Interest Rates on Bank Deposits and Loans: February 2023
31/03/2023 - Press Releases
- In February 2023, the weighted average interest rate on new deposits increased to 0.21%, while the corresponding rate on new loans increased to 5.57%.
- The interest rate spread between new deposits and loans increased to 5.36 percentage points.
- In February 2023, the weighted average interest rate on outstanding amounts of deposits increased to 0.18%, while the corresponding rate on loans increased to 5.52%.
- The interest rate spread between outstanding amounts of deposits and loans increased to 5.34 percentage points.
1. Interest rates on euro-denominated new deposits and loans
New Deposits
The weighted average interest rate on new deposits increased by 9 basis points to 0.21%.
In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.03%, while the corresponding rate on deposits by non-financial corporations stood at 0.10% compared with 0.08% in the previous month.
The average interest rate on deposits from households with an agreed maturity of up to 1 year increased by 57 basis points to 1.03%. The corresponding rate on deposits from non-financial corporations increased by 33 basis points to 1.29%.
New Loans
The weighted average interest rate on new loans to households and non-financial corporations increased by 21 basis points to 5.57%.
More specifically, the average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) increased by 10 basis points to 14.83%.
The average interest rate on consumer loans with a defined maturity at a floating rate increased by 36 basis points to 11.72%. The average interest rate on housing loans at a floating rate increased by 8 basis points to 3.98%.
The average interest rate on new corporate loans without a defined maturity increased by 16 basis points to 5.85%. The corresponding rate on loans to sole proprietors increased by 10 basis points to 7.30%.
In February 2023, the average interest rate on corporate loans with a defined maturity at a floating rate increased by 35 basis points to 5.27%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) increased by 46 basis points to 5.42%.
As regards the structure of interest rates according to the size of loans granted, the average rate on loans of up to €250,000 increased by 13 basis points to 6.47%, on loans of over €250,000 and up to €1 million increased by 8 basis points to 5.71% and on loans of over €1 million increased by 37 basis points to 5.22%.
2. Interest rates on outstanding amounts of euro-denominated deposits and loans
Deposits
The weighted average interest rate on outstanding amounts of deposits (including overnight deposits) increased by 7 basis points to 0.18%.
In particular, the average interest rate on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households increased by 33 basis points to 0.68%, while the corresponding rate on deposits from non-financial corporations increased by 33 basis points to 1.20%.
Loans
The weighted average interest rate on outstanding amounts of loans increased by 19 basis points to 5.52%.
In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity increased by 26 basis points to 4.27%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions increased by 11 basis points to 7.27%.
The average interest rate on corporate loans with over 5 years’ maturity increased by 16 basis points to 5.21%. The corresponding rate on loans to sole proprietors increased by 27 basis points to 6.36%.
Table 1: Average interest rates on new euro-denominated deposits and loans (percentages per annum)
|
|
| December 2022 | January 2023 | February2023 |
| DEPOSITS | Overnight from households | 0.03 | 0.03 | 0.03 |
| Overnight from non-financial corporations | 0.05 | 0.08 | 0.10 |
| From households with an agreed maturity of up to 1 year | 0.33 | 0.46 | 1.03 |
| From non-financial corporations with an agreed maturity of up to 1 year | 0.83 | 0.96 | 1.29 |
| Weighted average rate on all deposits | 0.10 | 0.12 | 0.21 |
| LOANS | Consumer without a defined maturity | 14.68 | 14.73 | 14.83 |
| Corporate without a defined maturity | 5.21 | 5.69 | 5.85 |
| To sole proprietors without a defined maturity | 7.06 | 7.20 | 7.30 |
| Housing at a floating rate | 3.81 | 3.90 | 3.98 |
| Consumer with a defined maturity at a floating rate | 11.32 | 11.36 | 11.72 |
| Corporate with a defined maturity at a floating rate: | 4.54 | 4.92 | 5.27 |
| -amounts of up to €250,000 | 6.14 | 6.34 | 6.47 |
| -amounts of over €250,000 and up to €1 million | 5.14 | 5.63 | 5.71 |
| -amounts of over €1 million | 4.49 | 4.85 | 5.22 |
| Loans with a defined maturity to small and medium-sized enterprises at a floating rate | 4.83 | 4.96 | 5.42 |
| Weighted average rate on all loans | 5.06 | 5.36 | 5.57 |
| Interest rate spread | 4.96 | 5.24 | 5.36 |
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans (percentages per annum)
|
|
| December 2022 | January 2023 | February 2023 |
| DEPOSITS | From households with an agreed maturity of up to 2 years | 0.22 | 0.35 | 0.68 |
| From non-financial corporations with an agreed maturity of up to 2 years | 0.73 | 0.87 | 1.20 |
| Weighted average rate on all deposits | 0.09 | 0.11 | 0.18 |
| LOANS | Housing with over 5 years’ maturity | 3.68 | 4.01 | 4.27 |
| Consumer and other loans to individuals and private non-profit institutions with over 5 years’ maturity | 7.02 | 7.16 | 7.27 |
| Corporate with over 5 years’ maturity | 4.71 | 5.05 | 5.21 |
| To sole proprietors with over 5 years’ maturity | 5.87 | 6.09 | 6.36 |
| Weighted average rate on all loans | 5.02 | 5.33 | 5.52 |
| Interest rate spread | 4.93 | 5.22 | 5.34 |
Notes:
- The interest rate spread is the difference between the weighted average rate on all loans and the weighted average rate on all deposits.
- For the calculation of the weighted average interest rate on all outstanding deposits, the overnight deposits are also taken into account.
- Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
- New business refers to new contracts that were agreed during the reference month and not actual loan disbursements.
Related information:
The complete data set of bank deposit and loan interest rates is published in the sub-section “Bank deposit and loan interest rates” on the Bank of Greece website.
The next Press Release for March 2023 will be published on 5 May 2023 according to the Release calendar on the Bank of Greece website.
Related links:
Bank deposit and loan interest rates
Release calendar