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Usage of ECB funding by banks in Ireland at lowest level since September 2008
Banks operating in Ireland (i.e. both covered and non-covered banks) continue to reduce their level of borrowing from the ECB. During December the funding drawn via the ECB refinancing operations declined by €4.8 billion (6.3%) to €70.9 billion – its lowest level since September 2008.
Year-on-year, funding drawn from the ECB has reduced by €36.3 billion or 34%. The reduction from peak is €65.5 billion or 48%.
Share of total ECB funding
The share of total ECB funding by banks in Ireland has declined steadily from a peak in November 2010 of c.26.5% immediately after the bailout to 6.3% at end December 2012.
The covered banks (excluding IBRC) account for c.4.3% of total Eurosystem funding at end-December 2012, down from a peak of c.18.8%.