Housing loansLoans

Households' new drawdowns of housing loans in October 2011 amounted to EUR 1.8 bn, which is as much as in September and EUR 0.1 bn more than in October 2010. In the same period, the average interest rate of new housing loan drawdowns increased by 0.05 percentage points to 2.63%. In October, 24% of new housing loan agreements were tied to rates other than Euribor rates: 13% were tied to the banks' own reference rates and 10% had a fixed interest rate. In October 76% of new housing loan agreements were linked to the Euribor rate, in comparison to 91% of new agreements in January.
The stock of euro-denominated housing loans extended by MFIs to households grew in October by EUR 0.4 billion and at the end of the month amounted to EUR 80.9 billion. The annual rate of growth in the stock of housing loans fell to 6.4 per cent. The average interest rate on housing loans rose by 0.02 percentage point over September's rate and by the end of October was 2.51%.

New loan agreements with non-financial corporations amounted to EUR 7.5 bn in October, which is EUR 0.5 bn less than in September and EUR 0.3 bn less than in October 2010. The average interest rate of new agreements increased by 0.09 percentage points to 2.69% in October. The stock of euro-denominated loans to non-financial corporations continued to grow; the monthly growth for October was EUR 0.5 bn. The annual growth rate accelerated to 6.2%. At end-October the stock was EUR 60.2 bn. The average interest rate on the stock remained unchanged at 2.87%.


The stock of household deposits diminished by EUR 0.2 bn in October. At the end of the month, the stock amounted to EUR 80.9 bn and the average interest rate to 1.05%, which included an increase of 0.02 percentage point on September. The stock of deposits with agreed maturity increased over the month by EUR 0.3 bn, while the stock of overnight deposits contracted by EUR 0.5 bn.

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 107.804 108.451 108.922 5.6 2.88
    - of which housing loans 79.982 80.541 80.949 6.4 2.51
Loans to non-financial corporations2, stock 59.001 59.739 60.195 6.2 2.87
Deposits by households2, stock 80.534 81.167 80.933


Households' new drawdowns of housing loans 1.818 1.849 1.781 2.63

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 30 December 2011.

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