Rate of borrowing falls

THE rate of borrowing fell to a three-year low as a demand for mortgages sank further in March.

Figures from the Central Bank show borrowing was up by 23.2% in March on last year. This is down from the increase of 24.5% seen in February and well off the record 30.3% growth seen in June last year.

The Central Bank said decrease in the growth rate was the result of a slowing demand for mortgages. New mortgage lending in March was up 22% compared to 22.9% in February making March slowest month for mortgage lending for nearly five years.