An Overview of the Irish PCP Market

Martina Sherman, Tiernan Heffernan and Bryan Cullen
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Martina Sherman: Central Bank of Ireland
Tiernan Heffernan: Central Bank of Ireland
Bryan Cullen: Central Bank of Ireland

No 2/EL/18, Economic Letters from Central Bank of Ireland

Abstract: This Letter presents descriptive statistics of the car finance market in Ireland, focusing in particular, on personal contract plans (PCPs). We provide some stylised facts and an overview of the Irish PCP market, drawing on both qualitative and quantitative surveys. At the end of 2017, e1.5 billion, or 126,249 contracts, were outstanding in PCP-related finance advanced by financial insitutions, and owed by Irish resident households. We find that PCPs are the current driver of the growth in bank-related lending to Irish households for non-mortgage purposes, and have become the most prevalent source of car finance in the Irish market since April 2016. Our analysis indicates that non-banks account for 1 in 9 outstanding PCP loans, with most PCPs being advanced by Irish resident banks.

Date: 2018-03
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