Higher interest rates and a cooling of the housing market appear to be having an effect on mortgage lending, according to figures from the Central Bank.
They show that residential mortgage lending grew at an annual rate of 25% in January, down from 25.5% in December and the slowest rate of growth since October 2003.
The €1.3 billion increase in mortgage lending in January was the lowest monthly rise in almost two years.
Total lending in the economy grew at an annual rate of 25.3% in January, down from 25.9% in December and the lowest rate since October 2004. Non-mortgage lending accounted for more than half of the increase, growing at a rate of 30.9%.
Credit card indebtedness fell by €41m in January while the annual rate of increase slowed from 18.8% to 17.9%, though the bank says a large increase in payments is normal in January.
