Banking lobby group reports record high loan drawdown values

Green loan values recorded 175 per cent jump compared to previous year, according to the BPFI

Brian Hayes, chief executive, Banking and Payments Federation Ireland: ‘The average car loan increased by €955 to €11,922, suggesting that we are seeing not only rising car prices but also an increased consumer appetite for electric and luxury vehicles.’ Picture: Fergal Phillips.

Drawdowns have reached a record high in the second quarter of 2023, according to the Banking & Payments Federation Ireland’s (BPFI) Loan Report.

With an increase of 30.2 per cent year on year, the value of loans drawn down reached €539 million in Q2 2023.

The number of loans also reached an unprecedented high, with 56,385 drawdowns in Q2 – an increase of 27 per cent year on year.

At €189 million, car loans accounted ...