Monthly news 30 April 2010
Loans
In March, households’ new drawdowns of housing loans amounted to EUR 1.5 billion, up by 19% on February and 6% on March 2009. The average interest rate on new housing-loan drawdowns was 1.90%. The stock of MFI housing loans to households grew by EUR 0.3 billion on February, to EUR 72.6 billion at end-March. The annual growth rate of the housing loan stock slowed to 6.6%, from 6.8% in February. The average interest rate on the stock of housing loans continued to fall in March, to 1.96%.
New corporate loan agreements were made in March to a total value of EUR 6.7 billion, up by 23% on February and 4% on March 2009. The average interest rate on new coprorate loan agreements rose to 2.15%, from 2.09% in February. The stock of euro-denominated corporate loans increased for the third consecutive month, by EUR 0.1 billion on February, to EUR 55.2 billion at end-March. At year-on-year level, the corporate loan stock contracted by 2.5% in March, compared to a fall of 2.9% in February. The average interest rate on the corporate loan stock dropped to 2.24%.
Deposits
The stock of household deposits increased by EUR 0.16 billion on February, to EUR 74.5 billion at end-March. The growth was attributable to deposits with agreed maturity, the stock of which began to climb in early 2010, having contracted for almost a year. The average interest rate on new deposits with agreed maturity was 1.53%. The annual growth rate of the stock of household deposits rose to 0,9 % in March, and the average interest rate on the stock increased to 0.79%.
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
| |
January,
EUR million |
February,
EUR million |
EUR million |
March,
12-month change1, % |
Average interest rate, % |
| Loans to households2, stock |
98.584 |
98.820 |
99.180 |
5.5 |
2.39 |
| - of which housing loans |
72.058 |
72.320 |
72.627 |
6.6 |
1.96 |
| Loans to non-financial corporations2, stock |
54.866 |
55.113 |
55.226 |
-2.5 |
2.24 |
| Deposits by households2, stock |
74.443 |
74.337 |
74.499 |
0.9 |
0.79 |
|
|
|
|
|
|
| Households' new drawdowns of housing loans |
1.025 |
1.240 |
1.478 |
– |
1.90 |
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