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MNI BRIEF: Irish Mortgage Demand Up Since Covid Trough: CBI

Irish households have shown a surge in demand for credit since the trough of the pandemic in May, but levels it is still sharply below levels seen a year ago, the Irish central bank said Thursday. Overall mortgage approvals are down 11% y/y, but that is a sharp recovery from the 62% y/y decline in May, a Central Bank of Ireland report shows.

Looking at existing mortgages, the report shows borrowers working in the sectors most directly affected by Covid-19 have smaller mortgages, lower incomes, but higher debt-to-income ratios at the median, suggesting heightened vulnerability to the economic effects of the pandemic.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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