Deposits of Lithuanian residents with credit institutions increased in December 2021

Balance Sheet and Interest Rates of Monetary Financial Institutions, December 2021

Today, the Bank of Lithuania published the monetary financial institution (MFI) balance sheet and interest rate data for December 2021, which show that:

deposits of Lithuanian residents with credit institutions rose¹ by €875.5 million over the month. Household², financial sector³ and non-financial corporation deposits increased by €881.4 million, €142.6 million and €140 million respectively, while general government deposits declined by €288.5 million over the month. At the end of December 2021, deposits of these sectors amounted to €20.9 billion, €1.0 billion, €9.5 billion and €3.1 billion respectively (see Chart 1);

overnight deposits of Lithuanian households and non-financial corporations with credit institutions increased by €886.6 million and €167.6 million respectively over the month, to €17.0 billion and €9.3 billion respectively;

loans granted by credit institutions to Lithuanian residents increased by €199.7 million over the month. Loans to Lithuanian households, the financial sector, non-financial corporations and general government grew by €109.7 million, €52.6 million, €31.1 million and €6.3 million respectively. At the end of December 2021, loans to these sectors amounted to €12.3 billion, €1.5 billion, €8.7 billion and €361.6 million respectively (see Chart 2);

loans for house purchase and other purposes granted by credit institutions to Lithuanian households grew by €111.5 million and €3.3 million respectively, while loans for consumption decreased by €5.0 million - to €10.2 billion, €1.3 billion and €775.4 million respectively (see Chart 3);

interest rates⁴ on new business of loans⁵ granted to households by credit institutions went up by 0.08 percentage point to 3.16%. Interest rates on loans for other purposes rose by 0.30 percentage point, while those on loans for consumption and for house purchase fell by 0.23 and 0.02 percentage point respectively. In December 2021, interest rates on these loans comprised 5.48%, 7.72% and 2.04% respectively (see Chart 4).

Since March 2020 (the beginning of the COVID-19 pandemic), deposits of Lithuanian residents with credit institutions have increased by 9.4 billion, with household, non-financial corporation, general government and financial sector deposits growing by €5.9 billion, €2.9 billion, €393.1 million and €200.7 million respectively. Meanwhile, loans to Lithuanian residents by credit institutions went up by 1.9 billion, with loans to households, financial sector and general government growing by €1.8 billion, €373.8 million and €8.2 million respectively and loans to non-financial corporations declining by €215.9 million.

Since April 2021, loans to Lithuanian residents granted by credit institutions have been growing more rapidly, while deposits of Lithuanian residents with credit institutions have been growing slower, with loans and deposits increasing by €2.2 billion and €1.9 billion respectively.

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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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