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Interest Rates on Bank Deposits and Loans: November 2019

07/01/2020 - Press Releases

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

In November 2019, the overall weighted average interest rates on new deposits and new loans remained almost unchanged. The spread* between loan and deposit rates stood at 4.15 percentage points (see Table 1).

New Deposits

The overall weighted average interest rate on all new deposits remained almost unchanged at 0.19%.

In particular, the average interest rate on overnight deposits placed by households and the corresponding rate on deposits by non-financial corporations remained unchanged at 0.09% and 0.15% respectively. The average interest rate on deposits from households with an agreed maturity of up to 1 year stood at 0.36% from 0.39% in the previous month.

New Loans

The overall weighted average interest rate on all new loans to households and non-financial corporations remained almost unchanged at 4.34%.

More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) increased by 4 basis points to 14.51%.

The average interest rate on consumer loans with a defined maturity at a floating rate[1] increased by 40 basis points to 10.69%. The average interest rate on housing loans at a floating rate[2] decreased by 7 basis points to 2.84%.

The average interest rate on corporate loans without a defined maturity decreased by 8 basis points to 4.70%. The corresponding rate on loans to sole proprietors remained almost unchanged at 6.73%.

The average interest rate on corporate loans with a defined maturity at a floating rate[3] remained almost unchanged at 3.46%, in November 2019, whereas the volume of new business[4] decreased to €564 million from €625 million in the previous month. More specifically, the rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) decreased by 6 basis points to 3.78%, whereas the corresponding volume of new business was €210 million in November 2019 compared with €214 million in the previous month (see Chart and Table 1).

As regards the structure of interest rates according to the size of the loans granted, the rate on loans of up to €250,000 decreased by 17 basis points to 4.75%, on loans of over €250,000 and up to €1 million decreased by 20 basis points to 3.64%, while the rate on loans of over €1 million remained almost unchanged at 3.33%.

 

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

In November 2019, the overall weighted average interest rate on outstanding amounts of all deposits remained almost unchanged, while the corresponding rate of all loans decreased. The spread* between loan and deposit rates was 3.77 percentage points (see Table 2).

Outstanding Deposits

The overall weighted average interest rate on outstanding amounts of all deposits (including overnight deposits) remained almost unchanged at 0.23%.

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 0.47%, while the corresponding rate on deposits placed by non-financial corporations decreased to 0.55% from 0.59% in the previous month.

Outstanding Loans

The overall weighted average interest rate on outstanding amounts of all loans decreased by 4 basis points to 4.00%.

In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained unchanged at 2.06%. The average interest rate on outstanding amounts of consumer loans[5] with over 5 years’ maturity stood at 6.18% from 6.15% in the previous month. The corresponding rate on corporate loans remained almost unchanged at 3.51%, while the average interest rate on outstanding amounts of loans to sole proprietors with over 5 years’ maturity stood at 4.46% from 4.49% in October 2019.

Table 1: Average interest rates on new euro-denominated deposits and loans (percentage % annually)

 

 

September 2019

October 2019

November 2019

DEPOSITS

Overnight from households

0.09

0.09

0.09

Overnight from non-financial corporations

0.16

0.15

0.15

From households with an agreed maturity of up to 1 year

0.45

0.39

0.36

Overall weighted average rate on all deposits

0.23

0.20

0.19

LOANS

Consumer without a defined maturity

14.30

14.47

14.51

Corporate without a defined maturity

4.82

4.78

4.70

To sole proprietors without a defined maturity

6.79

6.74

6.73

Housing at a floating rate[6]

3.08

2.91

2.84

Consumer with a defined maturity at a floating rate6

10.24

10.29

10.69

Corporate with a defined maturity at a floating rate6:

3.83

3.47

3.46

-amounts of up to €250,000

4.82

4.92

4.75

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

4.04

3.84

3.64

-amounts of over €1 million

3.63

3.31

3.33

Loans with a defined maturity to small and medium-sized enterprises at a floating rate6

3.90

3.84

3.78

Overall weighted average rate on all loans

4.59

4.32

4.34

Interest rate spread*

4.36

4.12

4.15

 

Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans (percentage % annually)

 

 

September 2019

October 2019

November 2019

DEPOSITS

From households with an agreed maturity of up to 2 years

0.53

0.49

0.47

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

0.65

0.59

0.55

Overall weighted average rate on all deposits**

0.25

0.24

0.23

LOANS

Housing with over 5 years’ maturity

2.09

2.06

2.06

Consumer and other with over 5 years’ maturity

6.18

6.15

6.18

Corporate with over 5 years’ maturity

3.52

3.51

3.51

To sole proprietors with over 5 years’ maturity

4.56

4.49

4.46

Overall weighted average rate on all loans

4.06

4.04

4.00

Interest rate spread*

3.81

3.80

3.77

*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 is published in the sub-section Bank deposit and loan interest rates on the website of the Bank of Greece.

Note: The next Press Release on “Interest Rates on Bank Deposits and Loans” for December 2019 will be published on 4 February 2020, according to the Release calendar, as published on the website of the Bank of Greece. 
 

[1] Consumer loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.

[2] Housing loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.

[3] Corporate loans at a floating rate comprise also loans with an initial rate fixation period of up to one year and they account for 75.5% of the total.

[4] New business refers to new contracts that were agreed during the reference month and not actual loan disbursements.

[5] Including other loans to individuals and private non-profit institutions.

[6] Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.

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