Interest Rates on Bank Deposits and Loans: May 2012
09/07/2012 - Press Releases
1. INTEREST RATES ON NEW EURO-DENOMINATED DEPOSITS AND LOANS
In May 2012 the overall average interest rate on new deposits remained almost unchanged, while the corresponding rate on new loans decreased significantly (see Table 1).
More specifically, in May 2012, the average interest rate on overnight deposits from households remained almost unchanged at 0.48% as did the corresponding rate on deposits from non-financial corporations which stood at 0.46%. On the contrary, the average interest rate on deposits from households with an agreed maturity of up to 1 year, decreased by 6 basis points to 4.90%. However, because of the decrease in the market share of deposits with an agreed maturity, the overall average interest rate on all new deposits remained almost unchanged at 2.91%.
In the case of loans, 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 7 basis points in May 2012, to 15.01%. 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 also decreased by 7 basis points to 8.27% in May 2012, from 8.34% in the previous month.
The average interest rate on corporate loans without a defined maturity decreased by 9 basis points to 7.69% and the corresponding rate on loans to sole proprietors decreased by 3 basis points to 10.32%. 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 5 basis points to 7.52% for loans up to EUR 250,000, increased by 23 basis points to 6.68% for loans above EUR 250,000 and up to EUR 1 million but decreased by 39 basis points to 5.84% for loans above EUR 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 remained almost unchanged at 3.54%. As a result of the above developments, the overall average interest rate on all new loans decreased in May 2012 by 14 basis points to 6.18%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In May 2012 the overall average interest rate on outstanding amounts of all deposits and the corresponding rate on all loans decreased (see Table 2).
In particular, in May 2012, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years increased by 2 basis points to 4.67% while the corresponding rate on deposits from non-financial corporations decreased by 20 basis points to 4.49%. The average interest rate on outstanding amounts of loans with over five years’ maturity decreased by 2 basis points to 3.47% for housing loans, by 23 basis to 4.98% for corporate loans and by 5 basis points to 6.23% for loans to sole proprietors.
The overall average interest rate on all deposits (including overnight deposits) decreased, partly as a result of the decrease in the market share of deposits with an agreed maturity, by 5 basis points to 2.79%. The corresponding rate on all loans decreased by 7 basis points to 6.13%.
Table 1: Average interest rates on new euro-denominated deposits and loans
|
|
|
March 2012
|
April 2012
|
May 2012
|
|
DEPOSITS
|
Overnight from households
|
0.47
|
0.47
|
0.48
|
|
Overnight from non-financial corporations
|
0.53
|
0.47
|
0.46
|
|
From households with an agreed maturity of up to 1 year
|
4.94
|
4.96
|
4.90
|
|
Overall average rate on all deposits
|
2.89
|
2.92
|
2.91
|
|
LOANS
|
Consumer without a defined maturity
|
15.11
|
15.08
|
15.01
|
|
Corporate without a defined maturity
|
7.80
|
7.78
|
7.69
|
|
To sole proprietors without a defined maturity
|
10.31
|
10.35
|
10.32
|
|
Consumer with a defined maturity at a floating rate or with an initial fixation period of up to 1 year
|
8.19
|
8.34
|
8.27
|
|
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
|
7.69
6.63
6.16
|
7.57
6.45
6.23
|
7.52
6.68
5.84
|
|
Housing at a floating rate or with an initial fixation period of up to 1 year
|
3.62
|
3.55
|
3.54
|
|
Overall average rate on all loans
|
6.36
|
6.32
|
6.18
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
March 2012
|
April 2012
|
May 2012
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
4.61
|
4.65
|
4.67
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
4.63
|
4.69
|
4.49
|
|
Overall average rate on all deposits*
|
2.83
|
2.84
|
2.79
|
|
LOANS
|
Housing with over 5 years’ maturity
|
3.52
|
3.49
|
3.47
|
|
Corporate with over 5 years’ maturity
|
5.19
|
5.21
|
4.98
|
|
To sole proprietors with over 5 years’ maturity
|
6.32
|
6.28
|
6.23
|
|
Overall average rate on all loans
|
6.23
|
6.20
|
6.13
|
*For the calculation of this average rate the overnight deposits are also taken into account