Housing loansThe imputed interest rate margin for May of this year was 1.59 percentage points, against 1.04 percentage points a year earlier. The average interest rate on new housing loans had risen slightly since the end of last year, despite a further fall in market rates. The rise in housing loan interest rates is largely due to banks raising the margins on new housing loan agreements. Similar changes we seen in the margins on new corporate loans. The imputed interest rate on corporate loans (excl. housing corporation loans)  in May was 1.78 and 1.42 on housing loans.


Households' new drawdowns of housing loans in May 2013 amounted to EUR 1.5 bn, which is EUR 0.5 bn less than in May 2012. The average interest rate on new drawdowns was 2.02% in May, which was down slightly from April rates. Outstanding MFI euro-denominated housing loans to households amounted to 87 billion at the end of May and the average interest rate was 1.48%, In May, the growth in the stock of housing loans continued to slow down and was 44%. By the end of May, consumer loans as part of represented EUR 13 bn and other loans came to EUR 15 bn.

New corporate loans (excl. overdraft and credit card credit) rose in May by EUR 2.1 bn, which is EUR 0.1 bn more than in May 2012. The average interest rate on new corporate loans fell by 0.10 percentage point to 2.03%. By the end of May 2013, the stock of euro-denominated loans granted to corporations was EUR 65 bn. of which EUR 17 bn was in loans granted to housing corporations. The annual growth rate of euro-denominated corporate loans accelerated in April slightly and stood at 0.1 percentage point and in May at 4.0%.


The stock of household deposits diminished by EUR 82 bn by the end of May. The average rate of inter-est on deposits was 0.56%. The stock of overnight deposits was  EUR 50 bn of these deposits and fixed-term deposits were to the value of EUR18 bn. Households signed new fixed -term deposit contracts val-ued at  EUR 1.2 bn in May. The average rate of interest on fixed-term deposits was 1.15%. in May.

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

EUR million
EUR million
EUR million
12-month change1, %
Average interest rate, %
Loans to households2, stock 115,057 114,962 115,448 3.7 1.89
    - of which housing loans 86,709 86,815 87,176 4.4 1.48
Loans to non-financial corporations2, stock 64,010 64,719 64,925 4.0 1.90
Deposits by households2, stock 82,274 82,210 82,099 -0,6 0.56
Households' new drawdowns of housing loans 1,090 1,301 1,484 2.02

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.

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  31/07/2013 at 1.00 pm.

Related statistical data and graphs are also available on the Bank of Finland website:  http://www.suomenpankki.fi/fi/tilastot/Pages/default.aspx.

You can also subscribe to the monthly Loans, deposits and interest rates –newsletter to your email from the Bank of Finland website