2024-02-27
Balance Sheet and Interest Rates of Monetary Financial Institutions, January 2024
Today, the Bank of Lithuania published the monetary financial institution (MFI) balance sheet and interest rate data for January 2024, which show that:
deposits of Lithuanian residents with credit institutions decreased1 by €362.4 million, or 0.9% over the month (their annual growth rate2 was 6.6%). Deposits of Lithuanian households and non-financial corporations declined by €574.0 million (2.5%) and €132.8 million (1.2%) respectively (their annual growth rates stood at 6.6% and 5.7% respectively). At the end of the month, household and non-financial corporation deposits amounted to €22.3 billion and €10.9 billion respectively. General government deposits increased by €487.7 million in January to stand at €5.1 billion at the end of the month, whereas financial sector3 deposits fell by €143.2 million and amounted to €942.8 million (see Chart 1);
| Chart 1. Deposits of Lithuanian residents, excluding MFIs, with other MFIs (outstanding amounts, end-of-period) |
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overnight deposits of Lithuanian households and non-financial corporations with credit institutions decreased by €848.6 million and €85.1 million respectively over the month, or 5.3% and 0.9%. At the end of the month, the outstanding amounts of overnight deposits of these sectors stood at €15.3 billion and €9.0 billion respectively. Deposits with agreed maturity of households held with credit institutions grew by €265.5 million, or 4.0%, with the outstanding amounts at €6.9 billion. Deposits with agreed maturity of non-financial corporations fell by €47.0 million, or 2.5%, with the outstanding amounts at €1.8 billion;
loans granted by credit institutions to Lithuanian residents decreased by €110.8 million, or 0.4%, month on month (their annual growth rate was 3.7%). Loans to Lithuanian non-financial corporations decreased by €99.3 million, or 0.9%, whereas those to households grew by €60.8 million, or 0.4% (their annual growth rates stood at 6.3% and 6.8% respectively). Loans to the financial sector and general government decreased by €48.9 million and €23.3 million respectively. At the end of January 2024, loans to these sectors amounted to €10.6 billion, €14.6 billion, €1.5 billion and €359.7 million respectively (see Chart 2);
| Chart 2. Loans granted by other MFIs to Lithuanian residents, excluding MFIs (outstanding amounts, end-of-period) |
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loans for house purchase and consumption granted by credit institutions to Lithuanian households increased by €43.7 million and €19.1 million, or 0.4% and 1.8% respectively month on month, whereas loans for other purposes decreased by €2.0 million, or 0.2%. The outstanding amounts of these loans totalled €12.1 billion, €1.1 billion and €1.3 billion respectively (see Chart 3), and their annual growth rates stood at 6.1%, 19.3% and 3.1% respectively;
| Chart 3. Loans granted by other MFIs to Lithuanian households (outstanding amounts, end-of-period) |
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interest rates4 on new business of loans5 granted to households by credit institutions went up by 0.06 percentage points to 6.88%. Interest rates on loans for house purchase rose by 0.08 percentage points, while those on loans for consumption and other purposes by 0.06 percentage points each. In January 2024, interest rates on these loans comprised 5.71%, 9.76% and 8.02% respectively (see Chart 4);
| Chart 4. Interest rates on new business loans for households |
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interest rates on new business of household deposits with agreed maturity held with credit institutions went up by 0.05 percentage points month on month to 3.58%. Interest rates on deposits with agreed maturity of up to 1 month decreased by 0.42 percentage points, while interest rates on deposits of 1 to 6 months and from 6 months to 1 year increased by 0.01 and 0.03 percentage points respectively, and deposits from 1 to 2 years and from 2 years onward decreased by 0.06 and 0.08 percentage points respectively. Interest rates on these deposits comprised 1.44%, 2.97%, 3.79%, 4.07% and 4.19% respectively in January 2024 (see Chart 5).
| Chart 5. Interest rates on new business deposits with agreed maturity of households |
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Detailed data on MFI assets and liabilities is available on the Bank of Lithuania website under MFI balance sheet and monetary statistics.
Detailed data on MFI interest rates is available on the Bank of Lithuania website under MFI interest rate statistics.
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1 Unless otherwise specified, monthly changes in euro are presented as transactions, i.e. calculated by taking the difference between end-of-month outstanding amounts and removing the effects of revaluation adjustments, exchange rate adjustments, loan write-offs and reclassifications.
2 The annual growth rate is calculated as a percentage change in the base index of transaction-adjusted outstanding amounts over the year.
3 The financial sector consists of Lithuania’s investment funds and other financial intermediaries, as well as insurance corporations and pension funds.
4 Weighted interest rates on new business during the reporting month, in percentages per annum.
5 New business covers financial contracts that specify for the first time the interest rate on a loan or the deposit rate, and contracts for existing loans or deposits, which were renegotiated. New business does not cover revolving loans and overdrafts, as well as credit card debt. New business deposits do not cover automatic renegotiations of existing deposit contracts.
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