The growth rate in residential mortgage lending fell to its lowest level in 16 years in April.

According to monthly statistics from the Central Bank, the growth rate dropped to 11.4%, which is the lowest annual rate of increase since May 1992.

April is historically a slow month in terms of mortgage lending because of Easter, but this year Easter fell in March.

The total amount owed by residential mortgage borrowers is now €143.4bn.

In April the amount owed in overdrafts fell by €274m.

Outstanding indebtedness on credit cards increased by 7.2% compare with the April last year, but it decreased since March.