Mortgage and other lending is continuing to soar according to the latest data from the Central Bank. Residential mortgage lending grew by some €393 million in May (£310 million) or some 23.1 per cent on last year, up from 20.7 per cent in April.

At the same time non-mortgage lending rose by more than 30 per cent in May compared with the year before. This compares with a revised rate of 30.5 per cent in April.

The exceptionally strong lending figures will be worrying for the Central Bank, despite the boost to the figures which the merger of Irish Life and Irish Permanent gave.

Even allowing for this, credit growth in the Republic is still considerably faster than the euro area average of 10.5 per cent.