Regulator says credit crunch will affect borrowers

The Financial Regulator says Irish people will find it difficult to borrow money over the coming months as a result of the credit crunch on international money markets.

Patrick Neary was speaking at the launch of his latest annual report today.

Despite the global financial crisis, Mr Neary said he did not believe there was any danger of a Northern Rock type crisis hitting the Irish banking system.

He also urged people who are having trouble making mortgage repayments to contact their lender with a view to drawing up a new repayment schedule.