Press Releases

Interest Rates on Bank Deposits and Loans: April 2011

06/06/2011 - Press Releases

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

In April 2011 average interest rates on new deposits and loans generally increased, except for the average rate on corporate loans up to EUR 1 million with floating rate or with an initial rate fixation period of up to one year which remained unchanged and the one on housing loans with an initial fixation period of over 1 and up to 5 years which decreased (see Table 1).

 

More specifically, in April 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 0.38%. On the contrary, the average interest rate on deposits from households with an agreed maturity of up to 1 year increased significantly by 12 basis points to 3.88%.

 

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 slightly in April 2011 by 4 basis points to 14.74%. The average interest rate on corporate loans without a defined maturity increased by 21 basis points to 7.26% and the corresponding rate on loans to sole proprietors increased by 13 basis points to 9.91%. 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 remained unchanged at 6.46% for loans up to EUR 1 million, while for loans above EUR 1 million it increased by 16 basis points to 5.55%. Finally, the average interest rates on housing loans increased by 21 basis points to 4.25% for loans at a floating rate or with an initial rate fixation period of up to one year but decreased by 6 basis points to 3.80% 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 April 2011 the average interest rates on outstanding amounts of deposits and loans increased (see Table 2).

 

In particular, the average interest rates on outstanding amounts of deposits from households and non-financial corporations with an agreed maturity of up to 2 years increased in April 2011 by 6 and 15 basis points to 3.64% and 3.75% respectively. The average interest rate on outstanding amounts of housing loans with over five years’ maturity increased by 8 basis points to 3.77%. Similarly, the corresponding rates on corporate loans and loans to sole proprietors also increased by 7 and 10 basis points to 4.79% and 5.71% respectively.

 

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

 

 

February 2011

March 2011

April 2011

DEPOSITS

Overnight from households

0.44

0.45

0.46

Overnight from non-financial corporations

0.34

0.41

0.38

From households with an agreed maturity of up to 1 year

3.75

3.76

3.88

LOANS

Consumer without a defined maturity

14.64

14.70

14.74

Corporate without a defined maturity 

6.90

7.05

7.26

To sole proprietors without a defined maturity

9.72

9.78

9.91

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 1 million

 -loans above EUR 1 million

6.23

5.37

6.46

5.39

6.46

5.55

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

3.91

4.04

4.25

Housing with an initial fixation period of over one and up to 5 years

3.57

3.86

3.80

 

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

 

 

 

February 2011

March 2011

April 2011

DEPOSITS

From households with an agreed maturity of up to 2 years

3.55

3.58

3.64

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

3.69

3.60

3.75

LOANS

Housing  with over 5 years’ maturity

3.68

3.69

3.77

Corporate with over 5 years’ maturity

4.66

4.72

4.79

To sole proprietors with over 5 years’ maturity

5.71

5.61

5.71

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