First sign of private credit ease

THE rapid pace of Irish private sector credit growth slowed in March for the first time since August with a year-on-year rise of 25.4% versus 26.9% in February, the Irish central bank said yesterday.

Continuing a recent trend, non-mortgage credit accounted for most of the monthly increase which saw total lending to Irish residents increase by €4.9 billion or 2.4% month-on month to €210.8bn.

Residential mortgage lending increased by €1.5bn month-on-month but the underlying annual growth rate slowed to 25.8% from a revised 26% in February, the Central Bank said in a statement.