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Interest Rates on Bank Deposits and Loans: October 2011

07/12/2011 - Press Releases

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

In October 2011 the overall average interest rates on both new deposits and new loans increased (see Table 1).

More specifically, in October 2011, the average interest rate on overnight deposits from households remained almost unchanged at 0.48% and the corresponding rate on deposits from non-financial corporations remained similarly unchanged at 0.44%. On the contrary, the average interest rate on deposits from households with an agreed maturity of up to 1 year, further increased by 13 basis points to 4.50%. As a result of all the above developments, the overall average interest rate on all new deposits increased by 7 basis points to 2.62%.

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) remained almost unchanged in October 2011 at 15.24%. The average interest rate on corporate loans without a defined maturity remained similarly unchanged at 7.92%, while the corresponding rate on loans to sole proprietors decreased by 8 basis points to 10.36%. 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 by 25 basis points to 7.90% for loans up to EUR 250,000, by 6 basis points to 6.85% for loans above EUR 250,000 and up to 1 million, and by 16 basis points to 6.20% for loans above EUR 1 million. Finally, the average interest rate on housing loans at a floating rate or with an initial fixation period of up to one year increased by 16 basis points to 4.65%. As a result, the overall average interest rate on all new loans further increased in October 2011 by 8 basis points to 7.03%.

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

In October 2011 the overall average interest rates on outstanding amounts of all deposits and of all loans remained basically unchanged (see Table 2).

In particular, in October 2011, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years increased by 6 basis points to 4.17%, while the corresponding rate on deposits from non-financial corporations remained basically unchanged at 4.06%. The average interest rate on outstanding amounts of housing loans with over five years’ maturity and the corresponding rate on corporate loans remained almost unchanged at 3.95% and 5.34% respectively, while the rate on loans to sole proprietors increased by 7 basis points to 6.44%.
As a result, the overall average interest rate on all deposits (including overnight deposits) remained basically unchanged at 2.50% and the rate on all loans remained unchanged at 6.42%.

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

 

 

August 2011

September 2011

October 2011

DEPOSITS

Overnight from households

0,47

0,47

0,48

Overnight from non-financial corporations

0,44

0,43

0,44

From households with an agreed maturity of up to 1 year

4,31

4,37

4,50

Overall average rate on all deposits

2,51

2,55

2,62

LOANS

Consumer without a defined maturity

15,24

15,26

15,24

Corporate without a defined maturity 

7,76

7,91

7,92

To sole proprietors without a defined maturity

10,35

10,44

10,36

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

 

 



7,56

6,51

5,88

7,65

6,79

6,04

7,90

6,85

6,20

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

4,54

4,49

4,65

Overall average rate on all loans

6,90

6,95

7,03

 

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

 

 

August 2011

September 2011

October 2011

DEPOSITS

From households with an agreed maturity of up to 2 years

4,05

4,11

4,17

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

4,01

4,08

4,06

Overall average rate on all deposits*

2,44

2,48

2,50

LOANS

Housing with over 5 years’ maturity

3,96

3,95

3,95

Corporate with over 5 years’ maturity

5,24

5,33

5,34

To sole proprietors with over 5 years’ maturity

6,30

6,37

6,44

Overall average rate on all loans

6,38

6,42

6,42

 

*For the calculation of this average rate the overnight deposits are also taken into account

 

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