Interest Rates on Bank Deposits and Loans: October 2010
07/12/2010 - Press Releases
1. INTEREST RATES ON NEW EURO-DENOMINATED DEPOSITS AND LOANS
In October 2010 the average interest rates on the most important categories of new loans increased, with the exception of the rate on consumer loans without a defined maturity that slightly decreased. The average interest rate on deposits from households with agreed maturity of up to 1 year also increased, while the remaining deposit rates remained basically unchanged (see Table 1).
More specifically, the average interest rates on overnight deposits from households and non financial corporations stood at 0.47% and 0.34% respectively in October 2010. The average interest rate on deposits from households with an agreed maturity of up to 1 year increased by 7 basis points to 3.68%.
As far as interest rates on 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) slightly decreased by 4 basis points to 14.29%. The average interest rate on corporate loans (1) without a defined maturity and the corresponding rate on loans to sole proprietors substantially increased in October 2010 by 11 and 22 basis points respectively to 6.56% and 9.43%. The average interest rates 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 10 basis points to 5.96% for loans up to EUR 1 million and by 4 basis points to 5.32% for loans above EUR 1 million. The average interest rate on housing loans at a floating rate or with an initial rate fixation period of up to one year increased by 18 basis points to 3.72% and the one on loans with an initial fixation period of over 1 and up to 5 years increased by 3 basis points to 3.99%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In October 2010 the average interest rates on outstanding amounts of the most important categories of deposits and loans increased (Table 2).
In particular, the average interest rates on deposits from households and from non-financial corporations with an agreed maturity of up to 2 years slightly increased in October 2010 by 3 and 8 basis points respectively to 3.44% and 3.67%. The average interest rates on housing loans, on corporate loans and loans to sole proprietors with over five years’ maturity increased by 6, 5, and 6 basis points respectively to 3.68%, 4.48% and 5.35%.
Table 1: Interest rates on new euro-denominated deposits and loans
|
|
|
August 2010
|
September 2010
|
October 2010
|
|
DE
POS
I
T
S
|
Overnight from households
|
0.44
|
0.46
|
0.47
|
|
Overnight from non-financial corporations
|
0.32
|
0.33
|
0.34
|
|
From households with an agreed maturity of up to 1 year
|
3.66
|
3.61
|
3.68
|
|
LOANS
|
Consumer without a defined maturity
|
14.31
|
14.33
|
14.29
|
|
Corporate without a defined maturity
|
6.48
|
6.45
|
6.56
|
|
To sole proprietors without a defined maturity
|
9.23
|
9.21
|
9.43
|
|
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 1 million
-loans above EUR 1 million
|
5.87
4.51
|
5.86
5.28
|
5.96
5.32
|
|
Housing at a floating rate or with an initial fixation period of up to 1 year
|
3.67
|
3.54
|
3.72
|
|
Housing with an initial fixation period of over one and up to 5 years
|
4.33
|
3.96
|
3.99
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
August 2010
|
September 2010
|
October 2010
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
3.37
|
3.41
|
3.44
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
3.58
|
3.59
|
3.67
|
|
LOANS
|
Housing with over 5 years’ maturity
|
3.64
|
3.62
|
3.68
|
|
Corporate with over 5 years’ maturity
|
4.35
|
4.43
|
4.48
|
|
To sole proprietors with over 5 years’ maturity
|
5.18
|
5.29
|
5.35
|
(1) Corporate loans include only loans to non-financial corporations. It should also be noted that data have been revised and, as of June 2010, loans to sole proprietors, farmers and unincorporated partnerships are not included in corporate loans, but constitute an independent sub-category of loans, referred to as loans to ‘sole proprietors’.