Suomen Pankki

Slower growth in the stock of housing corporation loans


In August 2019, the stock of loans to housing corporations grew at an annual rate of 9.8%. The growth rate was below 10% for the third consecutive month and has not been this low for three years. Despite the moderation, the growth rate is still brisk, and in August the stock of housing corporation loans surpassed a record-breaking level of EUR 34 bn.

The slower growth rate of the loan stock is due to a decline in the volume of drawdowns of housing corporation loans. In January–August 2019, housing corporations drew down EUR 3.9 bn in new loans, a decrease of 8% on the same period a year earlier. In August 2019, the drawdowns totalled EUR 410 bn, which was one-fifth less than a year earlier. The decline in loan drawdowns is partly attributable to a contraction in residential construction.

 According to Statistics Finland, EUR 16.8 bn of housing corporation loans were borne by households in june 2019. In connection with the financial accounts data published on 27 Septmber 2019, Statistics Finland reviewed the method for calculating households’ participation in these loans. As a result, there was a downward revision to the share of housing company loans borne by households.


Households’ new drawdowns of housing loans in August 2019 amounted to EUR 1.7 bn, slightly up on the corresponding period a year earlier. At the end of August, the stock of euro-denominated housing loans totalled EUR 99.4 bn and the annual growth rate of the stock was 2.3%. Household credit at end-August comprised EUR 16.3 bn in consumer credit and EUR 17.6 bn in other loans. New drawdowns of loans to non-financial corporations (excl. overdrafts and credit card credit) amounted in August to EUR 1.6 bn. The average interest rate on new corporate-loan drawdowns rose from July, to 2.39%. At the end of August, the stock of euro-denominated loans to non-financial corporations was EUR 88.9 bn, of which loans to housing corporations accounted for EUR 34.0 bn.


The stock of household deposits by Finnish households at the end of August totalled EUR 94.3 bn and the average interest rate on the deposits was 0.11%. Overnight deposits accounted for EUR 81.1 bn and deposits with agreed maturity for EUR 5.1 bn of the deposit stock. In August, households concluded EUR 0.2 bn of new agreements on deposits with agreed maturity, at an average interest rate of 0.28%.

For further information, please contact:

Olli Tuomikoski, tel. +358 9 183 2146, email: olli.tuomikoski(at),

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

The next news release will be published at 1 pm on 31 October 2019.

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



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

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