Central Bank says Irish residential mortgage lending at historic low in May; Annual growth rate of Private Sector Credit plunged to 0.8% compared with 15.1% in May 2008 | Refinancing
Home > Finance News > Central Bank says Irish residential mortgage lending at historic low in May; Annual growth rate of Private Sector Credit plunged to 0.8% compared with 15.1% in May 2008

Central Bank says Irish residential mortgage lending at historic low in May; Annual growth rate of Private Sector Credit plunged to 0.8% compared with 15.1% in May 2008

June 30th, 2009

Central Bank says Irish residential mortgage lending at historic low in May; Annual growth rate of Private Sector Credit plunged to 0.8% compared with 15.1% in May 2008

The Central Bank of Ireland said today that Irish residential mortgage lending was €18 million lower in May than the prior month – – the second consecutive month of decline. The annual growth rate was down to 2.6 per cent in May, an historic low. Mortgage debt outstanding has remained relatively flat since the beginning of 2009. The Bank said following a fall of over €100 million in April 2009, residential mortgages (including securitised mortgages) declined by €18 million in May. This trend of repayments exceeding new mortgage lending has not been evident at any stage prior to April since the series began in 1990, and reflects the continuing low levels of activity in the housing market. The annual growth rate of Private Sector Credit (PSC) adjusted to account for exchange-rate movements, slowed to 0.8 per cent in May, from a revised 1.6 per cent in April. This compares with an annual growth rate of 15.1 per cent in May 2008.

Share/Save

Finance News

  1. No comments yet.