Mortgage lending growth in Ireland fell below 10% for the first time in over 20 years, during July, according to figures published by the Central Bank.

Annual growth rate was down to 9.6%, the biggest drop since 1987.

The amount of mortgage lending increased by €964m in July, according to the bank.

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This is in stark contrast to the €2.4bn generated during July 2006, a mere two years ago.

The Central Bank said total lending in the economy grew at an annual rate of 13.3% in July.

This represented a six-year low.

Meanwhile, credit, not amassed on mortgages, grew by 18.8% over the year, down from 20.2% in June.

The level of debt outstanding on credit cards has now fallen below €3bn, according to the Central Bank.

(PR)