Credit to Irish households fell in the first quarter of the year, while deposits rose, new data from the Central Bank has shown.

Deposits at Irish banks were €86.9 billion by the end of the quarter, up 1 per cent quarter on quarter, but 0.7 per cent lower on an annual basis.

By the end of March, the total credit outstanding at banks in Ireland was €99 billion, just over 4 per cent lower than the same period a year earlier.

Mortgages continued to decline in the first quarter of the year, decreasing by 0.6 per cent over the quarter and representing a ninth consecutive quarterly fall.

The total value of mortgages outstanding on Irish banks' balance sheets currently stands at €79.9 billion. In contrast, the peak for home loans, including securitised mortgages, was hit in March 2009 at €149 billion.

The majority of the mortgages are what is known as “floating rate”, and include standard variable rate, tracker rate, and mortgages with a fixed rate up to one year. Tracker mortgages accounted for 49 per cent of mortgages, although the figures had fallen by €276 million during the quarter.

Fixed rate loans accounted for 13 per cent of outstanding home loans.