Dáil Éireann Debate, Tuesday - 17 June 2014
155. Deputy Bernard J. Durkan asked the Minister for Finance to set out the extent to which the level of personal savings held by the various financial institutions here has fluctuated annually in the past six years to date in 2014; and if he will make a statement on the matter. [25430/14]
View answerData relating to personal (or household) savings are compiled and published by the Central Statistics Office. Household savings is defined as that part of household disposable income that is not used to purchase goods or services. The savings rate is the level of savings expressed as a percentage of household disposable income.
These figures show that household savings as defined by the CSO have fluctuated on an annual basis over the six year period in question. In 2008, the annual savings rate was 11.1 per cent, the annual rate peaked at 14.7 per cent in 2009 and at the end of 2013 the preliminary rate is now 9.4 per cent on an annual basis.
The levels of annual household savings have fluctuated during that time - as households held onto their cash as global market turmoil led to uncertainty - but we are seeing levels of household savings return to more normal levels.
My Department since 2012 also tracks the level of overall deposits in the covered Irish banks and in the latest report, we have seen continued stability in the overall level of deposits held at these banks.
