The stock of household consumer credit has remained virtually unchanged for the last six months. Outstanding consumer credit at the end of February 2016 totalled EUR 14.1 bn, compared to EUR 14.0 bn six months earlier. Although changes in outstanding consumer credit in Finland have recently been small, the growth of the stock has been positive and, in annual terms, faster than in the euro area on average.
In February 2016, the interest rate on new drawdowns of consumer credit (excl. overdrafts and credit card credit) was 4.19%. Interest rates on consumer credit have developed steadily in recent years, and the decline in market interest rates has not passed through to these types of credit in the same way as e.g. to housing loans.
Consumer credit granted by banks accounts for approximately 90% of all household consumer credit. Other financial institutions operating without credit-institution authorisation also grant consumer credit to households. According to Statistics Finland, the stock of credit granted to households by other financial institutions (excl. insurance companies) at the end of December 2015 was EUR 2 bn, of which consumer credit accounted for 95%.
New drawdowns of loans to non-financial corporations (excl. overdrafts and credit card credit) amounted to EUR 1.9 bn in February 2016. The average interest rate on new corporate-loan drawdowns rose from January, to 1.90%. At the end of February, the stock of euro-denominated loans to non-financial corporations was EUR 73.5 bn, of which loans to housing corporations accounted for EUR 23.6 bn.
At the end of February, the stock of household deposits totalled EUR 81.4 bn, and the average interest rate on the deposits was 0.27%. Overnight deposits accounted for EUR 56 bn and deposits with agreed maturity for EUR 10.7 bn of the total deposit stock. In February, households concluded EUR 0.6 bn of new agreements on deposits with agreed maturity, at an average interest rate of 0.72%.
Key figures of Finnish MFIs' loans and deposits, preliminary data
|December, EUR million||January, EUR million||February, EUR million||February, 12-month change1, %||Average interest rate, %|
|Loans to households2, stock||121,982||122,080||122,109||2,8||1,69|
|- of which housing loans||91,955||92,022||92,027||2,4||1,20|
|Loans to non-financial corporations2, stock||72,502||73,020||73,543||5,8||1,55|
|Deposits by households2, stock||81,624||82,187||82,401||0,6||0,27|
|Households' new drawdowns of housing loans||1,359||1,053||1,262||1,25|
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
For further information, please contact:
Markus Aaltonen, tel. +358 10 831 2395, email: markus.aaltonen(at)bof.fi.
Anne Turkkila, tel. +358 10 831 2175, email: firstname.lastname@example.org.
The next news release will be published at 1 pm on 29 April 2016.
Related statistical data and graphs are also available on the Bank of Finland website: