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Household debt down but sustainability levels barely improve

Figures from the Central bank show that overall household debt is at it lowest level since late 2006 but disposable income falls dull much positive impact.

IRISH HOUSEHOLD DEBT fell by almost 1 per cent in the first three months of this year, reaching its lowest level since the end of 2006 according to the Central Bank.

The €1.6 billion fall brought debt to a national total of €172.3 billion or €37,572 per capita. Overall, debt has decreased by 15.5 per cent, or €31.5 billion, since its peak of €203.8 billion at the end of 2008.

However, despite the overall reduction, Irish households remained in very much the same position with debt as a proportion of disposable income falling by just 0.1 per cent. This is a result of disposable income falling by an almost identical rate.

The fall in property values is also visible in the figures released today with the the overall net worth of households declining by €1.8 billion or 0.4 per cent in January through to March. Overall the net worth of Irish households stands at a level of €463.7 billion or €101,117 per capita.

Government liabilities continued on an upward trend during the first quarter of 2013, reaching €228.9 billion, this his represented an increase of 6.8 per cent or €14.5 billion.

The Central Bank’s full quarterly financial accounts for the first three months of the year are available in full here

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