DUBLIN – Despite interest rate hikes in Ireland, the number of people taking out bank loans is soaring. According to figures released by the Banking and Payments Federation Ireland (BPFI), 49,236 people took out personal loans in the first three months of 2023. This is an increase of 27.8% compared to the first three months of the previous year. The total value of the loans is 481 million euros. This is 25% more than the previous year.
The number of green loans available in Ireland has almost doubled. There has been an increase of 95%. Loans taken for environment-friendly purposes are known as green loans. Most people have taken green loans to renovate houses and buy electric cars to reduce electricity costs.
Green loans can be twice as much as a normal personal loan. For example, if you get 10,000 Euros as a personal loan, you can get 22,000 Euros as a green loan. BPFI chief executive Brian Hayes said the interest rate hike was aimed at reducing borrowing and inflation. Yet borrowing has increased, Brian Hayes added. Various banks charge interest rates ranging from 5.99% to 9.1%.
English Summary: Borrowers in Ireland continue to soar despite interest rate hikes
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2023-08-05 03:11:27
