For households, the average rate stood at 0.33 percent, while for non-financial companies it was 0.58 percent, the Bank of Estonia says.

The interest rate on term deposits of over one year stood at 1.18 percent for households, and 2.18 percent for non-financial companies.

82 percent of household deposits consisted of term deposits of up to a year, the bank says.

Loans to households (source: Bank of Estonia)

• The interest rate on new housing loans issued by credit institutions with a mortgage was 1.97 percent, having increased by 0.01 percentage points on the previous quarter after a decline of a year and a half.
• Year-on-year, the interest rate on housing loans was 0.1 percentage points lower. The interest rate for housing loans issued by creditors was 12.23 percent.
• The average interest rate on housing loans issued with a mortgage by euro area monetary financial institutions was 1.82 percent in June, which was 0.53 percentage points higher than a year earlier.
• Interest rates in Estonia have on average been 0.6 percentage points higher than those in the euro area over the past six years.
• The interest rate on new consumption loans and leases other than car leases issued by credit institutions and the leasing companies associated with them was 11 percent, which was 1.3 percentage points lower than a year earlier.
• The interest rate at other creditors was 20.3 percent. The interest rate on credit card loans issued by credit institutions fell for the fifth consecutive quarter to reach 18.12 percent.
• The interest rate on new sales of car leases by credit institutions and the leasing companies associated with them was 2.38 percent, which was the lowest level of the past three and a half years.
• The interest rate on car leases from other creditors was 20.5 percent, which was 0.6 percentage points higher than in the previous quarter, and 2.7 percentage points higher than a year earlier

Loans to non-financial companies (source: Bank of Estonia)

• The interest rate on loans with a maturity of over one year issued to non-financial companies by credit institutions and the leasing companies associated with them was 2.76 percent, which was 0.19 percentage points higher than in the previous quarter and 0.03 percentage points higher than a year earlier.
• The interest rate on long-term corporate loans is variable and depends on the projects being financed in each period. The interest rate on loans to non-financial companies for under one year was 3.53 percent, and the interest rate on overdrafts and other renewable credit was 2.54 percent.
• The average interest rate on car leases issued to non-financial companies was 2.25 percent, which was 0.03 percentage points lower than in the previous quarter, and 0.04 percentage points lower than a year earlier.
• The average interest rate on long-term loans issued by euro area monetary financial institutions was 2.09 percent, while in Estonia it was 3.17 percent. The interest rate in Estonia has been higher than that in the euro area for the past year and a half.

The original Bank of Estonia article, replete with diagrams and charts, is here.

The Bank of Estonia has been issuing a new statistical release on interest rates since Q3 2021, which outlines the main changes in the interest rates on loans and leases issued to Estonian households and non-financial companies, plus interest rates on deposits.

Data from banks, leasing companies and other creditors is used, while more information on credit institutions and leasing companies can be found on the Eesti Pank website. 

The central bank is to publish the statistics on interest rates for Q3 2022 on 17 November 2022.

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