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31/03/2009
Business Lending Falls Despite Recapitalisation
Private sector lending by Irish Banks is continuing to fall despite the cash injection into Irish banks.
Figures published today by the Central Bank show credit for the private sector has fallen from 30% in December 2005 to just 5% in December last year.
The rate of mortgage lending also slowed in February, with the amount of money lent for new mortgages last month rising by €58m after a much stronger rise of €350m in January.
The Central Bank said the annual rate of increase in residential mortgages fell to 4.9% in February from 5.4% in January.
The fall came despite lower interest rates and a 2.1% fall in house prices in the first two months of 2009.
However, the Central Bank noted the same trend in the rest of the eurozone countries.
In other statistics published today, the annual rate of growth fell from 6% to 4.8%, while the rate of increase in credit card debt declined to 3.3% in February, compared with 8.2 per cent twelve months earlier.
The Central Bank said that outstanding debts on credit cards has generally been declining since last October - with the exception of the month of December - as consumer spending slows.
(DW/BMcC)
Figures published today by the Central Bank show credit for the private sector has fallen from 30% in December 2005 to just 5% in December last year.
The rate of mortgage lending also slowed in February, with the amount of money lent for new mortgages last month rising by €58m after a much stronger rise of €350m in January.
The Central Bank said the annual rate of increase in residential mortgages fell to 4.9% in February from 5.4% in January.
The fall came despite lower interest rates and a 2.1% fall in house prices in the first two months of 2009.
However, the Central Bank noted the same trend in the rest of the eurozone countries.
In other statistics published today, the annual rate of growth fell from 6% to 4.8%, while the rate of increase in credit card debt declined to 3.3% in February, compared with 8.2 per cent twelve months earlier.
The Central Bank said that outstanding debts on credit cards has generally been declining since last October - with the exception of the month of December - as consumer spending slows.
(DW/BMcC)
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