Households borrow extra €3.7bn

Person credit surged in May with Irish households borrowing an extra €3.7bn during May, leaving the annual rate of lending at 23%, up from 21.1% in April this year.

Mortgage lending showed signs of easing, with the year-on-year change in residential mortgages marginally higher in May at 27.5%, compared to 27.4%c in April, according to the Central Bank's monthly bulletin.