Deposits at financial institutions covered by the State's bank guarantee remained largely stable in November, new data showed today.

Deposits at the banks were €154.1 billion last month, a fall off less than half a per cent during the month according to data compiled by the Department of Finance.

The fall was attributed to softer retail deposits. But the Central Bank said the cumulative growth since the start of the year was still strong, with headline deposits up 4.9 per cent on a constant currency basis.

The year on year figures tol a more positive story too, with deposits up €9.1bn or 6.3 per cent compared with November 2011. The optimism was dampened slightly by a moderation in the pace of increase.

"This continues the stable trend in deposit volumes since the summer," the Department of Finance said in a statement. "It is encouraging that as advertised deposit interest rates for both Corporate and Retail customers continue to trend lower across the sector that deposit volumes have remained stable in the second half of the year."

The Central Bank uses different methodology to compile its deposit figures and identify trends.