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Aug 29 2023, 07:30 IST/BST
Banks
Deposit increases in line with expectations
- Sectors : Banks
- Companies : permanent tsb Group | AIB Group | Bank of Ireland
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| AIB Group | OUTPERFORM | 23/01/19 | Neutral | 14/08/18 | 427c |
| Bank of Ireland | OUTPERFORM | 11/03/13 | Neutral | 14/08/12 | 928c |
| permanent tsb Group | OUTPERFORM | 04/02/21 | Neutral | 06/03/19 | 213c |
DAVY VIEW
Deposit increases are in line with expectations and we expect further increases across the rest of the banking system in the coming weeks, combined with increased campaigns around switching into savings accounts. Our forecasts into 2024 incorporate increased deposit costs – the key variable from here will be consumer responses and the extent that deposits switch into savings accounts. Political scrutiny has heightened in recent weeks and will likely remain elevated, albeit increases to deposit rates and awareness should alleviate some of the scrutiny.
