People borrowed more for home improvements than for car purchases last year in what was a bumper year for personal borrowing.
Listen |He said the jump meant home improvement lending had “surpassed car loans [on] €523 million for the first time” since the industry group started collating the data.
The fastest growing segment remains the “other loans” category, which includes education, holidays and special occasions such as weddings which were marked by a jump of 36 per cent on 2021, to €577 million.Activity in the fourth quarter continued the positive trend throughout the year, with the value of personal loans issued by Irish banks jumping by more than 14 per cent in the three months to the end of December when compared to the same period in 2021.
The BPFI personal loan report for end-2022 said €394 million was drawn down by households outside mortgage borrowing in the last quarter. Of this, €126 million was drawn down for home improvements, a jump of 8.7 per cent year on year. There was a strong end to the year for car finance which jumped 18 per cent in the final quarter over the same period in 2021 — also to €126 million.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bumper year for curlew in Northern IrelandConservationists in Co Antrim are celebrating a bumper year for one of Ireland's most threatened species of bird - the curlew.
Read more »
Bumper personal borrowing, children’s online safety and the AI raceBusiness Today: the best news, analysis and comment from The Irish Times business desk
Read more »
95 homeless people died in Dublin in 202295 homeless people died in Dublin last year, figures released to Newstalk under the Information of Information Act have revealed.
Read more »
Bus passenger numbers on public transport network return to pre-pandemic levelsThe CEO of the National Transport Authority noted that Ireland is 'ahead of the pack internationally when it comes to the post-Covid recovery of public transport passenger numbers'.
Read more »
Micheál Martin outlines plans to make Defence Forces more appealing to womenAt the end of 2022, just 7 per cent of our military were women
Read more »
Are you one of the 500,000 taxpayers owed tax back for 2022?How to overcome your fear of the unknown and reclaim money you might be owed
Read more »