We are wealthier than during the boom, says Central Bank
- According to Central Bank’s latest quarterly financial accounts, the net worth of Irish households hit a record €757 billion in the second quarter of this year, eclipsing the boomtime pre-crash peak of €719 billion reached in the second quarter of 2007. This represents a 76% increase since the bottom of the market in Q2 2012.
- Household net worth is calculated by adding the total value of the housing stock and financial assets – such as cash savings, shares, pensions and possessions such as cars and antiques – and subtracting debt owed or liabilities.
- The Central Bank figures indicate that while debt levels here have fallen since the low point of the crash, Irish households remain highly indebted by European standards.
- Overall, Irish households owed just more than €138 billion, which equates to €28,423 per person, the lowest level since 2005. As a proportion of disposable income, household debt was 128 per cent, which was the lowest level recorded since 2004 but still the fourth highest in the European Union. Since its peak of €204 billion in the third quarter of 2008, household debt has decreased by 32 per cent or €66 billion.