Dynamic characteristics of an AC driven capillary discharge produced in a water solution were studied by means of a fast digitizing oscilloscope and a multi-channel photon counter with a nanosecond time resolution. Typical current and voltage traces, together with emission intensities produced by several electronically excited species, were recorded for initial solution conductivities in the range of 100 ÷ 1 000 µS cm −1 . Fast relaxation of the discharge following a breakdown event was observed. Typical time-constants of the initial fast part are of the order of a few tens to hundreds of nanoseconds, whereas they are one order of magnitude higher for the slow decay part.PACS : 52.80.Wq, 52.70.Ds