The level of credit growth has fallen slightly, according to figures for October released by the Central Bank. Underlying credit growth was down from 21.7 per cent in September to 21.4 per cent for October. The adjusted rate of money supply growth was 22.5 per cent in October compared with 22.2 per cent in September.

The figures show that credit for all institutions increased by £88 million, the smallest monthly increase since August 1994.

Mr Alan McQuaid, economist with Bloxham Stockbrokers, said that, despite the figures, there was little to suggest that credit growth would slow down significantly over the next 12 months.