Irish households responded positively when banks changed rates relative to competitors, but only up until 2007, according to new research by the Central Bank.

The research found Irish householders were sensitive to differences in rates across the banks before the financial crisis, but not after.

“Between 2008 and mid-2013, Irish households did not appear to respond to average deposit rate differentials across the banks,” the Central Bank said.

However, the central bank said negative market sentiment and weak consumer balance sheets may explain the lack of a statistical relationship between deposits and interest-rate changes after the onset of the crisis.