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Interest Rates on Bank Deposits and Loans: February 2010

31/03/2010 - Press Releases

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

In February 2010 the average rates on the most important categories of new deposits and loans generally increased (see Table 1).

More specifically, the average interest rates on overnight deposits from households and non-financial corporations remained virtually unchanged in February 2010 at 0.44% and 0.36% respectively. The average interest rate on new deposits from households with an agreed maturity of up to 1 year increased significantly by 17 basis points to 2.35%. The average interest rate on new repos increased by 7 basis points to 0.37%.

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 9 basis points to 14.14%. This development was however partly due to statistical reasons: the securitisation of open account loans led to an increase in the relative weight of high interest bearing credit card debt. The interest rate on loans without a defined maturity to non-financial corporations increased in February 2010 to 5.87%. There was also a significant increase (20 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 4.72%. The corresponding rate for loans above EUR 1 million increased by 14 basis points to 3.37%. The interest rates on new housing loans recorded a smaller increase. More specifically, in February 2010, housing loans at a floating rate or with an initial rate fixation period of up to 1 year rate increased by 3 basis points to 3.08% and loans at a rate with an initial fixation period of over 1 and up to 5 years increased by 7 basis points to 4.67%.


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

In February 2010 the interest rates on outstanding amounts of the most important categories of deposits and loans decreased, except for the rate on deposits by non-financial corporations with agreed maturity up to 2 years which increased (see Table 2).

In particular, In February 2010, the average interest rate on deposits from households with an agreed maturity of up to 2 years decreased marginally by 2 basis points to 2.48%. On the other hand, the interest rate on deposits from non-financial corporations with an agreed maturity of up to 2 years increased by 12 basis points to 1.90%. The average interest rates on housing loans with over 5 years’ maturity and of long-term loans to non-financial corporations decreased by 3 and 2 basis points respectively to 3.90% and 3.99%.

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

 

December 2007

December 2008

December 2009

January 2010

February 2010

DEPOSITS

Overnight from households

1.23

1.24

0.43

0.43

0.44

Overnight from non-financial corporations

1.05

0.96

0.35

0.37

0.36

From households with an agreed maturity of up to 1 year

4.52

5.36

2.10

2.18

2.35

Repos

3.76

2.52

0.34

0.30

0.37

LOANS

To households. without a defined maturity

14.47

14.83

14.08

14.05

14.14

To non-financial corporations. without a defined maturity 

7.56

7.13

5.81

5.72

5.87

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

6.83


5.79

6.18


5.07

4.70


3.24

4.52


3.23

4.72


3.37

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

4.76

4.92

3.08

3.05

3.08

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

4.21

5.53

4.60

4.60

4.67

 

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

 

 

December 2007

December 2008

December 2009

January 2010

February 2010

DEPOSITS

From households with an agreed maturity of up to 2 years

4.38

5.35

2.66

2.50

2.48

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

4.49

5.13

1.90

1.78

1.90

LOANS

Housing loans with over 5 years’ maturity

5.11

4.87

3.98

3.93

3.90

To non-financial corporations with over 5 years’ maturity

6.24

6.11

4.15

4.01

3.99

 

Note: The next press release for the interest rates concerning the data of March 2010 is going to be published on 5/5/2010

 

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