Irish banks’ reliance on emergency funding from the ECB fell by 4.2% in October from a month earlier. Outstanding loans slipped to €40.8bn from €42.6bn in September and €43.3bn in August.
Ireland’s viable banks have trimmed their day-to-day dependence on ECB funding from a high of €187bn in February 2011 by shrinking their balance sheets and making a tentative return to capital markets.
<b><i>The reliance on emergency funding from the ECB is likely to continue falling in the coming months. We are looking for a figure of €39bn at end November when Ireland’s central bank publishes data for last month later this morning.
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