As second Irish lockdown ends, central bank announces record savings

Pandemic distancing sign at football pitch in Charlestown in the west of Ireland (Simon Roughneen)

DUBLIN — Ireland’s banks have been flooded with record savings in 2020 after government restrictions forced many pubs, retailers and restaurants to close for months due to the coronavirus pandemic. The Central Bank of Ireland announced on Monday that household bank deposits in October hit “the highest on record,” reaching 123 billion euros (147 billion dollars). Some of those savings are unlikely to last, with Retail Ireland, an industry body, on Monday predicting an extra 1.2 billion euros would be spent over Christmas. Many retailers will reopen on Tuesday as Ireland’s second coronavirus lockdown ends after six weeks. Retail Ireland said earlier this month that “footfall in Irish retail has fallen more than anywhere else in Europe.”