Interest Rates on Bank Deposits and Loans: May 2010
02/07/2010 - Press Releases
1. INTEREST RATES ON NEW EURO-DENOMINATED DEPOSITS AND LOANS
In May 2010 the average interest rates on the most important categories of new deposits and loans generally increased, with the exception of the rates on overnight deposits from households and non-financial corporations along with the rate on bank overdrafts from households that remained basically unchanged, while the rate on new housing loans with an initial fixation period of over 1 and up to 5 years declined (see Table 1).
More specifically, the average interest rate on overnight deposits from households remained basically unchanged in May 2010 at 0.42% (April 2010: 0.43%), while the corresponding deposit rate for non-financial corporations increased marginally by 2 basis points to 0.38%. The average interest rate on new deposits from households with an agreed maturity of up to 1 year increased significantly by a further 44 basis points to 3.42%. The average interest rate on new repos also increased by 9 basis points to 0.56%.
As far as interest rates on new loans are concerned, 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) marginally decreased by 2 basis points to 13.92%. The interest rate on loans without a defined maturity to non-financial corporations increased significantly in May 2010 by 16 basis points to 6.29%. There was also a further significant increase (35 basis points) in the average interest rate on new loans to non-financial corporations at a floating rate or with an initial rate fixation period of up to one year for loans up to EUR 1 million which went up to 5.56%. The corresponding interest rate for loans above EUR 1 million also increased by 22 basis points to 3.77%. The average interest rate on housing loans at a floating rate or with an initial rate fixation period of up to 1 year increased by 4 basis points in May 2010 to 3.36%, while the rate on loans with an initial fixation period of over 1 and up to 5 years decreased by 11 basis points to 4.73%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO DEPOSITS AND LOANS
In May 2010 the interest rates on outstanding amounts of the most important categories of deposits increased, while mixed developments were observed on the most important categories of loans (see Table 2).
In particular, in May 2010, both the average interest rates on deposits from households and from non-financial corporations with an agreed maturity of up to 2 years increased (by 23 and 19 basis points respectively) to 2.91% and 2.56% respectively. The average interest rates on housing loans with over 5 years’ maturity decreased by 3 basis points to 3.82%, while the corresponding interest rate to non-financial corporations increased by 3 basis points to 4.04%.
Table 1: Interest rates of new euro-denominated deposits and loans
|
|
|
December 2008
|
December 2009
|
March 2010
|
April 2010
|
May 2010
|
|
DEPOSITS
|
Overnight from households
|
1.24
|
0.43
|
0.43
|
0.43
|
0.42
|
|
Overnight from non-financial corporations
|
0.96
|
0.35
|
0.38
|
0.36
|
0.38
|
|
From households with an agreed maturity of up to 1 year
|
5.36
|
2.10
|
2.61
|
2.98
|
3.42
|
|
Repos
|
2.52
|
0.34
|
0.42
|
0.47
|
0.56
|
|
LOANS
|
To households without a defined maturity
|
14.83
|
14.08
|
13.84
|
13.94
|
13.92
|
|
To non-financial corporations without a defined maturity
|
7.13
|
5.81
|
5.93
|
6.13
|
6.29
|
|
To non-financial corporations at a floating rate or with an initial fixation period of up to 1 year rate:
-loans up to an amount of EUR 1 million
-loans above EUR 1 million
|
6.18
5.07
|
4.70
3.24
|
4.98
3.71
|
5.21
3.55
|
5.56
3.77
|
|
Housing loans at a floating rate or with an initial fixation period of up to 1 year
|
4.92
|
3.08
|
3.21
|
3.32
|
3.36
|
|
Housing loans with an initial fixation period of over one and up to 5 years
|
5.53
|
4.60
|
4.79
|
4.84
|
4.73
|
Table 2: Average interest rates on outstanding amounts of euro deposits and loans
|
|
|
December 2008
|
December 2009
|
March 2010
|
April 2010
|
May 2010
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
5.35
|
2.66
|
2.49
|
2.68
|
2.91
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
5.13
|
1.90
|
2.26
|
2.37
|
2.56
|
|
LOANS
|
Housing loans with over 5 years’ maturity
|
4.87
|
3.98
|
3.86
|
3.85
|
3.82
|
|
To non-financial corporations with over 5 years’ maturity
|
6.11
|
4.15
|
4.01
|
4.01
|
4.04
|
Note: The next press release concerning the data of June 2010 is going to be published on 2/8/2010.