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News : Irish Economy Last Updated: Dec 1, 2010 - 6:11:35 AM


Central Bank says loans to Irish non-financial business sector fell in October; Irish resident private-sector deposits rose
By Finfacts Team
Nov 30, 2010 - 11:08:48 AM

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Irish Central Bank

The Central Bank said today that loans to the Irish non-financial business sector fell in October. Irish resident private-sector deposits rose in the month.

The annual rate of change in loans to households was minus 4.9 % in October 2010, following an annual decline of 4.5 % in September. Lending for house purchase was 1.6 % lower on an annual basis in October 2010, whereas lending for consumption and other purposes had declined by 16.3 %.

The net flow of household lending during the month of October 2010 was minus €870m, following a net monthly flow of minus €279m in September. The negative net monthly flow of household loans in October was primarily due to a contraction of €677m in consumer and other non-housing loans. The net flow of household loans has been negative every month so far in 2010, totalling almost minus €7bn up to end-October, compared with a net flow of minus €1.7bn over the same period in 2009.

The monthly net flow of loans to households averaged minus €476m in the three months ending October 2010, which consists of an average net flow of minus €159m in loans for house purchase, minus €209m in consumer loans and minus €108m in lending for other purposes.

Lending to the non-financial corporate (NFC) sector declined by 5.2 % in the year ending October 2010, following an annual decline of 3 % in September.

In aggregate, NFC loan repayments were €2.6bn greater than draw-downs during October. The monthly net flow of loans to NFCs averaged minus €1.1bn in the three months ending October 2010 and has been negative in all but two months in 2010 so far.

Developments in loans to NFCs during October were dominated by a €1.6bn (4.3 %) decline in medium term loans of maturity between one and five years. NFC loans of shorter maturity (up to one year) fell by €385m during the month (1.3 %), whereas longer-term loans over five years maturity declined by €563m (1.4 %).

Irish Central Bank

Deposits

Deposits from the Irish resident private sector were 4.1 % lower on a year-to-year basis in October 2010. The annual rate of change in deposits from Irish households was minus 2.4 %, whereas deposits from Irish NFCs fell by 15.4 % on an annual basis in October. Deposits from OFIs (other financial intermediaries) and insurance corporations and pension funds (ICPFs) grew by 2.5 % over the period.

There was a positive net monthly flow of Irish resident private-sector deposits during October totalling €1.6bn, bringing the three-month average net flow to minus €677m. This is in comparison to an average net monthly flow of Irish resident private-sector deposits of minus €1.4bn in the three months ending September 2010.

The positive net monthly flow of Irish private-sector deposits in October was reflected across all sectors, but was primarily due to a rise in OFI.

ECB Funding to Irish Banks

Credit institutions’ borrowings from the Central Bank as part of Eurosystem monetary policy operations increased by €8.9bn in October 2010, to €130bn. Domestic market credit institutions accounted for €85.7bn of this outstanding stock, an increase of €2.7bn during the month.

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