Record €1.6bn borrowed last month

THE property frenzy continues to drive credit demand, with the level of credit advanced to borrowers in September 2004 hitting a massive €1.6 billion as people continue to get into the property market.

The €1.6 billion borrowed in September is one of the highest on record and shows the mortgage market remains the single biggest factor in bank lending across the board in this economy.

Mortgages account for 60% of all private credit in Ireland as the level of personal debt continues to climb strongly to fund the demand for property.