Households and businesses collectively owe €225bn to banks and other credit institutions
The data on debt per household comes as the Central Bank also released the latest interest rate figures offered on mortgages in Ireland. File picture
The average borrower in Dublin and its surrounding counties has over €70,000 in debts, the highest in the country, as new Central Bank of Ireland data reveals that households and businesses owe collectively €225bn to banks and other credit institutions.
As of the end of September, Irish households and businesses owe €225bn to banks and other credit institutions which is an increase of €2.1bn compared to the end of June.
Of that €225bn, €139.3bn was lent to individuals either through mortgages, personal loans, personal contract plans, or other credit options. A further €73.9bn was lent to businesses and €11.8bn was lent to sole traders.
Mortgages accounted for €110bn of all lending to individuals as of the end of September.
The data shows that Dublin has both the highest number of borrowers and the largest average debt burden per borrower. In the capital, there are just over 675,000 borrowers who each owe, on average, €73,217.
Counties that surround the capital such as Meath, Kildare, and Wicklow also have very high levels of individual debt. Borrowers in Wicklow have on average €71,341 in debt each, while those in Kildare owe on average €70,393. Borrowers in Meath owe €68,153.
Donegal has the lowest level of average debt per borrower at €35,450. Borrowers in Cork and Galway have an average debt of €53,862 and €51,298 respectively.
Borrowers in Dublin and Donegal have the highest and lowest average mortgage debt respectively at €141,470 and €65,437.
The data on debt per household comes as the Central Bank also released the latest interest rate figures offered on mortgages in Ireland.
As of the end of January, the weighted average interest rate on a new mortgage stood at 3.5% which is unchanged from the month prior but down 32 basis points compared to January 2025.
The average across the eurozone stood at 3.39% leaving Ireland with the seventh highest interest rates in the bloc.
The total volume of new mortgage agreements stood at €739m in January, an increase of 9% year-on-year.
As of the third quarter of 2025, banks were the largest providers of domestic loans to individuals largely due to the provision of mortgages.
However, when it comes to personal installment loans to individuals, credit unions are the largest lenders accounting for 55.8%.
Of the €139.3bn of individual debt accrued by borrowers, just under €13bn was personal installment loans.
Chief executive of the Credit Union Development Association, Helen Carbery, said credit union installment loans are “often used by those refinancing multiple debts into one manageable, lower-cost monthly payment”.
“The installment loans available at credit unions are often more flexible and accessible than is the case at the banks. Furthermore, interest rates on installment loans are often lower in credit unions.
"Credit union lending rates are particularly competitive as they are not directly impacted by movements in ECB rates.”
The European Central Bank (ECB) is due to meet again next week in order to discuss the future path of interest rates. The ongoing war in Iran, along with its subsequent impacts on energy markets and inflation, will likely be a cause for concern for the ECB.
The total credit figures are compiled from the Central Credit Register — a database containing records of loans and loan applications of over €500 borrowed by Irish residents.
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