In March 2014, new drawdowns of housing loans were slightly up on the year-earlier period. Despite the slight pick up in March, in the first quarter as a whole, households' new drawdowns of housing loans totalled EUR 3.2 bn, which was EUR 0.2 bn less than in the first quarter of 2013. Similarly, new agreements on housing loans concluded in March 2014 were up on March 2013, but contracted in the first quarter as a whole, by EUR 0.4 bn from the previous year. The annual growth rate of the housing loan stock moderated further, from 2.3% at the beginning of the year to 2.0% in March. The annual growth rate of the housing loan stock has been moderating since summer 2012 due to increasing economic uncertainty. The annual growth rate recorded in March is the lowest to date in the 2000s.
In March 2014, households' new drawdowns of housing loans amounted to EUR 1.1 bn. The average interest rate on new housing-loan drawdowns was 2.03%, unchanged from February. At the end of March, the stock of euro-denominated housing loans was EUR 88.4 bn. The annual growth rate of the housing loan stock moderated further, to 2.0%. At end-March, 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 March to EUR 2.3 bn, which is EUR 0.3 bn more than in March 2013. The average interest rate on new corporate-loan drawdowns fell slightly from February, to 2.41%. At end-March, the stock of euro-denominated loans to non-financial corporations was EUR 65.4 bn, of which loans to housing corporations accounted for EUR 19.3 bn.
At the end of March, the stock of household deposits totalled EUR 82 bn. The average interest rate on the stock was 0.45%. Overnight deposits accounted for EUR 51.3 bn and deposits with agreed maturity for EUR 15.7 bn of the total deposit stock. In March, households concluded EUR 1 bn of new agreements on deposits with agreed maturity. The average interest rate on these was 1.07%.
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.
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The next news release will be published at 1 pm on 2 June 2014.