Suomen Pankki

Housing loan drawdowns lower and holiday cottage loan drawdowns higher than normal in May


Drawdowns of new housing loans amounted to EUR 1.5 bn in May 2020, a decline of 22% on May 2019. Housing loan drawdowns in May have last been below this amount in 2015. The annualised agreed rate was 0.75%, unchanged on April 2020.

Despite the low level of housing loan drawdowns in April and May 2020, annual growth in the housing loan stock (2.8%) has not moderated. This is partly due to the extensive use of interest-only periods for housing loans. After a record surge in April, however, the volume of renegotiated housing loan agreements [1] fell back to almost normal levels in May.

In May 2020, the average repayment period of new housing loans surpassed 21 years for the first time and was 21 years 4 months. Over 70% of new housing loans in May were with a maturity of over 20 years. Loans with longer maturities (over 29 years) accounted for 9% of new housing loans, compared with 5% a year earlier in May.

May 2020 proved exceptionally busy for drawdowns of loans for holiday residences (holiday cottage loans). Drawdowns of new holiday residence loans totalled EUR 117 million, an increase of 26% on May a year earlier. Drawdowns of these loans have last been higher month-on-month in June 2011. June has almost without exception been the busiest month for drawdowns every year. In May 2020, the average interest rate on new holiday residence loans was 0.93% and the average repayment period was 18 months 4 years.


At the end of May 2020, the stock of euro-denominated housing loans totalled EUR 101.2 bn and the annual growth rate of the stock was 2.8%. Household credit at end-May comprised EUR 16.6 bn in consumer credit and EUR 17.8 bn in other loans.

New drawdowns of loans to non-financial corporations (excl. overdrafts and credit card credit) in May amounted to EUR 1.8 bn. The average interest rate on new corporate loan drawdowns rose from April, to 1.99%. At the end of May, the stock of euro-denominated corporate loans totalled EUR 97.3 bn, of which loans to housing corporations accounted for EUR 36.2 bn.


The stock of deposits by Finnish households at end-May totalled EUR 99.7 bn and the average interest rate on the deposits was 0.09%. Overnight deposits accounted for EUR 87.1 bn and deposits with an agreed maturity for EUR 4.4 bn of the deposit stock. In May, households concluded EUR 0.4 bn of new agreements on deposits with an agreed maturity, at an average interest rate of 0.07%.

For further information, please contact:

Markus Aaltonen, tel. +358 9 183 2395, email: markus.aaltonen(at)
Ville Tolkki, tel. +358 9 183 2420, email: ville.tolkki(at)

The next news release will be published at 1 pm on 31 July 2020.

Related statistical data and graphs are also available on the Bank of Finland website:

1 The volume of renegotiated agreements excludes interest-only periods agreed in the terms of original loan agreements.




About Suomen Pankki

Suomen Pankki
Suomen Pankki
Snellmaninaukio, PL 160

09 1831

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

Inlåningen från hushållen i Finland ökade till över 100 miljarder euro13.8.2020 13:00:00 EESTUutinen

Inlåningen [1] från hushållen i Finland översteg 100 miljarder euro och uppgick till 100,4 miljarder euro vid slutet av juni 2020. Merparten (87,8 md euro) av hushållens tillgångar på inlåningskonton bestod av insättningar på transaktionskonton [2] (inlåning över natten). Också den ökade inlåningen har redan en längre tid huvudsakligen berott på att de finansiella tillgångarna på transaktionskonton ökat. Den tidsbundna inlåningen har redan länge minskat och ökningen i övrig inlåning har varit måttlig. Hushållens tillgångar i tidsbunden inlåning uppgick till 4,4 miljarder euro och övrig inlåning 8,3 miljarder euro. I juni var genomsnittsräntan på den sammanlagda inlåningen 0,07 %. Genomsnittsräntan på transaktionskonton var 0,04 % och på tidsbunden inlåning 0,50 %. Efter utgången av mars 2020 har inlåningen från de finländska hushållen ökat med 3,6 miljarder euro, varav 3,5 miljarder euro härrörde från hushållens ökade finansiella tillgångar på transaktionskonton. Inlåningen ökade kraft

Suomalaisten kotitalouksien talletukset kasvoivat yli 100 mrd. euron13.8.2020 13:00:00 EESTUutinen

Suomalaisten kotitalouksien talletuskanta [1] ylitti 100 mrd. euroa ja oli 100,4 mrd. euroa kesäkuun 2020 lopussa. Kotitalouksien talletustileillä olevista varoista suurin osa (87,8 mrd. euroa) oli käyttelytileillä [2] (yön yli -talletukset). Myös talletuskannan kasvu on ollut pitemmän aikaa suurimmaksi osaksi rahoitusvarojen kasvua käyttelytileillä. Määräaikaistalletusten kanta on jo pitkään supistunut, ja muut talletukset ovat kasvaneet maltillisesti. Määräaikaistalletuksia kotitalouksilla oli 4,4 mrd. euroa ja muita talletuksia 8,3 mrd. euroa. Kesäkuussa yhteenlasketun talletuskannan keskikorko oli 0,07 %. Käyttelytilien keskikorko oli 0,04 % ja määräaikaistalletusten kannan 0,50 %. Maaliskuun 2020 lopun jälkeen suomalaisten kotitalouksien talletuskanta on kasvanut 3,6 mrd. euroa, josta 3,5 mrd. euroa oli rahoitusvarojen kasvua käyttelytileillä. Talletukset kasvoivat runsaasti huhti- ja toukokuussa 2020, jolloin vuoden 2019 lopulta hidastunut talletuskannan vuosikasvuvauhti kiihtyi

Finnish households’ deposits exceeded EUR 100 billion13.8.2020 13:00:00 EESTUutinen

Finnish households’ deposit stock [1] exceeded EUR 100 billion to stand at EUR 100.4 billion at the end of June 2020. The majority (EUR 87.8 bn) of households’ assets on deposit accounts were on transaction accounts [2] (overnight deposits). The growth of the deposit stock has also primarily consisted of the growth of assets on transaction accounts for a long time. The stock of deposits with an agreed maturity has contracted for a long time, while other deposits have grown moderately. Households held a total of EUR 4.4 billion of deposits with an agreed maturity and EUR 8.3 billion of other deposits. In June, the average interest rate on the deposit stock as a whole was 0.07%. The average interest rate on transaction accounts was 0.04%, as opposed to 0.50% for deposits with an agreed maturity. After the end of March 2020, Finnish households’ deposit stock has grown by EUR 3.6 billion, EUR 3.5 billion of which consisted of the growth of financial assets on transaction accounts. Deposits

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