2022-06-29
Loans to Lithuanian households increased in May as interest rates continue to rise
Balance Sheet and Interest Rates of Monetary Financial Institutions, May 2022
Today, the Bank of Lithuania published the monetary financial institution (MFI) balance sheet and interest rate data for May 2022, which show that:
deposits of Lithuanian residents with credit institutions increased1 by €216.6 million, or 0.7%, month on month (their annual growth rate2 was 4.0%). General government and financial sector3 deposits grew by €140.0 million and €80.1 million respectively and amounted to €3.3 billion and €944.5 million respectively at the end of May. Household4 deposits increased by €25.6 million, or 0.1%, and their annual growth rate was positive (6.1%). Non-financial corporation deposits contracted by €29.1 million, or 0.3%, and their annual growth rate was negative (-2.6%). At the end of May 2022, non-financial corporation and household deposits amounted to €9.0 billion and €20.0 billion respectively (see Chart 1);
overnight deposits of Lithuanian households with credit institutions increased by €59.8 million, while those of non-financial corporations contracted by €40.0 million over the month, to €16.3 billion and €8.7 billion respectively;
loans granted by credit institutions to Lithuanian residents expanded by €160.5 million, or 0.7%, over the month (their annual growth rate stood at 15.6%). Loans to Lithuanian households increased by €142.8 million, or 1.1%, month on month, while those to non-financial corporations contracted by €58.9 million, or 0.6% (their annual growth rate stood at 11.7% and 16.8% respectively). Loans to the financial sector grew by €78.4 million and those to general government decreased by €1.7 million. At the end of May 2022, loans to these sectors amounted to €12.8 billion, €9.5 billion, €1.7 billion and €336.0 million respectively (see Chart 2);
loans to Lithuanian households for house purchase, consumption and other purposes granted by credit institutions increased by €105.4 million, €20.8 million and €16.5 million over the month, to €10.7 billion, €846.7 million and €1.3 billion respectively (see Chart 3);
interest rates5 on new business loans6 granted to households by credit institutions went up by 0.12 percentage point to 3.66%. Interest rates on loans for house purchase and other purposes grew by 0.01 percentage point and 0.53 percentage point respectively, whereas those on loans for consumption decreased by 0.08 percentage point. Interest rates on these loans comprised 2.06%, 5.44% and 8.78% respectively in May 2022 (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 The household sector consists of households and non-profit institutions serving households.
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 renegotiations of existing loan contracts. New business does not cover revolving loans and overdrafts, as well as credit card debt.
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