Lending to households down again in March

Lending to households down again in March

Household lending was down again in March

The annual rate of decline in loans to households eased to 3.9% in March from 4% in February, according to the latest figures from the Central Bank.

The bank said that a drop in lending for house purchases and consumption again accounted for much of the overall reduction in lending.

Lending for house purchases was 2.4% lower in March, while lending for consumption and other purchases fell by 8%.

The Central Bank says that loans to households declined by €167m in the month, following a net monthly fall of €355m in February.

The figures also showed that domestically-owned banks accounted for €75 billion of the €87.7 billion Irish-based lenders had borrowed from the European Central Bank at the end of March. This was up from the €71.3 billion a month earlier after local banks participated in the ECB’s Long-Term Refinancing Operations (LTRO).

On deposits, the Central Bank said that private sector deposits fell by 4.5% in the year to March, compared to a fall of 6% in the year to February.

Leave a Reply