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04/06/2019 - Interest Rates on Bank Deposits and Loans: April 2019

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

In April 2019, the overall weighted average interest rate on new deposits remained unchanged, while the corresponding rate on new loans increased. The spread* between loan and deposit rates increased to 4.65 percentage points (see Table 1).

New Deposits

The overall weighted average interest rate on all new deposits remained unchanged at 0.28%.

In particular, the average interest rates on overnight deposits placed by households and non-financial corporations remained unchanged at 0.09% and 0.17% respectively. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained almost unchanged at 0.60%.

New Loans

The overall weighted average interest rate on all new loans to households and non-financial corporations increased by 37 basis points to 4.93%.
More specifically, the average interest rate on consumer loans without a defined maturity (category which comprises credit cards, open account loans and overdrafts) remained almost unchanged at 14.58%.

The average interest rate on housing loans at a floating rate(1) remained almost unchanged at 3.08%.The average interest rate on consumer loans with a defined maturity at a floating rate  increased by 106 basis points to 9.88%.

The average interest rate on corporate loans without a defined maturity remained almost unchanged at 4.95%. Τhe corresponding rate on loans to sole proprietors remained, also, almost unchanged at 6.81%.

The average interest rate on corporate loans with a defined maturity at a floating rate(1) stood at 4.51% in April 2019, compared with 3.82% in the previous month, whereas the volume of new business increased to €644 million from €565 million in the previous month(2). More specifically, the rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) decreased by 44 basis points to 3.95%, whereas the volume of new business increased to €254 million from €173 million in the previous month (see graph and table 1).

As regards the structure of interest rates according to the size of the loan granted, it is noted that the rate on loans of up to €250,000 remained almost unchanged at 5.23%, on loans of over €250,000 and up to €1 million increased by 9 basis points to 4.34%, while the rate on loans of over €1 million increased by 85 basis points to 4.50%.

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

In April 2019, the overall weighted average interest rate on outstanding amounts of all deposits remained unchanged, while the corresponding rate on loans remained almost unchanged. The spread* between loan and deposit rates remained also almost unchanged at 3.89 percentage points (see Table 2).

Outstanding Deposits

The overall weighted average interest rate on outstanding amounts of all deposits (including overnight deposits) remained unchanged at 0.28%.

In particular, the average interest rate on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households remained almost unchanged at 0.57%. The average interest rate on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by non-financial corporations decreased by 3 basis points to 0.76%.

Outstanding Loans

The overall weighted average interest rate on outstanding amounts of all loans remained almost unchanged at 4.17%.

In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 2.13%. The average interest rate on outstanding amounts of consumer loans(3) with over 5 years’ maturity decreased by 4 basis points to 6.33%. The corresponding rate on corporate loans remained almost unchanged at 3.59%. Finally, the average interest rate on outstanding amounts of loans to sole proprietors with over 5 years’ maturity remained also almost unchanged at 4.65%.

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

 

 

February 2019

March 2019

April 2019

DEPOSITS

Overnight from households

0.09

0.09

0.09

Overnight from non-financial corporations

0.16

0.17

0.17

From households with an agreed maturity of up to 1 year

0.58

0.58

0.60

Overall weighted average rate on all deposits

0.28

0.28

0.28

LOANS

Consumer without a defined maturity

14.58

14.61

14.58

Corporate without a defined maturity

4.98

4.96

4.95

To sole proprietors without a defined maturity

6.88

6.83

6.81

Housing at a floating rate1

3.05

3.05

3.08

Consumer at a floating rate1

8.66

8.82

9.88

Corporate with a defined maturity at a floating rate1:

3.85

3.82

4.51

-amounts of up to €250,000

4.97

5.25

5.23

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

4.18

4.25

4.34

-amounts of over €1 million

3.72

3.65

4.50

Loans with a defined maturity to small and medium-sized enterprises at a floating rate1

4.05

4.39

3.95

Overall weighted average rate on all loans

4.57

4.56

4.93

Interest rate spread*

4.29

4.28

4.65

 

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

 

 

February 2019

March 2019

April 2019

DEPOSITS

From households with an agreed maturity of up to 2 years

0.58

0.58

0.57

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

0.80

0.79

0.76

Overall weighted average rate on all deposits**

0.28

0.28

0.28

LOANS

Housing with over 5 years’ maturity

2.14

2.14

2.13

Consumer and other with over 5 years’ maturity

6.41

6.37

6.33

Corporate with over 5 years’ maturity

3.61

3.60

3.59

To sole proprietors with over 5 years’ maturity

4.51

4.66

4.65

Overall weighted average rate on all loans

4.19

4.18

4.17

Interest rate spread*

3.91

3.90

3.89

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 May 2019 will be published on 5 July 2019.

*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.

(1)Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year

(2)Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year and they account for 97.8% of the total. New business refers new contracts that were agreed during the reference month and not actual loan disbursements.

(3)Including other loans to individuals and private non-profit institutions.