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Rate Gap Monitor

The gap between the ECB rate and what Irish banks pay businesses on deposit

One tracked, citable line, refreshed every month from official ECB data and re-anchored to every ECB rate decision. No opinion, no forecasts - just the published numbers and the arithmetic between them.

The headline

The Irish business deposit series populates from the official ECB MFI Interest Rate dataset on the first automated ingest. The headline gap and chart activate the moment that data lands.

Awaiting first automated ingest · updated 2026-06-10

Data pending. The Irish deposit-rate figures are loaded only from the official ECB MFI Interest Rate (MIR) API, never hand-entered, so no unverified number is ever shown here. The monthly ingest ( scripts/ingest-ecb-rates.mjs) fills the series and this page goes fully live. The ECB policy-rate history below is already tracked.

ECB rate vs Irish business deposit rate

ECB deposit facility rate (what banks earn parking cash at the ECB overnight) against Irish bank rate on overnight business deposits (what banks pay businesses on their balances). The shaded band is the gap.

Chart activates when the Irish deposit series lands from the ECB MIR API.

Download CSV · JSON · Decision-by-decision timeline

Methodology

Exactly which series, and how they are aligned

Mislabelling the deposit series is the only real credibility risk here, so the precise definitions are spelled out. Both series come from the European Central Bank Data Portal. The Irish series is compiled by the Central Bank of Ireland from Irish resident banks' returns and disseminated by the ECB under the country code IE.

Policy rate

ECB deposit facility rate. ECB series FM.B.U2.EUR.4F.KR.DFR.LEV (Deposit facility rate, level, euro area). This is the rate banks earn for depositing cash with the Eurosystem overnight - the floor of the ECB's rate corridor, and the cleanest benchmark for "what a bank could earn instead of paying you".

Irish business deposit rate

Irish bank rate on overnight business deposits. ECB MIR series MIR.M.IE.B.L21.A.R.A.2250.EUR.N. This is the annualised agreed rate on overnight deposits from non-financial corporations - i.e. instant-access business balances, new business. It is deliberately the overnight series so the comparison is overnight-for-overnight against the deposit facility rate. A separate series tracks new fixed-term business deposits (MIR.M.IE.B.L22.A.R.A.2250.EUR.N); fixed-term rates track the ECB more closely than instant-access balances do.

Frequency alignment

The policy rate is a step series that only changes on Governing Council decision dates; the deposit series is monthly. For each deposit month we take the policy rate in effect on the last day of that month. This is applied in code (policyRateForMonth) and never adjusted by hand.

Pass-through

Pass-through is reported two ways. The level figure is the deposit rate as a share of the policy rate. The cycle figure measures the share of the policy move that reached deposits since the trough of the current rate cycle: the change in the deposit rate divided by the change in the policy rate over the same window.

Revisions and missing months

When the ECB or CBI revises a previously published figure, the affected month is overwritten and the change is logged. A month the CBI has not yet released is left blank - never carried forward from the prior month.

Sources

Source: European Central Bank (ECB Data Portal). Irish series compiled by the Central Bank of Ireland. Reused under the ECB reuse policy. This page is informational and not financial advice.