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Show Me The Money

Irish people repaid €335m more than we borrowed last month

We all partied, eh?

BANK LENDING CONTINUED to decline in November, with loan repayments far outpacing borrowing.

Loan repayments for households outpaced new drawdowns by €335 million last month, compared to a decline of €520 million in October.

The figures are included in the Central Bank’s Money and Banking Statistics, which were released today.

Loans to non-financial corporations exceeded repayments for a second consecutive month in November, reversing a trend of steady decline over recent months. Lending to households continued to decline during the month with non-housing loans falling faster than loans for mortgages.

Developments in November were driven by declines in loans for house purchase and loans for ‘other purposes’ of €156 million and €160 million respectively.

In the case of loans for house purchase, repayments have exceeded drawdowns by €2.2 billion for the year to date. Repayments have also exceeded drawdowns by €1.6 billion for non-housing loans to households, in the year to the end of November.

On an annual basis, lending to Irish households continued to fall, decreasing by 3.8% last month.

Loans for house purchase, which account for 81% of total household loans, declined at an annual rate of 2.9%. Continuing the pattern, lending for consumption and other purposes declined by 7.1% year-on-year.

Overall, lending to non-financial corporations was down year-on-year, falling 6.4% by November.

Credit union ‘lent €3.1 million for five years with no interest or payments’

AIB is giving out more mortgages and fewer people are in arrears

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