| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax 2008

Climate Change Reports

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

News : Irish Last Updated: Apr 24, 2009 - 5:31:05 PM

Irish property-related lending increased at its lowest rate since 1997 in June
By Finfacts Team
Aug 22, 2008 - 7:54:35 AM

Email this article
 Printer friendly page

Irish property-related lending increased at its lowest rate since 1997 in June, new figures issued by the Central Bank show.

Lending for property now accounts for just half of the increase in credit, down from four-fifths a year ago.

The rate of increase in lending to the construction sector has fallen for seven consecutive quarters and for eight consecutive quarters for the real estate sector.

The Central Bank said that the annual increase in lending for real estate activities reached its lowest rate since 1997 in Q2 2008, at 20.7 per cent. The annual growth rate in lending to construction declined to 4.6 per cent, from 35.6 per cent in Q2 2007.

The growth in mortgage lending in Ireland has fallen to its lowest level in 17 years.

The rate of growth in residential mortgage lending fell to €893m in June, an annual growth rate of 10.2%.

Average monthly rises for the first half of the year was just above €900m. This increase in residential mortgage borrowing in the first half was more than a third lower than in the same period last year.

The Central Bank said mortgage lending levels are back to those in 2003.

Overall lending in the economy in June was the lowest in five years at 14.3%. This was down from 15.1% in May. Private sector credit (PSC) rose by €2.6bn in June. However, the Central Bank says that one component of PSC that complicates time comparisons, is the rise in the holdings by Irish credit institutions of asset-backed securities issued by SPVs. The value of credit in this form rose from €6.8 billion in Q2 2007 to €20.6 billion in Q2 2008. Similarly, on the issuance side, residential mortgage-backed securitisations issued by Irish credit institutions became increasingly popular since mid-2006 with the outstanding value of securitised residential mortgages increasing by €18.3 billion since then. These developments reflect the strategies and preferences of Irish credit institutions, the Bank says.

The figures also show a slowing rate of growth in credit-card spending, with overall private-sector credit at its lowest level since 2003.

The annual rate of increase in debts owed on credit cards fell in June to 11.4% from almost 12% in May.

Both new spending and payments received fell, which meant that money owned on credit cards increased by only €10m, the Central Bank said. This took the total outstanding indebtedness on credit cards to €3bn.

Related Articles
Related Articles

© Copyright 2009 by Finfacts.com

Top of Page

Latest Headlines
Ryanair revises up full-year profit guidance
AIB bank profitable in third quarter
Ryanair announces half-year profits up 32% to €795m
Ryanair benefits from improved customer service
Ryanair to buy 100 new Boeing 737 MAX 200
Finfacts server migration Thursday
State-owned Allied Irish Banks reports H1 2014 profit as bad loan charges plunge
Ryanair reports profit in its financial first quarter soared 152%
UK firm opens van dealership in Dublin
Ryanair reports 8% fall in full-year profit; US services to commence in 2019
Global Financial Centres Index: New York overtakes London; Dublin slips to 66 of 83 cities
Bank of Ireland reports “significant” improvement in 2013 results
Sale process of IBRC UK projects Rock and Salt completed
CRH says 2014 will be year of profit growth after reporting 2013 loss
Ryanair reports third-quarter loss
Irish Water says it saved €100m in setup costs
RSA Insurance fires two Irish executives for large loss/ accounting irregularities
Bank of Ireland will have to raise provisions by €1.4bn; AIB says it's "well capitalised"
CRH reports slightly improved third quarter
Central Bank says ownership of Newbridge Credit Union transferred to permanent tsb
Ryanair reports H1 profits rose by 1% to €602m
Dublin Web Summit: Irish Stock Exchange and NASDAQ OMX announce dual listing plan
Irish pension managed funds returned to growth during September
Dan O’Brien resigns as economics editor of The Irish Times
Central Bank says no action required on Anglo tapes revelations
Ryanair flew 9m passengers and Aer Lingus carried 1.1m in August
UK Competition Commission says Ryanair must cut Aer Lingus stake to 5%
CRH reports H1 2013 revenue dip and loss
Vodafone refunded UK after discovery of Irish tax haven deal
RBS reports half year profit; Ulster Bank posts reduced loss
Bank of Ireland cuts pretax losses in HI 2013 to €504m
Irish State-owned Allied Irish Banks reports losses of €758m in H1 2013
Service Announcement
Irish managed pension funds declined in June
VHI reports 2012 surplus of €54.3m; Health insurance made loss
Ex- Elan director says management / board "not competent to run a business"
Aer Lingus to put €140m in employees pensions fund; Ryanair apoplectic
Wednesday Newspaper Review - Irish Business News and International Stories - - May 22, 2013
Tuesday Newspaper Review - Irish Business News and International Stories - - May 21, 2013
Ryanair, Europe’s biggest low cost carrier, announced Monday record annual profits of €569m - - up 13%