Banks continue to tighten the screws for mortgages and business lending

IRISH banks continued to turn the screws on borrowers in the third quarter as they tightened lending conditions for mortgages and loans to businesses.

The five Irish banks who took part in the euro banking survey said they would leave the criteria for commercial lending unchanged for the last quarter.

As the banks tightened their lending policies, demand for credit fell further, the Bank Lending Survey (BLS), done on a quarterly basis, found.