2023-02-27
Deposits of Lithuanian residents with credit institutions decreased by 2.9% in January
Balance Sheet and Interest Rates of Monetary Financial Institutions, January 2023
Today, the Bank of Lithuania published the monetary financial institution (MFI) balance sheet and interest rate data for January 2023, which show that:
deposits of Lithuanian residents with credit institutions decreased1 by €1.1 billion, or 2.9% over the month (their annual growth rate2 was 8.2%). Deposits of Lithuanian households3 and non-financial corporations fell by €647.3 million (3.0%) and €611.9 million (5.6%) respectively (their annual growth rates stood at 3.1% and 10.0% respectively). Financial sector4 deposits contracted by €11.8 million over January, while those of general government increased by €150.5 million, to stand at €1.0 billion and €4.5 billion respectively at the end of the month. At the end of January 2023, non-financial corporation and household deposits amounted to €10.4 billion and €21.0 billion respectively (see Chart 1);
overnight deposits of Lithuanian non-financial corporations and households with credit institutions declined by €815.0 million and €711.8 million respectively over the month, to €9.7 billion and €17.2 billion respectively;
loans granted by credit institutions to Lithuanian residents decreased by €251.9 million, or 1.0% month on month (the annual growth rate stood at 12.1%). Loans to Lithuanian non-financial corporations and households fell by €233.8 million and €7.0 million respectively over the month, or 2.3% and 0.1% respectively (their annual growth rates stood at 11.7% and 10.0% respectively). Loans to the financial sector and general government decreased by €3.8 million and €7.2 million respectively. At the end of January 2023, loans to these sectors amounted to €10.0 billion, €13.7 billion, €2.0 billion and €345.1 million respectively (see Chart 2);
loans for house purchase and other purposes granted by credit institutions to Lithuanian households declined by €16.7 million and €7.5 million respectively, while loans for consumption rose by €17.2 million – to €11.5 billion, €1.2 billion and €936.2 million respectively (see Chart 3);
interest rates5 on new business of loans6 granted to households by credit institutions went up by 0.36 percentage points to 5.82%. Interest rates on loans for house purchase and other purposes grew by 0.26 percentage points and 1.23 percentage points respectively, whereas those on loans for consumption declined by 0.27 percentage points. In January 2023, interest rates on these loans comprised 4.60%, 7.86% and 8.90% respectively (see Chart 4).
| Chart 1. Deposits of Lithuanian residents, excluding MFIs, with other MFIs (outstanding amounts, end-of-period) |
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| Chart 2. Loans granted by other MFIs to Lithuanian residents, excluding MFIs (outstanding amounts, end-of-period) |
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| Chart 3. Loans granted by other MFIs to Lithuanian households (outstanding amounts, end-of-period) |
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| Chart 4. Interest rates on new business loans for households |
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Detailed data on MFI assets and liabilities is available on the Bank of Lithuania website under MFI balance sheet a nd 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. they are calculated by taking the difference between end-of-month outstanding amounts and then 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 household sector consists of households and non-profit institutions serving households.
4 The financial sector consists of Lithuania’s investment funds and other financial intermediaries, as well as insurance undertakings and pension funds.
5 Weighted interest rates on new business during the reporting month, in percentages per annum.
6 New business covers financial contracts that specify for the first time the interest rate on a loan, and existing loan contracts which were renegotiated. New business does not cover revolving loans and overdrafts, as well as credit card debt.
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