RTTNews - Lending to Ireland's private sector fell for the first time on record on an annual basis, the Central Bank & Financial Services Authority said Friday.

Private sector credit dropped 0.7% year-on-year in June. In terms of value, it was a decrease of EUR 1.4 billion following May's EUR 1.6 billion decline. In May, private sector credit had risen 0.7%. A year ago, it was up 14.3%.

According to the central bank the fall is due to write-downs of loans with the underlying amount of credit outstanding remaining relatively unchanged.

Residential mortgage lending outstanding declined by EUR 62 million in June, the third consecutive month of decline. The increase from a year earlier was down to 1.9% in June, the lowest on record.

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