Accelerating for the first time since summer 2012, the annual growth rate of the housing loan stock took a turn for the better in April 2014 and was 2.1%. The moderation of the annual growth rate of the housing loan stock in preceding months has been a reflection of ongoing economic uncertainty.

The interest rate on new housing-loan drawdowns has been around 2% over the last 12 months. In contrast, the margins on housing loans have contracted, which is reflected in the lowest level of the computational interest-rate margin on housing loans since February 2013. In April, the interest-rate margin on housing loans was 1.50%. The computational interest-rate margin on new housing loans peaked at 1.61% in August 2013. In the first four months of the year, households' new drawdowns of housing loans have been moderate, totalling EUR 4.5 bn, down 0.2 bn on the comparable period in 2013.


In April 2014, households' new drawdowns of housing loans amounted to EUR 1.3 bn. The average interest rate of new housing-loan drawdowns was 2.03%, ie the same as in March. At the end of April, the stock of euro-denominated housing loans was EUR 88.6 bn. The annual growth rate of the housing loan stock accelerated and reached 2.1%. At end-April, 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 in April to EUR 2.1 bn, down EUR 0.4 bn on April 2013. The average interest rate on new corporate-loan drawdowns fell from March, to 2.17%. At end-April, the stock of euro-denominated loans to non-financial corporations was EUR 65.8 bn, of which loans to housing corporations accounted for EUR 19.5 bn.  


At the end of April, the stock of household deposits totalled EUR 82 bn. The average interest rate on the stock was 0.44%. Overnight deposits accounted for EUR 53.2 bn and deposits with agreed maturity for EUR 14.6 bn of the total deposit stock. In April, households concluded EUR 1 bn of new agreements on deposits with agreed maturity. The average interest rate on these in April 2014 was 1.18% 

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

  February, EUR million March, EUR million April, EUR million April, 12-month change1, % Average interest rate, %
Loans to households2, stock 116,720 116,884 117,101 2,3 1,97
    - of which housing loans 88,326 88,403 88,569 2,1 1,52
Loans to non-financial corporations2, stock  65,238 65,431 65,779 6,8 2,00
Deposits by households2, stock 81,169 81,171 81,793 -0,4 0,44
Households' new drawdowns of housing loans 1,073 1,144 1,306 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:

Essi Tamminen, tel. +358 10 831 2395, email: essi.tamminen(at)
Johanna Honkanen, tel. +358 10 831 2992, email: johanna.honkanen(at)

The next news release will be published at 1pm on 1 July 2014
Related statistical data and graphs are also available on the Bank of Finland website: