Friday, June 29 11:21:47
Loans to households continued to decline during May 2012, and were 3.9pc lower on a year-to-year basis, following a decline of 4pc for the year ending April 2012, latest figures from the Central Bank show.
Lending for house purchase was 2.5pc lower on an annual basis in May 2012, while lending for consumption and other purposes declined by 7.7pc over the same period.
Lending to households declined by E264 million during the month of May following a net monthly flow of minus E582 million in April.
Developments in May were largely driven by a decrease in loans for house purchase of E242 million. Loans for other purposes also decreased, by E44 million, while loans for consumption increased by E21 million.
Lending to the business sector - the non-financial corporate (NFC) sector - declined by 2.1pc in the year ending May 2012, following an annual decline of 1.8pc in April 2012.
On a monthly basis, loans to NFCs decreased by E338 million during May 2012, following a decrease of E326 million in April. The monthly net flow of loans to NFCs averaged minus E210 million in the three months ending May 2012, compared with an average of minus E153 million in the three-month period up to end-April 2012, the Central Bank said.
Short-term loans to NFCs with an original maturity of up to one year, which includes the use of overdraft facilities, increased during May by E68 million, following an increase of E155 million in April. Medium-term NFC loans decreased in May 2012 by E301 million, whereas longer-term NFC loans also decreased, by E105 million.
Irish resident private-sector deposits were 3pc lower on an annual basis at end-May 2012, compared with a decline of 3.4pc over the year ending April.
Deposits from households were 0.3pc lower on an annual basis in May while deposits from NFCs declined by 3.3pc. Deposits from insurance corporations and pension funds (ICPFs) and OFIs fell by 7.9pc over the same period.
There was a month-on-month decrease of E69 million in Irish resident private-sector deposits during May.