Consumer bank debt down 23%

THE level of money owed to the banks by way of consumer loans, fell by 23% – or just over €6 billion – in the last year, as borrowers moved to reduce their debts.

According to updated Central Bank statistics – published yesterday as part of the authority’s latest quarterly bulletin – the amount owed to the banks through consumer loans amounted to €26.97bn in July 2009, and fell to just over €20.7bn by the same month this year.

Over the same timeframe, money owed on mortgages fell from €114.16bn to just under €107.4bn.