Press Releases

Interest Rates on Bank Deposits and Loans : June 2010

02/08/2010 - Press Releases

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

In June 2010 the average interest rates on the most important categories of new deposits and loans generally increased, with the exception of the rates on overnight deposits from non-financial corporations along with the rate on new housing loans that decreased (see Table 1).

More specifically, the average interest rate on overnight deposits from households slightly increased in June 2010 to 0.43%, while the corresponding deposit rate for non-financial corporations decreased by 6 basis points to 0.32%. The average interest rate on new deposits from households with an agreed maturity of up to 1 year increased significantly by a further 19 basis points to 3.61%.


As far as interest rates on new loans are concerned, 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) significantly increased by 45 basis points to 14.37%. The interest rate on loans without a defined maturity to non-financial corporations further increased in June 2010 by 17 basis points to 6.46%. There was also a further significant increase (34 basis points) in the average interest rate on new loans to non-financial corporations at a floating rate or with an initial rate fixation period of up to one year for loans up to EUR 1 million which went up to 5.90%. The corresponding interest rate for loans above EUR 1 million also increased by 12 basis points to 3.89%. Both the average interest rate on housing loans at a floating rate or with an initial rate fixation period of up to 1 year rate and the one with an initial fixation period of over 1 and up to 5 years decreased by 10 and 8 basis points to 3.26% and 4.65% respectively.



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

In June 2010 the interest rates on outstanding amounts of the most important categories of deposits increased, while mixed developments were observed on the most important categories of loans (see Table 2).


In particular, in June 2010, both the average interest rates on deposits from households and from non-financial corporations with an agreed maturity of up to 2 years increased (by 14 and 66 basis points respectively) to 3.05% and 3.22% respectively. The average interest rates on housing loans with over 5 years’ maturity decreased by 16 basis points to 3.66%, while the corresponding interest rate to non-financial corporations increased by 22 basis points to 4.26%.

Table 1: Interest rates of new euro-denominated deposits and loans

 

 

December 2008

December 2009

April 2010

May 2010

June 2010

DEPOSITS

Overnight from households

1.24

0.43

0.43

0.42

0.43

Overnight from non-financial corporations

0.96

0.35

0.36

0.38

0.32

From households with an agreed maturity of up to 1 year

5.36

2.10

2.98

3.42

3.61

LOANS

To households without a defined maturity

14.83

14.08

13.94

13.92

14.37

To non-financial corporations without a defined maturity 

7.13

5.81

6.13

6.29

6.46

To non-financial corporations at a floating rate or with an initial fixation period of up to 1 year rate:

      

 -loans up to an amount of EUR 1 million

 -loans above EUR 1 million

 

 

6.18

5.07

4.70

3.24

5.21

3.55

5.56

3.77

5.90

3.89

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

4.92

3.08

3.32

3.36

3.26

Housing loans with an initial fixation period of over one and up to 5 years

5.53

4.60

4.84

4.73

4.65

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

 

 

December 2008

December 2009

April 2010

May 2010

June 2010

DEPOSITS

From households with an agreed maturity of up to 2 years

5.35

2.66

2.68

2.91

3.05

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

5.13

1.90

2.37

2.56

3.22

LOANS

Housing loans with over 5 years’ maturity

4.87

3.98

3.85

3.82

3.66

To non-financial corporations with over 5 years’ maturity

6.11

4.15

4.01

4.04

4.26

Note: The next press release concerning the data of July 2010 is going to be published on 1/9/2010.

 

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