The average interest rate on new student loans drawn down in February was 1.27% and the average interest rate on the stock was 1.40%. Interest rates on student loans have never been this low. The stock of student loans totalled EUR 1.7 bn. Of new student loans, 68% were tied to Euribor rates and the remaining 32% to banks’ own reference rates.
The stock of holiday home loans granted by MFIs totalled EUR 3.2 bn in February and the average interest rate on the stock was 1.74%. The average interst rate was notably higher than the interest rate on housing loans, which was 1.50% in February. Of new holiday home loans, 93% were tied to Euribor rates, the average interest rate being 2.3%. The annual growth rate of the stock of holiday home loans slowed further, to 5.0% in February, from 7.3% a year earlier.
In February 2014, households’ new drawdowns of housing loans amounted to EUR 1.1 bn, which was EUR 0.2 bn less than in February 2013. The average interest rate on new housing-loan drawdowns was 2.03%, unchanged from two previous months. At the end of February, the stock of euro-denominated housing loans was EUR 88.3 bn. The annual growth rate of the housing loan stock moderated further, to 2.1%. At end-February, household credit comprised EUR 13 bn in consumer credit and EUR 15 bn in other loans.
In February, new drawdowns of loans to non-financial corporations (excl. overdrafts and credit card credit) amounted to EUR 1.9 bn, which was EUR 0.7 bn less than in February 2013. The average interest rate on new corporate-loan drawdowns rose slightly from January, to 2.57%. At the end of February, the stock of euro-denominated loans to non-financial corporations was EUR 65.2 bn, of which loans to housing corporations accounted for EUR 19.1 bn.
At the end of February, the stock of household deposits totalled EUR 81 bn. The average interest rate on the stock was 0.45%. Overnight deposits accounted for EUR 51.4 bn and deposits with agreed maturity for EUR 15.9 bn of the total deposit stock. In February, households concluded EUR 1.8 bn of new agreements on deposits with agreed matuity. The average interest rate on these was 1.10%.
|Key figures of Finnish MFIs' loans and deposits, preliminary data |
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)bof.fi.
The next news release will be published at 1 pm on 30 April 2014.