Personal debt levels rising at fastest rate since March 2000

31/07/2006 - 11:22:32
Personal debt levels in Ireland are increasing at their fastest rate in more than six years, according to figures published today by the Central Bank.

The bank says debt levels have increased by an average of €5bn a month during the first six months of this year.

The rise is largely being driven by non-mortgage borrowing, which increased at a faster rate than mortgage borrowing for the second consecutive month in June.

The Central Bank says the annual increase in borrowing reached 30% in June for the first time since March 2000, pushing total debt levels up to almost €290bn.

Meanwhile, in its latest quarterly bulletin, the bank says Ireland’s economy outlook remains positive for this year, with both GNP and GDP expected to be around 5% for the year.