World Economy

Irish Household Debt Lowest in a Decade

Irish Household Debt Lowest in a DecadeIrish Household Debt Lowest in a Decade

Household debt in Ireland is now at its lowest level since 2005 and is over 30% lower than the peak in 2008, RTE reported. According to figures from the Central Bank, household debt fell by €900 million ($1.04 billion) during the second three months of this year to €141.7 billion. That represents debt of €29,576 per person. In September 2008, household debt reached a peak of €204.2 billion. Household net worth rose by €16.9 billion, or 2.5%, between July and September, reflecting a substantial increase in housing assets and a decrease in liabilities of €1.5 billion. By the end of September, net worth stood at a total of €686.3 billion, or €143,206 per person. Irish household debt as a proportion of disposable income fell by 12.5 percentage points over the year, the largest decline amongst European Union countries. Despite this, Irish households remain the fourth most indebted in the European Union.


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