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Interest Rates on Bank Deposits and Loans: August 2021

01/10/2021 - Press Releases

 

  • The weighted average interest rate on new deposits remained unchanged at 0.05%, while the weighted average interest rate on new loans increased to 4.14%.
  • The interest rate spread between new deposits and loans increased to 4.09 percentage points.
  • The weighted average interest rate on outstanding amounts of deposits remained unchanged at 0.05%, while the weighted average interest rate on outstanding amounts of all loans remained almost unchanged at 3.59%.
  • The interest rate spread between outstanding amounts of deposits and loans remained almost unchanged at 3.54 percentage points.

 

1.         Interest rates on euro-denominated new deposits and loans

New Deposits

The weighted average interest rate on new deposits remained unchanged at 0.05%.

In particular, the average interest rate on overnight deposits placed by households remained almost unchanged at 0.03%, while the corresponding rate on deposits by non-financial corporations remained unchanged at 0.01%. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained also almost unchanged at 0.16% compared with the previous month.

New Loans    

The weighted average interest rate on new loans to households and non-financial corporations increased by 9 basis points to 4.14%.

More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, revolving loans and overdrafts) decreased by 6 basis points to 14.32%.

The average interest rate on consumer loans with a defined maturity at a floating rate increased by 51 basis points to 12.03%. The average interest rate on housing loans at a floating rate decreased by 9 basis points to 2.35%.

The average interest rate on new corporate loans without a defined maturity remained unchanged at 4.25%, while the corresponding rate on loans to sole proprietors remained almost unchanged at 6.53%.

In August 2021, the average interest rate on corporate loans with a defined maturity at a floating rate increased to 3.22% compared to 3.18% 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) decreased to 3.30% from 3.60% in the previous month.

 

 

As regards the structure of interest rates according to the size of loans granted, the rate on loans of up to €250,000 decreased by 95 basis points to 4.31%, on loans of over €250,000 and up to €1 million remained almost unchanged at 3.35%, while on loans of over €1 million increased by 12 basis points to 3.15%.

2. Interest rates on outstanding amounts of euro-denominated deposits and loans

Deposits                                                                                                                                       

The weighted average interest rate on outstanding amounts of deposits (including overnight deposits) remained unchanged at 0.05%.

In particular, 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 0.11%, while the corresponding rate on deposits by non-financial corporations remained unchanged at 0.08%. 

Loans

The weighted average interest rate on outstanding amounts of loans remained almost unchanged at 3.59%.

In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained unchanged at 2.02%. The average interest rate on outstanding amounts of consumer and other loans to individuals and private non-profit institutions with a maturity of over 5 years increased by 4 basis points to 6.57%; the corresponding rates on corporate loans and loans to sole proprietors remained almost unchanged at 3.14% and 4.29% respectively.


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

 

 

June

2021

July

2021

August 2021

DEPOSITS

Overnight from households

0.04

0.04

0.03

Overnight from non-financial corporations

0.01

0.01

0.01

From households with an agreed maturity of up to 1 year

0.14

0.14

0.16

Weighted average rate on all deposits

0.06

0.05

0.05

LOANS

Consumer without a defined maturity

14.38

14.38

14.32

Corporate without a defined maturity

4.32

4.25

4.25

To sole proprietors without a defined maturity

6.55

6.55

6.53

Housing at a floating rate

2.41

2.44

2.35

Consumer with a defined maturity at a floating rate

10.86

11.52

12.03

Corporate with a defined maturity at a floating rate:

3.04

3.18

3.22

-amounts of up to €250,000

4.26

5.26

4.31

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

3.27

3.32

3.35

-amounts of over €1 million

2.77

3.03

3.15

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

3.32

3.60

3.30

Weighted average rate on all loans

3.95

4.05

4.14

Interest rate spread

3.89

4.00

4.09

 

 

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

 

 

June

2021

July

2021

August 2021

DEPOSITS

From households with an agreed maturity of up to 2 years

0.13

0.12

0.11

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

0.10

0.08

0.08

Weighted average rate on all deposits

0.05

0.05

0.05

LOANS

Housing with over 5 years’ maturity

2.01

2.02

2.02

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

6.57

6.53

6.57

Corporate with over 5 years’ maturity

3.17

3.16

3.14

To sole proprietors with over 5 years’ maturity

4.30

4.30

4.29

Weighted average rate on all loans

3.66

3.60

3.59

Interest rate spread

3.61

3.55

3.54

 

Notes:

 

  1. The interest rate spread is the difference between the weighted average rate on all loans and the weighted average rate on all deposits.
  2. For the calculation of the weighted average interest rate on all outstanding deposits the overnight deposits are also taken into account.
  1. Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
  1. New business refers to new contracts that were agreed during the reference month and not actual loan disbursements.

 

Related information:

 

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.

 

The next Press Release on “Interest Rates on Bank Deposits and Loans” for September 2021 will be published on 3 November 2021, according to the Release calendar, as published on the Bank of Greece website.

 

Related links:

Bank deposit and loan interest rates

Release calendar

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