Business Irish

Saturday 23 September 2017

Lending fell at faster pace in March

Colm Heatley

Lending in Ireland declined at a faster pace in March as banks tightened credit standards and companies and consumers scaled back spending.

Private-sector credit declined 4.6pc from a year earlier after a 3.6pc decline in February, the Central Bank said in a statement today.

That excludes valuation effects and the impact of transfers of loans to NAMA. From the previous month, lending fell 0.8pc.

The Central Bank said that interpreting developments in private-sector credit “will become increasingly complex given the impact of NAMA.”

Residential mortgage lending declined by €717m during March, the bank said. That left the total value of outstanding mortgage at €146.5bn, 1.4pc lower than the prior year.

The Central Bank also said that debt on personal credit cards declined to €2.84bn in March from €2.91bn in February.

Bloomberg

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