Central Bank reports €3bn increase in borrowing last month

Irish people are continuing to borrow more and more money, according to figures released today by the Central Bank.

In its latest monthly report, the bank said "private sector credit" in Ireland had increased by €3bn in February and Irish residents were now in debt to the tune of almost €206bn.

It said non-mortgage credit accounted for most of the money borrowed during the month of February, continuing a trend that has been on-going since last October.

The bank said mortgage lending increased by around €800m during the month, which is well below the average monthly increase in the second half of last year.

Spokesperson Elaine Mannix said: "We think this might provide a further indication that demand for residential mortgages may have peaked, although we wouldn't really place too much emphasis on a single month's figures."