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Interest Rates on Bank Deposits and Loans: June 2016

02/08/2016 - Press Releases

1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
 
In June 2016, the overall weighted average interest rate on new deposits remained almost unchanged, while the one on loans increased. The interest rate spread* between loan and deposit rates increased to 4.45 percentage points compared with 4.41 in the previous month (see Table 1).

The overall weighted average interest rate on all new deposits stood at 0.42%, almost unchanged from the previous month. In particular, the average interest rate on overnight deposits placed by households remained almost unchanged at 0.12%. The average interest rate on overnight deposits placed by non-financial corporations remained unchanged at 0.21%. The average interest rate on deposits placed by households with an agreed maturity of up to one year remained almost unchanged at 0.86%.

The overall weighted average interest rate on all new loans to households and corporations increased by 3 basis points from the previous month to 4.87%.

More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) decreased by 11 basis points to 14.48%. The average interest rate on consumer loans at a floating (1) rate increased by 65 basis points to 7.64%.

The average interest rate on corporate loans without a defined maturity decreased by 4 basis points to 5.82%. The corresponding rate on loans to sole proprietors decreased by 3 basis points from the previous month to 7.32%. The average interest rate on corporate loans with a defined maturity at a floating rate (1) increased by 3 basis points to 4.83%. In particular, the rate on loans of up to €250,000 decreased by 29 basis points to 5.68%, on loans of over €250,000 and up to €1 million decreased by 10 basis points to 5.07%, while the rate on loans of over €1 million stood at 4.73%, compared with 4.71% in the previous month. Finally, the average interest rate on housing loans at a floating rate (1) decreased by 6 basis points to 2.69%.

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

In June 2016, the overall weighted average interest rate on the outstanding amounts of all deposits remained almost unchanged, while the corresponding rate on all loans decreased. The spread* between loan and deposit rates decreased to 4.49 percentage points from 4.52 in the previous month (see Table 2).

In more detail, the overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) stood at 0.41%, almost unchanged compared with the previous month. The corresponding rate on loans decreased by 4 basis points to 4.90%.

In particular, the average interest rate on the outstanding amounts of deposits placed by households with an agreed maturity of up to 2 years decreased by 4 basis points to 0.89%. The corresponding rate on deposits placed by non-financial corporations remained unchanged at 0.94%. The average interest rate on outstanding amounts of housing loans with over 5 years’ maturity stood at 2.64%, compared with 2.66% in the previous month. The corresponding rate on corporate loans remained unchanged at 3.98%. Finally, the rate on loans to sole proprietors stood at 5.21% compared with 5.19% in the previous month.

 

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

 

 

April  2016

May  2016

June  2016

DEPOSITS

Overnight from households

0.13

0.11

0.12

Overnight from non-financial corporations

0.22

0.21

0.21

From households with an agreed maturity of up to 1 year

0.87

0.85

0.86

Overall weighted average rate on all deposits

0.45

0.43

0.42

LOANS

Consumer without a defined maturity

14.63

14.59

14.48

Corporate without a defined maturity 

5.98

5.86

5.82

To sole proprietors without a defined maturity

7.39

7.35

7.32

Consumer at a floating rate1

7.74

6.99

7.64

Corporate with a fixed maturity at a floating rate1:

4.76

4.80

4.83

-amounts of up to €250,000

5.87

5.97

5.68

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

5.23

5.17

5.07

-amounts of over €1 million

4.60

4.71

4.73

Housing at a floating rate1

2.61

2.75

2.69

Overall weighted average rate on all loans

4.85

4.84

4.87

Interest rate spread*

4.40

4.41

4.45

 

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

 

 

April 2016

May   2016

June 2016

DEPOSITS

From households with an agreed maturity of up to 2 years

0.97

0.93

0.89

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

0.94

0.94

0.94

Overall weighted average rate on all deposits**

0.45

0.42

0.41

LOANS

Housing with over 5 years’ maturity

2.66

2.66

2.64

Corporate with over 5 years’ maturity

3.99

3.98

3.98

To sole proprietors with over 5 years’ maturity

5.19

5.19

5.21

Overall weighted average rate on all loans

4.95

4.94

4.90

  Interest rate spread*

4.50

4.52

4.49

 
(1) Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.

*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.

The complete data set of bank deposit and loan interest rates are published in the website of the Bank of Greece and can be accessed via the following link:
http://www.bankofgreece.gr/Pages/en/Statistics/rates_markets/deposits.aspx  

Note: The next Press Release on “Interest Rates on Bank Deposits and Loans” for July 2016 will be published on 1 September 2016.

 

 

 

 

 

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