Banks' emergency funding 'steady'

Irish-based banks' reliance on emergency funding from the European Central Bank (ECB) and Ireland's central bank remained broadly flat at the end of September, at €153.6 billion.

That compares to €153.8 billion the previous month, data showed.

The banks are reliant on central bank loans to fund their day-to-day operations after losing tens of billions of euros in deposits and being largely excluded from wholesale lending markets.

Banks had €100.36 billion in outstanding loans from the ECB at the end of September compared to €97.9 billion at the end of August. The bulk of those loans have been taken out by domestic Irish banks but the overall figure also includes foreign subsidiaries based in Ireland.

Irish banks' emergency loans from the Central Bank fell to €53.26 billion from €55.9 billion at the end of August.

The ECB lends to Irish banks at 1.5 per cent. The Central Bank lends at a higher rate but does not disclose the level.