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Irish private-sector credit fell 3.4% on the year in September, or EUR4.4 billion, partly due to the writedown of loans by banks, exchange rate movements and increased provisions for bad debts, the Central Bank of Ireland said Friday.
"Aside from valuation effects and other technical factors, there was minor decline in the underlying stock of credit during the month," the bank said.
Private-sector credit fell 3% on the year, or EUR1.5 billion, in August.
Outstanding residential mortgage lending declined by EUR14 million in September, the sixth consecutive month of decline.
Total lending by credit institutions in Ireland to non-government Irish residents fell by EUR4.4 billion to EUR378.1 billion. Monetary financial institutions in Ireland accounted for EUR201 billion of the euro zone's broad money supply in September, the bank added.
-By Quentin Fottrell, Dow Jones Newswires; +353 1 676 2189; quentin.fottrell@dowjones.com
(END) Dow Jones Newswires
10-30-09 0700ET
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