Interest rates on new housing loans unchanged in June
Loans
Households’ new drawdowns of housing loans amounted to EUR 2.0 bn in June 2011, which is as much as in May and EUR 0.1 bn more than a year ago in June. The average interest rate on new housing loan drawdowns remained almost unchanged on May, at 2.60%. The stock of euro-denominated MFI housing loans to households grew by EUR 0.6 bn on May, to EUR 79.1 bn at end-June. The annual growth rate of the stock of housing loans remained virtually unchanged in June, declining 0.3 percentage point to 6.6%. The average interest rate on the stock of housing loans increased by 0.07 percentage point on May, to 2.36% at end-June. The popularity of housing loans tied to banks’ own reference rates continued to increase moderately in June. Of the new drawdowns of housing loans in June, 11% were tied to prime rates and 83% were tied to Euribor rates.
New loan agreements with non-financial corporations in June totalled EUR 8.0 bn, which is EUR 0.9 bn more than in May. The average interest rate on new loan agreements increased to 2.78% in June, from 2.64% in May. The stock of euro-denominated loans to non-financial corporations increased by EUR 0.3 bn, to EUR 58.7 bn at end-June. The annual growth rate of the stock of loans to non-financial corporations remained unchanged at 4.0%, and the average interest rate on the stock increased by 0.08 percentage point to 2.78%.
Deposits
Household deposits increased by EUR 0.8 bn in June. Both total overnight deposits and total deposits with agreed maturity grew by EUR 0.4 bn in June. The month-end total of household deposits was EUR 80.1 bn, and the average interest rate was 0.97%. Households’ new agreements on deposits with agreed maturity totalled EUR 2.4 bn. The average interest rate on new deposits with agreed maturity rose in June by 0.08 percentage point to 2.30%.
In April–June 2011, households' new long-term savings agreements totalled 2,129, and by the end of June, households had made a total of 14,123 long-term savings agreements. At the end of June, households’ long-term savings accounts amounted to EUR 16.7 million. The majority of the savings (54%) are invested in fund shares.
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
| April, EUR million |
May, EUR million |
EUR million |
June, 12-month change1, % |
Average interest rate, % | |
| Loans to households2, stock | 105.421 | 106.058 | 106.731 | 5.7 | 2.74 |
| - of which housing loans | 77.976 | 78.495 | 79.102 | 6.6 | 2.36 |
| Loans to non-financial corporations2, stock | 57.970 | 58.362 | 58.687 | 4.0 | 2.78 |
| Deposits by households2, stock | 79.527 | 79.323 | 80.113 | 5.1 |
0.97 |
| Households' new drawdowns of housing loans | 1.634 | 1.999 | 1.959 | – | 2.60 |
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
Jussi Pajunen, tel. +358 10 831 2343, email: jussi.pajunen(at)bof.fi
The next news release on money and banking statistics will be published on 31 August 2011, at 1 pm.