Statistics 31 May 2013 1:00 PM

Upturn in annual growth of corporate loan stock

Housing loansThe annual growth rate of the stock of loans to non-financial corporations (incl. loans to housing corporations) picked up in April 2013 in Finland. This was mainly due to growth in the stock of loans to housing corporations, even though these loans account for about one fourth of the total corporate loan stock. In Finland the annual growth rate of the stock of housing corporation loans was 13.1% and that of the stock of corporate loans was 2.0% in April. The average interest rate on new finnish corporate loan agreements was 2.17%, while that on new loan agreements with housing corporations was 1.74%.

 

Loans

Households’ new drawdowns of housing loans amounted to EUR 1.3 bn in April 2013, which is EUR 0.4 bn less than a year earlier. The average interest rate on new housing-loan drawdowns was 2.04%, slightly up on March. At end-April the stock of euro-denominated housing loans was EUR 87 bn and the average interest rate on the stock was 1.51%. The annual growth rate of the housing loan stock moderated further in April, to 4.7%. 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 to EUR 2.5 bn in April, which is about EUR 0.3 bn less than in April 2012. The average interest rate on new corporate-loan drawdowns rose by 0.04 percentage point from March, to 2.13%. At end-April the stock of euro-denominated loans to non-financial corporations was EUR 65 bn, of which loans to housing corporations accounted for EUR 16 bn. The annual growth rate of the corporate loan stock accelerated slightly from March – by 0.2 percentage point – to 3.9%.

 

Deposits

At end-April the stock of household deposits amounted to EUR 82 bn. The average interest rate on the stock was 0.59%. Overnight deposits accounted for EUR 49 bn and deposits with agreed maturity for EUR 18 bn of the total deposit stock. In April households concluded EUR 1.6 bn of new agreements on deposits with agreed maturity. The average interest rate on these was 1.14%.


Notes:
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 114,835 115,057 114,962 4.0 1.91
    - of which housing loans 86,535 86,709 86,815 4.7 1.51
Loans to non-financial corporations2, stock 63,973 64,010 64,719 3.9 1.91
Deposits by households2, stock 81,701 82,274 82,210 -0.6 0.59
Households' new drawdowns of housing loans 1,282 1,090 1,301 – 2.04

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
Jaakko Suni, tel. +358 10 831 2454, email: jaakko.suni (at)bof.fi

The next news release will be published at 1 pm on 28 June 2013.

Related statistical data and graphs are also available on the Bank of Finland website:  http://www.suomenpankki.fi/fi/tilastot/Pages/default.aspx.
 

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