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Interest Rates on Bank Deposits and Loans: September 2016

03/11/2016 - Press Releases

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

In September 2016, the overall weighted average interest rates on new deposits and new loans decreased. The interest rate spread* between loan and deposit rates also decreased to 4.32 percentage points, compared with 4.54 points in the previous month (see Table 1).

The overall weighted average interest rate on all new deposits decreased by 4 basis points to 0.38%. In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.12%, while the corresponding rate on deposits by non-financial corporations stood at 0.18%, almost unchanged from the previous month. The average interest rate on deposits from households with an agreed maturity of up to 1 year decreased by 8 basis points to 0.79%.

The overall weighted average interest rate on all new loans to households and corporations decreased by 26 basis points from the previous month to 4.70% in September 2016.

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 14.42%. The average interest rate on consumer loans at a floating (1) rate decreased by 40 basis points to 7.99%.

The average interest rate on corporate loans without a defined maturity stood at 5.81%, almost unchanged from the previous month. The corresponding rate on loans to sole proprietors marginally increased to 7.38%. The average interest rate on corporate loans with a defined maturity at a floating rate (1) decreased by 63 basis points to 4.29%. In particular, the rate on loans of up to €250,000 decreased by 18 basis points to 5.64%, on loans of over €250,000 and up to €1 million increased by 23 basis points to 5.32%, while the rate on loans of over €1 million decreased by 76 basis points to 3.94%. Finally, the average interest rate on housing loans at a floating rate (1) increased by 21 basis points to 2.75%.

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

In September 2016, the overall weighted average interest rates on the outstanding amounts of all deposits and all loans remained almost unchanged. The spread* between loan and deposit rates remained unchanged at 4.49 percentage points (see Table 2).

In more detail, the overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) stood at 0.39% in September 2016, compared with 0.41% in the previous month. The corresponding rate on loans stood at 4.88% in September 2016 compared with 4.90% in the previous month.

In particular, the average interest rate on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households decreased by 4 basis points to 0.83%. The average interest rate on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by non-financial corporations decreased by 6 basis points to 0.88%. The average interest rates on outstanding amounts of housing and of corporate loans with over 5 years’ maturity stood at 2.62% and 3.95% respectively, unchanged from the previous month. Finally, the rate on loans to sole proprietors remained almost unchanged at 5.15%.

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

 

 

July  2016

August 2016

September 2016

DEPOSITS

Overnight from households

0.12

0.12

0.12

Overnight from non-financial corporations

0.19

0.20

0.18

From households with an agreed maturity of up to 1 year

0.86

0.87

0.79

Overall weighted average rate on all deposits

0.42

0.42

0.38

LOANS

Consumer without a defined maturity

14.47

14.43

14.42

Corporate without a defined maturity 

5.85

5.83

5.81

To sole proprietors without a defined maturity

7.36

7.35

7.38

Consumer at a floating rate1

7.95

8.39

7.99

Corporate with a fixed maturity at a floating rate1:

4.98

4.92

4.29

-amounts of up to €250,000

6.18

5.82

5.64

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

5.13

5.09

5.32

-amounts of over €1 million

4.89

4.70

3.94

Housing at a floating rate1

2.76

2.54

2.75

Overall weighted average rate on all loans

5.01

4.96

4.70

Interest rate spread*

4.59

4.54

4.32


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

 

 

 

July    2016

August 2016

September 2016

 

DEPOSITS

From households with an agreed maturity of up to 2 years

0.87

0.87

0.83

 

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

0.94

0.94

0.88

 

Overall weighted average rate on all deposits**

0.41

0.41

0.39

 

LOANS

Housing with over 5 years’ maturity

2.62

2.62

2.62

 

Corporate with over 5 years’ maturity

3.95

3.95

3.95

 

To sole proprietors with over 5 years’ maturity

5.17

5.16

5.15

 

Overall weighted average rate on all loans

4.90

4.90

4.88

 

  Interest rate spread*

4.49

4.49

4.49



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

*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.



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 October 2016 will be published on 2 December 2016.

 

 

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