Rate Gap Monitor
The gap between the ECB rate and what Irish banks pay businesses on deposit
As of May 2026, the ECB paid banks 2.00% to park cash overnight while Irish banks paid businesses just 0.10% on overnight deposits: a gap of 190 bps. #
ECB pays banks
2.00%
Banks pay business
0.10%
The gap
190 bps
Cycle pass-through
n/a
ECB rate vs Irish business deposit rate, charted
The full monthly history of both rates. The red line is what banks earn parking cash at the ECB overnight; the blue line is what they pay Irish businesses on overnight balances. The shaded band between them is the gap.
| Month | ECB deposit facility rate (%) | Irish bank rate on overnight business deposits (%) | Gap (bps) |
|---|---|---|---|
| 2000-01 | 2 | 0.09 | 191 |
| 2000-02 | 2.25 | 0.09 | 216 |
| 2000-03 | 2.5 | 0.14 | 236 |
| 2000-04 | 2.75 | 0.15 | 260 |
| 2000-05 | 2.75 | 0.15 | 260 |
| 2000-06 | 3.25 | 0.24 | 301 |
| 2000-07 | 3.25 | 0.26 | 299 |
| 2000-08 | 3.25 | 0.26 | 299 |
| 2000-09 | 3.5 | 0.26 | 324 |
| 2000-10 | 3.75 | 0.31 | 344 |
| 2000-11 | 3.75 | 0.32 | 343 |
| 2000-12 | 3.75 | 0.32 | 343 |
| 2001-01 | 3.75 | 0.32 | 343 |
| 2001-02 | 3.75 | 0.32 | 343 |
| 2001-03 | 3.75 | 0.32 | 343 |
| 2001-04 | 3.75 | 0.32 | 343 |
| 2001-05 | 3.5 | 0.24 | 326 |
| 2001-06 | 3.5 | 0.24 | 326 |
| 2001-07 | 3.5 | 0.24 | 326 |
| 2001-08 | 3.25 | 0.24 | 301 |
| 2001-09 | 2.75 | 0.16 | 259 |
| 2001-10 | 2.75 | 0.1 | 265 |
| 2001-11 | 2.25 | 0.07 | 218 |
| 2001-12 | 2.25 | 0.07 | 218 |
| 2002-01 | 2.25 | 0.07 | 218 |
| 2002-02 | 2.25 | 0.07 | 218 |
| 2002-03 | 2.25 | 0.07 | 218 |
| 2002-04 | 2.25 | 0.07 | 218 |
| 2002-05 | 2.25 | 0.07 | 218 |
| 2002-06 | 2.25 | 0.07 | 218 |
| 2002-07 | 2.25 | 0.07 | 218 |
| 2002-08 | 2.25 | 0.07 | 218 |
| 2002-09 | 2.25 | 0.07 | 218 |
| 2002-10 | 2.25 | 0.07 | 218 |
| 2002-11 | 2.25 | 0.07 | 218 |
| 2002-12 | 1.75 | 0.06 | 169 |
| 2003-01 | 1.75 | 0.35 | 140 |
| 2003-02 | 1.75 | 0.41 | 134 |
| 2003-03 | 1.5 | 0.33 | 117 |
| 2003-04 | 1.5 | 0.37 | 113 |
| 2003-05 | 1.5 | 0.34 | 116 |
| 2003-06 | 1 | 0.31 | 69 |
| 2003-07 | 1 | 0.37 | 63 |
| 2003-08 | 1 | 0.37 | 63 |
| 2003-09 | 1 | 0.32 | 68 |
| 2003-10 | 1 | 0.32 | 68 |
| 2003-11 | 1 | 0.36 | 64 |
| 2003-12 | 1 | 0.32 | 68 |
| 2004-01 | 1 | 0.29 | 71 |
| 2004-02 | 1 | 0.34 | 66 |
| 2004-03 | 1 | 0.35 | 65 |
| 2004-04 | 1 | 0.37 | 63 |
| 2004-05 | 1 | 0.39 | 61 |
| 2004-06 | 1 | 0.38 | 62 |
| 2004-07 | 1 | 0.37 | 63 |
| 2004-08 | 1 | 0.37 | 63 |
| 2004-09 | 1 | 0.38 | 62 |
| 2004-10 | 1 | 0.39 | 61 |
| 2004-11 | 1 | 0.39 | 61 |
| 2004-12 | 1 | 0.39 | 61 |
| 2005-01 | 1 | 0.41 | 59 |
| 2005-02 | 1 | 0.4 | 60 |
| 2005-03 | 1 | 0.36 | 64 |
| 2005-04 | 1 | 0.38 | 62 |
| 2005-05 | 1 | 0.36 | 64 |
| 2005-06 | 1 | 0.36 | 64 |
| 2005-07 | 1 | 0.37 | 63 |
| 2005-08 | 1 | 0.36 | 64 |
| 2005-09 | 1 | 0.41 | 59 |
| 2005-10 | 1 | 0.4 | 60 |
| 2005-11 | 1 | 0.44 | 56 |
| 2005-12 | 1.25 | 0.44 | 81 |
| 2006-01 | 1.25 | 0.46 | 79 |
| 2006-02 | 1.25 | 0.44 | 81 |
| 2006-03 | 1.5 | 0.52 | 98 |
| 2006-04 | 1.5 | 0.53 | 97 |
| 2006-05 | 1.5 | 0.51 | 99 |
| 2006-06 | 1.75 | 0.61 | 114 |
| 2006-07 | 1.75 | 0.58 | 117 |
| 2006-08 | 2 | 0.63 | 137 |
| 2006-09 | 2 | 0.72 | 128 |
| 2006-10 | 2.25 | 0.68 | 157 |
| 2006-11 | 2.25 | 0.69 | 156 |
| 2006-12 | 2.5 | 0.72 | 178 |
| 2007-01 | 2.5 | 0.73 | 177 |
| 2007-02 | 2.5 | 0.73 | 177 |
| 2007-03 | 2.75 | 0.91 | 184 |
| 2007-04 | 2.75 | 0.88 | 187 |
| 2007-05 | 2.75 | 0.97 | 178 |
| 2007-06 | 3 | 1.07 | 193 |
| 2007-07 | 3 | 1.01 | 199 |
| 2007-08 | 3 | 0.95 | 205 |
| 2007-09 | 3 | 0.94 | 206 |
| 2007-10 | 3 | 0.9 | 210 |
| 2007-11 | 3 | 0.92 | 208 |
| 2007-12 | 3 | 0.88 | 212 |
| 2008-01 | 3 | 0.9 | 210 |
| 2008-02 | 3 | 0.97 | 203 |
| 2008-03 | 3 | 0.94 | 206 |
| 2008-04 | 3 | 0.97 | 203 |
| 2008-05 | 3 | 0.95 | 205 |
| 2008-06 | 3 | 0.95 | 205 |
| 2008-07 | 3.25 | 0.97 | 228 |
| 2008-08 | 3.25 | 1.06 | 219 |
| 2008-09 | 3.25 | 1.01 | 224 |
| 2008-10 | 3.25 | 1.03 | 222 |
| 2008-11 | 2.75 | 0.97 | 178 |
| 2008-12 | 2 | 0.68 | 132 |
| 2009-01 | 1 | 0.71 | 29 |
| 2009-02 | 1 | 0.53 | 47 |
| 2009-03 | 0.5 | 0.4 | 10 |
| 2009-04 | 0.25 | 0.4 | -15 |
| 2009-05 | 0.25 | 0.37 | -12 |
| 2009-06 | 0.25 | 0.3 | -5 |
| 2009-07 | 0.25 | 0.36 | -11 |
| 2009-08 | 0.25 | 0.29 | -4 |
| 2009-09 | 0.25 | 0.3 | -5 |
| 2009-10 | 0.25 | 0.3 | -5 |
| 2009-11 | 0.25 | 0.3 | -5 |
| 2009-12 | 0.25 | 0.32 | -7 |
| 2010-01 | 0.25 | 0.32 | -7 |
| 2010-02 | 0.25 | 0.33 | -8 |
| 2010-03 | 0.25 | 0.23 | 2 |
| 2010-04 | 0.25 | 0.23 | 2 |
| 2010-05 | 0.25 | 0.2 | 5 |
| 2010-06 | 0.25 | 0.27 | -2 |
| 2010-07 | 0.25 | 0.36 | -11 |
| 2010-08 | 0.25 | 0.28 | -3 |
| 2010-09 | 0.25 | 0.23 | 2 |
| 2010-10 | 0.25 | 0.26 | -1 |
| 2010-11 | 0.25 | 0.27 | -2 |
| 2010-12 | 0.25 | 0.26 | -1 |
| 2011-01 | 0.25 | 0.3 | -5 |
| 2011-02 | 0.25 | 0.27 | -2 |
| 2011-03 | 0.25 | 0.29 | -4 |
| 2011-04 | 0.5 | 0.32 | 18 |
| 2011-05 | 0.5 | 0.32 | 18 |
| 2011-06 | 0.5 | 0.32 | 18 |
| 2011-07 | 0.75 | 0.33 | 42 |
| 2011-08 | 0.75 | 0.33 | 42 |
| 2011-09 | 0.75 | 0.32 | 43 |
| 2011-10 | 0.75 | 0.29 | 46 |
| 2011-11 | 0.5 | 0.29 | 21 |
| 2011-12 | 0.25 | 0.26 | -1 |
| 2012-01 | 0.25 | 0.24 | 1 |
| 2012-02 | 0.25 | 0.23 | 2 |
| 2012-03 | 0.25 | 0.24 | 1 |
| 2012-04 | 0.25 | 0.25 | 0 |
| 2012-05 | 0.25 | 0.27 | -2 |
| 2012-06 | 0.25 | 0.27 | -2 |
| 2012-07 | 0 | 0.29 | -29 |
| 2012-08 | 0 | 0.26 | -26 |
| 2012-09 | 0 | 0.25 | -25 |
| 2012-10 | 0 | 0.24 | -24 |
| 2012-11 | 0 | 0.25 | -25 |
| 2012-12 | 0 | 0.24 | -24 |
| 2013-01 | 0 | 0.25 | -25 |
| 2013-02 | 0 | 0.24 | -24 |
| 2013-03 | 0 | 0.36 | -36 |
| 2013-04 | 0 | 0.34 | -34 |
| 2013-05 | 0 | 0.34 | -34 |
| 2013-06 | 0 | 0.32 | -32 |
| 2013-07 | 0 | 0.32 | -32 |
| 2013-08 | 0 | 0.33 | -33 |
| 2013-09 | 0 | 0.31 | -31 |
| 2013-10 | 0 | 0.32 | -32 |
| 2013-11 | 0 | 0.32 | -32 |
| 2013-12 | 0 | 0.28 | -28 |
| 2014-01 | 0 | 0.28 | -28 |
| 2014-02 | 0 | 0.29 | -29 |
| 2014-03 | 0 | 0.3 | -30 |
| 2014-04 | 0 | 0.28 | -28 |
| 2014-05 | 0 | 0.28 | -28 |
| 2014-06 | -0.1 | 0.3 | -40 |
| 2014-07 | -0.1 | 0.31 | -41 |
| 2014-08 | -0.1 | 0.31 | -41 |
| 2014-09 | -0.2 | 0.29 | -49 |
| 2014-10 | -0.2 | 0.28 | -48 |
| 2014-11 | -0.2 | 0.3 | -50 |
| 2014-12 | -0.2 | 0.31 | -51 |
| 2015-01 | -0.2 | 0.31 | -51 |
| 2015-02 | -0.2 | 0.3 | -50 |
| 2015-03 | -0.2 | 0.31 | -51 |
| 2015-04 | -0.2 | 0.25 | -45 |
| 2015-05 | -0.2 | 0.25 | -45 |
| 2015-06 | -0.2 | 0.25 | -45 |
| 2015-07 | -0.2 | 0.25 | -45 |
| 2015-08 | -0.2 | 0.23 | -43 |
| 2015-09 | -0.2 | 0.22 | -42 |
| 2015-10 | -0.2 | 0.23 | -43 |
| 2015-11 | -0.2 | 0.24 | -44 |
| 2015-12 | -0.3 | 0.22 | -52 |
| 2016-01 | -0.3 | 0.21 | -51 |
| 2016-02 | -0.3 | 0.21 | -51 |
| 2016-03 | -0.4 | 0.22 | -62 |
| 2016-04 | -0.4 | 0.21 | -61 |
| 2016-05 | -0.4 | 0.21 | -61 |
| 2016-06 | -0.4 | 0.22 | -62 |
| 2016-07 | -0.4 | 0.21 | -61 |
| 2016-08 | -0.4 | 0.2 | -60 |
| 2016-09 | -0.4 | 0.22 | -62 |
| 2016-10 | -0.4 | 0.21 | -61 |
| 2016-11 | -0.4 | 0.21 | -61 |
| 2016-12 | -0.4 | 0.03 | -43 |
| 2017-01 | -0.4 | 0.03 | -43 |
| 2017-02 | -0.4 | 0.02 | -42 |
| 2017-03 | -0.4 | 0.02 | -42 |
| 2017-04 | -0.4 | 0.01 | -41 |
| 2017-05 | -0.4 | 0.02 | -42 |
| 2017-06 | -0.4 | 0.02 | -42 |
| 2017-07 | -0.4 | 0.01 | -41 |
| 2017-08 | -0.4 | 0.02 | -42 |
| 2017-09 | -0.4 | 0.02 | -42 |
| 2017-10 | -0.4 | 0.01 | -41 |
| 2017-11 | -0.4 | 0.02 | -42 |
| 2017-12 | -0.4 | 0.01 | -41 |
| 2018-01 | -0.4 | 0.02 | -42 |
| 2018-02 | -0.4 | 0.01 | -41 |
| 2018-03 | -0.4 | 0.01 | -41 |
| 2018-04 | -0.4 | 0.01 | -41 |
| 2018-05 | -0.4 | 0.02 | -42 |
| 2018-06 | -0.4 | 0.02 | -42 |
| 2018-07 | -0.4 | 0.02 | -42 |
| 2018-08 | -0.4 | 0.02 | -42 |
| 2018-09 | -0.4 | 0.02 | -42 |
| 2018-10 | -0.4 | 0.01 | -41 |
| 2018-11 | -0.4 | 0.01 | -41 |
| 2018-12 | -0.4 | 0.01 | -41 |
| 2019-01 | -0.4 | 0.01 | -41 |
| 2019-02 | -0.4 | 0.01 | -41 |
| 2019-03 | -0.4 | 0.01 | -41 |
| 2019-04 | -0.4 | 0.01 | -41 |
| 2019-05 | -0.4 | 0.01 | -41 |
| 2019-06 | -0.4 | 0.01 | -41 |
| 2019-07 | -0.4 | 0.03 | -43 |
| 2019-08 | -0.4 | 0.03 | -43 |
| 2019-09 | -0.5 | 0.04 | -54 |
| 2019-10 | -0.5 | 0.03 | -53 |
| 2019-11 | -0.5 | 0.05 | -55 |
| 2019-12 | -0.5 | 0.04 | -54 |
| 2020-01 | -0.5 | 0.01 | -51 |
| 2020-02 | -0.5 | 0.02 | -52 |
| 2020-03 | -0.5 | 0.02 | -52 |
| 2020-04 | -0.5 | 0.02 | -52 |
| 2020-05 | -0.5 | 0.02 | -52 |
| 2020-06 | -0.5 | 0.02 | -52 |
| 2020-07 | -0.5 | 0.02 | -52 |
| 2020-08 | -0.5 | 0.03 | -53 |
| 2020-09 | -0.5 | 0.05 | -55 |
| 2020-10 | -0.5 | 0.05 | -55 |
| 2020-11 | -0.5 | 0.04 | -54 |
| 2020-12 | -0.5 | 0.01 | -51 |
| 2021-01 | -0.5 | 0.01 | -51 |
| 2021-02 | -0.5 | 0.01 | -51 |
| 2021-03 | -0.5 | -0.08 | -42 |
| 2021-04 | -0.5 | -0.08 | -42 |
| 2021-05 | -0.5 | -0.05 | -45 |
| 2021-06 | -0.5 | -0.05 | -45 |
| 2021-07 | -0.5 | -0.05 | -45 |
| 2021-08 | -0.5 | -0.05 | -45 |
| 2021-09 | -0.5 | -0.11 | -39 |
| 2021-10 | -0.5 | -0.09 | -41 |
| 2021-11 | -0.5 | -0.08 | -42 |
| 2021-12 | -0.5 | -0.09 | -41 |
| 2022-01 | -0.5 | -0.12 | -38 |
| 2022-02 | -0.5 | -0.11 | -39 |
| 2022-03 | -0.5 | -0.12 | -38 |
| 2022-04 | -0.5 | -0.12 | -38 |
| 2022-05 | -0.5 | -0.11 | -39 |
| 2022-06 | -0.5 | -0.11 | -39 |
| 2022-07 | 0 | -0.09 | 9 |
| 2022-08 | 0 | 0.03 | -3 |
| 2022-09 | 0.75 | 0.03 | 72 |
| 2022-10 | 0.75 | 0.03 | 72 |
| 2022-11 | 1.5 | 0.04 | 146 |
| 2022-12 | 2 | 0.04 | 196 |
| 2023-01 | 2 | 0.04 | 196 |
| 2023-02 | 2.5 | 0.05 | 245 |
| 2023-03 | 3 | 0.05 | 295 |
| 2023-04 | 3 | 0.05 | 295 |
| 2023-05 | 3.25 | 0.08 | 317 |
| 2023-06 | 3.5 | 0.1 | 340 |
| 2023-07 | 3.5 | 0.1 | 340 |
| 2023-08 | 3.75 | 0.09 | 366 |
| 2023-09 | 4 | 0.11 | 389 |
| 2023-10 | 4 | 0.11 | 389 |
| 2023-11 | 4 | 0.12 | 388 |
| 2023-12 | 4 | 0.1 | 390 |
| 2024-01 | 4 | 0.17 | 383 |
| 2024-02 | 4 | 0.11 | 389 |
| 2024-03 | 4 | 0.1 | 390 |
| 2024-04 | 4 | 0.12 | 388 |
| 2024-05 | 4 | 0.14 | 386 |
| 2024-06 | 3.75 | 0.11 | 364 |
| 2024-07 | 3.75 | 0.14 | 361 |
| 2024-08 | 3.75 | 0.14 | 361 |
| 2024-09 | 3.5 | 0.12 | 338 |
| 2024-10 | 3.25 | 0.12 | 313 |
| 2024-11 | 3.25 | 0.11 | 314 |
| 2024-12 | 3 | 0.11 | 289 |
| 2025-01 | 3 | 0.1 | 290 |
| 2025-02 | 2.75 | 0.1 | 265 |
| 2025-03 | 2.5 | 0.07 | 243 |
| 2025-04 | 2.25 | 0.05 | 220 |
| 2025-05 | 2.25 | 0.05 | 220 |
| 2025-06 | 2 | 0.07 | 193 |
| 2025-07 | 2 | 0.07 | 193 |
| 2025-08 | 2 | 0.07 | 193 |
| 2025-09 | 2 | 0.07 | 193 |
| 2025-10 | 2 | 0.07 | 193 |
| 2025-11 | 2 | 0.07 | 193 |
| 2025-12 | 2 | 0.08 | 192 |
| 2026-01 | 2 | 0.06 | 194 |
| 2026-02 | 2 | 0.09 | 191 |
| 2026-03 | 2 | 0.09 | 191 |
| 2026-04 | 2 | 0.09 | 191 |
| 2026-05 | 2 | 0.1 | 190 |
Euro-area comparison: across the euro area, banks paid businesses 0.53% on overnight deposits in May 2026, a gap of 147 bps against the ECB rate. Ireland's gap is wider than the euro-area average.
Full data
| Month | ECB rate | Irish business deposit | Gap |
|---|---|---|---|
| May 2026 | 2.00% | 0.10% | 190 bps |
| April 2026 | 2.00% | 0.09% | 191 bps |
| March 2026 | 2.00% | 0.09% | 191 bps |
| February 2026 | 2.00% | 0.09% | 191 bps |
| January 2026 | 2.00% | 0.06% | 194 bps |
| December 2025 | 2.00% | 0.08% | 192 bps |
| November 2025 | 2.00% | 0.07% | 193 bps |
| October 2025 | 2.00% | 0.07% | 193 bps |
| September 2025 | 2.00% | 0.07% | 193 bps |
| August 2025 | 2.00% | 0.07% | 193 bps |
| July 2025 | 2.00% | 0.07% | 193 bps |
| June 2025 | 2.00% | 0.07% | 193 bps |
| May 2025 | 2.25% | 0.05% | 220 bps |
| April 2025 | 2.25% | 0.05% | 220 bps |
| March 2025 | 2.50% | 0.07% | 243 bps |
| February 2025 | 2.75% | 0.10% | 265 bps |
| January 2025 | 3.00% | 0.10% | 290 bps |
| December 2024 | 3.00% | 0.11% | 289 bps |
| November 2024 | 3.25% | 0.11% | 314 bps |
| October 2024 | 3.25% | 0.12% | 313 bps |
| September 2024 | 3.50% | 0.12% | 338 bps |
| August 2024 | 3.75% | 0.14% | 361 bps |
| July 2024 | 3.75% | 0.14% | 361 bps |
| June 2024 | 3.75% | 0.11% | 364 bps |
| May 2024 | 4.00% | 0.14% | 386 bps |
| April 2024 | 4.00% | 0.12% | 388 bps |
| March 2024 | 4.00% | 0.10% | 390 bps |
| February 2024 | 4.00% | 0.11% | 389 bps |
| January 2024 | 4.00% | 0.17% | 383 bps |
| December 2023 | 4.00% | 0.10% | 390 bps |
| November 2023 | 4.00% | 0.12% | 388 bps |
| October 2023 | 4.00% | 0.11% | 389 bps |
| September 2023 | 4.00% | 0.11% | 389 bps |
| August 2023 | 3.75% | 0.09% | 366 bps |
| July 2023 | 3.50% | 0.10% | 340 bps |
| June 2023 | 3.50% | 0.10% | 340 bps |
| May 2023 | 3.25% | 0.08% | 317 bps |
| April 2023 | 3.00% | 0.05% | 295 bps |
| March 2023 | 3.00% | 0.05% | 295 bps |
| February 2023 | 2.50% | 0.05% | 245 bps |
| January 2023 | 2.00% | 0.04% | 196 bps |
| December 2022 | 2.00% | 0.04% | 196 bps |
| November 2022 | 1.50% | 0.04% | 146 bps |
| October 2022 | 0.75% | 0.03% | 72 bps |
| September 2022 | 0.75% | 0.03% | 72 bps |
| August 2022 | 0.00% | 0.03% | -3 bps |
| July 2022 | 0.00% | -0.09% | 9 bps |
| June 2022 | -0.50% | -0.11% | -39 bps |
| May 2022 | -0.50% | -0.11% | -39 bps |
| April 2022 | -0.50% | -0.12% | -38 bps |
| March 2022 | -0.50% | -0.12% | -38 bps |
| February 2022 | -0.50% | -0.11% | -39 bps |
| January 2022 | -0.50% | -0.12% | -38 bps |
| December 2021 | -0.50% | -0.09% | -41 bps |
| November 2021 | -0.50% | -0.08% | -42 bps |
| October 2021 | -0.50% | -0.09% | -41 bps |
| September 2021 | -0.50% | -0.11% | -39 bps |
| August 2021 | -0.50% | -0.05% | -45 bps |
| July 2021 | -0.50% | -0.05% | -45 bps |
| June 2021 | -0.50% | -0.05% | -45 bps |
| May 2021 | -0.50% | -0.05% | -45 bps |
| April 2021 | -0.50% | -0.08% | -42 bps |
| March 2021 | -0.50% | -0.08% | -42 bps |
| February 2021 | -0.50% | 0.01% | -51 bps |
| January 2021 | -0.50% | 0.01% | -51 bps |
| December 2020 | -0.50% | 0.01% | -51 bps |
| November 2020 | -0.50% | 0.04% | -54 bps |
| October 2020 | -0.50% | 0.05% | -55 bps |
| September 2020 | -0.50% | 0.05% | -55 bps |
| August 2020 | -0.50% | 0.03% | -53 bps |
| July 2020 | -0.50% | 0.02% | -52 bps |
| June 2020 | -0.50% | 0.02% | -52 bps |
| May 2020 | -0.50% | 0.02% | -52 bps |
| April 2020 | -0.50% | 0.02% | -52 bps |
| March 2020 | -0.50% | 0.02% | -52 bps |
| February 2020 | -0.50% | 0.02% | -52 bps |
| January 2020 | -0.50% | 0.01% | -51 bps |
| December 2019 | -0.50% | 0.04% | -54 bps |
| November 2019 | -0.50% | 0.05% | -55 bps |
| October 2019 | -0.50% | 0.03% | -53 bps |
| September 2019 | -0.50% | 0.04% | -54 bps |
| August 2019 | -0.40% | 0.03% | -43 bps |
| July 2019 | -0.40% | 0.03% | -43 bps |
| June 2019 | -0.40% | 0.01% | -41 bps |
| May 2019 | -0.40% | 0.01% | -41 bps |
| April 2019 | -0.40% | 0.01% | -41 bps |
| March 2019 | -0.40% | 0.01% | -41 bps |
| February 2019 | -0.40% | 0.01% | -41 bps |
| January 2019 | -0.40% | 0.01% | -41 bps |
| December 2018 | -0.40% | 0.01% | -41 bps |
| November 2018 | -0.40% | 0.01% | -41 bps |
| October 2018 | -0.40% | 0.01% | -41 bps |
| September 2018 | -0.40% | 0.02% | -42 bps |
| August 2018 | -0.40% | 0.02% | -42 bps |
| July 2018 | -0.40% | 0.02% | -42 bps |
| June 2018 | -0.40% | 0.02% | -42 bps |
| May 2018 | -0.40% | 0.02% | -42 bps |
| April 2018 | -0.40% | 0.01% | -41 bps |
| March 2018 | -0.40% | 0.01% | -41 bps |
| February 2018 | -0.40% | 0.01% | -41 bps |
| January 2018 | -0.40% | 0.02% | -42 bps |
| December 2017 | -0.40% | 0.01% | -41 bps |
| November 2017 | -0.40% | 0.02% | -42 bps |
| October 2017 | -0.40% | 0.01% | -41 bps |
| September 2017 | -0.40% | 0.02% | -42 bps |
| August 2017 | -0.40% | 0.02% | -42 bps |
| July 2017 | -0.40% | 0.01% | -41 bps |
| June 2017 | -0.40% | 0.02% | -42 bps |
| May 2017 | -0.40% | 0.02% | -42 bps |
| April 2017 | -0.40% | 0.01% | -41 bps |
| March 2017 | -0.40% | 0.02% | -42 bps |
| February 2017 | -0.40% | 0.02% | -42 bps |
| January 2017 | -0.40% | 0.03% | -43 bps |
| December 2016 | -0.40% | 0.03% | -43 bps |
| November 2016 | -0.40% | 0.21% | -61 bps |
| October 2016 | -0.40% | 0.21% | -61 bps |
| September 2016 | -0.40% | 0.22% | -62 bps |
| August 2016 | -0.40% | 0.20% | -60 bps |
| July 2016 | -0.40% | 0.21% | -61 bps |
| June 2016 | -0.40% | 0.22% | -62 bps |
| May 2016 | -0.40% | 0.21% | -61 bps |
| April 2016 | -0.40% | 0.21% | -61 bps |
| March 2016 | -0.40% | 0.22% | -62 bps |
| February 2016 | -0.30% | 0.21% | -51 bps |
| January 2016 | -0.30% | 0.21% | -51 bps |
| December 2015 | -0.30% | 0.22% | -52 bps |
| November 2015 | -0.20% | 0.24% | -44 bps |
| October 2015 | -0.20% | 0.23% | -43 bps |
| September 2015 | -0.20% | 0.22% | -42 bps |
| August 2015 | -0.20% | 0.23% | -43 bps |
| July 2015 | -0.20% | 0.25% | -45 bps |
| June 2015 | -0.20% | 0.25% | -45 bps |
| May 2015 | -0.20% | 0.25% | -45 bps |
| April 2015 | -0.20% | 0.25% | -45 bps |
| March 2015 | -0.20% | 0.31% | -51 bps |
| February 2015 | -0.20% | 0.30% | -50 bps |
| January 2015 | -0.20% | 0.31% | -51 bps |
| December 2014 | -0.20% | 0.31% | -51 bps |
| November 2014 | -0.20% | 0.30% | -50 bps |
| October 2014 | -0.20% | 0.28% | -48 bps |
| September 2014 | -0.20% | 0.29% | -49 bps |
| August 2014 | -0.10% | 0.31% | -41 bps |
| July 2014 | -0.10% | 0.31% | -41 bps |
| June 2014 | -0.10% | 0.30% | -40 bps |
| May 2014 | 0.00% | 0.28% | -28 bps |
| April 2014 | 0.00% | 0.28% | -28 bps |
| March 2014 | 0.00% | 0.30% | -30 bps |
| February 2014 | 0.00% | 0.29% | -29 bps |
| January 2014 | 0.00% | 0.28% | -28 bps |
| December 2013 | 0.00% | 0.28% | -28 bps |
| November 2013 | 0.00% | 0.32% | -32 bps |
| October 2013 | 0.00% | 0.32% | -32 bps |
| September 2013 | 0.00% | 0.31% | -31 bps |
| August 2013 | 0.00% | 0.33% | -33 bps |
| July 2013 | 0.00% | 0.32% | -32 bps |
| June 2013 | 0.00% | 0.32% | -32 bps |
| May 2013 | 0.00% | 0.34% | -34 bps |
| April 2013 | 0.00% | 0.34% | -34 bps |
| March 2013 | 0.00% | 0.36% | -36 bps |
| February 2013 | 0.00% | 0.24% | -24 bps |
| January 2013 | 0.00% | 0.25% | -25 bps |
| December 2012 | 0.00% | 0.24% | -24 bps |
| November 2012 | 0.00% | 0.25% | -25 bps |
| October 2012 | 0.00% | 0.24% | -24 bps |
| September 2012 | 0.00% | 0.25% | -25 bps |
| August 2012 | 0.00% | 0.26% | -26 bps |
| July 2012 | 0.00% | 0.29% | -29 bps |
| June 2012 | 0.25% | 0.27% | -2 bps |
| May 2012 | 0.25% | 0.27% | -2 bps |
| April 2012 | 0.25% | 0.25% | 0 bps |
| March 2012 | 0.25% | 0.24% | 1 bps |
| February 2012 | 0.25% | 0.23% | 2 bps |
| January 2012 | 0.25% | 0.24% | 1 bps |
| December 2011 | 0.25% | 0.26% | -1 bps |
| November 2011 | 0.50% | 0.29% | 21 bps |
| October 2011 | 0.75% | 0.29% | 46 bps |
| September 2011 | 0.75% | 0.32% | 43 bps |
| August 2011 | 0.75% | 0.33% | 42 bps |
| July 2011 | 0.75% | 0.33% | 42 bps |
| June 2011 | 0.50% | 0.32% | 18 bps |
| May 2011 | 0.50% | 0.32% | 18 bps |
| April 2011 | 0.50% | 0.32% | 18 bps |
| March 2011 | 0.25% | 0.29% | -4 bps |
| February 2011 | 0.25% | 0.27% | -2 bps |
| January 2011 | 0.25% | 0.30% | -5 bps |
| December 2010 | 0.25% | 0.26% | -1 bps |
| November 2010 | 0.25% | 0.27% | -2 bps |
| October 2010 | 0.25% | 0.26% | -1 bps |
| September 2010 | 0.25% | 0.23% | 2 bps |
| August 2010 | 0.25% | 0.28% | -3 bps |
| July 2010 | 0.25% | 0.36% | -11 bps |
| June 2010 | 0.25% | 0.27% | -2 bps |
| May 2010 | 0.25% | 0.20% | 5 bps |
| April 2010 | 0.25% | 0.23% | 2 bps |
| March 2010 | 0.25% | 0.23% | 2 bps |
| February 2010 | 0.25% | 0.33% | -8 bps |
| January 2010 | 0.25% | 0.32% | -7 bps |
| December 2009 | 0.25% | 0.32% | -7 bps |
| November 2009 | 0.25% | 0.30% | -5 bps |
| October 2009 | 0.25% | 0.30% | -5 bps |
| September 2009 | 0.25% | 0.30% | -5 bps |
| August 2009 | 0.25% | 0.29% | -4 bps |
| July 2009 | 0.25% | 0.36% | -11 bps |
| June 2009 | 0.25% | 0.30% | -5 bps |
| May 2009 | 0.25% | 0.37% | -12 bps |
| April 2009 | 0.25% | 0.40% | -15 bps |
| March 2009 | 0.50% | 0.40% | 10 bps |
| February 2009 | 1.00% | 0.53% | 47 bps |
| January 2009 | 1.00% | 0.71% | 29 bps |
| December 2008 | 2.00% | 0.68% | 132 bps |
| November 2008 | 2.75% | 0.97% | 178 bps |
| October 2008 | 3.25% | 1.03% | 222 bps |
| September 2008 | 3.25% | 1.01% | 224 bps |
| August 2008 | 3.25% | 1.06% | 219 bps |
| July 2008 | 3.25% | 0.97% | 228 bps |
| June 2008 | 3.00% | 0.95% | 205 bps |
| May 2008 | 3.00% | 0.95% | 205 bps |
| April 2008 | 3.00% | 0.97% | 203 bps |
| March 2008 | 3.00% | 0.94% | 206 bps |
| February 2008 | 3.00% | 0.97% | 203 bps |
| January 2008 | 3.00% | 0.90% | 210 bps |
| December 2007 | 3.00% | 0.88% | 212 bps |
| November 2007 | 3.00% | 0.92% | 208 bps |
| October 2007 | 3.00% | 0.90% | 210 bps |
| September 2007 | 3.00% | 0.94% | 206 bps |
| August 2007 | 3.00% | 0.95% | 205 bps |
| July 2007 | 3.00% | 1.01% | 199 bps |
| June 2007 | 3.00% | 1.07% | 193 bps |
| May 2007 | 2.75% | 0.97% | 178 bps |
| April 2007 | 2.75% | 0.88% | 187 bps |
| March 2007 | 2.75% | 0.91% | 184 bps |
| February 2007 | 2.50% | 0.73% | 177 bps |
| January 2007 | 2.50% | 0.73% | 177 bps |
| December 2006 | 2.50% | 0.72% | 178 bps |
| November 2006 | 2.25% | 0.69% | 156 bps |
| October 2006 | 2.25% | 0.68% | 157 bps |
| September 2006 | 2.00% | 0.72% | 128 bps |
| August 2006 | 2.00% | 0.63% | 137 bps |
| July 2006 | 1.75% | 0.58% | 117 bps |
| June 2006 | 1.75% | 0.61% | 114 bps |
| May 2006 | 1.50% | 0.51% | 99 bps |
| April 2006 | 1.50% | 0.53% | 97 bps |
| March 2006 | 1.50% | 0.52% | 98 bps |
| February 2006 | 1.25% | 0.44% | 81 bps |
| January 2006 | 1.25% | 0.46% | 79 bps |
| December 2005 | 1.25% | 0.44% | 81 bps |
| November 2005 | 1.00% | 0.44% | 56 bps |
| October 2005 | 1.00% | 0.40% | 60 bps |
| September 2005 | 1.00% | 0.41% | 59 bps |
| August 2005 | 1.00% | 0.36% | 64 bps |
| July 2005 | 1.00% | 0.37% | 63 bps |
| June 2005 | 1.00% | 0.36% | 64 bps |
| May 2005 | 1.00% | 0.36% | 64 bps |
| April 2005 | 1.00% | 0.38% | 62 bps |
| March 2005 | 1.00% | 0.36% | 64 bps |
| February 2005 | 1.00% | 0.40% | 60 bps |
| January 2005 | 1.00% | 0.41% | 59 bps |
| December 2004 | 1.00% | 0.39% | 61 bps |
| November 2004 | 1.00% | 0.39% | 61 bps |
| October 2004 | 1.00% | 0.39% | 61 bps |
| September 2004 | 1.00% | 0.38% | 62 bps |
| August 2004 | 1.00% | 0.37% | 63 bps |
| July 2004 | 1.00% | 0.37% | 63 bps |
| June 2004 | 1.00% | 0.38% | 62 bps |
| May 2004 | 1.00% | 0.39% | 61 bps |
| April 2004 | 1.00% | 0.37% | 63 bps |
| March 2004 | 1.00% | 0.35% | 65 bps |
| February 2004 | 1.00% | 0.34% | 66 bps |
| January 2004 | 1.00% | 0.29% | 71 bps |
| December 2003 | 1.00% | 0.32% | 68 bps |
| November 2003 | 1.00% | 0.36% | 64 bps |
| October 2003 | 1.00% | 0.32% | 68 bps |
| September 2003 | 1.00% | 0.32% | 68 bps |
| August 2003 | 1.00% | 0.37% | 63 bps |
| July 2003 | 1.00% | 0.37% | 63 bps |
| June 2003 | 1.00% | 0.31% | 69 bps |
| May 2003 | 1.50% | 0.34% | 116 bps |
| April 2003 | 1.50% | 0.37% | 113 bps |
| March 2003 | 1.50% | 0.33% | 117 bps |
| February 2003 | 1.75% | 0.41% | 134 bps |
| January 2003 | 1.75% | 0.35% | 140 bps |
| December 2002 | 1.75% | 0.06% | 169 bps |
| November 2002 | 2.25% | 0.07% | 218 bps |
| October 2002 | 2.25% | 0.07% | 218 bps |
| September 2002 | 2.25% | 0.07% | 218 bps |
| August 2002 | 2.25% | 0.07% | 218 bps |
| July 2002 | 2.25% | 0.07% | 218 bps |
| June 2002 | 2.25% | 0.07% | 218 bps |
| May 2002 | 2.25% | 0.07% | 218 bps |
| April 2002 | 2.25% | 0.07% | 218 bps |
| March 2002 | 2.25% | 0.07% | 218 bps |
| February 2002 | 2.25% | 0.07% | 218 bps |
| January 2002 | 2.25% | 0.07% | 218 bps |
| December 2001 | 2.25% | 0.07% | 218 bps |
| November 2001 | 2.25% | 0.07% | 218 bps |
| October 2001 | 2.75% | 0.10% | 265 bps |
| September 2001 | 2.75% | 0.16% | 259 bps |
| August 2001 | 3.25% | 0.24% | 301 bps |
| July 2001 | 3.50% | 0.24% | 326 bps |
| June 2001 | 3.50% | 0.24% | 326 bps |
| May 2001 | 3.50% | 0.24% | 326 bps |
| April 2001 | 3.75% | 0.32% | 343 bps |
| March 2001 | 3.75% | 0.32% | 343 bps |
| February 2001 | 3.75% | 0.32% | 343 bps |
| January 2001 | 3.75% | 0.32% | 343 bps |
| December 2000 | 3.75% | 0.32% | 343 bps |
| November 2000 | 3.75% | 0.32% | 343 bps |
| October 2000 | 3.75% | 0.31% | 344 bps |
| September 2000 | 3.50% | 0.26% | 324 bps |
| August 2000 | 3.25% | 0.26% | 299 bps |
| July 2000 | 3.25% | 0.26% | 299 bps |
| June 2000 | 3.25% | 0.24% | 301 bps |
| May 2000 | 2.75% | 0.15% | 260 bps |
| April 2000 | 2.75% | 0.15% | 260 bps |
| March 2000 | 2.50% | 0.14% | 236 bps |
| February 2000 | 2.25% | 0.09% | 216 bps |
| January 2000 | 2.00% | 0.09% | 191 bps |
Methodology: exactly which numbers these are
Both series come from the European Central Bank's Data Portal, the official statistical source. Nothing on this page is estimated, modelled or written by software that guesses: every figure is read from the ECB's published statistics and the only processing is the arithmetic described below.
The ECB rate
We use the deposit facility rate (ECB series FM.B.U2.EUR.4F.KR.DFR.LEV), the rate
banks earn for leaving cash with the ECB overnight. It is the floor of the ECB's rate corridor and the
cleanest benchmark for what a bank could earn on the same money instead of paying it to you.
The Irish business deposit rate
We use the official rate Irish banks pay non-financial corporations (trading businesses,
not households or financial firms) on overnight deposits, meaning instant-access balances
such as a current or demand deposit account. This is ECB MFI Interest Rate (MIR) series MIR.M.IE.B.L21.A.R.A.2240.EUR.N, compiled by the Central Bank of Ireland from the returns of banks
resident in Ireland and published through the ECB Data Portal. The series is labelled "new business", but
because an overnight balance can be moved or repriced at any time, the ECB measures it across all such
balances at month-end, so it reflects what businesses actually earned that month, not just newly opened
accounts. We deliberately compare overnight with overnight: instant-access business money against the
ECB's overnight rate.
A separate series on this page tracks new fixed-term business deposits (MIR.M.IE.B.L22.A.R.A.2240.EUR.N) for context; fixed-term rates follow the ECB much more closely.
How the two series are lined up
The deposit series is monthly. The ECB rate only changes on Governing Council decision dates, so a single month can straddle two policy rates. For each month we use the ECB rate in effect on the last day of that month. The gap is then simply the ECB rate minus the deposit rate, expressed in basis points (100 bps = 1 percentage point). This rule is applied by code on every refresh and is never adjusted by hand.
Pass-through
Pass-through is reported two ways. The cycle figure (in the cards above) asks how much of the ECB's current run of moves reached business deposits: we take the last unbroken run of same-direction ECB decisions (hiking since 2026-06-17), compare the latest month with the last full month before that run began, and divide the change in the deposit rate by the change in the ECB rate. The level figure is the deposit rate as a share of the ECB rate in the latest month (currently 5.0%).
Revisions and missing months
Official figures are occasionally revised. When that happens we overwrite the affected month and log the change in the revisions section of this page and in the JSON feed. The Irish monthly figures are published roughly five to seven weeks after the month ends; until a month is released it is simply absent, shown as awaiting release, and never filled in with the previous month's value.
Refresh schedule
An automated job pulls both series from the ECB API twice a month, timed around the ECB's publication window for the monthly interest-rate statistics, and again shortly after scheduled Governing Council decisions take effect. Each refresh is reviewed before it goes live.
Sources
- ECB deposit facility rate - ECB Data Portal (FM.B.U2.EUR.4F.KR.DFR.LEV)
- Irish bank rate on overnight business deposits - ECB Data Portal MIR (MIR.M.IE.B.L21.A.R.A.2240.EUR.N)
- Euro-area bank rate on overnight business deposits - ECB Data Portal MIR (MIR.M.U2.B.L21.A.R.A.2240.EUR.N)
- Irish bank rate on new fixed-term business deposits - ECB Data Portal MIR (MIR.M.IE.B.L22.A.R.A.2240.EUR.N)
Source: European Central Bank (ECB Data Portal). Irish series compiled by the Central Bank of Ireland. Reused under the ECB reuse policy. Cite this page freely with attribution to Vendors.ie. This page is informational and not financial advice.