Loans to Irish households fell 4.1 per cent in March while deposits rose year on year for the eighth month in a row, Central Bank figures showed today.

Loans to households fell €50 million in March compared with a decline of €634 million a month earlier, while the annual rate of decline fell to 4.1 percent from 4.2 per cent in February.

The change during March was mainly driven by a decrease of €121 million in loans for consumption purposes.

Meanwhile, housing and non-housing non-consumption related loans increased by €45 million and €26 million, respectively over the month.

Private sector deposits climbed by 9.8 per cent year-on-year, compared to a 2.9 per cent rise in January, with most of the increase due to transactions related to the liquidation of the Irish Bank Resolution Corporation, the central bank said.