Central Bank report - Borrowers must heed warning bells

UNDERLYING yesterday’s relatively upbeat annual report from the Central Bank was an ominous and timely warning that Irish people are up to their necks in debt.

With the purr of the Celtic Tiger growing louder by the minute, there is no sign of this pattern abating.

If anything, the seemingly unstoppable escalation of private credit means Ireland’s borrowers are four times more in debt than their EU counterparts.