Interest Rates on Bank Deposits and Loans: September 2012
31/10/2012 - Press Releases
1. INTEREST RATES ON NEW EURO-DENOMINATED DEPOSITS AND LOANS
In September 2012 the overall average interest rate on new deposits increased, while the corresponding rate on new loans decreased (see Table 1). As a result the spread between loans and deposits decreased by 14 basis points to 3.02 percentage points.
More specifically, in September 2012, the average interest rates on overnight deposits from households remained almost unchanged at 0.46%, while the corresponding rate on deposits from non-financial corporations increased by 5 basis points to 0.45%. The average interest rate on deposits from households with an agreed maturity of up to 1 year, increased by 4 basis points to 4.60%. The overall average interest rate on all new deposits increased by 3 basis points to 2.75%.
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 by 4 basis points in September 2012, to 14.79%. 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 significantly by 57 basis points to 7.75%, in September 2012, from 8.32% in the previous month.
The average interest rate on corporate loans without a defined maturity decreased by 3 basis points to 7.54%. Similarly, the corresponding rate on loans to sole proprietors decreased by 6 basis points to 10.08%. 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 increased by 20 basis points to 7.44% for loans up to EUR 250,000, while for loans above EUR 250,000 and up to EUR 1 million it decreased marginally by 2 basis points to 6.37%, and for loans above EUR 1 million it decreased by 36 basis points to 5.46%. Finally, the average interest rate on housing loans at a floating rate or with an initial fixation period of up to one year remained basically unchanged at 3.00%. As a result of the above developments the average interest rate on all new loans to households and corporations further decreased, in September 2012, by 11 basis points to 5.77%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In September 2012 the overall average interest rate on outstanding amounts of all deposits remained almost unchanged, while the corresponding rate on all loans slightly decreased (see Table 2).
In particular, in September 2012, the average interest rates on outstanding amounts of deposits from households and non-financial corporations with an agreed maturity of up to 2 years decreased by 4 and 5 basis points to 4.65% and 4.51% respectively. The average interest rate on outstanding amounts of loans with over five years’ maturity decreased by 4 basis points to 3.25% for housing loans, by 8 basis to 4.78% for corporate loans, and by 4 basis points to 6.12% for loans to sole proprietors.
The overall average interest rate on all deposits (including overnight deposits) remained almost unchanged at 2.86%, while the corresponding rate on all loans decreased by 3 basis points to 5.91%.
Table 1: Average interest rates on new euro-denominated deposits and loans
|
|
|
July 2012
|
August 2012
|
September 2012
|
|
DEPOSITS
|
Overnight from households
|
0.47
|
0.47
|
0.46
|
|
Overnight from non-financial corporations
|
0.40
|
0.40
|
0.45
|
|
From households with an agreed maturity of up to 1 year
|
4.82
|
4.56
|
4.60
|
|
Overall average rate on all deposits
|
2.86
|
2.72
|
2.75
|
|
LOANS
|
Consumer without a defined maturity
|
14.91
|
14.83
|
14.79
|
|
Corporate without a defined maturity
|
7.61
|
7.57
|
7.54
|
|
To sole proprietors without a defined maturity
|
10.21
|
10.14
|
10.08
|
|
Consumer with a defined maturity at a floating rate or with an initial fixation period of up to 1 year
|
7.88
|
8.32
|
7.75
|
|
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
|
7.67
6.42
5.71
|
7.24
6.39
5.82
|
7.44
6.37
5.46
|
|
Housing at a floating rate or with an initial fixation period of up to 1 year
|
3.12
|
2.99
|
3.00
|
|
Overall average rate on all loans
|
5.92
|
5.88
|
5.77
|
|
Interest rate spread
|
3,06
|
3,16
|
3,02
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
July 2012
|
August 2012
|
September 2012
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
4.73
|
4.69
|
4.65
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
4.64
|
4.56
|
4.51
|
|
Overall average rate on all deposits*
|
2.86
|
2.87
|
2.86
|
|
LOANS
|
Housing with over 5 years’ maturity
|
3.34
|
3.29
|
3.25
|
|
Corporate with over 5 years’ maturity
|
4.90
|
4.86
|
4.78
|
|
To sole proprietors with over 5 years’ maturity
|
6.21
|
6.16
|
6.12
|
|
Overall average rate on all loans
|
6.01
|
5.94
|
5.91
|
*For the calculation of this average rate the overnight deposits are also taken into account