UK-based bank Northern Rock said yesterday that it had achieved its target of capturing 1 per cent of the Irish savings market.

Launched in November 1999, the bank said its aim was to hold 1 per cent of the market by the end of 2000.

However, chief executive Mr Leo Finn said that with deposit balances in Ireland already exceeding £230 million (€292 million), the bank had achieved its target weeks ahead of schedule. The average balance is £37,000.

Northern Rock's original product, Direct Saver Account, is a demand account for individual customers. It currently pays 5.75 per cent per annum on balances above £1,000. In February, it launched the Direct Saver Business Account, paying the same rates but with a minimum opening balance of £10,000.