Interest Rates on Bank Deposits and Loans: August 2016
04/10/2016 - Press Releases
1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
In August 2016, the overall weighted average interest rate on new deposits remained unchanged, while the respective one on loans decreased. The interest rate spread* between loan and deposit rates decreased to 4.54 percentage points, compared with 4.59 points in the previous month (see Table 1).
The overall weighted average interest rate on all new deposits remained unchanged at 0.42%. In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.12%, while the corresponding rate on deposits placed by non-financial corporations remained almost unchanged at 0.20%. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained also almost unchanged at 0.87%.
The overall weighted average interest rate on all new loans to households and corporations decreased by 5 basis points from the previous month to 4.96% in August 2016.
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 4 basis points to 14.43%. The average interest rate on consumer loans at a floating (1) rate increased by 44 basis points to 8.39%.
The average interest rate on corporate loans without a defined maturity stood at 5.83%, almost unchanged from the previous month. The corresponding rate on loans to sole proprietors remained also almost unchanged at 7.35%. The average interest rate on corporate loans with a defined maturity at a floating rate (1) decreased by 6 basis points to 4.92%. In particular, the rate on loans of up to €250,000 decreased by 36 basis points to 5.82%, on loans of over €250,000 and up to €1 million decreased by 4 basis points to 5.09%, while the rate on loans of over €1 million decreased by 19 basis points to 4.70%. Finally, the average interest rate on housing loans at a floating rate (1) decreased by 22 basis points to 2.54%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In August 2016, the overall weighted average interest rates on the outstanding amounts of all deposits and loans remained unchanged. The spread* between loan and deposit rates remained also unchanged at 4.49 percentage points (see Table 2).
In more detail, the overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) remained unchanged at 0.41% and the corresponding rate on loans remained also unchanged at 4.90%.
In particular, the average interest rates on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households and by non-financial corporations remained unchanged at 0.87% and 0.94%, respectively. The average interest rates on outstanding amounts of housing and corporate loans with over 5 years’ maturity remained also unchanged at 2.62% and 3.95% respectively. Finally, the rate on loans to sole proprietors remained almost unchanged at 5.16%.
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Table 1: Average interest rates on new euro-denominated deposits and loans
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June 2016
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July 2016
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August 2016
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DEPOSITS
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Overnight from households
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0.12
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0.12
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0.12
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Overnight from non-financial corporations
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0.20
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0.19
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0.20
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From households with an agreed maturity of up to 1 year
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0.86
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0.86
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0.87
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Overall weighted average rate on all deposits
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0.42
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0.42
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0.42
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LOANS
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Consumer without a defined maturity
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14.48
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14.47
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14.43
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Corporate without a defined maturity
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5.82
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5.85
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5.83
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To sole proprietors without a defined maturity
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7.32
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7.36
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7.35
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Consumer at a floating rate1
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7.64
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7.95
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8.39
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Corporate with a fixed maturity at a floating rate1:
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4.83
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4.98
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4.92
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-amounts of up to €250,000
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5.68
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6.18
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5.82
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-amounts of over €250,000 and up to €1 million
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5.07
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5.13
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5.09
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-amounts of over €1 million
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4.74
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4.89
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4.70
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Housing at a floating rate1
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2.69
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2.76
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2.54
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Overall weighted average rate on all loans
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4.87
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5.01
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4.96
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Interest rate spread*
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4,45
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4.59
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4.54
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Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
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June 2016
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July 2016
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August 2016
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DEPOSITS
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From households with an agreed maturity of up to 2 years
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0.89
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0.87
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0.87
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From non-financial corporations with an agreed maturity of up to 2 years
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0.94
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0.94
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0.94
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Overall weighted average rate on all deposits**
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0.41
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0.41
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0.41
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LOANS
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Housing with over 5 years’ maturity
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2.64
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2.62
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2.62
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Corporate with over 5 years’ maturity
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3.98
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3.95
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3.95
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To sole proprietors with over 5 years’ maturity
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5.21
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5.17
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5.16
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Overall weighted average rate on all loans
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4.90
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4.90
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4.90
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Interest rate spread*
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4.49
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4.49
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4.49
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1 Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
*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 this average rate the overnight deposits are also taken into account.
The complete data set of bank deposit and loan interest rates are published on the website of the Bank of Greece and can be accessed via the following link:
http://www.bankofgreece.gr/Pages/en/Statistics/rates_markets/deposits.aspx
Note: The next Press Release on “Interest Rates on Bank Deposits and Loans” for September 2016 will be published on 3 November 2016.