Central Banks says household net worth up

Household net worth rose by €11 billion during the third quarter of 2012, the Central Bank said, the first time it has risen since 2008.

Debt, meanwhile, fell by almost 1 per cent, with the measure of debt to disposable income at its lowest level in almost four years.

The Central Bank said the increase of 2.5 per cent in net worth was due to increases in the value of housing and financial assets.

The rise brought the total net worth to €456.9 billion or €99,646 per capita. However, the figure was still 36.3 per cent lower than its peak recorded in the second quarter of 2007.

Household debt to disposable income, an indicator of debt sustainability, declined further during Q3 2012, to stand at 203.8 per cent; its lowest level since Q4 2008.

Total Government liabilities rose to their highest level to date, at €212 billion.

Company debt, meanwhile, fell by €2 billion, decreasing to 202 per cent of GDP.