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05/03/2019 - Interest Rates on Bank Deposits and Loans: January 2019

1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS

In January 2019, the overall weighted average interest rate on new deposits remained almost unchanged while the one on new loans increased by 26 basis points. The spread* between loan and deposit rates increased to 4.60 percentage points (see Table 1).

The overall weighted average interest rate on all new deposits remained almost unchanged at 0.29%. In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.09%. The corresponding rate on overnight deposits placed by non-financial corporations also remained unchanged at 0.14%. The average interest rate on deposits from households with an agreed maturity of up to 1 year increased by 3 basis points to 0.61%.

The overall weighted average interest rate on all new loans to households and non-financial corporations increased by 26 basis points to 4.89%.

More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) remained almost unchanged at 14.60%. The average interest rate on consumer loans with a defined maturity at a floating rate (1)  increased by 82 basis points to 10.71%.

The average interest rate on corporate loans without a defined maturity decreased by 3 basis points to 5.00%. Τhe corresponding rate on loans to sole proprietors decreased by 5 basis points to 6.89%. The average interest rate on corporate loans with a defined maturity at a floating rate (1) increased by 57 basis points to 4.11%. In particular, the rate on loans of up to €250,000 decreased by 13 basis points to 5.05%, on loans of over €250,000 and up to €1 million increased by 31 basis points to 4.47%, while the rate on loans of over €1 million increased by 49 basis points to 3.95%. Finally, the average interest rate on housing loans at a floating rate (1)  decreased by 11 basis points to 3.02%.

2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS

In January 2019, the overall weighted average interest rate on the outstanding amounts of all deposits remained unchanged, while the corresponding rate on all loans remained almost unchanged. The spread* between loan and deposit rates remained almost unchanged at 3.92 percentage points (see Table 2).

In more detail, the overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) remained unchanged at 0.28%. The corresponding rate on all outstanding loans remained almost unchanged at 4.20%.

In particular, the average interest rate on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households remained almost unchanged at 0.58%. The average interest rate on the outstanding amounts of deposits, with an agreed maturity of up to 2 years placed by non-financial corporations, remained unchanged at 0.81%. The average interest rate on the outstanding amounts of housing loans with over 5 years’ maturity also remained unchanged at 2.14%. The average interest rate on the outstanding amounts of consumer loans (2)  with over 5 years’ maturity remained almost unchanged to 6.42%. The corresponding rate on corporate loans decreased by 4 basis points to 3.63%. Finally, the average interest rate on the outstanding amounts of loans to sole proprietors with over 5 years’ maturity decreased by 3 basis points to 4.52%.

Table 1: Average interest rates on new euro-denominated deposits and loans

 

 

 

November 2018

December 2018

January 2019

 

DEPOSITS

Overnight from households

0.09

0.09

0.09

 

Overnight from non-financial corporations

0.16

0.14

0.14

 

From households with an agreed maturity of up to 1 year

0.57

0.58

0.61

 

Overall weighted average rate on all deposits

0.28

0.28

0.29

 

LOANS

Consumer without a defined maturity

14.45

14.59

14.60

 

Corporate without a defined maturity

5.05

5.03

5.00

 

To sole proprietors without a defined maturity

6.90

6.94

6.89

 

Consumer at a floating rate (1)

11.33

9.89

10.71

 

Corporate with a fixed maturity at a floating rate (1):

3.36

3.54

4.11

 

-amounts of up to €250,000

5.02

5.18

5.05

 

-amounts of over €250,000 and up to €1 million

4.10

4.16

4.47

 

-amounts of over €1 million

3.27

3.46

3.95

 

Housing at a floating rate (1)

2.92

3.13

3.02

 

Overall weighted average rate on all loans

4.63

4.63

4.89

 

Interest rate spread*

4.35

4.35

4.60

 

Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans

 

 

 

November 2018

December 2018

January 2019

 

DEPOSITS

From households with an agreed maturity of up to 2 years

0.59

0.59

0.58

 

From non-financial corporations with an agreed maturity of up to 2 years

0.81

0.81

0.81

 

Overall weighted average rate on all deposits**

0.29

0.28

0.28

 

LOANS

Housing with over 5 years’ maturity

2.13

2.14

2.14

 

Consumer and other with over 5 years’ maturity

6.18

6.41

6.42

 

Corporate with over 5 years’ maturity

3.70

3.67

3.63

 

To sole proprietors with over 5 years’ maturity

4.56

4.55

4.52

 

Overall weighted average rate on all loans

4.27

4.22

4.20

 

Interest rate spread*

3.98

3.94

3.92

 

*The interest rate spread is the difference between the overall weighted average rate on all loans and the overall weighted average rate on all deposits.
**For the calculation of the overall weighted average rate on all deposits the overnight deposits are also taken into account.


The complete data set of bank deposit and loan interest rates are published on the website of the Bank of Greece and can be accessed via the following link:
http://www.bankofgreece.gr/Pages/en/Statistics/rates_markets/deposits.aspx


Note: The next Press Release on “Interest Rates on Bank Deposits and Loans” for February 2019 will be published on 3 April 2019.

(1)Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
(2)Including other loans to individuals and private non-profit institutions.