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Interest Rates on Bank Deposits and Loans: May 2014

04/07/2014 - Press Releases

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

In May 2014, the overall weighted average interest rates on new deposits and loans decreased. The interest rate spread* between loan and deposit rates decreased by 26 basis points to stand at 3.87 percentage points (see Table 1).

The overall weighted average interest rate on all new deposits decreased by 10 basis points to stand at 1.59%, in May 2014. In particular, the average interest rates on overnight deposits from households and from non-financial corporations remained almost unchanged at 0.33% and 0.36% respectively. The average interest rate on deposits from households with an agreed maturity of up to one year further decreased by 18 basis points to stand at 2.53%.

The overall weighted average interest rate on all new loans to households and corporations decreased by 36 basis points to stand at 5.46% in May 2014. In particular, 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 6 basis points to stand at 14.80%. On the contrary, 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 increased by 11 basis points and stood at 7.80%.

In May 2014, the average interest rate on loans without a defined maturity to corporations remained almost unchanged at 7.22%, while the corresponding rate on loans to sole proprietors decreased by 5 basis points to stand at 9.07%. 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 decreased by 19 basis points to stand at 6.49% for loans up to € 250,000, decreased by 6 basis points to stand at 5.89% for loans above € 250,000 and up to € 1 million, and decreased by 107 basis points to stand at 5.57% for loans above €1 million. Finally, the average interest rate on housing loans at a floating rate or with an initial fixation period of up to one year decreased by 9 basis points to stand at 2.94%.

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

In May 2014, the overall weighted average interest rate on outstanding amounts of all deposits decreased, while the corresponding rate of all loans increased by 3 basis points. The spread* between loan and deposit rates increased by 7 basis points to stand at 3.81 percentage points (see Table 2).

In particular, in May 2014, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to two years decreased by 9 basis points to stand at 2.80%, while the corresponding rate on deposits from non-financial corporations decreased by 7 basis points to stand at 2.71%. The average interest rates on outstanding amounts of housing loans and corporate loans with over five years’ maturity remained almost unchanged at 3.00% and 4.80% respectively. Τhe corresponding rate on loans to sole proprietors increased by 40 basis points to stand at 6.17%.

In May 2014, the overall weighted average interest rate on the outstanding amount of all deposits (including overnight deposits) decreased by 4 basis points to stand at 1.81%, while the corresponding rate of all loans increased by 3 basis points to stand at 5.62%.

Table 1: Average interest rates on new euro-denominated deposits and loans

 

 

March  2014

April    2014

May    2014

 

DEPOSITS

Overnight from households

0.33

0.34

0.33

 

Overnight from non-financial corporations

0.38

0.34

0.36

 

From households with an agreed maturity of up to 1 year

2.81

2.71

2.53

 

Overall weighted average rate on all deposits

1.76

1.69

1.59

 

LOANS

Consumer without a defined maturity

14.66

14.86

14.80

 

Corporate without a defined maturity 

7.23

7.22

7.22

 

To sole proprietors without a defined maturity

9.15

9.12

9.07

 

Consumer with a defined maturity at a floating rate or with an initial fixation period of up to 1 year

7.81

7.69

7.80

 

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

6.39


5.85

5.57

6.68


5.95

6.64

6.49


5.89

5.57

 

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

2.95

3.03

2.94

 

Overall weighted average rate on all loans

5.46

5.82

5.46

 

  Interest rate spread*

3.70

4.13

3.87

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

 

 

 

March 2014

April   2014

May   2014

DEPOSITS

From households with an agreed maturity of up to 2 years

2.96

2.89

2.80

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

2.88

2.78

2.71

Overall weighted average rate on all deposits**

1.90

1.85

1.81

LOANS

Housing with over 5 years’ maturity

3.02

3.01

3.00

Corporate with over 5 years’ maturity

4.71

4.82

4.80

To sole proprietors with over 5 years’ maturity

5.75

5.77

6.17

Overall weighted average rate on all loans

5.58

5.59

5.62

  Interest rate spread*

3.68

3.74

3.81

*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.

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