Mortgage lending continued to grow at a massive rate last month as the Central Bank revealing an increase in borrowing of €1.5 billion in what was the strongest January on record.
Despite an expected drop in the New Year, the annual rate of growth climbed to a new height of 28.8 per cent in the first few weeks of 2006. This compared with 28.5 per cent in December.
The Central Bank said mortgage lending remained strong last month, but the traditional January effect was evident, with the monthly increase falling to €1.5 billion from the record €3.5 billion in December.
The figures also revealed lending by finance houses increased by just over €3.4 billion, or 1.3 per cent, to €262.2 billion in January.
The monthly bulletin showed residential mortgages increased by €1.6 billion, overdrafts were €117 million higher and loans up to and including one year grew by €182 million.