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Dublin: 8°C Sunday 25 October 2020

Withdrawals from banks down following stress tests

Shares in AIB and BOI rally as the Finance Minister announces that ‘fragile’ confidence in the banking system has been restored.

THE FINANCE MINISTER Michael Noonan says that less cash is being withdrawn from the ‘pillar’ banks – AIB, EBS and Bank of Ireland – since last Thursday’s stress tests reports RTE.

The Minister has told the Dail that there has been a significant reduction the the amount of deposits being withdrawn since last week’s announcement and that the Government has succeeded in restoring confidence in the country’s banking system, but that this confidence is a “fragile flower that can fade under the stress of international events”. The news comes as shares in Bank of Ireland and AIB continue to rally.

Noonan has also confirmed that the government has identified thirty billion euro in extra assets that can be sold off by the banks. This money will be put back into the economy.

Read the full RTE report>

About the author:

Emer McLysaght

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