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Published: 21 March 2014

Other financial corporations' stock of lending was EUR 7 billion at the end of December 2013

The stock of lending by other Finnish financial corporations remained unchanged in the fourth quarter of 2013. The stock of lending grew by 11 per cent year-on-year. A total of EUR 4.2 billion were granted in new loans by other financial corporations during the year. The growth amounted to 12 per cent compared with the previous year. This is indicated by Statistics Finland’s statistics on outstanding credit.

Other financial corporations' lending by borrower sector at the end of the 4th quarter of 2013, percent

Other financial corporations' lending by borrower sector at the end of the 4th quarter of 2013, percent

Business credits totalled EUR 3 billion

Outstanding credits granted by other Finnish financial corporations to businesses, non-financial corporations and households of own-account workers amounted to EUR three billion at the end of December 2013, where the share of lending was 95 per cent. Credit granting to businesses grew by one per cent from the corresponding quarter of the year before.

During 2013, a total of EUR 1.4 billion was granted in new business credits, which was 12 per cent more than in 2012.

In 2013, household’s took out new credits to the amount of EUR 1.7 billion

Other financial corporations granted a total of EUR 1.7 billion in new credits to households during 2013. The growth amounted to 14 per cent compared with the previous year. The share of small loans, or so-called quick loans, of the new credits taken out by households during the year was 22 per cent.

Credits granted by other financial corporations to households amounted to EUR 1.6 billion at the end of December, which was seven per cent less than at the end of the corresponding quarter last year. Households' outstanding credit consists to 97 per cent of consumption credits.

During 2013, a total of 1,013,878 new small loans were granted.

During the fourth quarter of 2013, EUR 57 million in small loans, or so-called quick loans, were granted to households (altogether 192,918 loans). During the quarter, 45 per cent less new loans were granted than in the corresponding quarter last year, and 13 per cent less than in the previous quarter. The average quick loan in the fourth quarter of the year amounted to EUR 295 and the average repayment period was 96.2 days. The average repayment periods have doubled in the past six months due to a legislation amendment related to the interest rate ceiling.

During 2013, EUR 323 million in small loans, or so-called quick loans, were granted to households, which, measured in euros, was 18 per cent less than in 2012. Measured in numbers, a total of 1,013,878 new small loans were granted in 2013. The number decreased by 538,708 loans from 2012.

In total, borrowers of small loans paid EUR 62 million in different types of costs on small loans taken out in January to December. This was 32 per cent less than in 2012. The costs directed at small loans were nearly 19 per cent of granted new loans. In the fourth quarter of 2013, the statistics included 68 small loan companies.

The changes in the small loans is the result of a legislation amendment that came into force on 1 June 2013 based on which a 51 per cent interest rate ceiling was placed on small loans 1) . As a result of this, some small loan companies closed down their operation and some renewed their services more towards so-called flexible credits.


1) http://www.oikeusministerio.fi/fi/index/ajankohtaista/tiedotteet/2013/03/ pienilleluotoille51prosentin korkokattokesakuunalusta.html

Source: Outstanding Credit, Credit stock of other financial intermediaries, 4rd quarter 2013, Statistics Finland

Inquiries: Kerttu Helin 09 1734 3330, Kristiina Nieminen 09 1734 2957, rahoitusmarkkinat@stat.fi

Director in charge: Leena Storgårds

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Updated 21.3.2014

Referencing instructions:

Official Statistics of Finland (OSF): Outstanding credit [e-publication].
ISSN=2342-2661. 4th quarter 2013. Helsinki: Statistics Finland [referred: 29.3.2024].
Access method: http://www.stat.fi/til/lkan/2013/04/lkan_2013_04_2014-03-21_tie_001_en.html