Have been tracking Residential Mortgages, and it’s downward trend for some time.
Since summer 2021 there is less than €70bn in outstanding residential mortgages out there in Ireland.
Really the Irish mortgage market has contracted back to mid 2004 levels (before the insane ramp up into 2008), which is a fairly sustainable level.
In contrast Deposits from households are €136bn. So there is almost 2 euros in bank deposits for every 1 euro in outstanding mortgage debt at this stage.
Deposits from households rocketed in 2020 and 2021. Thanks to Government largesse for specific areas
The CBI says:
Deposits from households continued to reach new
heights, and exceeded €136 billion at end-October 2021.
Over the month of October, household deposits recorded
a net flow of over €1.2 billion (Chart 3). In annual terms,
net household deposits increased by just below
€13 billion, or 10.6 per cent.