2022-02-25
Loans by Lithuanian credit institutions to non-financial corporations and households increased by €496.8 million
Balance Sheet and Interest Rates of Monetary Financial Institutions, January 2022
Today the Bank of Lithuania published the balance sheet and interest rate data of monetary financial institutions (MFIs) for January 2022, which show that:
loans of credit institutions to Lithuanian residents increased1 by €472.9 million over the month. Loans to Lithuanian non-financial corporations and households2 increased by €299.6 million and €197.2 million, respectively, while loans to the financial sector3 and the general government decreased by €18.7 million and €5.2 million, respectively. At the end of January 2022, loans to these sectors amounted to €9.0 billion, €12.5 billion, €1.5 billion and €356.4 million, respectively (see Chart 1);
loans for house purchase, consumption and other purposes granted by credit institutions to Lithuanian households increased over the month by €92.5 million, €85.0 million and €19.7 million to €867.8 million, €10.3 billion and €1.3 billion, respectively (see Chart 2);
deposits of Lithuanian residents with credit institutions decreased by €522.6 million over the month. Deposits of households, non-financial corporations and the financial sector decreased by €513.9 million, €152.6 million and €10.9 million, respectively, over the month, while those of the general government increased by €154.8. At the end of January 2022, the deposits of these sectors amounted to €20.4 billion, €9.4 billion, €982.5 million and €3.3 billion, respectively (see Chart 3);
overnight deposits of Lithuanian households and non-financial corporations with credit institutions fell by €594.2 million and €150.1 million to €16.5 billion and €9.1 billion, respectively, over the month;
interest rates4 on new business loans5 granted to households by credit institutions increased by 0.05 percentage points over the month to 3.21%. Interest rates on loans for consumption and house purchase increased by 0.70 and 0.01 respectively, while those for other purposes decreased by 0.99 percentage points. Interest rates on these loans comprised 8.42%, 2.05% and 4.49%, respectively, in January 2022 (see Chart 4).
Since March 2020 (since the start of the COVID-19 pandemic), deposits of Lithuanian residents with credit institutions have increased by €8.8 billion: deposits of households, non-financial corporations, the general government and the financial sector have increased by €5.3 billion, €2.8 billion, €547.9 million and €189.8 million, respectively. At the same time, loans of credit institutions to Lithuanian residents have grown by €2.4 billion: loans to households, the financial sector, non-financial corporations and the general government have increased by €2.0 billion, €355.2 million, €83.7 million and €3.0 million, respectively.
Since April 2021, loans of credit institutions to Lithuanian residents have been increasing faster, while deposits of Lithuanian residents with credit institutions have been growing at a slower pace: loans and deposits have increased by €2.7 billion and €1.4 billion, respectively.
Note: In January 2022, electronic money institutions (EMIs) whose main activity is the issuance of electronic money were added to the List of Lithuanian MFIs for Statistical Purposes. The reclassification of such EMIs from financial auxiliaries (S.126) and non-financial corporations (S.11) to the sector of deposit-taking corporations except the central bank (S.122) results in the increase in deposits of MFIs by €3.1 billion on the balance sheet of the MFI sector, mainly on the balance sheet of the Bank of Lithuania, while deposits of other resident sectors decreased accordingly. The EMI balance sheet data will be included in the MFI balance sheet statistics for the June 2022 release, together with a recalculation of historical data.
| Chart 1. Loans granted by other MFIs to Lithuanian residents, excluding MFIs (outstanding amounts, end-of-period) |
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| Chart 2. Loans granted by other MFIs to Lithuanian households (outstanding amounts, end-of-period) |
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| Chart 3. Deposits of Lithuanian residents, excluding MFIs, in other MFIs (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 loan and deposit 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 household sector consists of households and non-profit institutions serving households.
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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