It's estimated that €150 billion is in savings accounts across Irish banks.
A new study shows interest rates on deposit accounts here are four times lower than the EU average.
Many banks have passed on some of these recent ECB interest rate increases to their mortgage holders, but haven't done the same for savings accounts.
Irish savers are seeing an average return on their deposit accounts of 0.17%, while savers in France and Italy are getting up to 1.1%.
Irish banks which themselves deposit money with the European Central bank are benefiting from a 1.5% interest rate - which could lead to banking profits of €1 billion.