Latvia household loans grow 3.8% in Jan-Aug

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The amount of consumer loans issued to households in Latvia during the first eight months of 2015 grew by 3.8% or €16.8m, reaching €453.7m at the end of August, according to the information from the Bank of Latvia.

Consumer loans issued to households for periods less than one year totaled €146.8m at the end of August 2015, down 3.9%, or €5.9m from the end of 2014.

Consumer loans issued to Latvian households for a term of one to five years amounted to 144.2 million euros in late August this year, which was a rise by 15.8%, or €19.7m from the end of last year, while consumer loans issued to households for a period longer than five years increased 1.8 percent, or €2.9m to €162.6m.

Consumer loans with maturity of more than five years accounted for the largest part, or 35.8% of all consumer loans at the end of August 2015 (36.6% pct in late 2014). 

Consumer  loans with maturity of up to one year made up 32.4% (35% in late 2014), and consumer loans with maturity periods between one year and five years made up 21.8% (28.5% in late 2014).

There are 27 banks, including ten branches of foreign banks, operating in Latvia.

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