Figures from the Central Bank show a dramatic slump in residential mortgage lending in October.
The annual rate of growth in October fell to 7.6%, the lowest figure since 1986. The Central Bank described the mortgage figure as 'exceptionally weak'.
The amount of money lent for mortgages rose by just €26m during October, compared with the average monthly increase of almost €2 billion at the height of the housing boom in 2006.
Mortgage lending had recovered a little in September after a very quiet August, but the Central Bank says the October figures reflect banks' tightening credit rules for households.
Overall private sector credit grew at an annual rate of 9%, compared with 10.7% in September.
