Households continued to pay down debt in MayMonday 30 June 2014 11.57
Households continued to pay down debt in May, according to figures from the Central Bank, with loan repayments exceeding draw downs by €490m during the month.
The total amount of debt outstanding among households stood at €105.2bn during the month, more than €2.4bn lower than in December 2013.
On an annual basis lending to households was 3.7% lower, according to the figures, with loans for household purchases falling by 3%.
Meanwhile, loans to non-financial corporations saw its first net increase since the end of 2012 with a rise of €28m.
This was due to a rise in both medium and short-term loans, but was offset somewhat by a fall in longer term lending.
There was also a €5.5bn fall in the level of private sector deposits, due in large part to the winding down of the Irish Banking Resolutions Corporation.