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Interest Rates on Bank Deposits and Loans: April 2020

05/06/2020 - Press Releases

 

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

In April 2020, the overall weighted average interest rates on new deposits and loans remained almost unchanged. The spread between loan and deposit rates remained unchanged at 3.92 percentage points (see Table 1).

 

New Deposits

The overall weighted average interest rate on all new deposits remained almost unchanged at 0.13%.

In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.04%, while the corresponding rate on overnight deposits placed by non-financial corporations remained almost unchanged at 0.11%. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained also almost unchanged at 0.28%.

 

New Loans                                                                                                           

The overall weighted average interest rate on all new loans to households and non-financial corporations remained almost unchanged at 4.05%.

More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) decreased by 5 basis points to 14.62%.

The average interest rate on consumer loans with a defined maturity at a floating rate increased by 29 basis points to 10.96%. The average interest rate on housing loans at a floating rate decreased by 33 basis points to 2.32%.

 

The average interest rate on corporate loans without a defined maturity decreased by 5 basis points to 4.56%. The corresponding rate on loans to sole proprietors remained almost unchanged at 6.84%.

The average interest rate on corporate loans with a defined maturity at a floating rate increased by 54 basis points to 3.45%, in April 2020, whereas the volume of new business decreased to €599 million from €1,431 million in the previous month. More specifically, the interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) increased by 36 basis points to 3.80%, whereas the corresponding volume of new business decreased to €262 million from €504 million in the previous month (see Chart and Table 1).

 

 

As regards to the structure of interest rates according to the size of the loans granted, the rate on loans of up to €250,000 decreased by 26 basis points to 4.59%, on loans of over €250,000 and up to €1 million decreased by 21 basis points to 3.60%, while the rate on loans of over €1 million increased by 56 basis points to 3.37%.

 

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

In April 2020, the overall weighted average interest rate on outstanding amounts of all deposits remained unchanged, while the corresponding rate on loans remained almost unchanged. The spread between loan and deposit rates remained almost unchanged at 3.73 percentage points (see Table 2).

Outstanding Deposits                                                                                                                

The overall weighted average interest rate on outstanding amounts of all deposits (including overnight deposits) remained unchanged at 0.15%.

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 0.34%; the corresponding rate on deposits placed by non-financial corporations decreased by 3 basis points to 0.33%. 

Outstanding Loans

The overall weighted average interest rate on outstanding amounts of all loans remained almost unchanged at 3.88%.

In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 2.03%. The average interest rate on outstanding amounts of consumer and other loans to individuals and private non-profit institutions with over 5 years’ maturity remained also almost unchanged at 6.21%, while the corresponding rate on corporate loans remained unchanged at 3.38%. The average interest rate on outstanding amounts of loans to sole proprietors with over 5 years’ maturity remained almost unchanged at 4.23%.

 

Table 1: Average interest rates on new euro-denominated deposits and loans (percentages per annum)

 

 

February 2020

March 2020

April 2020

DEPOSITS

Overnight from households

0.04

0.04

0.04

Overnight from non-financial corporations

0.12

0.12

0.11

From households with an agreed maturity of up to 1 year

0.31

0.29

0.28

Overall weighted average rate on all deposits

0.14

0.14

0.13

LOANS

Consumer without a defined maturity

14.65

14.67

14.62

Corporate without a defined maturity

4.68

4.61

4.56

To sole proprietors without a defined maturity

6.73

6.82

6.84

Housing at a floating rate

2.78

2.65

2.32

Consumer with a defined maturity at a floating rate

10.65

10.67

10.96

Corporate with a defined maturity at a floating rate:

3.39

2.91

3.45

-amounts of up to €250,000

4.68

4.85

4.59

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

3.64

3.81

3.60

-amounts of over €1 million

3.20

2.81

3.37

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

3.77

3.44

3.80

Overall weighted average rate on all loans

4.30

4.06

4.05

Interest rate spread

4.16

3.92

3.92

 

 

Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans (percentages per annum)

 

 

February 2020

March 2020

April 2020

DEPOSITS

From households with an agreed maturity of up to 2 years

0.38

0.36

0.34

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

0.40

0.36

0.33

Overall weighted average rate on all deposits

0.17

0.15

0.15

LOANS

Housing with over 5 years’ maturity

2.02

2.02

2.03

Consumer and other loans to individuals and private non-profit institutions with over 5 years’ maturity

6.05

6.19

6.21

Corporate with over 5 years’ maturity

3.42

3.38

3.38

To sole proprietors with over 5 years’ maturity

4.34

4.25

4.23

Overall weighted average rate on all loans

3.95

3.90

3.88

Interest rate spread

3.78

3.75

3.73

 

 

 

 

 

 

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 Bank of Greece website.

 

 

Notes:

 

  • 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 interest rate on all outstanding deposits the overnight deposits are also taken into account.
  • Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
  • New business refers to new contracts that were agreed during the reference month and not actual loan disbursements.

 

 

 

The next Press Release on “Interest Rates on Bank Deposits and Loans” for May 2020 will be published on 3 July 2020, according to the Release calendar, as published on the Bank of Greece website.

 

 

 

 

 

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