Of that figure, €186 million was for house purchases.
The IBF says the figure represents a volume increase of 6.8% and a value increase of 15.9% over the same month last year.
However, approvals for houses purchases fell by 8.2% year-on-year.
The average mortgage approval value was €167,772 in March, up 2.6% on the average value in March 2012. The average mortgage for house purchase rose by 1.5% year-on-year to €174,706.
Some 1,093 mortgages to the value of €169 million were approved by lenders in Ireland during February according to the IBF Mortgage Approvals Report, with the average mortgage totalling €160,695.