The rate of increase in private-sector credit (PSC) fell in October by one percentage point on the previous month to 18.5 per cent, according to Central Bank statistics published today.
Total PSC rose by €6.6 billion in October, bringing outstanding PSC to €366.7 billion, but €2.4 billion of the monthly change was accounted for by lending to non-bank IFSC companies.
Non-mortgage credit moderated in October, with an adjusted annual increase of 23.4 per cent, compared with 24.5 per cent in September.
Over the year to October, the number of credit cards in issue increased by nearly 140,000. Repayments on credit cards also increased over the month, with an extra €196 million being repaid in October compared to September.
Outstanding indebtedness on credit cards fell slightly, and the annual rate of increase, which had averaged 11.7 per cent since July, fell to 11.5 per cent in October.
The bank said that the rate of increase in residential mortgages dropped by another percentage point in October, to 15.1 per cent.
Outstanding residential mortgages increased by €1.2 billion in October, bringing the average monthly increase in the year to date to €1.4 billion. This compares with an average monthly increase of €2 billion over the same period in 2006.
Total outstanding residential mortgages stood at €137.1 billion in October.