Private sector credit growth eased for the third month in a row in September, but the pace of growth is still nearly three times the European average, new data from the Central Bank of Ireland shows today.
The Central Bank said the adjusted annual growth rate was 28.1% in September from 28.2% in August. Credit growth hit a six-year peak of 30.3% in June.
Despite the fall in the adjusted growth rate, private-sector credit recorded the second-largest monthly increase of the year in September of €5.8 billion. This brings the outstanding level of private sector growth to €302.7 billion.
Today's data show that non-mortgage credit growth increased in September, and remained at a faster rate than private-sector credit and residential mortgages.
The adjusted annual growth rate of non-mortgage credit in September was 32%, up from 31.7% in August.
The bank said the level of outstanding residential mortgages had doubled in just under three years, with September's €1.9 billion increase bringing it to €117.1 billion.
The bank added that underlying annual growth rate of residential mortgages, adjusted for securitisations and reclassifications, eased to 26.9% in September, from 27.1% in August.
