Drawdowns of new loans for holiday residences (holiday cottage loans) were record high in June 2020, amounting to EUR 154 million - an increase of as much as 64% on June 2019. The annualised agreed rate on new holiday residence loans in June was 0.96%.

Reflecting the high level of drawdowns, the stock of loans for holiday residences increased to EUR 3.9 bn, and the growth rate of the stock (6%) in June was highest since August 2013. In June, the stock of holiday residence loans accounted for approximately 3% of the total stock of household credit.

The repayment periods of holiday residence loans have lengthened in recent years, as have those of housing loans. The average repayment period of new holiday residence loans drawn down in June 2020 was 17 years 11 months, i.e. ten months longer than in June 2019.

June was also a busy month for drawdowns of housing loans, following an exceptionally slow May. Drawdowns of new housing loans totalled EUR 1.8 bn in June, an increase of EUR 40 million on June a year earlier. Housing loan drawdowns in June have last been higher in 2016. The annualised agreed rate on new housing loans was in June 0.73%.

In the second quarter of 2020, housing loan drawdowns declined by 10% on the period April-June 2019. For the first half of the year as a whole, drawdowns of new housing loans were only slightly lower (0.4%) than in the corresponding period a year earlier.



At the end of June 2020, the stock of euro-denominated housing loans totalled EUR 101.5 bn and the annual growth rate of the stock was 2.6%. Household credit at end-June comprised EUR 16.7 bn in consumer credit and EUR 17.9 bn in other loans.

New drawdowns of loans to non-financial corporations (excl. overdrafts and credit card credit) amounted in June to EUR 1.9 bn. The average interest rate on new corporate-loan drawdowns declined from May 2020, to 1.84 %. At the end of June, the stock of euro-denominated loans to non-financial corporations was EUR 96.9 bn, of which loans to housing corporations accounted for EUR 36.3 bn.


The stock of Finnish households’ deposits at end-June 2020 totalled EUR 100.5 bn and the average interest rate on the deposits was 0.07%. Overnight deposits accounted for EUR 87.8 bn and deposits with agreed maturity for EUR 4.4 bn of the deposit stock. In June, households concluded EUR 0.2 bn of new agreements on deposits with agreed maturity, at an average interest rate of 0.15%.

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

  April, EUR million May, EUR million June, EUR million June, 12-month change1, % Average interest rate, %
Loans to households2, stock 135,165 135,590 136,068 3,0 1,43
    - of which housing loans 100,878 101,152 101,488 2,6 0,88
Loans to non-financial corporations2, stock  96,158 97,283 96,941 10,9 1,31
Deposits by households2, stock 102,637 104,046 104,768 6,9 0,07
Households' new drawdowns of housing loans 1,447 1,489 1,827   0,73

* Includes euro-denominated loans and deposits to euro area.
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)bof.fi,

Markus Aaltonen, tel. +358 9 183 2395, email: markus.aaltonen(at)bof.fi.

The next news release will be published at 1 pm on 31 August 2020.

Related statistical data and graphs are also available on the Bank of Finland website: https://www.suomenpankki.fi/en/Statistics/mfi-balance-sheet/.