Housing loan drawdowns brisk in October
30.11.2020 13:00:00 EET | Suomen Pankki | Press release
Drawdowns of new housing loans in October 2020 totalled EUR 2 bn, an increase of 5.5% on October a year earlier. On a monthly level, housing loan drawdowns have last been this high in May 2011. Despite the decline in the spring, the current year has been brisk for drawdowns of housing loans. In January–October 2020, new drawdowns were 2% higher than in the same period a year earlier. The annualised agreed rate on new housing loans fell slightly from September, to 0.71% in October 2020.
Annual growth in the housing loan stock has picked up, to over 3% in October 2020. In addition to the ample borrowing in early 2020 and recent months, growth has been driven by the popularity of interest-only periods in the spring. The stock of euro-denominated housing loans in October totalled EUR 103.0 bn.
Growth in the housing loan stock has partly been underpinned by longer repayment periods. In October 2020, the average repayment period of new housing loans lengthened slightly and was 21 years and 5 months. The most typical repayment period for new housing loans in Finland is 24–26 years. Such loans accounted in October for slightly over half of all new housing loans, while loans with longer repayment periods (over 29 years) accounted for 10.4%.
Loans
At the end of October, household credit comprised EUR 16.7 bn in consumer credit and EUR 18.4 bn in other loans. Drawdowns of new loans to non-financial corporations (excl. overdrafts and credit card credit) totalled EUR 1.9 bn. The average interest rate on new corporate loan drawdowns declined from September, to 2.16%. At the end of October, the stock of euro-denominated loans to non-financial corporations totalled EUR 97.3 bn, of which loans to housing corporations accounted for EUR 37.0 bn.
Deposits
The stock of Finnish households’ deposits at the end of October 2020 totalled EUR 103.4 bn and the average interest rate on the deposits was 0.07%. Overnight deposits accounted for EUR 91.0 bn and deposits with an agreed maturity for EUR 3.9 bn of the deposit stock. In October, households concluded EUR 0.1 bn of new agreements on deposits with agreed maturity, at an average interest rate of 0.23%.
For further information, please contact:
Ville Tolkki, tel. +358 9 183 2420, email: ville.tolkki(at)bof.fi
Anu Karhu, tel. +358 9 183 2228, email: anu.karhu(at)bof.fi
The next news release will be published at 1 pm on 7 January 2021.
Related statistical data and graphs are also available on the Bank of Finland website: https://www.suomenpankki.fi/en/Statistics/mfi-balance-sheet/.
Images
Links
About Suomen Pankki
The Bank of Finland is the national monetary authority and central bank of Finland. At the same time, it is also a part of the Eurosystem, which is responsible for monetary policy and other central bank tasks in the euro area and administers use of the world’s second largest currency – the euro.
Subscribe to releases from Suomen Pankki
Subscribe to all the latest releases from Suomen Pankki by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Suomen Pankki
Exporten stöder den ekonomiska tillväxten i Kina i år5.5.2026 16:00:00 EEST | Pressmeddelande
Enligt den officiella statistiken har den årliga tillväxttakten i den kinesiska ekonomin varit 5 % i fjol och under första kvartalet i år. Tillväxten har kraftigt vilat på exporten, då utvecklingen av den inhemska efterfrågan och investeringarna har varit dämpad.
Vienti tukee Kiinan talouden kasvua tänä vuonna5.5.2026 16:00:00 EEST | Tiedote
Kiinan talous kasvoi viime vuonna sekä tämän vuoden ensimmäisellä neljänneksellä virallisten tilastojen mukaan 5 % vuoden takaa. Kasvu on nojannut vahvasti vientiin, kun kotimainen kulutus sekä investoinnit ovat kehittyneet vaimeasti.
Exports support China’s economic growth this year5.5.2026 16:00:00 EEST | Press release
China’s official figures show the economy grew at an annual rate of 5 percent last year and in the first quarter of this year. Growth came largely from strong exports as the domestic consumption and fixed investment were subdued.
Riksdagens bankfullmäktige reser till USA4.5.2026 11:15:00 EEST | Pressmeddelande
Bankfullmäktige reser till Washington D.C. och New York den 3–8 maj 2026. Under resan träffar bankfullmäktige den högsta ledningen för amerikanska centralbanken Federal Reserve och dess regionala bank i New York samt för Internationella valutafonden (IMF). Under dessa besök informerar sig bankfullmäktige om bland annat framtidsutsikterna för den amerikanska ekonomin och den globala ekonomin, USA:s penning- och finanspolitik samt den senaste utvecklingen inom den finansiella sektorn och det internationella finansiella systemet.
Eduskunnan pankkivaltuusto matkustaa Yhdysvaltoihin4.5.2026 11:15:00 EEST | Tiedote
Pankkivaltuusto matkustaa Washington D.C:hen ja New Yorkiin 3.–8.5.2026. Matkan aikana pankkivaltuusto tapaa Yhdysvaltain keskuspankkijärjestelmän ja sen New Yorkin aluepankin sekä Kansainvälisen valuuttarahaston (IMF) ylintä johtoa. Pankkivaltuusto perehtyy näissä tapaamisissa muun muassa Yhdysvaltain ja globaalin talouden näkymiin, Yhdysvaltain raha- ja finanssipolitiikkaan sekä rahoitussektorin ja kansainvälisen rahoitusjärjestelmän viimeaikaiseen kehitykseen.
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom