Mortgage Lending down, all other debt up!

[The_Unwelcome_Guest]

Mortgage lending growth at year low

December 29, 2006 11:20

Figures from the Central Bank show that the annual rate of credit growth in the economy remained stable in November at 27.8%. The growth rate was 27.7% in October.

A breakdown showed that non-mortgage borrowing grew by 30.6%, but residential mortgage lending growth eased from 26.5% in October to 25.8%, the slowest pace in more than a year. Residential mortgages still increased by more than €2 billion in the month, however.

The Central Bank said the rate of increase in credit card indebtedness was 17.2% in November compared with 16.4% in October.

www.rte.ie

[The_Unwelcome_Guest]

Last Updated: 29/12/2006 12:22

Demand for credit remains high

Demand for credit rose in November, taking total debt across the state to €315 billion, figures reveal today.

The increase in private-sector credit to €6.4 billion is the second largest month-on-month change this year.

The monthly statistics from the Central Bank show that the adjusted annual growth rate of non-mortgage credit also remained strong in November, at 30.6 per cent.

Lending to non-financial corporates registered the largest monthly increase since March 2006, while lending to other financial companies and non-mortgage lending to households was somewhat weaker.

The annual rate of increase in credit-card indebtedness increased to 17.2 per cent in November, up from 16.4 per cent in October.

Figures also reveal that despite reports of slowing activity in the housing market, borrowing by Irish households for house purchase remained strong in November, with a month-on-month increase of €2.1 billion in adjusted residential mortgages, taking total residential mortgage borrowing to €121 billion.

© 2006 ireland.com

Eh? How does a slowing from 26.5% to 25.8% in mortgage lending growth correlate with that? Or are they simply talking MEWing which could hardly be a good thing in this climate!!!

And take a look at that headline!

Pass the duchie down the left hand side and keep on rockin’ in the free world!

Or as Elliot Smith put it: “A distorted reality is now a necessity to be free!”