Emergency bank funding continues

The Irish Central Bank sustained the level of emergency liquidity it provided to Irish banks last month, providing up to €53.…

The Irish Central Bank sustained the level of emergency liquidity it provided to Irish banks last month, providing up to €53.7 billion to Irish banks in the form of "other assets" last month, slightly lower than the €54.1 billion loaned to the banks at the end of April.

While the bank does not disclose the exact figure for the amount of emergency liquidity it provides, the vast bulk of the category of "other assets" refers to emergency liquidity funds.

The data also shows that the overall level of ECB funding provided to Irish banks continues to fall.

Having reached a peak of €136.4 billion in November - a period which coincided with the signing of the IMF-EU deal for Ireland - the level of ECB funding provided to Irish banks has been gradually falling month on month. The level of ECB funding now stands at €102.3 billion, a 3.5 per cent drop from the €106.1 billion recorded at the end of April.

The figures include both domestic institutions and international banks with operations in Ireland.

Suzanne Lynch

Suzanne Lynch

Suzanne Lynch, a former Irish Times journalist, was Washington correspondent and, before that, Europe correspondent