The value of loans owed by Irish households fell 3.2% in March when compared to the same month of last year, according to the Central Bank, continuing a trend which began in late 2009.
Repayments on house purchase loans exceeded drawdowns by €2.2bn over the year to March, leading to a 2.7% in the value of outstanding debt in this category.
Meanwhile repayments on other types of lending were €1.1bn higher than new borrowings, putting their value 5% lower year-on-year.
The rate of decline was slower during the month, however, with household loan repayments exceeding drawdowns by €26m in March alone. This compares to a €348m excess in February.
Some of this can be attributed to a €142m increase in loans for consumption purposes – which the Central Bank said was the largest increase since January 2011.
Meanwhile loan repayments by non-financial corporations exceeded drawdowns by €995m in March – with medium-term loans alone falling by €674m in the month.
There was a slight rise in short-term lending – up €36m – while longer-term loans fell by €356m, according to the figures.
On an annual basis, repayments by non-financial corporations exceeded drawdowns by €6bn by the end of March.
There was also a higher decline in lending to such firms in the month, down 8.9% in March compared to a 7.8% decrease in February.
