2023-09-27
Balance Sheet and Interest Rates of Monetary Financial Institutions, August 2023
Today, the Bank of Lithuania published the monetary financial institution (MFI) balance sheet and interest rate data for August 2023, which show that:
loans granted by credit institutions to Lithuanian residents increased1 by €283.6 million, or 1.1%, over the month (the annual growth rate2 stood at 3.1%). Loans to Lithuanian non-financial corporations and households went up by €141.0 million and €89.8 million, or 1.4% and 0.6%, respectively over the month (their annual growth rates stood at 2.8% and 7.6% respectively). Loans to the financial sector3 and general government grew by €46.5 million and €6.2 million respectively. At the end of August 2023, loans to these sectors amounted to €10.3 billion, €14.3 billion, €1.4 billion and €344.1 million respectively (see Chart 1);
| Chart 1. Loans granted by other MFIs to Lithuanian residents, excluding MFIs (outstanding amounts, end-of-period) |
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loans to Lithuanian households for house purchase, consumption and other purposes granted by credit institutions rose by €63.6 million (0.5%), €24.1 million (2.3%) and €2.2 million (0.2%) respectively over the month, to stand at €11.9 billion, €1.1 billion and €1.3 billion respectively. The annual growth rates of loans for house purchase and consumption were 8.1% and 17.5% respectively, while loans for other purposes decreased by 2.7% year on year;
| Chart 2. Loans granted by other MFIs to Lithuanian households (outstanding amounts, end-of-period) |
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deposits of Lithuanian residents with credit institutions rose by €243.3 million, or 0.7%, over the month (its annual growth rate was 8.6%): non-financial corporation deposits went up by €184.0 million, or 1.8%, while household deposits declined by €57.6 million, or 0.3% (their annual growth rates stood at 13.3% and 6.2% respectively). At the end of the month, non-financial corporation and household deposits amounted to €10.7 billion and €21.5 billion respectively. In August, general government deposits went up by €160.2 million, while financial sector deposits declined by €43.3 million, to stand at €4.5 billion and €830.3 million respectively (see Chart 3);
| Chart 3. Deposits of Lithuanian residents, excluding MFIs, with other MFIs (outstanding amounts, end-of-period) |
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overnight deposits of Lithuanian households with credit institutions declined by €282.1 million, or 1.8%, while those of non-financial corporations went up by €204.5 million, or 2.4%. At the end of the month, the outstanding amounts of overnight deposits of these sectors stood at €15.6 billion and €8.9 billion respectively. Household and non-financial corporation deposits with agreed maturity with credit institutions increased by €225.4 million and €6.0 million, or 4.1% and 0.4%, respectively over the month. The outstanding amounts of deposits with agreed maturity of these sectors amounted to €5.7 billion and €1.7 billion respectively;
interest rates4 on new business of loans5 granted to households by credit institutions went up by 0.02 percentage points to 7.01%. Interest rates on loans for house purchase and consumption grew by 0.05 percentage points and 0.02 percentage points respectively, while those of loans for other purposes declined by 1.04 percentage points. In August 2023, interest rates on these loans comprised 5.75%, 9.77% and 7.82% respectively (see Chart 4);
| Chart 4. Interest rates on new business loans for households |
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interest rates on new business of deposits with agreed maturity granted to households by credit institutions went up by 0.05 percentage points to 3.30%. Interest rates on deposits with various maturity (up to 1 month, from 1 to 6 months, from 6 months to 1 year, from 1 to 2 years and from 2 years onward) increased by 0.18, 0.04, 0.03, 0.18 and 0.29 percentage points respectively. Interest rates on these deposits comprised 0.27%, 2.62%, 3.50%, 4.03% and 4.04% respectively in August 2023 (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 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 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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