Figures from the Central Bank show that the annual rate of borrowing growth in the economy was the lowest for more than four years in January.
They also show a slow start to the year for residential mortgage lending, with the monthly increase of €824m the most subdued start to any year since 2003.
The private sector credit growth rate was 16.8%, while the rate for residential mortgages was 12.9%, the lowest for almost 14 years. Non-mortgage credit growth was stable at 20.6%.
The Central Bank said an increased tightening of standards by banks for lending to businesses was now coming through in the figures.
