Decrease in bank deposits

According to an article that appeared in the Irish Examiner yesterday, deposits in irish banks have decreased in December by 3% from the previous month.

Article available at: http://www.irishexaminer.com/business/deposits-in-irish-banks-fall-by-3-143568.html

The article states that "Irish banks saw deposits fall to €201.1 billion from €207.9bn in the previous month and from €213.8bn in October." (Irish Examiner) This is a large decrease. The article goes on to say that "such sharp consecutive drops in countries with stable banking systems are unusual." (Irish Examiner)

The question that needs to be addressed is 'why is this the case?' There are a number of assumptions which could explain this decrease in deposits.

1. With high unemployment rates are people being forced to withdraw their savings to make ends meet.
2. Is it a seasonal factor? Christmas is a costly time of year. Are people spending higher amounts of their income than they would at other times of the year? This could result in an increased demand for cash which would lead to people saving less and depositing lower amounts.
3. Have the public decided to hold their reserves in cash rather than deposit them in a bank?

These are only a few factors which could explain the decrease in bank deposits, there could be many more. The reason for this decrease will need to uncovered quickly, in order to find a solution to the decreasing deposits.