Central Bank says Irish residential mortgage lending outstanding fell in July for the fourth straight month; Total private sector credit dipped again
Aug 31st, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The Central Bank said today that Irish residential mortgage lending outstanding fell by €71 million in July - - the fourth straight month of decline. The year-on-year increase was down to 1.2 per cent in July, from 1.9 per cent in June. The underlying stock of Irish private-sector credit (PSC), which excludes write-downs and other valuation changes, fell marginally in July compared with June. However, the headline stock of PSC fell by €3.7 billion in July, reflecting continuing write-downs of loans, increased bad debt provisions and other valuation effects; this followed a corresponding monthly fall of €1.4 billion in June.