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Sectoral Developments in Private Sector Credit

  • 27-02-2009 10:53am
    #1
    Économiste Monétaire
    Closed Accounts Posts: 2,208 ✭✭✭


    The PSC breakdown for December '08 is out. Find the PDF here, and the xls here.

    Some interesting figures for Q-on-Q lending: Borrowing for the purpose of Buy-to-Let down 2.3% and; holiday homes down 5.8%. The figures in the Excel file aren't adjusted for securitisation so that's why you have such a large fall in Q-on-Q and Y-on-Y figures. Construction and Real Estate down by 2.9% and 2.2%, respectively.
    Total property-related lending fell by €2.3 billion in the fourth quarter of 2008. This compared with a rise of €4.7 billion in Q3 2008. Property-related lending accounted for about two-thirds of total outstanding PSC at end-2008.


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  • #2
    Économiste Monétaire
    Closed Accounts Posts: 2,208 ✭✭✭Économiste Monétaire


    Also, the January '09 Monthly Statistics have been released today.

    Currency issued increased by ~25% in a month. We seem to be paying off credit card debt; personal credit card debt fell from €2.997bn to €2.946bn. M1, M2, M3 annual percentage changes are -11.9, -4.1, and -6.7, respectively. Our HCI fell to 113.3, from 113.6.

    The mortgage picture:
    psc.jpg
    Money Supply wrote:
    Credit institutions in Ireland accounted for €208 billion of the euro area’s broad money supply (M3) in January, a monthly decrease of €9.3 billion, or 4.3 per cent. As a result, the annual fall in M3 in January was 6.7 per cent, from a revised decrease of 1.9 per cent in December.

    Holdings of euro area debt securities with up to two years maturity by Irish MFIs, which are netted out of the money supply contribution, rose by €7.6 billion in January, while debt securities issued by Irish MFIs increased by €1.4 billion, giving a net decline in debt securities of €6.1 billion. In addition, deposits with up to two years maturity declined by €6.2 billion over the month. One factor contributing to the decline in deposits was the classification of Irish credit unions as ‘credit institutions’ from 1 January 2009. As a result, credit union deposits were reclassified – from non-MFI to MFI deposits – which removed them from the money supply measure. An increase in currency issued partly offset these declines.
    The euro depreciated significantly against the US dollar, sterling and the Japanese yen in January, by 7.9 per cent, 5.7 per cent, and 8.8 per cent respectively. Exchange-rate movements resulted in a 0.25 per cent decrease in Ireland's average nominal harmonised competitiveness indicator (HCI)4 in January, which fell to 113.3, from 113.6 in December.


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