Monthly statistics show that the amount of money being loaned in the Irish economy set new record lows in June.
The Central Bank said net mortgage lending dropped by €62m in June, which was the third monthly fall in a row.
This means that the amount repaid on existing mortgages was greater than the amount of new mortgage lending.
The annual rate of growth in mortgage lending fell to a record low of 1.9%.
Total lending across the economy fell by €1.4bn in June, leading to a drop of 0.7% over the past 12 months.
This was the first annual fall since the Central Bank began compiling the statistics.
The Bank said the drop was mainly due to write-downs of loans.