Financial Market Statistics, March 2017:
Increased growth rate for household loans in March
Statistical news from Statistics Sweden 2017-05-02 9.30
In March, households’ loans from monetary financial institutions (MFIs) had an annual growth rate of 7.3 percent, which means that the growth rate increased by 0.1 percentage points compared with February. Households’ loans from MFIs totalled SEK 3 584 billion in March. This is an increase of SEK 21 billion compared with the previous month and SEK 240 billion compared with the corresponding month last year.
In March, households’ housing loans amounted to SEK 2 944 billion. This is an increase of SEK 17 billion compared with the previous month and SEK 206 billion compared with the corresponding month last year. Housing loans thus had an unchanged annual growth rate of 7.6 percent in March.
Households’ loans for consumption had a growth rate of 7.2 percent in March, which is an increase compared with February, when it was 5.9 percent. The growth rate for loans with other collateral was 5.2 percent in March, which is an increase of 0.2 percentage points compared with the previous month. Household consumption credits and loans with other collateral totalled SEK 190 billion and SEK 450 billion respectively.
Growth rate for corporate loans increased
In March, the annual growth rate for loans to non-financial corporations was 5.3 percent, which is an increase of 0.4 percentage points compared with the previous month. Lending by MFIs to non-financial corporations totalled SEK 2 122 billion.
Multi-dwelling buildings is the most common form of security for lending to non-financial corporations and amounted to SEK 685 billion in March. Unsecured credit to enterprises amounted to SEK 373 billion and loans to tenant-owner associations, which are considered non-financial corporations, amounted to SEK 428 billion.
Interest rate for housing loans increased
The average interest rate for housing loans for new agreements was 1.59 percent in March, which means that it rose compared with February, when it was 1.58 percent. The floating interest rate for housing loans remained unchanged and amounted to 1.58 percent.
In March, the average interest rate for new bank deposits by households was 0.07 percent, which means that it remained unchanged from February. 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 March.
The average interest rate for loans for new agreements to corporations rose from 1.30 percent in February to 1.33 percent in March. The floating rate also increased from the previous month, and amounted to 1.32 percent in March.
The average interest rate for new bank deposits to corporations amounted to 0.01 percent in March, which means that it remained unchanged compared with February. Interest rates on accounts with fixed periods or limited number of withdrawals rose from -0.04 percent in February to 0.06 percent in March.
| 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 | |
|---|---|---|---|---|---|
Mar-16 |
1.85% | 1.61% | 7.5% | 1.39% | 4.1% |
Feb-17 |
1.88% | 1.58% | 7.2% | 1.30% | 4.9% |
Mar-17 |
1.88% | 1.59% | 7.3% | 1.33% | 5.3% |
Higher growth rate for M1 and M3
The growth rate for the broad monetary aggregate, M3, increased from 8.2 percent in February to 9.2 percent in March. In total, the M3 amounted to SEK 3 136 billion.
The annual growth rate for the narrow monetary aggregate, M1, amounted to 11.0 percent in March, which is an increase compared with February, when it was 9.3 percent. The M1 amounted to SEK 2 595 billion in March.
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
2017-05-29 at 09:30.
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