Central Bank figures show huge falls in Irish credit

Dramatic falls for the amounts of bank loans in the economy reveal the huge extent of so-called deleveraging that is still going on here eight years after the onset of the crash.

According to Central Bank figures, the total amount of loans outstanding to businesses — or non-financial corporations — stood last month at €47.4bn, down from a peak of €171.3bn on the eve of the crash in August 2008. It is the same as February 2003 levels, despite the fact that ECB rates are at rock-bottom levels.

Lending to businesses has shrunk during the year and has dropped from €60.5bn in December 2014.