Interest Rates on Bank Deposits and Loans: December 2014
04/02/2015 - Press Releases
1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
In December 2014, the overall weighted average interest rates on new deposits and on new loans decreased. The interest rate spread* between loan and deposit rates decreased by 6 basis points from the previous month to 3.88 percentage points (see Table 1).
In more detail, the overall weighted average interest rate on all new deposits decreased by 4 basis points from the previous month to 1.15%. In particular, the average interest rates on overnight deposits from households and non-financial corporations remained almost unchanged at 0.21% and 0.26% respectively. The average interest rate on deposits from households, with an agreed maturity of up to one year, decreased by 6 basis points to 1.82%.
The overall weighted average interest rate on all new loans to households and corporations decreased by 10 basis points from the previous month to 5.03%.
In particular, the average interest rate on consumer loans without a defined maturity (a category which includes credit card debt, open account loans and overdrafts) remained almost unchanged at 14.50%. 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, decreased by 5 basis points to 6.74%.
The average interest rate on corporate loans without a defined maturity decreased by 8 basis points from the previous month to 6.48%. The corresponding average interest rate to sole proprietors decreased by 15 basis points to 8.09%. The average interest rate on corporate loans with a defined maturity at a floating rate or with an initial rate fixation period of up to one year, for loans up to €250,000, decreased by 4 basis points to 5.97%, for loans over €250,000 and up to €1 million remained unchanged at 5.22% and for loans above €1 million decreased by 44 basis points to 4.75%. Finally, the average interest rate on housing loans at a floating rate or with an initial rate fixation period of up to one year, increased by 18 basis points to 2.94%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In December 2014, the overall weighted average interest rates on outstanding amounts of all deposits and loans decreased. The spread*, between loan and deposit rates, increased by 4 basis points to 3.93 percentage points (see Table 2).
In more detail, the overall weighted average interest rate on the outstanding amount of all deposits (including overnight deposits) decreased by 8 basis points from the previous month to 1.30%, while the corresponding rate on loans decreased by 4 basis points to 5.23%.
In particular, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years decreased by 7 basis points from the previous month to 2.11%, while the corresponding rate on deposits from non-financial corporations decreased by 10 basis points to 1.94%. The average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained unchanged at 2.85%. The corresponding rates of corporate loans and loans to sole proprietors remained almost unchanged at 4.34% and 5.52% respectively.
Table 1: Average interest rates on new euro-denominated deposits and loans
|
|
|
October 2014
|
November 2014
|
December 2014
|
|
DEPOSITS
|
Overnight from households
|
0.26
|
0.22
|
0.21
|
|
Overnight from non-financial corporations
|
0.25
|
0.25
|
0.26
|
|
From households with an agreed maturity of up to 1 year
|
1.94
|
1.88
|
1.82
|
|
Overall weighted average rate on all deposits
|
1.23
|
1.19
|
1.15
|
|
LOANS
|
Consumer without a defined maturity
|
14.48
|
14.48
|
14.50
|
|
Corporate without a defined maturity
|
6.58
|
6.56
|
6.48
|
|
To sole proprietors without a defined maturity
|
8.25
|
8.24
|
8.09
|
|
Consumer with a defined maturity at a floating rate or with an initial rate fixation period of up to 1 year
|
7.22
|
6.79
|
6.74
|
|
Corporate with a fixed maturity at a floating rate or with an initial rate fixation period of up to 1 year:
|
|
|
|
|
-loans up to an amount of €250,000
|
6.01
|
6.01
|
5.97
|
|
-loans above €250,000 and up to € 1 million
|
5.30
|
5.22
|
5.22
|
|
-loans above €1 million
|
5.63
|
5.19
|
4.75
|
|
Housing at a floating rate or with an initial rate fixation period of up to 1 year
|
2.98
|
2.76
|
2.94
|
|
Overall weighted average rate on all loans
|
5.36
|
5.13
|
5.03
|
|
Interest rate spread*
|
4.13
|
3.94
|
3.88
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
October 2014
|
November 2014
|
December 2014
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
2.26
|
2.18
|
2.11
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
2.12
|
2.04
|
1.94
|
|
Overall weighted average rate on all deposits**
|
1.45
|
1.38
|
1.30
|
|
LOANS
|
Housing with over 5 years’ maturity
|
2.85
|
2.85
|
2.85
|
|
Corporate with over 5 years’ maturity
|
4.38
|
4.36
|
4.34
|
|
To sole proprietors with over 5 years’ maturity
|
5.34
|
5.55
|
5.52
|
|
Overall weighted average rate on all loans
|
5.28
|
5.27
|
5.23
|
|
Interest rate spread*
|
3.83
|
3.89
|
3.93
|
*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.