Monthly release 30 September 2008
Loans
In August 2008, households drew new housing loans to a total value of EUR 1.6 billion, compared to EUR 1.7 billion in July. Drawdowns of housing loans have not been below this amount since 2004. The average interest rate on new housing loans was 5.47% in August, down by 0.02 percentage point on July. In the first eight months of 2008, drawdowns of housing loans amounted to about EUR 14.6 billion, which is just EUR 87 million more than in the same period 2007.
Outstanding MFI housing loans to households amounted to EUR 66.5 billion at the end of August. The average interest rate was 5.41%, up by 0.02% on July. The annual growth rate of mortgages was 10.8%, down from 11.1% in July.
In August, the total stock of MFI corporate loans amounted to EUR 54.2 billion, and the average interest rate on the total stock rose to 5.45% from 5.35% in July. The annual growth rate of corporate loans accelerated slightly in August: it was 20.2 %, up by 19.9 % on July.
Deposits
The outstanding stock of household deposits amounted to EUR 71.6 billion in August, 17.5% more than a year earlier. The average interest rate on household deposits was 2.92% in July. As in the past twelve months, household deposits continued to increase via deposits with agreed maturity of up to two years, which rose by EUR 355 million on the previous month. In August, the outstanding stock of deposits with agreed maturity of up to two years amounted to EUR 25 billion, which was about EUR 9.7 billion more than a year earlier.
Information will be updated on 31 October 2008 at 1 PM.
For further information, please contact Kimmo Koskinen, telephone +358 10 831 2546, email kimmo.koskinen@bof.fi.
This press release is also available on the Bank of Finland's website http://www.bof.fi/en/tilastot/tase_ja_korko/index.htm