Interest Rates on Bank Deposits and Loans: February 2019
03/04/2019 - Press Releases
1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
In February 2019, the overall weighted average interest rate on new deposits remained almost unchanged, while the corresponding rate on new loans decreased by 31 basis points. The spread* between loan and deposit rates decreased to 4.30 percentage points (see Table 1).
New Deposits
The overall weighted average interest rate on all new deposits remained almost unchanged at 0.28%.
In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.09%. The corresponding rate on overnight deposits placed by non-financial corporations remained almost unchanged at 0.16%. The average interest rate on deposits from households with an agreed maturity of up to 1 year stood at 0.58% from 0.61% in the previous month.
New Loans
The overall weighted average interest rate on all new loans to households and non-financial corporations decreased by 31 basis points to 4.58%.
More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) remained almost unchanged at 14.58%.
The average interest rate on consumer loans with a defined maturity at a floating rate decreased by 205 basis points to 8.66%. The average interest rate on housing loans at a floating rate (1) remained almost unchanged at 3.05%.
The average interest rate on corporate loans without a defined maturity remained almost unchanged at 4.98%. Τhe corresponding rate on loans to sole proprietors remained also almost unchanged at 6.88%.
The average interest rate on corporate loans with a defined maturity at a floating rate decreased by 22 basis points to 3.89%. In further detail, the rate on loans of up to €250,000 decreased by 8 basis points to 4.97%, on loans of over €250,000 and up to €1 million decreased by 29 basis points to 4.18%, while the rate on loans of over €1 million decreased by 19 basis points to 3.76%.
The rate on loans to small and medium enterprises (SMEs) decreased by 21 basis points to 4.09%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In February 2019, the overall weighted average interest rate on the outstanding amounts of all deposits remained unchanged, while the corresponding rate on all loans remained almost unchanged. The spread* between loan and deposit rates remained almost unchanged at 3.91 percentage points (see Table 2).
Outstanding Deposits
The overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) remained unchanged at 0.28%.
In particular, the average interest rate on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households remained unchanged at 0.58%. The average interest rate on the outstanding amounts of deposits, with an agreed maturity of up to 2 years placed by non-financial corporations, remained almost unchanged at 0.80%.
Outstanding Loans
The overall weighted average interest rate on all outstanding loans remained almost unchanged at 4.19%.
In particular, the average interest rate on the outstanding amounts of housing loans with over 5 years’ maturity remained unchanged at 2.14%. The average interest rate on the outstanding amounts of consumer loans (2) with over 5 years’ maturity remained almost unchanged to 6.41%. The corresponding rate on corporate loans remained also almost unchanged at 3.61%. Finally, the average interest rate on the outstanding amounts of loans to sole proprietors with over 5 years’ remained also almost unchanged at 4.51%.
Table 1: Average interest rates on new euro-denominated deposits and loans
|
|
|
December 2018
|
January 2019
|
February 2019
|
|
DEPOSITS
|
Overnight from households
|
0.09
|
0.09
|
0.09
|
|
Overnight from non-financial corporations
|
0.14
|
0.14
|
0.16
|
|
From households with an agreed maturity of up to 1 year
|
0.58
|
0.61
|
0.58
|
|
Overall weighted average rate on all deposits
|
0.28
|
0.29
|
0.28
|
|
LOANS
|
Consumer without a defined maturity
|
14.59
|
14.60
|
14.58
|
|
Corporate without a defined maturity
|
5.03
|
5.00
|
4.98
|
|
To sole proprietors without a defined maturity
|
6.94
|
6.89
|
6.88
|
|
Housing at a floating rate (1)
|
3.13
|
3.02
|
3.05
|
|
Consumer at a floating rate (1)
|
9.89
|
10.71
|
8.66
|
|
Corporate with a defined maturity at a floating rate (1):
|
3.54
|
4.11
|
3.89
|
|
-amounts of up to €250,000
|
5.18
|
5.05
|
4.97
|
|
-amounts of over €250,000 and up to €1 million
|
4.16
|
4.47
|
4.18
|
|
-amounts of over €1 million
|
3.46
|
3.95
|
3.76
|
|
Small and medium-size enterprises (all loans)
|
3.93
|
4.30
|
4.09
|
|
Overall weighted average rate on all loans
|
4.63
|
4.89
|
4.58
|
|
Interest rate spread*
|
4.35
|
4.60
|
4.30
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
December 2018
|
January 2019
|
February 2019
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
0.59
|
0.58
|
0.58
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
0.81
|
0.81
|
0.80
|
|
Overall weighted average rate on all deposits**
|
0.28
|
0.28
|
0.28
|
|
LOANS
|
Housing with over 5 years’ maturity
|
2.14
|
2.14
|
2.14
|
|
Consumer and other with over 5 years’ maturity
|
6.41
|
6.42
|
6.41
|
|
Corporate with over 5 years’ maturity
|
3.67
|
3.63
|
3.61
|
|
To sole proprietors with over 5 years’ maturity
|
4.55
|
4.52
|
4.51
|
|
Overall weighted average rate on all loans
|
4.22
|
4.20
|
4.19
|
|
Interest rate spread*
|
3.94
|
3.92
|
3.91
|
*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 the overall weighted average rate on all deposits 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 here.
Note: The next Press Release on “Interest Rates on Bank Deposits and Loans” for March 2019 will be published on 6 May 2019.
(1)Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
(2)Including other loans to individuals and private non-profit institutions.