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Interest Rates on Bank Deposits and Loans: January 2013

05/03/2013 - Press Releases

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

In January 2013, the overall average interest rate on new deposits decreased, while the corresponding interest rate on new loans increased (see Table 1). The interest spread between loan and deposit rates increased by 16 basis points to 3.07 percentage points.

More specifically, in January 2013, the average interest rates on overnight deposits from households and from non-financial corporations remained almost unchanged at 0.48% and 0.47% respectively. The average interest rate on deposits from households with an agreed maturity of up to one year decreased by 11 basis points to 4.59%. The overall average interest rate on all new deposits decreased by 4 basis points to 2.81%.

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 January 2013, at 14.77%. On the contrary, the average interest rate on consumer loans with a defined maturity at a floating rate or with an initial rate fixation period of up to one year increased by 31 basis points to 7.91%.

The average interest rate on corporate loans without a defined maturity decreased by 6 basis points to 7.46%, while the corresponding rate on loans to sole proprietors remained unchanged at 10.03%. The average interest rates 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 28 basis points to 7.28% for loans up to EUR 250,000, increased by 18 basis points to 6.29% for loans above EUR 250,000 and up to EUR 1 million, and increased by 33 basis points to 6.40% 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 decreased by 5 basis points to 2.99%. In January 2013, the average interest rate on all new loans to households and corporations increased further by 12 basis points to 5.88%.

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

In January 2013, the overall average interest rate on the outstanding amounts of all deposits increased, while the corresponding interest rate on loans remained almost unchanged. As a result, the spread between loans and deposits decreased by 8 basis points to 2.86 percentage points (see Table 2).

In particular, in January 2013, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to two years decreased by 3 basis points to 4.57%, while the corresponding interest rate on deposits from non-financial corporations increased by 5 basis points to 4.53%. The average interest rates on outstanding amounts of loans with over five years’ maturity remained basically unchanged at 3.20% for housing loans and at 4.62% for corporate loans, while the corresponding interest rate for loans to sole proprietors decreased by 9 basis points to 5.97%.

In January 2013, the overall average interest rate on all deposits (including overnight deposits) increased to 2.94%, while the one on loans remained almost unchanged at 5.80%.

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

 

 

November 2012

December 2012

January
2013

DEPOSITS

Overnight from households

0.47

0.49

0.48

Overnight from non-financial corporations

0.41

0.46

0.47

From households with an agreed maturity of up to 1 year

4.60

4.70

4.59

Overall average rate on all deposits

2.79

2.85

2.81

LOANS

Consumer without a defined maturity

14.80

14.79

14.77

Corporate without a defined maturity 

7.49

7.52

7.46

To sole proprietors without a defined maturity

10.05

10.03

10.03

Consumer with a defined maturity at a floating rate or with an initial fixation period of up to 1 year

8.11

7.60

7.91

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 250,000

 -loans above EUR 250,000 and up to EUR 1 million

 -loans above EUR 1 million

7.39

6.24

5.62

7.00

6.11

6.07

7.28

6.29

6.40

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

2.94

3.04

2.99

Overall average rate on all loans

5.63

5.76

5.88

Interest rate spread

2.84

2.91

3.07

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

 

 

November 2012

December 2012

January 2013

DEPOSITS

From households with an agreed maturity of up to 2 years

4.61

4.60

4.57

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

4.46

4.48

4.53

Overall average rate on all deposits*

2.89

2.87

2.94

LOANS

Housing with over 5 years’ maturity

3.22

3.22

3.20

Corporate with over 5 years’ maturity

4.68

4.64

4.62

To sole proprietors with over 5 years’ maturity

6.04

6.06

5.97

Overall average rate on all loans

5.83

5.81

5.80

Interest rate spread

2.94

2.94

2.86

 

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

 

 
 

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