Press Releases

Interest Rates on Bank Deposits and Loans: April 2010

07/06/2010 - Press Releases

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

In April 2010 the average interest rates on the most important categories of new deposits and loans generally increased, except for the rates on overnight deposits from households and non-financial corporations which remained basically unchanged, while the rate on relatively large loans to non-financial corporations at a floating rate or with an initial fixation period of up to 1 year rate decreased (see Table 1).

More specifically, the average interest rate on overnight deposits from households remained unchanged in April 2010 at 0.43%, while the corresponding rate for non-financial corporations marginally decreased by 2 basis points to 0.36%. The average interest rate on new deposits from households with an agreed maturity of up to 1 year increased significantly by a further 37 basis points to 2.98%. The average interest rate on new repos also increased by 5 basis points to 0.47%.

As far as interest rates on new loans are concerned, 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 by 10 basis points to 13.94%. The interest rate on loans without a defined maturity to non-financial corporations increased significantly in April 2010 by 20 basis points to 6.13%. There was also a further significant increase (23 basis points) in the average interest rate on new loans to non-financial corporations at a floating rate or with an initial rate fixation period of up to one year for loans up to EUR 1 million which went up to 5.21%. The corresponding interest rate for loans above EUR 1 million decreased by 16 basis points to 3.55%. The interest rates on new housing loans recorded smaller increases. More specifically, in April 2010, the average rate on housing loans at a floating rate or with an initial rate fixation period of up to 1 year rate increased by 11 basis points to 3.32% and the rate on loans with an initial fixation period of over 1 and up to 5 years increased by 5 basis points to 4.84%. 


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

In April 2010 the interest rates on outstanding amounts of the most important categories of deposits increased, while those of the most important categories of loans remained basically unchanged (see Table 2).


In particular, in April 2010, both the average interest rate on deposits from households and from non-financial corporations with an agreed maturity of up to 2 years increased (by 19 and 11 basis points respectively) to 2.68% and 2.37% respectively. The average interest rates on housing loans with over 5 years’ maturity and the corresponding interest rate to non-financial corporations remained basically unchanged at 3.85% and 4.01% respectively.


Table 1: Interest rates of new euro-denominated deposits and loans

December 2008

December 2009

February 2010

March 2010

April 2010

DEPOSITS

Overnight from households

1.24

0.43

0.44

0.43

0.43

Overnight from non-financial corporations

0.96

0.35

0.36

0.38

0.36

From households with an agreed maturity of up to 1 year

5.36

2.10

2.35

2.61

2.98

Repos

2.52

0.34

0.37

0.42

0.47

LOANS

To households without a defined maturity

14.83

14.08

14.14

13.84

13.94

To non-financial corporations. without a defined maturity 

7.13

5.81

5.87

5.93

6.13

To non-financial corporations 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

6.18

5.07

4.70


3.24

4.72


3.37

4.98


3.71

5.21


3.55

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

4.92

3.08

3.08

3.21

3.32

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

5.53

4.60

4.67

4.79

4.84

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

 

 

December 2008

December 2009

February 2010

March 2010

April 2010

DEPOSITS

From households with an agreed maturity of up to 2 years

5.35

2.66

2.48

2.49

2.68

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

5.13

1.90

1.90

2.26

2.37

LOANS

Housing loans with over 5 years’ maturity

4.87

3.98

3.90

3.86

3.85

To non-financial corporations with over 5 years’ maturity

6.11

4.15

3.99

4.01

4.01

Note: The next press release for the interest rates concerning the data of May 2010 is going to be published on 2/7/2010

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