Household deposits fall back in August
Household deposits decreased by €323 million in August 2022, after an increase of €1.6 billion in July, according to the latest Central Bank data.
On an annual basis, household deposits have increased by €7.7 billion to end-August 2022.
The annual growth rate of 5.5% has declined from a pandemic-period peak of 13.8% recorded in February 2021.
Deposits from non-financial corporations increased by almost €1.9 billion in August, while their annual growth rate increased over the month, to 7.7%.
Net lending to households decreased by €326 million in August, marking the largest decline seen since the beginning of the year.
Decline
The decline was driven by decreases in lending for house purchase, and loans for other purposes, where repayments exceeded new drawdowns by €189 million and €191 million, respectively.
In annual terms, household repayments exceeded lending by €803 million over the 12 months.
The annual change in loans for house purchase, which includes both on-balance-sheet and securitised loans, has remained stable throughout the year, with a current growth rate of 1.3%.
Net consumer lending recorded a net increase of €54 million in August.
Annual growth in consumer loans has remained positive throughout 2022, increasing by €271 million, or 2.4%, in the year to end-August.