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Interest Rates on Bank Deposits and Loans: October 2016

02/12/2016 - Press Releases

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

In October 2016, the overall weighted average interest rate on new deposits remained almost unchanged, while the average interest rate on new loans increased. The interest rate spread* between loan and deposit rates increased to 4.64 percentage points, compared with 4.35 points in the previous month (see Table 1).

The overall weighted average interest rate on all new deposits remained almost unchanged at 0.37%. In particular, the average interest rates on overnight deposits placed by households and by non-financial corporations remained unchanged at 0.12% and 0.18%, respectively. The average interest rate on deposits from households with an agreed maturity of up to 1 year decreased by 3 basis points to 0.76%.

The overall weighted average interest rate on all new loans to households and corporations increased by 28 basis points from the previous month to 5.01% in October 2016.

More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) increased by 5 basis points to 14.47%. The average interest rate on consumer loans at a floating (1) rate decreased by 17 basis points to 7.48%.

The average interest rate on corporate loans without a defined maturity decreased by 5 basis points to 5.76%. The corresponding rate on loans to sole proprietors remained almost unchanged at 7.39%. The average interest rate on corporate loans with a defined maturity at a floating rate (1)increased by 69 basis points to 4.98%. In particular, the rate on loans of up to €250,000 increased by 23 basis points to 5.87%, on loans of over €250,000 and up to €1 million remained almost unchanged at 5.33%, while the rate on loans of over €1 million increased by 97 basis points to 4.91%. Finally, the average interest rate on housing loans at a floating rate (1) decreased by 6 basis points to 2.69%.

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

In October 2016, the overall weighted average interest rates on the outstanding amounts of all deposits and all loans remained almost unchanged. The spread* between loan and deposit rates also remained almost unchanged at 4.48 percentage points (see Table 2).

In more detail, the overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) remained almost unchanged at 0.38% in October 2016. The corresponding rate on loans stood at 4.86% in October from 4.88% in the previous month.

In particular, the average interest rate on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households decreased by 3 basis points to 0.80%. The average interest rate on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by non-financial corporations remained almost unchanged at 0.86%. The average interest rate on outstanding amounts of housing loans with over 5 years’ maturity stood at 2.62%, unchanged from the previous month. Finally, the corresponding average interest rate on outstanding amounts of corporate loans stood at 3.94% and the rate on loans to sole proprietors stood at 5.16%, both almost unchanged from the previous month.

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

 

 

August 2016

September 2016

October 2016

DEPOSITS

Overnight from households

0.12

0.12

0.12

Overnight from non-financial corporations

0.20

0.18

0.18

From households with an agreed maturity of up to 1 year

0.87

0.79

0.76

Overall weighted average rate on all deposits

0.42

0.38

0.37

LOANS

Consumer without a defined maturity

14.43

14.42

14.47

Corporate without a defined maturity 

5.83

5.81

5.76

To sole proprietors without a defined maturity

7.35

7.38

7.39

Consumer at a floating rate1

8.39

7.65

7.48

Corporate with a fixed maturity at a floating rate1:

4.92

4.29

4.98

-amounts of up to €250,000

5.82

5.64

5.87

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

5.09

5.32

5.33

-amounts of over €1 million

4.70

3.94

4.91

Housing at a floating rate1

2.54

2.75

2.69

Overall weighted average rate on all loans

4.96

4.73

5.01

Interest rate spread*

4.54

4.35

4.64


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

 

 

 

August 2016

September 2016

October 2016

 

DEPOSITS

From households with an agreed maturity of up to 2 years

0.87

0.83

0.80

 

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

0.94

0.88

0.86

 

Overall weighted average rate on all deposits**

0.41

0.39

0.38

 

LOANS

Housing with over 5 years’ maturity

2.62

2.62

2.62

 

Corporate with over 5 years’ maturity

3.95

3.95

3.94

 

To sole proprietors with over 5 years’ maturity

5.16

5.15

5.16

 

Overall weighted average rate on all loans

4.90

4.88

4.86

 

  Interest rate spread*

4.49

4.49

4.48




(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.

The complete data set of bank deposit and loan interest rates are published on the website of the Bank of Greece and can be accessed via the following link:
http://www.bankofgreece.gr/Pages/en/Statistics/rates_markets/deposits.aspx  

Note: The next Press Release on “Interest Rates on Bank Deposits and Loans” for November 2016 will be published on 4 January 2017.

 

 

 

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