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Demand for credit in August surges ahead by 28.2pc.
(From Irish Independent)
DEMAND for credit surged ahead by 28.2pc during August and, just as in July, it was demand for consumer credit which was the main driver behind the 4.2bn rise.
While non-mortgage credit was the main driver behind the increase in the overall growth rate and accounted for more than half the rise, demand for mortgage credit was still strong and amounted to an additional 1.9bn over the course of the month.
This was the second-highest monthly increase on record and means the annual growth rate for mortgage credit is now 25.7pc.
The Central Bank said the annual growth for residential mortgages has remained relatively stable this year, fluctuating around the 25.5pc mark.
Total lending by credit institutions in Ireland increased by almost 4.5bn, or 1.9pc, to 236.8bn in August.
Almost 80pc of this increase was euro-denominated lending, while some 311m of the overall increase was attributable to lending to non-bank IFSC companies.
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