Households' new drawdowns of housing loans in January 2012 amounted to EUR 1.3 bn, which was less than in December but EUR 0.1 bn more than in January 2011. The average interest rate on all new housing-loan drawdowns declined to 2.45%, whereas the average interest rate on Euribor-linked housing loans fell to 2.35%. The average interest rate on prime rate-linked housing loans was 2.54%. Hence, Euribor-linked interest rates fell below those on housing loans linked to banks' own reference rates. The average interest rate on new Euribor-linked housing loans was last lower than this in March 2011.
The stock of euro-denominated MFI loans to households increased EUR 0.1 bn in January, to EUR 82 bn at month-end. The average interest rate on the stock declined 0.04 percentage point, to 2.47%. The annual growth rate of the housing loan stock remained almost unchanged at 6.5%.
New loan agreements with non-financial corporations amounted to EUR 6.7 bn in January, which is EUR 0.6 bn less than in December but EUR 1.1 bn more than in January 2011. The average interest rate on new loan agreements fell 0.25 percentage point, to 2.43%. The stock of euro-denominated loans to non-financial corporations increased by EUR 0.6 bn in January, to EUR 61 bn at month-end. The average interest rate on the stock was 2.72 %. The annual growth rate of the stock was 7.0%.
The stock of household deposits contracted by EUR 0.7 bn in January. At end-January the total stock of household deposits amounted to EUR 82 bn. The average interest rate on the stock was unchanged at 1.05%. The stocks of overnight deposits and deposits with agreed maturity contracted by EUR 0.6 bn and EUR 0.1 bn respectively. Households concluded new agreements on deposits with agreed maturity to a total value of EUR 2.7 bn. The average interest rate on these deposits rose by 0.03 percentage point in January, to 2.06%.
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
12-month change1, %
Average interest rate, %
|Loans to households2, stock||109.242||109.551||109.726||5.2||2.83|
|- of which housing loans||81.369||81.781||81.884||6.5||2.47|
|Loans to non-financial corporations2, stock||60.434||60.361||60.997||7.0||2.72|
|Deposits by households2, stock||80.650||82.612||81.894||
|Households' new drawdowns of housing loans||1.686||1.529||1.252||–||2.45|
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
Hanna Häkkinen, tel. +358 10 831 2552, email: hanna.hakkinen(at)bof.fi
Jussi Pajunen, tel. +358 10 831 2343, email: jussi.pajunen(at)bof.fi
The next news release will be published at 1 pm on 30 March 2012.