 years at 0.13%.
Morningstar DBRS, the debt ratings agency, has praised the recent financial performance of the three remaining Irish banks, calling it “exceptional.” According to the agency, the combined net profits of these banks doubled last year, reaching a record €3.7 billion. This significant increase in profits can be attributed to a recent Central Bank report on retail interest rates, which revealed that the banks are now earning 4 per cent on their surplus deposits of over €60 billion, thanks to a series of European Central Bank rate hikes.
Just two years ago, these same banks were facing negative interest rates of minus 0.5 per cent on their excess funds. However, the tide has turned in their favor, with the average rate paid by banks for overnight deposits now standing at 0.13 per cent as of January, according to the Central Bank. This rate is said to be at an eight-year high, although it is still relatively low compared to the profits being generated by the banks.
The recent financial success of the Irish banks can be attributed to the favorable interest rate environment created by the European Central Bank rate hikes. This has allowed the banks to significantly increase their profits and strengthen their financial position.
Irish Banks See On-Demand Deposit Rates Reach 8-Year High at 0.13%
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