New figures from the Central Bank show that debt levels are continuing to grow at record rates.
The rate of money being borrowed, private sector credit, grew at an annual rate of 29.4% in October, up from 28.6% the previous month.
Private sector credit rose by €5.6bn in October, the latest data from the Central Bank shows, with non-mortgage credit accounting for about two thirds of this.
When lending to IFSC companies is excluded, this was the largest monthly rise in PSC since March 2004.
The Central Bank said that demand for housing finance remained strong in October, with residential mortgages growing by a further €1.8bn.
This is lower that the €2bn increase recorded in September, but is still the fourth highest monthly increase on record.
The growth rate for residential mortgage lending rose from 25.8% in September to 26% in October.
The latest monthly figures also show that there was a total of €6.4bn in SSIA accounts by the end of October, up €175m from the previous month.
