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Interest Rates on Bank Deposits and Loans: November 2018

08/01/2019 - Press Releases

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

In November 2018, the overall weighted average interest rate on new deposits remained unchanged, while the interest rate on new loans decreased. The spread* between loan and deposit rates decreased to 4.35 percentage points (see Table 1).

The overall weighted average interest rate on all new deposits remained unchanged at 0.28%. In particular, the average interest rates on overnight deposits placed by households and non-financial corporations remained unchanged at 0.09% and 0.16%, respectively. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained almost unchanged at 0.57%.

The overall weighted average interest rate on all new loans to households and non-financial corporations decreased by 35 basis points to 4.63%.

More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) remained almost unchanged at 14.45%. The average interest rate on consumer loans with a defined maturity at a floating rate (1)  increased by 251 basis points to 11.33%.

The average interest rate on corporate loans without a defined maturity decreased by 4 basis points to 5.05%. Τhe corresponding rate on loans to sole proprietors stood at 6.90% in November from 6.93% in the previous month. The average interest rate on corporate loans with a defined maturity at a floating rate1 decreased by 162 basis points to 3.36%. In particular, the rate on loans of up to €250,000 decreased by 6 basis points to 5.02%, on loans of over €250,000 and up to €1 million decreased by 32 basis points to 4.10%, while the rate on loans of over €1 million decreased by 172 basis points to 3.27%. Finally, the average interest rate  on housing loans at a floating rate (1)  stood at 2.92%, almost unchanged from the previous month.

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

In November 2018, the overall weighted average interest rate on the outstanding amounts of all deposits remained unchanged, while the corresponding rate on all loans remained almost unchanged. The spread* between loan and deposit rates stood at 3.98 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 unchanged at 0.29%. The corresponding rate on all outstanding loans remained almost unchanged at 4.27%.

In particular, the average interest rate on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households remained almost unchanged at 0.59%. 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 unchanged at 0.81%. The average interest rate on the outstanding amounts of housing loans (2) with over 5 years’ maturity remained unchanged at 2.13%. The average interest rate on the outstanding amounts of consumer loans with over 5 years’ maturity increased to 6.18% from 6.12% in the previous month. The corresponding rate on corporate loans stood at 3.70% from 3.73% in the previous month. Finally, the average interest rate on the outstanding amounts of loans to sole proprietors with over 5 years’ maturity remained unchanged at 4.56%.

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

 

 

 

September 2018

October 2018

November 2018

 

DEPOSITS

Overnight from households

0.09

0.09

0.09

 

Overnight from non-financial corporations

0.15

0.16

0.16

 

From households with an agreed maturity of up to 1 year

0.60

0.58

0.57

 

Overall weighted average rate on all deposits

0.29

0.28

0.28

 

LOANS

Consumer without a defined maturity

14.32

14.47

14.45

 

Corporate without a defined maturity

5.13

5.09

5.05

 

To sole proprietors without a defined maturity

6.91

6.93

6.90

 

Consumer at a floating rate (1)

10.81

8.82

11.33

 

Corporate with a fixed maturity at a floating rate(1):

3.97

4.98

3.36

 

-amounts of up to €250.000

5.29

5.08

5.02

 

-amounts of over €250.000 and up to €1 million

4.15

4.42

4.10

 

-amounts of over €1 million

3.81

4.99

3.27

 

Housing at a floating rate (1)

3.00

2.90

2.92

 

Overall weighted average rate on all loans

4.75

4.98

4.63

 

Interest rate spread*

4.46

4.70

4.35

 

 

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

 

 

 

September

2018

October 2018

November 2018

 

DEPOSITS

From households with an agreed maturity of up to 2 years

0.61

0.61

0.59

 

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

0.84

0.81

0.81

 

Overall weighted average rate on all deposits**

0.30

0.29

0.29

 

LOANS

Housing with over 5 years’ maturity

2.14

2.13

2.13

 

Consumer and other with over 5 years’ maturity

6.07

6.12

6.18

 

Corporate with over 5 years’ maturity

3.74

3.73

3.70

 

To sole proprietors with over 5 years’ maturity

4.57

4.56

4.56

 

Overall weighted average rate on all loans

4.31

4.29

4.27

 

Interest rate spread*

4.01

4.00

3.98

 


*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 the overall weighted average rate on all deposits 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 December 2018 will be published on 1 February 2019.

(1)Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
(2)Including other loans to individuals and private non-profit institutions.

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