Monthly news 31 March 2010
Loans
In February, households’ new drawdowns of housing loans amounted to EUR 1.2 billion, which was EUR 0.2 billion more than in January 2009 and almost as much as in February 2009. The average interest rate on new housing-loan drawdowns fell to 1.94% in February, from 1.98% in January. The stock of MFI housing loans to households grew by EUR 0.3 billion on January, to EUR 72.3 billion at the end of February. Thus, the annual growth rate of the housing loan stock rose from 6.6% in January, to 6.8% in February. The average interest rate on the stock of housing loans fell by 0.06 percentage point, to 2.00% at end-February.
New corporate loan agreements were made in February to a total value of EUR 5.5 billion, which was almost as much as in January but EUR 0.8 billion less than in February 2009. The average interest rate on new corporate loan agreements fell to 2.09% in February, from 2.19% in January. The stock of euro-denominated corporate loans grew by EUR 0.2 billion, to EUR 55.1 billion at end-February. The stock contracted by 2.9% on February 2009, as opposed to a reduction of 3.1% in January 2009. The average interest rate on the corporate loan stock fell to 2.27% in February, from 2.30% in January.
Deposits
The stock of household deposits decreased by EUR 0.1 billion on January, to EUR 74.3 billion at end-February. The annual growth rate of the stock of household deposits was 0.4% in February, and the average interest rate on the stock stood at 0.78%. The stock of household deposits with agreed maturity of up to 2 years totalled EUR 16.3 billion at end-February, and the average interest rate on the stock was 1.73%.
Notes:
MFIs comprise all monetary financial institutions operating in Finland.
Loans and deposits comprise all euro-denominated loans and deposits vis-à-vis the euro area as a whole, with countries other than Finland accounting for a very small share of total volumes.
Key figures of Finnish MFIs' loans and deposits, preliminary data
| |
December,
EUR million |
January,
EUR million |
EUR million |
February,
12-month change1, % |
Average interest rate, % |
| Loans to households2, stock |
98.388 |
98.584 |
98.820 |
5.6 |
2.41 |
| - of which housing loans |
71.860 |
72.058 |
72.320 |
6.8 |
2.00 |
| Loans to non-financial corporations2, stock |
54.093 |
54.866 |
55.113 |
-2.9 |
2.27 |
| Deposits by households2, stock |
74.023 |
74.443 |
74.337 |
0.4 |
0.78 |
|
|
|
|
|
|
| Households' new drawdowns of housing loans |
1.214 |
1.034 |
1.242 |
– |
1.94 |
1 Rate of change has been calculated from monthly differences in levels adjusted for classification and other revaluation changes.
2 Households also include non-profit institutions serving households; 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
- Analytical accounts of the banking sector (MFIs) in Finland
More information:
Elina Salminen, tel. +358 10 831 2343, email: elina.salminen(at)bof.fi
Olli Alanko, tel. +358 10 831 2456, email: olli.alanko(at)bof.fi
You can also subscribe to the monthly Loans, deposits and interest rates –newsletter to your email from the Bank of Finland website
http://www.bof.fi/en/julkaisut/sahkoisten_julkaisujen_tilaaminen/index.htm