Growth in residential mortgage up-take in Ireland has hit its lowest level in almost a quarter of a centre, the Central Bank has revealed.

The annual rate fell to 5.4% - a 23 year low - despite an increase in mortgage lending during January.

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Central Bank officials said the net increase in residential mortgages during last month was €350m.

This amount was on-power with the total amount generated during the previous three months.

Overall private-sector credit increased by €3.3bn in January, according to the bank.

A €9.1bn fall was recorded in December.

(PR/BMcC)