Financial Market Statistics, January 2017:
Growth rate unchanged for households’ loans
Statistical news from Statistics Sweden 2017-02-27 9.30
In January, the annual growth rate of households’ loans from monetary financial institutions (MFIs) was 7.2 percent, which means that the rate remained unchanged compared with December. In total, households’ loans from MFIs amounted to SEK 3 549 billion in January. This is an increase of SEK 16 billion compared with the previous month and SEK 235 billion compared with the corresponding month last year.
In January, households’ housing loans amounted to SEK 2 913 billion. This is an increase of SEK 11 billion compared with the previous month and an increase of SEK 205 billion compared with the corresponding month last year. Housing loans thus had an annual growth rate of 7.6 percent in January, a decrease of 0.1 percentage points compared with December.
Households’ loans for consumption had a growth rate of 6.6 percent in January, which is an increase compared with December, when it was 5.8 percent. The growth rate for loans with other collateral was 4.8 percent in January, which means that the rate remained unchanged compared with the previous month. Household consumption credits and loans with other collateral totalled SEK 190 billion and SEK 445 billion respectively.
Growth rate for corporate loans decreased
In January, the annual growth rate was 4.6 percent for loans to non-financial corporations, which is a decrease of 0.5 percentage points compared with the previous month. Lending by MFIs to non-financial corporations totalled SEK 2 138 billion.
Multi-dwelling buildings is the most common form of security for lending to non-financial corporations and amounted to SEK 675 billion in January. Unsecured credit to enterprises amounted to SEK 368 billion and loans to tenant-owner associations, which are considered non-financial corporations, amounted to SEK 419 billion.
Housing loan interest rate increased in January
The average interest rate for housing loans for new agreements was 1.58 percent in January, which is an increase compared with December, when the average interest rate was 1.57 percent. The floating rate for housing loans also rose, from 1.57 percent in December to 1.58 percent in January.
In January, the average interest rate for new bank deposits by households was 0.07 percent, which means it remained unchanged from December. The interest rate on accounts with fixed periods or a limited number of free withdrawals also remained unchanged and amounted to 0.09 percent in January.
The average interest rate for loans for new agreements to corporations rose from 1.27 percent in December to 1.34 percent in January. The floating interest rate rose from 1.18 percent in December to 1.28 percent in January.
The average interest rate for new bank deposits to corporations amounted to 0.01 percent in January, which means it remained unchanged compared with December. Interest rates on accounts with fixed periods or a limited number of free withdrawals decreased from 0.03 percent in December to minus 0.12 percent in January.
This is the first time an aggregated interest rate on deposits from corporations is negative.
| Interest rate, new agreements to households | Households' interest rates for housing loans for new agreements | Growth rate, lending to households | Interest rate, new agreements to non-financial corporations | Growth rate, lending to non-financial corporations | |
|---|---|---|---|---|---|
|
Jan-16
|
1.90% | 1.63% | 7.5% | 1.42% | 4.5% |
|
Dec-16
|
1.81% | 1.57% | 7.2% | 1.27% | 5.1% |
|
Jan-17
|
1.88% | 1.58% | 7.2% | 1.34% | 4.6% |
Increased growth rate for M1 and M3
The growth rate for the broad measure of money supply, M3, increased from 7.3 percent (revised) in December to 9.0 percent in January. In total, the M3 amounted to SEK 3 104 billion in January.
The annual growth rate for the narrow monetary aggregate, M1, amounted to 9.6 percent in January, which is an increase compared with December, when it was 8.8 percent. M1 amounted to SEK 2 527 billion in January.
The M1 consists of the general public’s holdings of bank notes and coins as well as demand deposits by the general public in MFIs and with the central government. In addition to the M1, the M3 includes deposits with certain conditions, repos, shares in money market funds, and short-term securities.
Definitions and explanations
Statistics Sweden compiles monthly financial market statistics on behalf of the Riksbank. These statistics are based mainly on reporting by Monetary Financial Institutions (MFIs). The MFI sector consists of banks, housing credit institutions, finance companies, institutions financing municipalities and companies, monetary securities companies and monetary investment funds (money market funds).
Next publishing will be
2017-03-27 at 09:30.
Feel free to use the facts from this statistical news but remember to state Source: Statistics Sweden.