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... while household deleveraging continues; rising house prices bolster household balance sheets Household net worth (€bn) improved since 2012 underpinning consumer spending 1,000 Interest burden down to only 4% of disposable income from peak of 11% 14% 750 500 250 -250 2002 2004 2006 2008 2010 2012 2014 2016 Financial Assets Liabilities Net Worth Housing Assets Source: CBI, NTMA Calculations Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency % of disposable Income 12% 10% 8% 6% 4% 2% 0% 2003 2005 2007 2009 2011 2013 2015 Ireland Germany Italy UK Source: CBI, Eurostat NTMA calculations EA-19 Spain Netherlands Note: Non-trackers bare 90% of the interest burden 20 20

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