Mortgage lending experiences net fall
Friday, 29 May 2009 12:26Monthly statistics from the Central Bank show the first net fall in mortgage lending since 1990. The figures also show a sharp fall off in credit card spending.
The figures for April from the Central Bank confirm the property market has slowed to a trickle.
It is the first time that repayments on existing mortgages has been greater that new mortgage lending since the Central Bank began this monthly statistics series in 1990.
The figures show that, overall, mortgage lending fell by over €100m last month.
The amount of money loaned out in the rest of the economy also fell, reflecting concerns raised by many business groups about accessing credit.
People are also spending less on credit cards. The amount of money spent on credit cards by consumers in April fell by €180m compared to the same month in 2008.
