Foreign-owned banks are reporting a surge in deposits as savers move their funds away from institutions backed by the Irish government's guarantee scheme.

Three of the five main foreign-owned banks taking deposits here said that they were experiencing a significant increase in the funds being lodged with them.

It appeared that much of the money was moved in the past two weeks as the bailout crisis accelerated.

Roel van Veggel, general manager of online bank Rabo-Direct, said that he had seen a marked increase in both queries and registrations for new accounts since the bailout crisis began in earnest.

"There has been a substantial increase in call volumes and registration for the opening of accounts since the visit of Olli Rehn to Dublin. It has stabilised now but the first few days were extremely busy and we had treble the number of accounts opening," he said.

AAA-rated Rabo-Direct is covered by the Dutch government's guarantee scheme which protects deposits up to €100,000, but its interest rates are at the lower end of the market. Danish owned NIB also reported a surge in deposits in recent weeks.

The level of the Danish guarantee scheme was recently increased from €50,000 to €100,000.

"We have been seeing an increase in our deposits," said a spokesman.

"Whilst the uncertainty of depositors in the Irish banks is understandable, there are deposit guarantees in place and it is important that people do not get carried away."

South African bank Investec, which is guaranteed under the UK scheme, is experiencing increased business from both retail and corporate depositors "particularly since the announcement of the impending increase in the UK deposit compensation scheme to the equivalent of €100,000", said a spokesman.