Growth in consumer lending reaches 15-year high as interest rates rise

Figures from the Central Bank show continuing trend in consumer lending

In the third quarter of this year, net lending rose by €361m, up from €291m from the previous quarter. Photo:Leah Farrell/RollingNews.ie

Consumer lending has risen by 7.3% in the year to September 2023, marking the highest annual growth rate since November 2008. 

New figures from the Central Bank of Ireland now report 21 straight months of positive growth as well as a fifteen-year high in consumer lending, despite Ireland's rising interest rate environment.