Tag: OP Financial Group
Finland levies a transfer tax on the purchase of a first home
On the one hand, the government intends to remove the exemption and, on the other hand, to lower the capital transfer tax on buildings and real estate from 4.0 percent to 3.0 percent and the capital transfer tax on housing and real estate shares from 2.0 percent to 1.5 percent. and with other stocks 1.6-1.5…
CEO of OP: The days of zero interest rates are over
OP Financial Group CEO Timo Ritakallio said on Yle TV1’s Ykkösaamu talk show that apartment prices would also continue to fall.
Heads of OP, Nokia voice concern about effects of racism discussion
“We have to make sure that the children of families moving from abroad are able to attend school and that spouses can find work easily.” Increasing work-based immigration, he stressed, is very important for the future of Finland. “Many industrial sectors need more labour, which is why work-based immigration must be increased broadly. We’ll also…
OP: Regional unemployment differences have narrowed in Finland
Regional differences in the unemployment rate are currently quite small, and most regions are within two percentage points of each other. According to the financial service provider, unemployment has clearly decreased in areas of high unemployment and increased in areas of low unemployment and strong economic growth as people move to them due to the…
OP Financial Group’s profits are 480 million euros in the first quarter
Compared to January-March last year, OP’s result almost tripled, and its banks made the biggest profits.
A member of the board of the Bank of Finland demands an upper limit for debt servicing costs
“We would introduce the so-called maximum debt service ratio, a kind of debt ceiling. It would determine how much of the family’s income could be used for debt service, he said at an event organized by the Bank of Finland. “We don’t know who swims without a swimsuit after low tide. The rise in interest…
Only 17 percent of Finns live within their budget
According to the study, 46% of Finns report that they create a budget for their finances, but only 17% follow it closely. At the same time, 29% create a budget but do not monitor its implementation. Unexpected one-time expenses can strain the finances of ordinary citizens, while in recent years we have seen unexpected expenses…
Apartment prices have returned to the pre-pandemic level, says OP’s economist
Among Finland’s largest cities, prices fell the most in Oulu, Helsinki and Vantaa, and the least in Tampere and Turku. “As expected, the fall in apartment prices continued in January. The decline has now wiped out the gains made during the coronavirus pandemic, and the decline is likely to continue in the coming months. tweeted…
In the capital region, apartment prices may drop by 10% as a result of rising interest rates
Mortgage interest rates were around five percent at the turn of the millennium. Juho KostiainenNordea’s economist told Helsingin Sanomat last week that low interest rates increase and low interest rates decrease house prices. Finland’s most common mortgage reference rate, Euribor 12, has risen from -0.5 percent to around 3.3 percent at the beginning of 2022.…
Many Finns are not financially prepared for divorce or the death of their spouse
The financial effects of divorce or the death of a spouse are still poorly understood, even though they are the most significant individual issues that can affect a person’s financial situation. “Up to 28 percent of Finns who are married or in a marriage are not prepared in any way for the possible death of…
HS: Economists expect the employment situation to worsen in the coming months
However, the Finnish economy is widely expected to turn into recession at the beginning of next year, which creates uncertainty in the labor market as well. “It is quite inevitable that the cooling of the economic situation will start to affect the labor market little by little”, Jukka Appelqvist, chief economist of the chamber of…
OP: Housing prices in Finland are clearly falling, but will avoid a collapse
Outside the capital region, prices are expected to fall by 3.5–5.5 percent. “The turnaround in the property marker has been quick and the clear downward trend will continue at least until the beginning of next year. It is possible that the situation will not deteriorate again at the end of next year, if the uncertainty…
There are new signs of a slowdown in the Finnish real estate market
The Bank of Finland, meanwhile, published its latest data on mortgage withdrawals. revealing 1.3 billion euros of new mortgages were taken out in October, which means a drop of about one third from the previous year and in October at a new low since 2004. Juhana BrotherusChief Economist of the Finnish Mortage Society (Hypo), highlighted…
The quick assessment raises concerns about a recession in Finland
Adjusted production in April-June grew by 1.7 percent from the previous quarter. The estimate raised concerns among many economists that the contraction of the national economy will continue in the fourth quarter and thereby slide into recession. The technical definition of a recession is negative GDP growth for two consecutive quarters. “That’s how it starts,…
OP: Finland will sink into a mild recession in 2023
Reijo HeiskanenOP Financial Group’s chief economist saw that the recent improvements in the economic situation, employment situation and business performance will gradually level off, leading to a situation that meets the criteria of a “mild recession” in 2023. “In Finland, both companies and households are overall in a good economic situation, which not only makes…
Survey: Almost one in four says that income is not enough to cover rising consumer prices
With consumer prices rising this year, almost one in four Finns said they don’t think they can cope with their living expenses, according to a recent study by Taloustuktuikma. Almost half of the respondents expected their financial situation to worsen this year. "In particular, working people aged 35–49 believe that their financial situation will deteriorate…
Survey: Almost one in four says that income is not enough to cover rising consumer prices
With consumer prices rising this year, almost one in four Finns said they don’t think they can cope with their living expenses, according to a recent study by Taloustuktuikma. Almost half of the respondents expected their financial situation to worsen this year. "In particular, working people aged 35–49 believe that their financial situation will deteriorate…
Finnish lenders report a decrease in demand for mortgages
The average interest rate on new mortgages, on the other hand, rose from 0.73% in June 2021 to 1.59% in June 2022. The loan margin accounted for an average of 0.82 percentage points, compared to 0.7 percentage points a year earlier. . Finland’s leading mortgage lender OP Financial Group has reported that it granted 15…
OP: Consumers are changing their spending habits amidst the high prices of fuel and food
According to OP Financial Group’s bank card payment data, the recent rapid increase in prices has started to affect consumers’ purchasing behavior. Inflation has accelerated to the highest level in decades, which, according to the financial institution, caused consumers to buy less food and fuel this summer compared to last year. However, OP stated in…
The rise in house prices will slow down this year, Nordea and OP forecast
Nordea, for its part, estimates that unit prices may even fall between 2022 and 2023. Housing prices have continued to rise in the first half of this year, albeit at a slower pace than last year. However, Nordea emphasized that the value of households’ own mortgages is higher than in the years before the coronary…
The Finnish housing market is falling
OP Financial Group and Nordea Bank forecast that the rise in house prices in Finland will slow down this year and next after the exceptional growth period of 2021. According to OP Bank’s recent forecast, changes in house prices will be between -0.5 and +0.5 percentage points next year due to a slowdown in interest…
YLE: Finnish consumers faced a “double” rise in prices and interest rates
Growth was one percentage point higher than forecast by the European Central Bank (ECB) in March. In Finland, inflation accelerated more than the euro area average by one point from the previous month. Timo HirvonenHandelsbanken’s chief economist told YLE on Tuesday that the ECB has understandably had to repeatedly revise its consumer price forecast due…
OP: Growth in the Finnish economy will slow significantly in 2023
The financial group forecasts that consumer prices will rise by 5.4 per cent in 2022 and 2.8 per cent in 2023. The war has so far had a much-anticipated effect on the Finnish economy: Finnish exports to Russia have fallen sharply and prices for some raw materials and capital goods have risen. Reijo HeiskanenOP Financial…
Economists advise households to prepare for an interest rate of 1.5 to 2.0 percent
Reijo HeiskanenOP Financial Group Chief Economist and Jan von GerichNordea’s chief analyst told the Finnish News Agency on Monday that they expect the interest rate to rise to 1.5 per cent in the next year or two, but warned that forecasting is currently difficult due to accelerating inflation. “I personally thought it could be in…
Finnish consumer confidence fell to its third lowest level since 1995
The indicator was -1.7 in January and -3.0 in March 2021. Finnish consumers are currently pessimistic about their own and especially the national economy. Expectations of the national economy have not been as gloomy since December 2008, according to Statistics Finland. Consumers’ perceptions of their own economic situation and expectations of the general employment situation…
OP: Finnish borrowers are increasingly interested in managing interest rate risks
The Finnish financial group revealed that the euro-denominated share of new mortgages hedged against interest rate increases – most often at the interest rate cap – rose by 55 per cent year-on-year in February. New mortgage loans accounted for 41 per cent, which is well over 30 per cent of the total mortgage portfolio. According…
Nokian Tires shares will fall 13% after the company decides to stay in Russia
Joonas KorkiakoskiAn analyst at Inderes wrote on Friday that Nokian Tires said in a call that it expects supply to exceed demand as a result of the withdrawal of competing tire manufacturers such as Bridgestone, Continental and Michelin. “The company didn’t really say it would benefit from the situation, but it was an analyst observation…
Housing prices in Finland rose sharply in 2021, says OP
Although prices rose sharply, especially in large cities, the increases were exceptionally wide-ranging and affected both single-family homes and condominiums. OP Financial Group’s economists revealed in their market overview that they expect house prices to rise by 2.5 per cent from the previous year in 2022. However, the rise is expected to slow to 1.5…
HS: Mortgage rates are expected to rise significantly in the coming years
“The situation has been quite favorable in recent years from the perspective of mortgage borrowers. Euribor rates have been in the negative range, which has basically meant that the base rate has been zero in most loan agreements. Mortgage borrowers have practically only paid margins, “he explained to the newspaper. The interest rate on a…
The Finnish economy continues to recover despite the omicron, OP’s economists believe
The form will move to the next two years and increase the growth rate to 1.7 percent in 2023 and 1.4 percent in 2024. “The waves of coronavirus infections have time and time again made the economy smaller. It is likely that this time too, the omicron wave will guide the rhythm of economic development…
Finland’s largest bank reports a cyber attack
OP Financial Group will report the cyber attack on Osuuspankki’s website on Sunday. OP, which calls itself Finland’s largest financial group, had announced an unspecified disruption in its services on Sunday morning. At that point, Lotta Ala-KuljuThe director of communications at Osuuspankki told the afternoon newspaper Iltalehti that the cause of the technical disruption is…
Inflation exceeds 3% for the first time in almost ten years
In October, consumer prices rose by 3.2 per cent year-on-year, Statistics Finland said on Monday. It was 2.5 percent more than in September. Inflation was driven by higher energy and home improvement costs. The last time inflation was over three per cent in Finland at the beginning of 2012. In October, consumer prices were boosted…
Some Finnish companies see a profit, others continued to make a loss in the third quarter
This week, Finnish companies announced their third-quarter results, with some seeing profits and others suffering losses. Postal The adjusted operating profit of the state postal company Posti weakened to EUR 14 million in July-September, from almost EUR 17 million in the third quarter of last year. At the same time, its turnover increased by 1.9…
