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04/02/2015 - Interest Rates on Bank Deposits and Loans: December 2014

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

In December 2014, the overall weighted average interest rates on new deposits and on new loans decreased. The interest rate spread* between loan and deposit rates decreased by 6 basis points from the previous month to 3.88 percentage points (see Table 1).

In more detail, the overall weighted average interest rate on all new deposits decreased by 4 basis points from the previous month to 1.15%. In particular, the average interest rates on overnight deposits from households and non-financial corporations remained almost unchanged at 0.21% and 0.26% respectively. The average interest rate on deposits from households, with an agreed maturity of up to one year, decreased by 6 basis points to 1.82%.

The overall weighted average interest rate on all new loans to households and corporations decreased by 10 basis points from the previous month to 5.03%.

In particular, the average interest rate on consumer loans without a defined maturity (a category which includes credit card debt, open account loans and overdrafts) remained almost unchanged at 14.50%. The average interest rate on consumer loans, with a defined maturity at a floating rate or with an initial rate fixation period of up to one year, decreased by 5 basis points to 6.74%.

The average interest rate on corporate loans without a defined maturity decreased by 8 basis points from the previous month to 6.48%. The corresponding average interest rate to sole proprietors decreased by 15 basis points to 8.09%. The average interest rate on corporate loans with a defined maturity at a floating rate or with an initial rate fixation period of up to one year, for loans up to €250,000, decreased by 4 basis points to 5.97%, for loans over €250,000 and up to €1 million remained unchanged at 5.22% and for loans above €1 million decreased by 44 basis points to 4.75%. Finally, the average interest rate on housing loans at a floating rate or with an initial rate fixation period of up to one year, increased by 18 basis points to 2.94%.

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

In December 2014, the overall weighted average interest rates on outstanding amounts of all deposits and loans decreased. The spread*, between loan and deposit rates, increased by 4 basis points to 3.93 percentage points (see Table 2).

In more detail, the overall weighted average interest rate on the outstanding amount of all deposits (including overnight deposits) decreased by 8 basis points from the previous month to 1.30%, while the corresponding rate on loans decreased by 4 basis points to 5.23%.

In particular, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years decreased by 7 basis points from the previous month to 2.11%, while the corresponding rate on deposits from non-financial corporations decreased by 10 basis points to 1.94%. The average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained unchanged at 2.85%. The corresponding rates of corporate loans and loans to sole proprietors remained almost unchanged at 4.34% and 5.52% respectively.

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

 

 

October  2014

November 2014

December 2014

DEPOSITS

Overnight from households

0.26

0.22

0.21

Overnight from non-financial corporations

0.25

0.25

0.26

From households with an agreed maturity of up to 1 year

1.94

1.88

1.82

Overall weighted average rate on all deposits

1.23

1.19

1.15

LOANS

Consumer without a defined maturity

14.48

14.48

14.50

Corporate without a defined maturity 

6.58

6.56

6.48

To sole proprietors without a defined maturity

8.25

8.24

8.09

Consumer with a defined maturity at a floating rate or with an initial rate fixation period of up to 1 year

7.22

6.79

6.74

Corporate with a fixed maturity at a floating rate or with an initial rate fixation period of up to 1 year:        

 

 

 

-loans up to an amount of €250,000

6.01

6.01

5.97

-loans above €250,000 and up to € 1 million

5.30

5.22

5.22

-loans above €1 million

5.63

5.19

4.75

Housing at a floating rate or with an initial rate fixation period of up to 1 year

2.98

2.76

2.94

Overall weighted average rate on all loans

5.36

5.13

5.03

  Interest rate spread*

4.13

3.94

3.88

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

 

 

 

October  2014

November 2014

December 2014

DEPOSITS

From households with an agreed maturity of up to 2 years

2.26

2.18

2.11

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

2.12

2.04

1.94

Overall weighted average rate on all deposits**

1.45

1.38

1.30

LOANS

Housing with over 5 years’ maturity

2.85

2.85

2.85

Corporate with over 5 years’ maturity

4.38

4.36

4.34

To sole proprietors with over 5 years’ maturity

5.34

5.55

5.52

Overall weighted average rate on all loans

5.28

5.27

5.23

  Interest rate spread*

3.83

3.89

3.93

*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 this average rate the overnight deposits are also taken into account.