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Interest Rates on Bank Deposits and Loans: April 2012

06/06/2012 - Press Releases

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

In April 2012 the overall average interest rate on new deposits increased slightly, while the corresponding rate on new loans decreased (see Table 1).

More specifically, in April 2012, the average interest rate on overnight deposits from households remained unchanged at 0.47% while the corresponding rate on deposits from non-financial corporations decreased by 6 basis points to 0.47%. The average interest rate on deposits from households with an agreed maturity of up to 1 year, increased marginally by 2 basis points to 4.96%. As a result of the above developments and the redistribution of funds in favour of the relatively higher yielding deposit categories, the overall average interest rate on all new deposits increased by 3 basis points to 2.92%.

In the case of loans, 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) decreased slightly by 3 basis points in April 2012, to 15.08%. On the contrary, 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 increased by 15 basis points to 8.34% in April 2012, from 8.19% in the previous month.

The average interest rate on corporate loans without a defined maturity decreased marginally by 2 basis points to 7.78% while the corresponding rate on loans to sole proprietors increased by 4 basis points to 10.35%. 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 decreased by 12 basis points to 7.57% for loans up to EUR 250,000, decreased by 18 basis points to 6.45% for loans above EUR 250,000 and up to EUR 1 million but increased by 7 basis points to 6.23% for loans above EUR 1 million. Finally, the average interest rate on housing loans at a floating rate or with an initial fixation period of up to one year decreased by 7 basis points to 3.55%. As a result of the above developments, the overall average interest rate on all new loans decreased in April 2012 by 4 basis points to 6.32%.

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

In April 2012 the overall average interest rate on outstanding amounts of all deposits remained almost unchanged, while the corresponding rate on all loans decreased (see Table 2).

In particular, in April 2012, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years increased by 4 basis points to 4.65% and the corresponding rate on deposits from non-financial corporations increased by 6 basis points to 4.69%. The average interest rate on outstanding amounts of loans with over five years’ maturity decreased by 3 basis points to 3.49% for housing loans, increased by 2 basis to 5.21% for corporate loans and decreased by 4 basis points to 6.28% for loans to sole proprietors.

As a result, the overall average interest rate on all deposits (including overnight deposits) remained almost unchanged to 2.84%, while the corresponding rate on all loans decreased by 2 basis points to 6.17%.

Table 1: Average interest rates on new euro-denominated deposits and loans

 

 

February 2012

March     2012

April     2012

DEPOSITS

Overnight from households

0.47

0.47

0.47

Overnight from non-financial corporations

0.46

0.53

0.47

From households with an agreed maturity of up to 1 year

4.86

4.94

4.96

Overall average rate on all deposits

2.83

2.89

2.92

LOANS

Consumer without a defined maturity

15.14

15.11

15.08

Corporate without a defined maturity 

7.86

7.80

7.78

To sole proprietors without a defined maturity

10.34

10.31

10.35

Consumer with a defined maturity at a floating rate or with an initial fixation period of up to 1 year

8.80

8.19

8.34

Corporate with a fixed maturity at a floating rate or with an initial fixation period of up to 1 year rate:      

 -loans up to an amount of EUR 250,000

 -loans above EUR 250,000 and up to EUR 1 million

 -loans above EUR 1 million

7.81

6.55

5.81

7.69

6.63

6.16

7.57

6.45

6.23

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

3.77

3.62

3.55

Overall average rate on all loans

6.45

6.36

6.32

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

 

 

February 2012

March     2012

April     2012

DEPOSITS

From households with an agreed maturity of up to 2 years

4.51

4.61

4.65

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

4.52

4.63

4.69

Overall average rate on all deposits*

2.71

2.83

2.84

LOANS

Housing with over 5 years’ maturity

3.59

3.52

3.49

Corporate with over 5 years’ maturity

5.27

5.19

5.21

To sole proprietors with over 5 years’ maturity

6.39

6.32

6.28

Overall average rate on all loans

6.24

6.19

6.17

*For the calculation of this average rate the overnight deposits are also taken into account

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