Interest Rates on Bank Deposits and Loans: February 2015
01/04/2015 - Press Releases
1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
In February 2015, the overall weighted average interest rate on new deposits remained unchanged, while the corresponding rate on new loans decreased. The interest rate spread* between loan and deposit rates decreased by 15 basis points from the previous month to 3.79 percentage points (see Table 1).
The overall weighted average interest rate on all new deposits remained unchanged at 1.12%. In particular, the average interest rates on overnight deposits from households and from non-financial corporations remained almost unchanged at 0.17% and 0.29%, respectively. The average interest rate on deposits from households, with an agreed maturity of up to one year, remained almost unchanged at 1.81%.
The overall weighted average interest rate on all new loans to households and corporations decreased by 15 basis points to 4.91%.
More specifically, 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 14.54%. 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 19 basis points to 7.19%.
The average interest rate on corporate loans without a defined maturity decreased by 6 basis points from the previous month to 6.35%. The corresponding average interest rate to sole proprietors decreased by 5 basis points to 7.97%. 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 on loans of up to €250,000 increased by 63 basis points to 6.06%, on loans of over €250,000 and up to €1 million decreased by 4 basis points to 5.19% and on loans of over €1 million decreased by 36 basis points to 4.86%. Finally, the average interest rate on housing loans at a floating rate or with an initial rate fixation period of up to one year decreased by 8 basis points to 2.36%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
February 2015 saw marginal reductions in the overall weighted average interest rates on outstanding amounts of all deposits and all loans. The spread* between loan and deposit rates remained almost unchanged at 4.02 percentage points (see Table 2).
In further detail, the overall weighted average interest rate on the outstanding amount of all deposits (including overnight deposits) decreased by 3 basis points to 1.17%, while the corresponding rate on loans was 5.19% in February 2015, compared with 5.21% in the previous month.
In particular, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years decreased by 5 basis points to 1.99%, while the corresponding rate on deposits from non-financial corporations remained almost unchanged at 1.87%. The average interest rate on outstanding amounts of housing loans with over 5 years’ maturity stayed constant at 2.84%. The average interest rate on outstanding amounts of corporate loans with over 5 years’ maturity was 4.28% in February 2015, compared with 4.31% in the previous month, while the corresponding rate on loans to sole proprietors was 5.48%, compared with 5.50% in the previous month.
Table 1: Average interest rates on new euro-denominated deposits and loans
|
|
|
December 2014
|
January 2015
|
February 2015
|
|
DEPOSITS
|
Overnight from households
|
0.21
|
0.18
|
0.17
|
|
Overnight from non-financial corporations
|
0.26
|
0.27
|
0.29
|
|
From households with an agreed maturity of up to 1 year
|
1.82
|
1.80
|
1.81
|
|
Overall weighted average rate on all deposits
|
1.15
|
1.12
|
1.12
|
|
LOANS
|
Consumer without a defined maturity
|
14.50
|
14.53
|
14.54
|
|
Corporate without a defined maturity
|
6.48
|
6.41
|
6.35
|
|
To sole proprietors without a defined maturity
|
8.09
|
8.02
|
7.97
|
|
Consumer with a defined maturity at a floating rate or with an initial rate fixation period of up to 1 year
|
6.74
|
7.38
|
7.19
|
|
Corporate with a fixed maturity at a floating rate or with an initial rate fixation period of up to 1 year:
|
|
|
|
|
-loans of up to €250,000
|
5.97
|
5.43
|
6.06
|
|
-loans of over €250,000 and up to € 1 million
|
5.22
|
5.23
|
5.19
|
|
-loans of over €1 million
|
4.75
|
5.22
|
4.86
|
|
Housing at a floating rate or with an initial rate fixation period of up to 1 year
|
2.94
|
2.44
|
2.36
|
|
Overall weighted average rate on all loans
|
5.03
|
5.06
|
4.91
|
|
Interest rate spread*
|
3.88
|
3.94
|
3.79
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
December 2014
|
January 2015
|
February 2015
|
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
2.11
|
2.04
|
1.99
|
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
1.94
|
1.86
|
1.87
|
|
|
Overall weighted average rate on all deposits**
|
1.30
|
1.20
|
1.17
|
|
|
LOANS
|
Housing with over 5 years’ maturity
|
2.85
|
2.84
|
2.84
|
|
|
Corporate with over 5 years’ maturity
|
4.34
|
4.31
|
4.28
|
|
|
To sole proprietors with over 5 years’ maturity
|
5.52
|
5.50
|
5.48
|
|
|
Overall weighted average rate on all loans
|
5.23
|
5.21
|
5.19
|
|
|
Interest rate spread*
|
3.93
|
4.01
|
4.02
|
*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.