Household debt fell by a further €1.9 billion to €164.3 billion or €35,694 per capita during the first three months of the year, according to new figures published by the Central Bank.

Household debt sustainability improved during the same quarter with debt as a proportion of disposable income declining by 3 percentage points to 184.5 per cent. The decline largely reflected the reduction in household debt and to a slight increase in disposable income of €185 million.

The latest figures show household net worth rose by 0.9 per cent during the first quarter, marking its seventh consecutive quarterly increase. At the end of the first quarter, net worth stood at €508.5 billion or €110,312 per capita.

Increases in financial assets and a continued reduction in household liabilities contributed towards the rise in net worth, the Central Bank said.

Overall, net worth has grown by 13.7 per cent since the second quarter of 2012.

Household debt to total assets fell by just 0.4 percentage points to 24.4 per cent.

The figures reveal that household net lending remained unchanged at €1.7 billion.

Private sector debt declined by 3.9 percentage points to stand at 298.3 per cent of GDP. This represented a decreased of €3.4 billion over the three months.

Non-financial corporation debt as a a percentage of GFP declined during the quarter under review, falling by 2.2 percentage points to 205 per cent. This is equivalent to a decline of €1.5 billion.