Interest Rates on Bank Deposits and Loans: July 2015
02/09/2015 - Press Releases
1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
In July 2015, the overall weighted average interest rate on new deposits decreased significantly. The corresponding rate on loans decreased marginally and, as a result, the interest rate spread* between loan and deposit rates increased by 28 basis points to 3.94 percentage points (see Table 1).
The overall weighted average interest rate on all new deposits decreased by 31 basis points from the previous month to 0.78% in July 2015. In particular, the average interest rate on overnight deposits placed by households remained almost unchanged at 0.15%, while the corresponding rate on deposits by non-financial corporations marginally increased by 3 basis points to 0.25%. The average interest rate on deposits placed by households with an agreed maturity of up to one year decreased by 50 basis points from the previous month to 1.31%.
The overall weighted average interest rate on all new loans to households and corporations decreased marginally by 3 basis points from the previous month to 4.72% in July 2015.
More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit card debt, open account loans and overdrafts) decreased by 8 basis points to 14.55%.
The average interest rate on corporate loans without a defined maturity increased by 12 basis points to 6.26%, while the corresponding rate on loans to sole proprietors remained almost unchanged at 7.64%. The average interest rate on corporate loans with a defined maturity at a floating rate (1) on loans of up to €250,000 increased by 5 basis points to 5.64%, on loans of over €250,000 and up to €1 million increased by 89 basis points to 5.83% and on loans of over €1 million decreased by 58 basis points to 3.94%. Finally, the average interest rate on housing loans at a floating rate (1) decreased by 16 basis points to 2.72%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In July 2015, the overall weighted average interest rates on the outstanding amounts of all deposits and loans decreased. The spread* between loan and deposit rates increased by 10 basis points to 4.17 percentage points (see Table 2).
In further detail, the overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) decreased by 14 basis points to 0.87%, while the corresponding rate on loans decreased by 4 basis points from the previous month to 5.04%.
In particular, the average interest rate on outstanding amounts of deposits placed by households with an agreed maturity of up to 2 years decreased by 6 basis points to 1.81%. The corresponding rate on deposits placed by non-financial corporations decreased by 30 basis points to 1.55%. The average interest rates on outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 2.82%, the corresponding rate on corporate loans decreased by 14 basis points to 3.99%, while the rate on loans to sole proprietors increased marginally by 3 basis points to 5.26%.
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Table 1: Average interest rates on new euro-denominated deposits and loans
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May 2015
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June 2015
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July 2015
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DEPOSITS
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Overnight from households
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0.17
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0.17
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0.15
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Overnight from non-financial corporations
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0.27
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0.22
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0.25
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From households with an agreed maturity of up to 1 year
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1.81
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1.81
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1.31
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Overall weighted average rate on all deposits
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1.10
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1.09
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0.78
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LOANS
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Consumer without a defined maturity
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14.49
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14.63
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14.55
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Corporate without a defined maturity
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6.25
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6.14
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6.26
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To sole proprietors without a defined maturity
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7.73
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7.65
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7.64
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Corporate with a fixed maturity at a floating rate1:
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-loans of up to €250,000
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6.11
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5.59
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5.64
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-loans of over €250,000 and up to €1 million
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5.17
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4.94
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5.83
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-loans of over €1 million
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4.68
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4.52
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3.94
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Housing at a floating rate1
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2.97
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2.88
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2.72
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Overall weighted average rate on all loans
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4.98
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4.75
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4.72
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Interest rate spread*
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3.88
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3.66
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3.94
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1 Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
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Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
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May 2015
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June 2015
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July 2015
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DEPOSITS
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From households with an agreed maturity of up to 2 years
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1.88
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1.87
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1.81
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From non-financial corporations with an agreed maturity of up to 2 years
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1.84
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1.85
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1.55
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Overall weighted average rate on all deposits**
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1.07
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1.01
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0.87
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LOANS
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Housing with over 5 years’ maturity
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2.83
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2.83
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2.82
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Corporate with over 5 years’ maturity
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4.23
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4.13
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3.99
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To sole proprietors with over 5 years’ maturity
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5.21
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5.23
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5.26
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Overall weighted average rate on all loans
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5.10
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5.08
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5.04
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Interest rate spread*
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4.03
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4.07
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4.17
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*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.