In August 2019, the stock of loans to housing corporations grew at an annual rate of 9.8%. The growth rate was below 10% for the third consecutive month and has not been this low for three years. Despite the moderation, the growth rate is still brisk, and in August the stock of housing corporation loans surpassed a record-breaking level of EUR 34 bn.

The slower growth rate of the loan stock is due to a decline in the volume of drawdowns of housing corporation loans. In January–August 2019, housing corporations drew down EUR 3.9 bn in new loans, a decrease of 8% on the same period a year earlier. In August 2019, the drawdowns totalled EUR 410 bn, which was one-fifth less than a year earlier. The decline in loan drawdowns is partly attributable to a contraction in residential construction.

According to Statistics Finland, EUR 16.8 bn of housing corporation loans were borne by households in june 2019. In connection with the financial accounts data published on 27 Septmber 2019, Statistics Finland reviewed the method for calculating households’ participation in these loans. As a result, there was a downward revision to the share of housing company loans borne by households.


Households’ new drawdowns of housing loans in August 2019 amounted to EUR 1.7 bn, slightly up on the corresponding period a year earlier. At the end of August, the stock of euro-denominated housing loans totalled EUR 99.4 bn and the annual growth rate of the stock was 2.3%. Household credit at end-August comprised EUR 16.3 bn in consumer credit and EUR 17.6 bn in other loans. New drawdowns of loans to non-financial corporations (excl. overdrafts and credit card credit) amounted in August to EUR 1.6 bn. The average interest rate on new corporate-loan drawdowns rose from July, to 2.39%. At the end of August, the stock of euro-denominated loans to non-financial corporations was EUR 88.9 bn, of which loans to housing corporations accounted for EUR 34.0 bn.


The stock of household deposits by Finnish households at the end of August totalled EUR 94.3 bn and the average interest rate on the deposits was 0.11%. Overnight deposits accounted for EUR 81.1 bn and deposits with agreed maturity for EUR 5.1 bn of the deposit stock. In August, households concluded EUR 0.2 bn of new agreements on deposits with agreed maturity, at an average interest rate of 0.28%.

Key figures of Finnish MFIs' loans and deposits, preliminary data

  June, EUR million July, EUR million August, EUR million August, 12-month change1, % Average interest rate, %
Loans to households2, stock 132,436 132,662 133,294 2,7 1,46
    - of which housing loans 98,921 99,038 99,399 2,3 0,94
Loans to non-financial corporations2, stock 88,046 88,286 88,882 7,0 1,36
Deposits by households2, stock 98,017 97,390 98,370   0,11
Households' new drawdowns of housing loans 1,784 1,681 1,653   0,71

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:

Olli Tuomikoski, tel. +358 9 183 2146, email: olli.tuomikoski(at),
Markus Aaltonen, tel. +358 9 183 2395, email: markus.aaltonen(at)

The next news release will be published at 1 pm on 31 October 2019.

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