Press Releases

Interest Rates on Bank Deposits and Loans: May 2015

03/07/2015 - Press Releases

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

In May 2015, the overall weighted average interest rate on new deposits remained almost unchanged, while the one on loans showed an increase. The interest rate spread* between loan and deposit rates increased by 9 basis points to 3.88 percentage points (see Table 1).

The overall weighted average interest rate on all new deposits stood at 1.10% in May 2015, almost unchanged from the previous month. In particular, the average interest rates on overnight deposits placed by households and non-financial corporations remained almost unchanged at 0.17% and 0.27% respectively. The average interest rate on deposits placed by households with an agreed maturity of up to one year remained almost unchanged at 1.81%.

The overall weighted average interest rate on all new loans to households and corporations increased by 7 basis points from the previous month to 4.98%.

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 7 basis points to 14.49%. The average interest rate on consumer loans with a defined maturity at a floating rate (1) increased by 31 basis points to 7.50%.

The average interest rate on corporate loans without a defined maturity remained almost unchanged to 6.25%, while the corresponding rate on loans to sole proprietors decreased by 6 basis points to 7.73%. 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 47 basis points to 6.11%, on loans of over €250,000 and up to €1 million remained almost unchanged at 5.17% and on loans of over €1 million decreased by 30 basis points to 4.68%. Finally, the average interest rate on housing loans at a floating rate (1) increased by 57 basis points to 2.97%.

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

In May 2015, the overall weighted average interest rates on both the outstanding amounts of all deposits and of all loans remained almost unchanged. The spread* between loan and deposit rates remained almost unchanged at 4.03 percentage points (see Table 2).

In further detail, the overall weighted average interest rates on the outstanding amount of all deposits (including overnight deposits) and loans remained almost unchanged, compared with the previous month, at 1.07% and 5.10% respectively.

In particular, the average interest rate on outstanding amounts of deposits placed by households with an agreed maturity of up to 2 years remained almost unchanged at 1.88%. The corresponding rate on deposits placed by non-financial corporations remained also almost unchanged at 1.84%. The average interest rates on outstanding amounts of housing loans, corporate loans and loans to sole proprietors with over 5 years’ maturity remained almost unchanged at 2.83%, 4.23% and 5.21% respectively.

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

 

 

March 2015

April 2015

May 2015

DEPOSITS

Overnight from households

0.17

0.18

0.17

Overnight from non-financial corporations

0.31

0.28

0.27

From households with an agreed maturity of up to 1 year

1.83

1.82

1.81

Overall weighted average rate on all deposits

1.13

1.12

1.10

LOANS

Consumer without a defined maturity

14.53

14.56

14.49

Corporate without a defined maturity 

6.36

6.27

6.25

To sole proprietors without a defined maturity

7.87

7.79

7.73

Consumer with a defined maturity at a floating rate1

7.01

7.19

7.50

Corporate with a fixed maturity at a floating rate1:       

 

 

 

-loans of up to  €250,000

6.13

5.64

6.11

-loans of over €250,000 and up to €1 million

5.04

5.19

5.17

-loans of over €1 million

4.97

4.98

4.68

Housing at a floating rate1

2.62

2.40

2.97

Overall weighted average rate on all loans

4.94

4.91

4.98

  Interest rate spread*

3.81

3.79

3.88

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

 

 

March 2015

April 2015

May 2015

 

DEPOSITS

From households with an agreed maturity of up to 2 years

1.94

1.90

1.88

 

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

1.87

1.83

1.84

 

Overall weighted average  rate on all deposits**

1.13

1.09

1.07

 

LOANS

Housing with over 5 years’ maturity

2.83

2.83

2.83

 

Corporate with over 5 years’ maturity

4.24

4.25

4.23

 

To sole proprietors with over 5 years’ maturity

5.22

5.22

5.21

 

Overall weighted average rate on all loans

5.13

5.10

5.10

 

  Interest rate spread*

4.00

4.01

4.03

(1) Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.

*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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