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Interest Rates on Bank Deposits and Loans: December 2011

10/02/2012 - Press Releases

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

In December 2011 the overall average interest rate on new deposits increased, while the corresponding rate on new loans decreased (see Table 1).

More specifically, in December 2011, the average interest rate on overnight deposits from households remained unchanged at 0.48% while the corresponding rate on deposits from non-financial corporations increased by 5 basis points to 0.48%. The average interest rate on deposits from households with an agreed maturity of up to 1 year, further increased by 26 basis points to 4.88%. As a result of all the above developments, the overall average interest rate on all new deposits increased by 13 basis points to 2.81%.

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) remained almost unchanged, in December 2011, at 15.22%. 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 decreased significantly by 81 basis points to 8.49% in December 2011, compared with 9.30% in the previous month.

The average interest rate on corporate loans without a defined maturity decreased by 3 basis points to 7.90% and the corresponding rate on loans to sole proprietors decreased by 4 basis points to 10.46%. 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 increased by 10 basis points to 7.81% for loans up to EUR 250,000, by 6 basis points to 6.89% for loans above EUR 250,000 and up to EUR 1 million, and by 51 basis points to 6.64% 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 decreased by 30 basis points to 4.18%. As a result, the overall average interest rate on all new loans decreased in December 2011 by 9 basis points to 6.81%.

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

In December 2011 the overall average interest rate on outstanding amounts of all deposits increased, while the corresponding rate of all loans decreased (see Table 2).

In particular, in December 2011, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years increased by 8 basis points to 4.36% and the corresponding rate on deposits from non-financial corporations increased by 10 basis points to 4.28%. The average interest rate on outstanding amounts of loans with over five years’ maturity decreased by 11 basis points to 3.74% for housing loans, increased by 3 basis to 5.33% for corporate loans and remained almost unchanged to 6.39% for loans to sole proprietors.

As a result, the overall average interest rate on all deposits (including overnight deposits) increased by 3 basis points to 2.59%, while the corresponding rate on all loans decreased by 4 basis points to 6.34%.

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

 

 

October 2011

November 2011

December 2011

DEPOSITS

Overnight from households

0.48

0.48

0.48

Overnight from non-financial corporations

0.44

0.43

0.48

From households with an agreed maturity of up to 1 year

4.50

4.62

4.88

Overall average rate on all deposits

2.62

2.68

2.81

LOANS

Consumer without a defined maturity

15.24

15.23

15.22

Corporate without a defined maturity 

7.92

7.93

7.90

To sole proprietors without a defined maturity

10.43

10.50

10.46

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

10.07

9.30

8.49

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

7.90

6.85

6.20

7.71

6.83

6.13

7.81

6.89

6.64

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

4.65

4.48

4.18

Overall average rate on all loans

7.03

6.90

6.81

 

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

 

 

October 2011

November 2011

December 2011

DEPOSITS

From households with an agreed maturity of up to 2 years

4.17

4.28

4.36

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

4.06

4.18

4.28

Overall average rate on all deposits*

2.50

2.56

2.59

LOANS

Housing with over 5 years’ maturity

3.95

3.85

3.74

Corporate with over 5 years’ maturity

5.34

5.30

5.33

To sole proprietors with over 5 years’ maturity

6.44

6.40

6.39

Overall average rate on all loans

6.42

6.38

6.34

 
*For the calculation of this average rate the overnight deposits are also taken into account
 

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