€5.5 billion of mortgage top-up loans were drawn down here at the peak of the property boom.

Between 2005 and 2006 1/3 of all loans issued here were mortgage top-ups.

By 2011 the value of such equity release borrowing had fallen by 97% to €195 million.

That is according to figures published today by the Central Statistics Office (CSO).

Between 2005 and 2006 6% of all owner-occupier households had taken out top-ups on existing mortgages with the average withdrawal between 50 and €60,000.

Austin Hughes is Chief Economist with KBC Bank.

He says it is clear the practice of topping up was not as widespread as had been presumed.