The amount of unsecured consumer credit drawn from credit institutions in May 2022 was EUR 368 million, which is 15% more than a year earlier and the highest number ever recorded in any single month. The majority (EUR 237 million) of the new unsecured consumer credit consisted of non-vehicle loans. The year-on-year growth in May was mainly due to these loans.
The average interest on new unsecured consumer credit declined from April to stand at 8.2% in May. A little more than half of new consumer credit was linked to Euribor rates. The most frequently used Euribor was the 3-month rate. Fixed interest rates and other reference rates are more common as reference rates on unsecured consumer credit in comparison to other household loans.
The use of card credit has also increased in recent months. At the end of May 2022, the households’ stock of card credit amounted to EUR 3.4 billion, having grown almost 10% from a year earlier. In May, 81% of card credit was extended credit card credit, the remainder being convenience credit. The average interest rate on extended credit card credit rose from April to 9.6% in May. A little over 87% of those were linked to Euribor rates.
Consumer credit granted by credit institutions operating in Finland accounted for 69% of households’ all consumer credit (EUR 24.3 billion).
New drawdowns of housing loans by Finnish households amounted to EUR 1.9 billion in May 2022, which is EUR 180 million less than in the same period a year earlier. Investment property loans accounted for EUR 143 million of the newly drawn housing loans. The average interest rate on new housing loans rose from April to stand at 1.13% in May. At the end of May 2022, the stock of housing loans totalled EUR 107.7 billion, and its year-on-year growth was 3.2%. Investment property loans accounted for EUR 8.8 billion of the housing loan stock. At the end of May, Finnish households’ loan stock included EUR 16.9 billion of consumer credit and EUR 18.1 billion of other loans.
In May, Finnish non-financial corporations drew down new loans worth EUR 2.2 billion, including EUR 460 million of housing corporations’ loans. The average interest rate on newly drawn corporate loans rose from April to 1.9%. At the end of May, the stock of loans granted to Finnish non-financial corporations was EUR 100.8 billion, of which loans to housing corporations accounted for EUR 40.6 billion.
At the end of May 2022, the total stock of Finnish households’ deposits was EUR 112.2 billion, and the average interest on these deposits was 0.03%. Overnight deposits accounted for EUR 103.1 billion and deposits with agreed maturity for EUR 2.1 billion of the total deposit stock. In May, Finnish households made new deposit agreements with an agreed maturity in the amount of EUR 42 million, at an average interest of 0.30%.
|Loans and deposits to Finland, preliminary data|
|March, EUR million||April, EUR million||May, EUR million||May, 12-month change1, %||Average interest rate, %|
|Loans to households, stock||142,308||142,475||142,667||3,2||1,36|
|- of which housing loans||107,279||107,451||107,674||3,2||0,84|
|- of which buy-to-let mortgages||8,762||8,782||8,789||0,96|
|Loans to non-financial corporations2, stock||100,000||100,546||100,817||4,2||1,23|
|Deposits by households, stock||110,603||112,421||112,153||5,1||0,03|
|Households' new drawdowns of housing loans||1,909||1,698||1,900||1,13|
|- of which buy-to-let mortgages||156||128||143||1,29|
* Includes loans and deposits in all currencies to residents in Finland. The statistical releases of the Bank of Finland up to January 2021, as well as those of the ECB, present loans and deposits in euro to euro area residents and also include non-profit institutions serving households. For these reasons, the figures in this table differ from those in the aforementioned releases.
1 Rate of change has been calculated from monthly differences in levels adjusted for classification and other revaluation changes.
2 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
- Imputed interest rate margins on loans from MFIs
For further information, please contact:
Markus Aaltonen, tel. +358 9 831 2395, email: markus.aaltonen(at)bof.fi,
Usva Topo, tel. +358 9 183 2056, email: usva.topo(at)bof.fi.
The next news release on money and banking statistics will be published at 10:00 on 1 August 2022.
Related statistical data and ‑graphs are also available on the Bank of Finland website at https://www.suomenpankki.fi/en/Statistics/mfi-balance-sheet/.
 In the Bank of Finland MFI statistics, unsecured consumer credit also includes consumer credit secured for example by vehicle collateral. Only such collateral is accepted that is recognised as eligible collateral under the Regulation of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms. Such collateral includes for example real estate.
 Excl. vehicle loans, overdrafts and credit card credit.
 As at end-March 2022.