Household lending drops 4.8%

PEOPLE’S access to credit deteriorated further in May, with household lending levels 4.8% — or €449 million — lower than in the same month last year.

The latest monthly credit statistics from the Central Bank, published yesterday, show that the decline in lending marginally sped up during May, when measured on a year-on-year basis. Annualised lending in April was down 4.6% in comparison.

May’s lending fall was largely driven by a 2.1%, — €262m — drop in mortgage lending, while lending for consumption and other purposes declined by 13.6% year-on-year.