Browsing by Author "Koskinen, Kimmo"

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  • Koskinen, Kimmo (2006)
    Suomen Pankki. Rahoitusmarkkinaraportti 2
    Rahalaitosten primekorkoihin ja muihin omiin viitekorkoihin sidottujen asuntolainojen osuus on hienoisessa kasvussa. Vertailu historiaan on kuitenkin osittain hankalaa, koska aikasarjoissa on tiedonkeruiden muutoksista johtuvia epäjatkuvuuksia.
  • Koskinen, Kimmo (2007)
    Suomen Pankki. Rahoitusmarkkinaraportti 3
    Asuntolainakannan kasvun hienoinen hidastuminen jatkui kesän aikana. Asuntolainakannan keskikorko on noussut 4,85 prosenttiin. Prime-korkoihin sidottujen uusien asuntoluottojen osuus on jälleen hiukan kasvussa.
  • Putkuri, Hanna; Koskinen, Kimmo (2013)
    Suomen Pankki. Rahoitusmarkkinaraportti 2
    Rahalaitosten asuntoyhteisöille myöntämien lainojen kanta on kasvanut merkittävästi viimeisen kymmenen vuoden aikana. Rahalaitokset myöntävät asuntoyhteisöille sekä vapaarahoitteisia että valtion takaamia tai tukemia lainoja. Valtion suoraan asuntoyhteisöille myöntämien lainojen kanta sitä vastoin supistuu vähitellen, kun uusia aravalainoja ei enää myönnetä.
  • Koskinen, Kimmo (2016)
    Bank of Finland. Bulletin 2/2016
    The year got off to an uncertain start for the European banking sector, and market turbulence was strong in the first half of 2016. The uncertainty has reflected increased concerns about the growth prospects for the global economy. Rising credit risks in the energy sector, weak market liquidity and uncertainty about monetary and economic policies’ ability to support economic growth have increased market volatility. Uncertainty over global growth prospects has also focused strongly on the banking and financial sector, which is particularly sensitive to changes in the economic outlook. Although the profitability and liquidity position of the European banking sector has improved on average in recent years and capital adequacy has advanced, the banking business is facing numerous risks both in the short and the long term. Banks' long-term profitability and the sustainability of their operating models have been singled out as special causes for concern.
  • Koskinen, Kimmo; Putkuri, Hanna (2013)
    Bank of Finland. Financial market report 1
    The fatal link between banks and their home countries has become increasingly closer, particularly in the crisis countries in the euro area. The amount of domestic sovereign debt securities held by the crisis countries' banks has increased significantly, as the role of banks in funding their home countries' debt has been emphasised.
  • Koskinen, Kimmo; Toivanen, Mervi (2013)
    Bank of Finland. Financial market report 2
    Banks' financial results have recently been pronouncedly better in the United States than in the euro area. The difference is largely explained by weaker economic activity and strong increases in impairment losses in the euro area. Losses of banks in Southern European countries, in particular, have expanded significantly.
  • Koskinen, Kimmo (2020)
    Bank of Finland. Bulletin 2/2020
    Expectations of a deteriorating economic outlook increased the risks to banks’ operating environment even before the coronavirus pandemic spread to Europe. At the end of 2019, banks’ return on equity was 5.2%, compared with 6.2% a year earlier. While some banks were experiencing profitability challenges already prior to the outbreak of the pandemic, profitability also differs greatly between countries, bank business models and individual banks. Due to the coronavirus pandemic, banks’ income development will further deteriorate, and it is likely to fall well below banks’ imputed cost of equity. The effects of the pandemic are widely reflected in the stock prices of European banks (Euro Stoxx Banks Index), which have fallen by 40% since the beginning of 2020.
  • Koskinen, Kimmo (2007)
    Bank of Finland. Financial market report 3
    Growth in the stock of loans for house purchase continued its moderate slowing during the summer. The average interest rate on the stock of loans for house purchase has risen to 4.85%. The share of new business on loans for house purchase tied to prime interest rates is again rising modestly.
  • Koskinen, Kimmo; Manninen, Otso (2019)
    Euro & talous 2/2019
    IT-investoinnit parantavat pankkien kannattavuutta pitkällä aikavälillä, mutta heikentävät sitä lyhyellä tähtäimellä.
  • Koskinen, Kimmo; Laakkonen, Helinä (2018)
    Euro & talous. Analyysi
    Kansainvälisen rahoitusjärjestelmän riippuvuus dollarirahoituksesta luo rakenteellisen likviditeettiriskin rahoitusjärjestelmään. Vaikka pankkien dollarirahoituksen lähteet ovat monipuolistuneet finanssikriisin jälkeen, suurin osa pankkien dollarirahoituksesta on edelleen lyhytaikaista ja kriisitilanteessa mahdollisesti hankalasti uudelleenrahoitettavissa. Haavoittuvuuksiin, jotka liittyvät ulkomaisen valuutan määräiseen rahoitukseen, on hyvä kiinnittää jatkossa entistä tarkempaa huomiota myös Suomessa.
  • Koskinen, Kimmo (2017)
    Euro & talous. Analyysi
    Pitkään jatkunut matala korkotaso ja sijoittajien tuottohakuisuus ovat lisänneet voimakkaasti sijoitusvirtoja Euroopan kiinteistömarkkinoille. Sijoitusten kasvu on nostanut kiinteistöjen hintoja useissa EU maissa, mikä on lisännyt epäilyjä markkinoiden ylikuumenemisesta osassa maita. Velan käyttö sijoituksissa on finanssikriisiä edeltävää aikaa vähäisempää ja sijoittajakunta on entistä hajautuneempi. Historia on kuitenkin osoittanut, että liikekiinteistömarkkina on altis taloussuhdanteiden muutoksille.
  • Tölö, Eero; Koskinen, Kimmo; Fungáčová, Zuzana (2015)
    Euro & talous 2/2015
    Euroopan pankkisektorin suuri ongelma on heikko kannattavuus. Etenkin euroalueella pankkien kannattavuutta ovat huonontaneet talouskehitys ja siitä johtuvat suuret arvonalentumistappiot, luottojen heikko kehitys sekä pitkään matalana pysytellyt korkotaso. Lisäksi suurten eurooppalaisten pankkien kannattavuutta heikentävät oikeudenkäyntikulut ja viranomaisten asettamat sanktiot. Sääntelyn lisääntyminen ja uusien kilpailijoiden tulo markkinoille kasvattavat tasesopeutuksen tarvetta. Muutokset vaikuttavat myös suomalaisiin pankkeihin.
  • Heinilä, Teemu; Jantunen, Lauri; Koskinen, Kimmo; Strandman, Ville; Voutilainen, Ville (2016)
    Euro & talous. Analyysi
    Millaisia muutoksia eurooppalaisten pankkien liiketoimintamalleissa on ollut vuosien 2010 ja 2015 välillä? Näyttää siltä, että pankit ovat selkeästi keskittyneet ydinliiketoimintaansa ja omiin vahvuusalueisiinsa. Muutosta ovat pääasiallisesta ajaneet säätely, kulujen karsinta ja digitalisaatio. Alla esitelty analyysi perustuu pankkien julkaisemiin tunnuslukuihin ja vuosiraporteissa annettuihin lausuntoihin.
  • Ahoniemi, Katja; Koskinen, Kimmo; Tolkki, Ville (2019)
    Bank of Finland. Bulletin 2/2019
    The property market in both Finland and in the other Nordics has attracted increasing interest from foreign investors. Global risks may carry over onto the Finnish property market through foreign investors.
  • Koskinen, Kimmo; Savolainen, Eero (2013)
    Bank of Finland. Financial market report 1
    Almost 90% of households' consumer credit is granted through monetary financial institutions. The growth in consumer credit has slowed down in recent years but continues to be faster than in the euro area on average. Margins on consumer credit have been on an upward trend. MFI consumer credit has resulted in fairly low credit losses.
  • Koskinen, Kimmo (2007)
    Bank of Finland. Financial market report 4
    The majority of deposits carry a fixed interest rate or are tied to banks' prime rates. The average rate on households' deposits is boosted by liquid investment and yield accounts. Uncertainty has raised the popularity of short-term fixed deposits.
  • Koskinen, Kimmo; Putkuri, Hanna (2013)
    Bank of Finland. Financial market report 1
    Household indebtedness in the Nordic countries has continued to increase even during the financial crisis. Growth in household loans has slowed down the strongest in Denmark and Iceland, where house prices have decreased significantly after the onset of the crisis. There are also considerable structural differences in the developments across the Nordic countries.
  • Koskinen, Kimmo; Putkuri, Hanna (2018)
    Bank of Finland. Bulletin 2/2018
    Household indebtedness and overheating of the housing market have contributed to financial crises throughout history. However, a considerable proportion of banks’ losses during crises have resulted from corporate loans. The situation arises when indebted households cut down their spending during an economic downturn, increasing companies’ financial difficulties. The current situation in Finland is twofold: household indebtedness is record-high and has been increasing for a long time, but housing market developments have for the most part remained moderate. The percentage of loans related to housing and real estate is high.
  • Putkuri, Hanna; Koskinen, Kimmo (2013)
    Bank of Finland. Financial market report 2
    The stock of loans granted by Finnish MFIs to housing corporations has grown significantly in the past ten years. MFIs grant housing corporations both nonsubsidised and state-guaranteed or subsidised loans. By contrast, the stock of loans granted by the general government directly to housing corporations is contracting gradually, as new statesubsidised housing loans (ARAVA loans) are no longer provided.
  • Koskinen, Kimmo; Voutilainen, Ville (2021)
    Bank of Finland. Bulletin 1/2021
    Housing company loans are contributing to household indebtedness and are changing the composition of household debt. Housing company loans can also incentivise residential property investors to become highly leveraged. Imposing a loan-to-value limit of 60% on housing company loans would mitigate the issues associated with large housing company loans and make it easier to assess their risks. The impact of a loan-to-value limit would largely fall on owner-occupied housing output. Housing company loans are generally not used to finance the construction of rental housing. Imposing a loan-to-value limit on housing company loans might increase the number of pre-sales required by small construction companies or raise their borrowing costs.