Interest Rates on Bank Deposits and Loans: May 2011
08/07/2011 - Press Releases
1. INTEREST RATES ON NEW EURO-DENOMINATED DEPOSITS AND LOANS
In May 2011 average interest rates on new deposits and loans generally increased, with the main exception being the rate on corporate loans over EUR 1 million with floating rate or with an initial rate fixation period of up to one year which decreased (see Table 1).
More specifically, in May 2011, the average interest rate on overnight deposits from households remained basically unchanged at 0.46%, while the corresponding rate on deposits from non-financial corporations decreased by 3 basis points to 0.35%. On the contrary, the average interest rate on deposits from households with an agreed maturity of up to 1 year increased further by 7 basis points to 3.95%.
In the case of loans, the average interest rate on consumer loans without a defined maturity (a category which includes credit card debt, open account loans and debit balances on current accounts) increased in May 2011 by 15 basis points to 14.89%. The average interest rate on corporate loans without a defined maturity increased by 8 basis points to 7.34% and the corresponding rate on loans to sole proprietors increased by 7 basis points to 9.98%. 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 increased to 7.31% for loans up to EUR 250,000 (1), to 6.10% for loans above EUR 250,000 and up to EUR 1 million, while for loans above EUR 1 million it decreased by 7 basis points to 5.48%. Finally, the average interest rate on housing loans remained basically unchanged at 4.26% for loans at a floating rate or with an initial rate fixation period of up to one year and increased by 25 basis points to 4.05% for loans with an initial fixation period of over 1 and up to 5 years.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In May 2011 the average interest rates on outstanding amounts of deposits and loans increased, except for the average rate on deposits with an agreed maturity of up to 2 years from non-financial corporations which remained basically unchanged (see Table 2).
In particular, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years increased in May 2011 by 8 basis points to 3.72%, while the corresponding rate on deposits from non-financial corporations remained basically unchanged at 3.74%. The average interest rate on outstanding amounts of housing loans with over five years’ maturity increased by 6 basis points to 3.83%. The corresponding rate on corporate loans increased by 10 basis points to 4.89%, and the rate on loans to sole proprietors by 23 basis points to 5.94%.
Table 1: Average interest rates on new euro-denominated deposits and loans
|
|
|
March 2011
|
April 2011
|
May 2011
|
|
DEPOSITS
|
Overnight from households
|
0.45
|
0.46
|
0.46
|
|
Overnight from non-financial corporations
|
0.41
|
0.38
|
0.35
|
|
From households with an agreed maturity of up to 1 year
|
3.76
|
3.88
|
3.95
|
|
LOANS
|
Consumer without a defined maturity
|
14.70
|
14.74
|
14.89
|
|
Corporate without a defined maturity
|
7.05
|
7.26
|
7.34
|
|
To sole proprietors without a defined maturity
|
9.78
|
9.91
|
9.98
|
|
Corporate with a fixed maturity at a floating rate or with an initial fixation period of up to 1 year rate:
-loans up to an amount of EUR 250.000
-loans above EUR 250.000 and up to 1 million
-loans above EUR 1 million
|
7.00
6.02
5.39
|
7.01
6.01
5.55
|
7.31
6.10
5.48
|
|
Housing at a floating rate or with an initial fixation period of up to 1 year
|
4.04
|
4.25
|
4.26
|
|
Housing with an initial fixation period of over one and up to 5 years
|
3.86
|
3.80
|
4.05
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
March 2011
|
April 2011
|
May 2011
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
3.58
|
3.64
|
3.72
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
3.60
|
3.75
|
3.74
|
|
LOANS
|
Housing with over 5 years’ maturity
|
3.69
|
3.77
|
3.83
|
|
Corporate with over 5 years’ maturity
|
4.72
|
4.79
|
4.89
|
|
To sole proprietors with over 5 years’ maturity
|
5.61
|
5.71
|
5.94
|
(1) As of the current Press Release the category of corporate loans ‘up to EUR 1 million’ is further divided in the subcategories ‘loans up to EUR 250,000’ and ‘loans above EUR 250,000 and up to EUR 1 million’. Moreover, additional data concerning rates on new loans (as, for example, rates on secured versus non-secured loans) are published in the Bank’s website.