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Contain your shock: Irish homes are borrowing less and less

5Central Bank data shows household lending fell by 4.5 per cent in the twelve months to May 2013.

Image: Nieve44/Luz via Flickr

NEW DATA from the Central Bank of Ireland shows Irish households are continuing to borrow less and less.

Figures published today show the total amount of loans held by Irish households fell by 4.5 per cent in the 12 months to the end of May.

The figures incorporate a 2.1 per cent fall in mortgage lending – with the overall rate impacted by a 11.5 per cent fall in borrowing for consumption and other purposes.

The overall amount of mortgage loans fell by €322 million, while loans for ‘consumption’ purposes fell by €82 million.

The figures also show a continued increase in the amounts being held on deposit by Irish homes – with savings up by 7.6 per

In all, households paid €418 million more back to the country’s banks in the last year than they lent back.

Lending to non-financial corporate entities fell by 5.1 per cent, or €613 million.

Read: Ireland is officially back in recession

About the author:

Gavan Reilly

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