Figures from the Central Bank show that residential mortgage lending in February grew at an annual rate of 12.3% - the lowest in 14 years. The monthly increase of €712m was the lowest in five years.
The Central Bank says the mortgage figures for the first two months of this year are similar to those seen in 2002.
Overall, private borrowing increased at an annual rate of 15.6%, the lowest since September 2003. The monthly increase was below the €1 billion mark for the first time since 2004, though the Central Bank says the figure was affected by the early repayment of a large loan.
Non-mortgage credit growth fell to 19%. The amount of money owed on credit cards was 8.2% higher than in February last year, though the growth rate has now fallen for six months in a row.
