2023-05-30
Deposits with agreed maturity of Lithuanian households with credit institutions increased by a fifth in the last three months
Balance Sheet and Interest Rates of Monetary Financial Institutions, April 2023
Today, the Bank of Lithuania published the monetary financial institution (MFI) balance sheet and interest rate data for April 2023, which show that:
deposits of Lithuanian residents with credit institutions decreased1 by €238.6 million, or 0.6% over the month (their annual growth rate2 was 12.2%). Non-financial corporation deposits fell by €6.3 million, or 0.1%, while household deposits went up by €44.8 million, or 0.2% (their annual growth rates stood at 19.4% and 6.3% respectively). General government and financial sector3 deposits decreased by €233.4 million and €43.7 million respectively in April and amounted to €4.3 billion and €855.6 million respectively at the end of the month. At the end of April 2023, non-financial corporation and household deposits amounted to €10.7 billion and €21.2 billion respectively (see Chart 1);
overnight deposits of Lithuanian households and non-financial corporations with credit institutions decreased by €292.0 million and €185.4 million respectively over the month, or 1.7% and 1.9%. Outstanding amounts of overnight deposits stood at around €16.7 billion and €9.8 billion. Household deposits with agreed maturity grew rapidly for the third consecutive month, with an increase of €723.0 million, or 19.9%, since February 2023;
loans granted by credit institutions to Lithuanian residents increased by €181.5 million, or 0.7%, month on month (the annual growth rate stood at 9.6%). Loans to Lithuanian households and non-financial corporations increased by €74.8 million and €38.6 million respectively over the month, or 0.5% and 0.4% (their annual growth rates stood at 9.5% and 7.4% respectively). Loans to the financial sector grew by €72.7 million and those to general government decreased by €4.6 million. At the end of April 2023, loans to these sectors amounted to €13.9 billion, €10.2 billion, €2.1 billion and €324.2 million respectively (see Chart 2);
loans to Lithuanian households for house purchase, consumption and other purposes granted by credit institutions increased by €57.5 million, €13.1 million and €4.2 million over the month, or 0.5%, 1.4% and 0.3%, to stand at €11.6 billion, €970.1 million and €1.3 billion respectively (see Chart 3);
interest rates4 on new business of loans5 granted to households by credit institutions went up by 0.36 percentage points to 6.49%. Interest rates on loans for house purchase, consumption and other purposes rose by 0.25 percentage points, 0.16 percentage points and 0.94 percentage points respectively. In April 2023, interest rates on these loans comprised 5.28%, 9.47% and 7.6% 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 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. 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 financial sector consists of Lithuania’s investment funds and other financial intermediaries, as well as insurance undertakings 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, 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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