In May 2023, the amount of unsecured consumer credit[1] drawn from credit institutions totalled EUR 254 million, an increase of 7% on May last year. The average interest rate on new unsecured consumer credit rose from April, to 12% in May.
New vehicle loans[2] drawn from credit institutions[3] in May also surpassed the levels taken out in May last year. These drawdowns totalled EUR 182 million, an increase of 20% year-on-year. The annualised agreed rate on new vehicle loans was 5.73% in May. A total of 90% of the new vehicle loans were with a fixed interest rate. Drawdowns of secured consumer credit[4] amounted to EUR 67 million, down 18% year-on-year.
At the end of May 2023, the stock of credit card credit granted to households totalled EUR 3.6 billion, and the annual growth rate of the credit stock was 11%. The stock of credit card credit in May was larger than ever before.[5] In May, 81% of credit card credit was extended credit, with the remainder being convenience credit. The average interest rate on extended credit card credit was over 12% in May.
Consumer credit granted by credit institutions operating in Finland account for 67% of all consumer credits of Finnish households.[6] The aggregate stock of consumer credit to households already amounts to more than EUR 25 billion.[7] It is estimated that about a half of consumer credit is unsecured[8]. Vehicle loans account for a slightly over 30% of consumer credits.
Loans
Finnish households drew down new housing loans in May 2023 to a total of EUR 1.2 billion, a decline of EUR 660 million on May last year. Of the total, investment property loans accounted for EUR 89 million. The average interest rate on new housing loans rose from April, to 4.26%. At the end of May 2023, the stock of housing loans stood at EUR 107.2 billion, and the annual growth rate of the loan stock was -0.8%. Investment property loans accounted for EUR 8.6 billion of the housing loan stock. At the end of May 2023, Finnish households’ loan stock comprised EUR 17.1 billion in consumer credit and EUR 17.8 billion in other loans.
Drawdowns of new loans[9] by Finnish non-financial corporations in May totalled EUR 2.9 billion, of which EUR 525 million was loans to housing corporations. The average interest rate on new corporate loans rose from April, to 5.31%. At the end of May, the stock of loans granted to Finnish non-financial corporations stood at EUR 105.4 billion, of which loans to housing corporations accounted for EUR 43.2 billion.
Deposits
At the end of May 2023, the aggregate stock of Finnish households’ deposits totalled EUR 110.2 billion, and the average interest rate on the deposits was 0.58%. Overnight deposits accounted for EUR 98.2 billion and deposits with agreed maturity for EUR 7.0 billion of the deposit stock. In May, Finnish households made EUR 725 million of new agreements on deposits with agreed maturity, at an average interest rate of 2.65%.
| Loans and deposits to Finland, preliminary data* | |||||
| March, EUR million | April, EUR million | May, EUR million | May, 12-month change1, % | Average interest rate, % | |
| Loans to households, stock | 142,525 | 142,344 | 142,001 | -0.5 | 3.69 |
| - of which housing loans | 107,548 | 107,423 | 107,168 | -0.8 | 3.14 |
| - of which buy-to-let mortgages | 8,690 | 8,676 | 8,646 | 3.31 | |
| Loans to non-financial corporations2, stock | 104,702 | 105,258 | 105,353 | 4.6 | 3.86 |
| Deposits by households, stock | 109,913 | 111,317 | 110,182 | -1.8 | 0.58 |
| Households' new drawdowns of housing loans | 1,216 | 1,039 | 1,243 | 4.26 | |
| - of which buy-to-let mortgages | 96 | 89 | 89 | 4.43 | |
* Includes loans and deposits in all currencies to residents in Finland. The statistical releases of the Bank of Finland up to January 2021, as well as those of the ECB, present loans and deposits in euro to euro area residents and also include non-profit institutions serving households. For these reasons, the figures in this table differ from those in the aforementioned releases.
1 Rate of change has been calculated from monthly differences in levels adjusted for classification and other revaluation changes.
2 Non-financial corporations also include housing corporations.
- Euro-denominated deposits and loans of euro area residents: stock, 12 month rate of change and average interest rate
- Euro-denominated loans and deposits of Finnish households
- New business on loans and new drawdowns of household loans
- Finnish contribution to the euro area monetary aggregates and their main counterparts
- Imputed interest rate margins on loans from MFIs
For further information, please contact:
Markus Aaltonen, tel. +358 9 183 2395, email: markus.aaltonen(at)bof.fi
Tuomas Nummelin, tel. +358 9 183 2373, email: tuomas.nummelin(at)bof.fi
The next news release on money and banking statistics will be published at 10:00 on 31 July 2023.
Related statistical data and graphs are also available on the Bank of Finland website at https://www.suomenpankki.fi/en/statistics2/.
[1] Excl. vehicle loans, and overdrafts and credit card credit.
[2] Incl. collateralised and uncollateralised vehicle loans and vehicle loans not fully covered by collateral.
[3] Credit institutions operating in Finland have granted 44% of the stock of households’ vehicle loans. Other financial institutions (OFIs) have granted 56% (data as at end-March 2023).
[4] Excl. vehicle loans, and overdrafts and credit card credit.
[5] Data on the stock of credit card credit have been available since June 2010.
[6] Households also have consumer credit from OFIs and foreign credit institutions engaged in cross-border lending. In addition to these, households have a small amount of peer-to-peer loans.
[7] Data as at end-March 2023.
[8] Excl. vehicle loans.
[9] Excl. overdrafts and credit card credit.