Statistics 28 February 2011 1:00 PM

Interest rates on new housing loans unchanged in January

 

New drawdowns of housing loans 2005-2009Loans

Households’ new drawdowns of housing loans amounted to EUR 1.2 bn in January 2011, which was EUR 0.2 bn less than in December and EUR 0.2 bn more than a year ago in January. The average interest rate on new housing loan drawdowns remained unchanged at 2.17%. The stock of euro-denominated MFI housing loans to households expanded by EUR 0.1 bn on December, to EUR 76.9 bn at end-January. The annual growth rate of the stock of housing loans rose to 6.9%, from 6.8% in December. The average interest rate on the stock of housing loans rose by 0.01 percentage point from December, to 2.06% in January.

New loan agreements made with non-financial corporations in January totaled EUR 5.4 bn, which is EUR 1.8 bn less than in December. The average interest rate on the new agreements increased by 0.09 percentage point to 2.58%. The stock of euro-denominated loans to non-financial corporations expanded by EUR 0.6 bn, to EUR 57.1 bn at end-January, and its annual growth rate declined to 4.4%, from 4.8% in December. The average interest rate on the stock of loans to non-financial corporations remained virtually unchanged in January, at 2.47%.

 

Deposits

The stock of household deposits contracted by EUR 0.3 bn on December, to EUR 77.4 bn at end-January. The average interest rate on the stock of household deposits was 0.88%. In January, households made new deposits with agreed maturity in the amount of EUR 2.3 bn. The average interest rate on new deposits with agreed maturity increased by 0.10 percentage point to 1.86%.

 
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
  November,
EUR million		 December,
EUR million
EUR million		 January,
12-month change1, %

 
Average interest rate, %
Loans to households2, stock 103.943
 104.273
 104.383
 6.1 2.46
    - of which housing loans 76.436 76.747 76.885 6.9 2.06
Loans to non-financial corporations2, stock 57.014 56.471
 57.112
 4.4 2.47
Deposits by households2, stock 76.048  77.764
 77.447
 4.2 0.88
Households' new drawdowns of housing loans 1.679 1.433
 1.204 – 2.17

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.

More information:
Elina Salminen, tel. +358 10 831 2343, email: elina.salminen(at)bof.fi
Kimmo Koskinen, tel. +358 10 831 2546, email: Kimmo.koskinen(at)bof.fi
Olli Alanko, tel. +358 10 831 2456, email: olli.alanko(at)bof.fi
Hanna Häkkinen, tel. +358 10 831 2552, email: hanna.hakkinen(at)bof.fi

The next news release will be published at 1 pm on Thursday 31 March 2011.

You can also subscribe to the monthly Loans, deposits and interest rates –newsletter to your email from the Bank of Finland website