Dáil Éireann Debate, Thursday - 7 May 2015
70. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which the level of savings continues to remain strong; if fluctuations have occurred; if competing agencies for such savings have emerged; and if he will make a statement on the matter. [18046/15]
Amharc ar fhreagraCSO estimates for 2014 indicate that gross saving for the economy as a whole amounted to €45.6 billion, an increase of 23.9 per cent compared with 2013.
On a seasonally adjusted basis, the household savings ratio was almost 14 per cent in Q3 and Q4 of last year - the highest level since Q1 2012.
Household indebtedness in Ireland is high in comparative terms and as a result household savings are expected to remain strong as the deleveraging process continues. However, my Department expects a modest decline in the savings rate over the remainder of the decade as the need for precautionary savings recedes.
In terms of competing agencies for savings, the financial landscape is a dynamic one and there are always changes. However, I am not aware of any substantial changes in this area in recent months.
