Lending stock for Irish households at 2004 levels

The total stock of loans advanced by banks to Irish households continues to contract and has now slumped to levels last recorded almost 11 years ago in 2004, Central Bank figures published yesterday showed.

The figures show that so-called deleveraging, by which companies and households pay off loans faster than banks lend out new loans, continues apace.

Overall, the stock of all types of lending to all households, including home loans and consumer credit, has slumped to €92.88bn, the lowest level since December 2004, and sharply down from a peak of €156.79bn reached in May 2008.