IRISH businesses and households held back on borrowing money within the final quarter of the year.
The latest quarterly Bank Lending Survey outlines that credit standards have tightened across the eurozone since the beginning of October. There was a decrease in demand for residential mortgages and stagnation for other consumer loans here.
But there was a significant increase in loan demand from both companies and private households in the mainland European countries that have the euro as their currency.
There was a 13pc rise in the number of European banks noticing an increase in loan applications the European Central Bank said.