Housing loansLoans

Households’ new drawdowns of housing loans in November 2011 amounted to EUR 1.7 bn, which is EUR 0.1 bn less than in October. The average interest rate on new housing-loan drawdowns declined by 0.02 percentage point, to 2.61%. The stock of euro-denominated MFI housing loans to households increased EUR 0.4 bn in November, to EUR 81.4 bn at month-end. The average interest rate on the housing loan stock remained unchanged at 2.51%. The annual growth rate of the housing loan stock rose to 6.5% in November, from 6.4% in October.

The annual growth rate of consumer credit granted to households by Finnish MFIs has accelerated in recent months, to 3.0% in November. However, the stock of consumer credit to households remained almost unchanged, at EUR 12.9 bn at end-November. The average interest rate on the consumer credit stock was 5.15%. New consumer-credit agreements (excluding overdrafts and credit card credit) amounted to EUR 313 m. The average interest rate on new agreements rose by 0.04 percentage point, to 4.11%.

New loan agreements with non-financial corporations amounted to EUR 6.6 bn in November, which is EUR 0.9 bn less than in October and EUR 0.5 bn less than in November 2010. The average interest rate on new loan agreements remained almost unchanged at 2.68%. The stock of euro-denominated loans to non-financial corporations increased EUR 0.2 bn in November, to EUR 60.4 bn at month-end. The average interest rate on the stock was 2.86%. The annual growth rate increased to 6.5%, from 6.2% in October.



The stock of household deposits contracted by EUR 0.3 bn in November. The stock of overnight deposits grew by EUR 0.3 bn, while the stock of deposits with agreed maturity and the stock of other deposits declined by EUR 0.6 bn. At end-November 2011, the total stock of deposits amounted to EUR 80.6 bn, and the average interest rate was 1.04%. The average interest rate on new deposits with agreed maturity was 2.14%

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
12-month change1, %


Average interest rate, %
Loans to households2, stock 108.451 108.922 109.242 5.2 2.88
    - of which housing loans 80.541 80.949 81.369 6.5 2.51
Loans to non-financial corporations2, stock 59.739 60.195 60.434 6.5 2.86
Deposits by households2, stock 81.167 80.933 80.650


Households' new drawdowns of housing loans 1.849 1.781 1.686 2.61

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.

More information:

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 31 January 2012.

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