2021-09-27
Loans to Lithuanian residents granted by Lithuania’s credit institutions continued to increase
Balance Sheet and Interest Rates of Monetary Financial Institutions, August 2021
Today, the Bank of Lithuania published the monetary financial institution (MFI) balance sheet and interest rate data for August 2021, which show that:
loans granted by credit institutions to Lithuanian residents increased1 by €330.0 million month on month, and by €940.8 million, compared to March 2020 (the onset of the COVID-19 pandemic). Loans to Lithuanian non-financial corporations, the financial sector2, households3 and the general government grew by €156.5 million, €88.1 million, €83.2 million and €2.2 million respectively month on month. Since March 2020, loans to households and the financial sector grew by €1.3 billion and €174.4 million respectively, while loans to non-financial corporations and the general government contracted by €544.4 million and €13.8 million respectively. At the end of August 2021, loans to these sectors amounted to €11.8 billion, €1.3 billion, €8.0 billion and €340.3 million respectively (see Chart 1);
loans for house purchases and consumption granted by credit institutions to Lithuanian households increased by €75.1 million and €9.6 million respectively month on month, while loans for other purposes decreased by €1.5 million – to €9.8 billion, €757.2 million and €1.2 billion respectively (see Chart 2);
deposits of Lithuanian residents with credit institutions grew by €250.0 million over the month and by €7.7 billion, compared to March 2020. General government, non-financial corporation, household and financial sector deposits surged by €129.0 million, €102.0 million, €17.1 million and €1.8 million respectively over the month. Household, non-financial corporation, general government and financial sector deposits have increased by €4.4 billion, €2.8 billion, €375.2 million and €81.5 million respectively since March 2020. At the end of August 2021, deposits of these sectors amounted to €19.4 billion, €9.4 billion, €3.1 billion and €892.8 million respectively (see Chart 3);
overnight deposits of Lithuanian non-financial corporations and households with credit institutions increased by €102.2 million and €41.9 million over the month, to €9.2 billion and €15.6 billion respectively;
interest rates4 on new business loans5 granted to households by credit institutions went up by 0.10 percentage point over the month, to 3.52%. Interest rates on loans for consumption and other purposes rose by 0.03 and 1.58 percentage point respectively, while those on loans for house purchases declined by 0.03 percentage point. In August 2021, interest rates on these loans comprised 8.91%, 7.29% and 2.15% respectively (see Chart 4).
| 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, with 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 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 financial sector consists of Lithuania’s investment funds and other financial intermediaries, as well as insurance corporations and pension funds.
3 The household sector consists of households and non-profit institutions serving households.
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 renegotiations of existing loan contracts. New business does not cover revolving loans and overdrafts, as well as credit card debt.
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