Private-sector credit growth in Ireland gathered speed for the second month running in the year to November, with continued strength in the housing market.
Monthly figures released by The Central Bank today show the adjusted growth rate rising to 18.3% in November compared with 16.9% in October.
Demand for residential mortgages drove the expansion in credit, accounting for about 66% of November's rise.
This brought the annual growth in residential mortgages, adjusted for securitisations, up to 25.5% in November from 24.8% in October.
Annual growth in non-mortgage credit also strengthened, rising to 14.1% from 12.5% in October.
The figures for November show a significant fall of over _500m in current account balances and a similar rise in overdrafts, together with a large increase in term and revolving loans, which, The Central Bank said, may be in part related to strong government net revenue flows of some €3 billion during the month.
Market interest rates remained briadly unchanged in November as the market took the view that any change in official rates was 'a long way off'.
