Euribor rates have become more widely used as reference rates for new housing loans in the past twelve months. In October 2013, interest rates on as much as 95% of new housing loans were tied to Euribor rates. Of Euribor rates, the preferred reference rate was the 12-month Euribor, which was in nearly 60% of new housing loans in October 2013, compared with less than 50% in October a year ago. A good 20% were tied to the three-month Euribor, 12% to the six-month Euribor and 6% to the one-month Euribor.

Fixed interest rates were applied to 2% of housing loans, which is five percentage points less than in October a year earlier. The relative share of fixed-rate loans has declined most in the past twelve months. Housing loans tied to banks' own reference rates accounted for less than 3% of the total. With Euribor rates remaining low and driven by their increasing popularity, average interest rates on new housing loans have also remained in the region of 2% throughout the past twelve months: in October, the average interest rate on new housing-loan drawdowns was 2.03%.


In October 2013, households’ new drawdowns of housing loans amounted to EUR 1.4 bn, which is EUR 0.3 bn less than a year earlier in October. The average interest rate on new housing-loan drawdowns was 2.03% in October, ie slightly down on September 2013. Outstanding euro-denominated housing loans to households amounted to EUR 88.2 bn at the end of October and the average interest rate was 1.46%. The annual growth rate of the housing loan stock moderated further, to 2.8%. At the end of October, household credit comprised EUR 13 bn in consumer credit and EUR 15 bn in other loans.

New drawdowns of loans to non-financial corporations (excl. overdrafts and credit card credit) amounted to EUR 1.9 bn in October, as in October 2012. The average interest rate on new corporate-loan drawdowns fell slightly from September, to 2.07%. Outstanding euro-denominated loans to non-financial corporations at the end of October was EUR 65.6 bn, of which loans to housing corporations accounted for EUR 17.8 bn. The annual growth rate of the euro-denominated corporate loan stock sank to 5.4% in October.


At the end of October, the stock of household deposits totalled EUR 81 bn. The average interest rate on the stock was 0.48%. Overnight deposits accounted for EUR 50.8 bn and deposits with agreed maturity for EUR 16.1 bn of the deposit stock. In October, households concluded EUR 1.3 bn of new agreements on deposits with agreed maturity. The average interest rate on these was 1.12% in October. 

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 116,005 116,171 116,378 2.4 1.88
    - of which housing loans 87,776 87,941 88,156 2.8 1.46
Loans to non-financial corporations2, stock 65,412 65,839 65,603 5.4 1.94
Deposits by households2, stock  82,071 81,666 81,049


Households' new drawdowns of housing loans 1,311 1,331 1,358 2.03

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:

Jaakko Suni, tel. +358 10 831 2454, email: jaakko.suni(at),
Essi Tamminen, tel. +358 10 831 2395, email: essi.tamminen(at)

The next news release will be published at 1 pm on 7 January 2014.

Related statistical data and graphs are also available on the Bank of Finland website:

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