In October, households drew down new housing loans in the amount of EUR 1.7 billion, which was the same as in September and EUR 200 million more than in October 2009. The average interest rate on new housing loans was 2.17% in October, compared to 2.09% in September. Most new drawdowns of housing loans in October were tied to the 12-month Euribor rate with a repayment period of about 20 years. Of the amount of drawdowns in October, 9% was tied to a fixed reference rate, the same proportion as in September. In June the corresponding share was still 4%. The stock of MFI housing loans to households grew by EUR 600 million, to EUR 76.1 billion at the end of October. Thus, the annual growth rate of the stock of housing loans rose to 6.9%, from 6.8% in September. The average interest rate on the stock of housing loans increased by 0.03 percentage point to 2.01%.
In October, new corporate loan agreements were made in the amount of EUR 7.8 billion. The average interest rate on new corporate loan agreements was 2.22 % in Ocotober. The stock of euro-denominated corporate loans decreased by EUR 200 million, to EUR 57.0 billion at the end of October. The annual growth rate of the corporate loan stock rose to 4.9%, from 4.5% in September. The average interest rate on the corporate loan stock increased by 0.05 percentage point compared to September, to 2.41%.
At the end of October, household deposits totalled EUR 76.8 billion, and the average interest rate of these was 0.84%. Households made new fixed-term deposits in the amount of EUR 1.9 billion in October. The average interest rate on new fixed-term deposits rose to 1.69%, from 1.58% in September.
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
Average interest rate, %
|Loans to households2, stock||102.144||102.728||103.335||5.7||2.41|
|- of which housing loans||74.987||75.513||76.070||6.9||2.01|
|Loans to non-financial corporations2, stock||57.031||57.213||56.952||4.9||2.41|
|Deposits by households2, stock||76.003||76.513||76.782||
|Households' new drawdowns of housing loans||1.532||1.738||1.714||–||2.17|
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
Elina Salminen, tel. +358 10 831 2343, email: elina.salminen(at)bof.fi
Kimmo Koskinen, tel. +358 10 831 2546, email: Kimmo.koskinen(at)bof.fi
Olli Alanko, tel. +358 10 831 2456, email: olli.alanko(at)bof.fi