Annual growth of corporate loan stock 4.4% in July
Loans
Households’ new drawdowns of housing loans amounted to EUR 1.6 bn in July 2011, which was EUR 0.3 bn less than in June 2011 and EUR 0.1 bn more than in July 2010. The average interest rate on new housing loan drawdowns rose 0.07 percentage point, to 2.67%. In July, 81% of new housing loan agreements were tied to a Euribor rate. However, banks’ own reference rates have been increasingly used throughout the year; 13% of new housing loans were tied to prime rates in July 2011. The stock of euro-denominated MFI housing loans to households grew by 0.4 bn on June, to EUR 79.5 bn at end-July. The annual growth rate of the stock of housing loans to households remained unchanged at 6.6%. The average interest rate on the housing loan stock rose by 0.06 percentage point on June, to 2.43% in July.
New loan agreements with non-financial corporations totalled EUR 7.0 bn in July 2011, which was EUR 0.9 bn less than in June 2011 and EUR 0.2 bn more than in July 2010. The average interest rate on new loan agreements fell to 2.75% in July, from 2.80% in June. The stock of euro-denominated loans to non-financial corporations expanded throughout the first half of the year, and in July the stock grew by EUR 0.3 bn. The annual growth rate of the stock rose to 4.4%, compared to 3.9% in June. At end-July 2011, the stock of euro-denominated loans to non-financial corporations totalled EUR 59.0 bn. The average interest rate on the stock increased by 0.09 percentage point, to 2.87%.
Deposits
Household deposits increased EUR 0.7 bn in July, to EUR 80.8 bn. The average interest rate on total deposits was 0.99%. The average interest rate on new deposits with agreed maturity fell by 0.08 percentage point, to 2.22%.
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
| May, EUR million |
June, EUR million |
EUR million |
July, 12-month change1, %
|
Average interest rate, % | |
| Loans to households2, stock | 106.058 | 106.731 | 107.204 | 5.6 | 2.81 |
| - of which housing loans | 78.495 | 79.102 | 79.539 | 6.6 | 2.43 |
| Loans to non-financial corporations2, stock | 58.362 | 58.672 | 58.951 | 4.4 | 2.87 |
| Deposits by households2, stock | 79.323 | 80.113 | 80.822 | 5.5 |
0.99 |
| Households' new drawdowns of housing loans | 1.999 | 1.959 | 1.626 | – | 2.67 |
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.
- Euro-denominated deposits and loans of euro area residents: stock, 12 month rate of change and average interest rate
- Euro-denominated loans and deposits of Finnish households
- New business on loans and new drawdowns of household loans
- Finnish contribution to the euro area monetary aggregates and their main counterparts
- Analytical accounts of the banking sector (MFIs) in Finland
More information:
Kimmo Koskinen, tel. +358 10 831 2546, email: kimmo.koskinen(at)bof.fi
Hanna Häkkinen, tel. +358 10 831 2552, email: hanna.hakkinen(at)bof.fi
Jussi Pajunen, tel. +358 10 831 2343, email: jussi.pajunen(at)bof.fi
The next news release will be published at 1 pm on 30 September 2011.