Suomen Pankki

More student loan drawdowns in January than ever before

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In January 2021[1] new student loan drawdowns amounted to EUR 327 million, which was 6% more than in the same period a year earlierand more than ever before in a single month. The average interest on the student loans drawn down in January was at a record low (0.21%). Euribor-linked loans accounted for 93% of all the new drawdowns, with an average interest of 0.16%.

The increase in the number of drawdowns has meant rapid growth in recent years in the stock of student loans. At the end of January, the stock of student loans stood at EUR 4.9 billion, with an annual growth rate of 14.6%. The stock of student loans has almost doubled since the reform of student financial aid that came into effect in 2017.

In addition to the increase in the size of loan tranches as a result of the reform of student financial aid, the stock of student loans has also been augmented by an increase in the number of borrowers. The total number of people with outstanding student loan debt has grown rapidly in recent years. According to the statistics of the Social Insurance Institution, in 2019–2020 there were 462,000 people with student debt, when three years earlier there were 84,000 less. The current low interest rates have also supported the popularity of student loans.

Loans

In January, households drew down new housing loans to a value of EUR 1.4 billion, or EUR 30 million more than the same month last year. At the end of January, the stock of euro-denominated housing loans stood at EUR 103.8, and annual growth in the housing loan stock was 3.6%. Of all household loans at the end of January, EUR 16.6 billion were consumption loans, while other loans totalled EUR 18.5 billion. New corporate loan drawdowns (excl. overdrafts and card credit) in January totalled EUR 1.1 billion. The average interest on these loans was up on December 2020, and stood at 2.16%. At the end of January, the stock of euro-denominated corporate loans stood at EUR 96.6 billion, of which the share of loans to housing corporations accounted for EUR 37.4 billion.

Deposits

The stock of Finnish households’ deposits at the end of January totalled EUR 104.2 billion, and the average interest rate on the deposits was 0.05%. Of the total, overnight deposits accounted for EUR 93.9 billion, while deposits with agreed maturity accounted for EUR 3.6 billion. In January, households concluded new agreements on deposits with agreed maturity to a total value of EUR 75 million, at an average interest rate of 0.22%.

For further information, please contact:

Markus Aaltonen, tel. +358 9 183 2395, email: markus.aaltonen(at)bof.fi,

Ville Tolkki, tel. +358 9 183 2420, email: ville.tolkki(at)bof.fi.

The next news release will be published at 10 a.m. on 31 March 2021.

Related statistical data and graphs are also available on the Bank of Finland website at: https://www.suomenpankki.fi/en/Statistics/mfi-balance-sheet/.

[1]The spring semester loan tranche became available for drawdown in January.

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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.

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