In January the stock of euro-denominated housing loans grew by less than EUR 20 m in Finland, which is the smallest monthly change since January 1999. The average interest rate on new housing-loan drawdowns rose notably in January, with an increase in banks’ interest rate margins. The imputed margin was 1.44% in January, compared to 0.92% still at the beginning of 2012. The imputed margin is the difference between the agreed annual interest rate and the reference rate. In Finland, 90% of new housing-loan drawdowns are tied to Euribor rates.
Households’ new drawdowns of housing loans amounted to EUR 1.1 bn in January 2013, which is EUR 0.1 bn less than a year earlier. The average interest rate on new housing-loan drawdowns was 1.97%, up by 0.01 percentage point on December. At end-January the stock of euro-denominated housing loans was EUR 86 bn and the average interest rate on the stock was 1.59%. The annual growth rate of the housing loan stock moderated further in January, to 5.5 %. At end-January household credit comprised EUR 13 bn in consumer credit and EUR 15 bn in other loans.
At end-January the stock of household deposits amounted to EUR 82 bn. The average interest rate on the stock was 0.69%. Overnight deposits accounted for EUR 47 bn and deposits with agreed maturity for EUR 20 bn of the total deposit stock. In January households concluded EUR 2.2 bn of new agreements on deposits with agreed maturity. The average interest rate on these rose to 1.14%, from 1.10% in December.
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||114,701||114,798||114,718||4.6||1.97|
|- of which housing loans||86,140||86,346||86,364||5.5||1.59|
|Loans to non-financial corporations2, stock||63,528||63,282||63,370||4.2||1.93|
|Deposits by households2, stock||81,472||82,378||81,859||0.0||0.69|
|Households' new drawdowns of housing loans||1,590||1,254||1,108||–||1.97|
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
For further information, please contact:
Essi Tamminen, tel. +358 10 831 2395, email: essi.tamminen (at)bof.fi
Jaakko Suni, tel. +358 10 831 2454, email: jaakko.suni (at)bof.fi
The next news release will be published at 1 pm on 2 April 2013.
Related statistical data and graphs are also available on the Bank of Finland website: http://www.suomenpankki.fi/fi/tilastot/Pages/default.aspx.