Windsor Framework & Northern Ireland Protocol Overview
Households balance sheet strength
Debt levels much lower coming into pandemic + Covid savings
Private sector balance sheets are not over leveraged -
healthy position will insulate against tighter monetary policy
Household savings rate has been volatile but clear
households saving into financial assets since 2019
% of GNI*
175
150
133 131
125
110
100
63
67
75
49
40
40
50
25
160
76
36 38
12
0 T
Household debt
SME debt
Public debt
| 2003 H1 2008 H1 | 2013 H1 E 2023 H1
Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta
National Treasury Management Agency
Source: Central Bank of Ireland, Eurostat, CSO
EUR bn, 4QMA
10
5
0
-5
-10
2005
I
I
I
2010
2020
Financial Assets
Housing Investments
2015
I Financial Liabilities
I Stat Discrep/Other
Savings
Source: Central Bank of Ireland
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