Consumers have been left with "staggering amounts" of debt from entering into so-called "personal contract plans" (PCP) to drive new cars. Mr Donohoe replied that the Central Bank's latest data available for the total car finance market in Ireland - which includes both Irish resident banks and non-banks - is to the end of September 2019. The Central Bank also publishes data on a regular basis on the types of car finance provided to households specifically by Irish resident banks, Mr Donohoe said. "We need clearer communications from the Central Bank about this sector and the impact of such financing for the wider economy," he said. "The Central Bank of Ireland continues to closely monitor the impact of Covid-19 on households and firms.

Source: Irish Examiner October 08, 2020 15:53 UTC