Dáil Éireann Debate, Thursday - 10 November 2016
126. 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. [34282/16]
Amharc ar fhreagraThe Central Bank has informed me that the Quarterly Financial Accounts published by the Central Bank provide the most comprehensive and timely statistics on household savings. According to the Q1 2016 release, household investment in deposits has been positive for eight consecutive quarters. Net investment by households in deposits amounted to €0.8 billion in the most recent quarter. The total stock of household deposits in Q1 2016 stood at €122.3 billion, which is €3.4 billion higher than in the same quarter of the previous year.
In terms of savings products available to consumers, there are a number of providers in the market and I therefore encourage consumers to contact their provider to see what is available to them in their circumstances or to consider moving if a better offer is available elsewhere. In this regard, the Competition and Consumer Protection Commission (CCPC) website, www.consumerhelp.ie, is a valuable source of information regarding savings products available from various financial institutions. In addition, the CCPC have a tool on their website which allows consumers compare financial products across institutions, including savings accounts.
