The pace at which private sector credit (PSC) is expanding slowed last month to the lowest rate of increase since October 2004.
According to the latest statistics from the Central Bank, PSC increased by €3.4 billion in January, down from a monthly average of €4.9 billion in 2006.
The bank said non-mortgage credit accounted for over half of the monthly increase.
Outstanding PSC at the end of January stood at €321.2 billion.
The adjusted annual growth rate of non-mortgage credit remained strong at 30.9 per cent, although this was down from 31.7 per cent in December.
Outstanding credit card indebtedness fell by €41.4 million in January, while its annual rate of increase slowed to 17.9 per cent from 18.8 per cent in December.
Total lending by credit institutions in Ireland to non-Government Irish residents increased by €3.4 billion, or 1.1 per cent, in January to €321.2 billion.
Meanwhile, SSIA balances with credit institutions fell by €225 million, bringing total balances with credit institutions down to €5.2 billion.