Central bank: Savings and loan association membership on rise again in Q2

Euro bills.
Euro bills. Source: Siim Lõvi/ERR

While the number of savings and loan association (SLA) members in Estonia was down 7 percent on year, in part due to one SLA ending its activities in the third quarter last year, overall SLA membership saw an increase from the first to the second quarter of 2023, reaching a total of 13,779 members as of the end of June, according to a quarterly statistical release published by the Bank of Estonia this week.

In the second quarter of 2023, the total assets of Estonian SLAs shrank 12 percent on year to €135 million.

Stock deposits, meanwhile, stood at €101.2 million, likewise down 14 percent on year.  

The stock of deposits from private individuals and non-financial companies totaled €101 million, of which €91 million, or 90 percent, consisted of the deposits of private individuals. Private deposits in SLAs decreased by €18 million on year.

Term deposits, in turn, accounted for 98 percent of private deposits, remaining steady both on quarter and on year.

SLA statistics published quarterly

The Bank of Estonia publishes a statistical release on savings and loan associations (SLAs) on a quarterly basis. The statistical release describes the primary changes in SLA statistics (aggregated balance sheet and income statement). These statistics only cover data on active associations.

The Bank of Estonia's statistical release is independent of economic policy releases and presented separately.

The central bank will publish the statistics on interest rates for the third quarter of 2023 in October.


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Editor: Aili Vahtla

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