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Interest Rates on Bank Deposits and Loans: January 2014

05/03/2014 - Press Releases

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

In January 2014, the overall weighted average interest rate on new deposits decreased, while the corresponding rate on loans increased. The interest rate spread* between loan and deposit rates increased by 58 basis points to stand at 3.89 percentage points (see Table 1).

The overall weighted average interest rate on all new deposits decreased by 4 basis points to stand at 1.77%, in January 2014. In particular, in January 2014, the average interest rates on overnight deposits from households and from non-financial corporations decreased by 4 and 8 basis points to stand at 0.33% and 0.37% respectively. The average interest rate on deposits from households with an agreed maturity of up to one year remained basically unchanged at 2.80%.

The overall weighted average interest rate on all new loans to households and corporations increased by 54 basis points to stand at 5.66% in January 2014. In particular, 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) increased by 10 basis points to stand at 14.72% in January 2014. 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 increased by 82 basis points to stand at 7.98%.

The average interest rates on corporate loans and loans to sole proprietors without a defined maturity decreased by 5 and 14 basis points to stand at 7.24% and 9.20% respectively in January 2014. The average interest rates 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 36 basis points to stand at 6.97% for loans up to EUR 250,000, increased by 20 basis points to stand at 5.99% for loans above EUR 250,000 and up to EUR 1 million, and increased by 127 basis points to stand at 6.00% 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 11 basis points to stand at 2.70%.

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

In January 2014, the overall weighted average interest rate on outstanding amounts of all deposits decreased, while the corresponding average rate of all loans remained basically unchanged. The spread* between loan and deposit rates increased by 8 basis points to stand at 3.63 percentage points (see Table 2).

In particular, in January 2014, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to two years decreased by 14 basis points to stand at 3.09%, while the corresponding rate on deposits from non-financial corporations remained almost unchanged at 2.88%. The average interest rate on outstanding amounts of housing loans with over five years’ maturity remained almost unchanged at 3.02%. Τhe corresponding rates on corporate loans and loans to sole proprietors increased by 10 and 4 basis points to stand at 4.71% and 5.50% respectively.

In January 2014, the overall weighted average interest rate on the outstanding amount of all deposits (including overnight deposits) decreased by 6 basis points to stand at 1.96% while the corresponding rate on loans remained basically unchanged at 5.59%.

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

 

 

November 2013

December 2013

January 2014

 

DEPOSITS

Overnight from households

0.39

0.37

0.33

 

Overnight from non-financial corporations

0.41

0.45

0.37

 

From households with an agreed maturity of up to 1 year

2.83

2.82

2.80

 

Overall weighted average rate on all deposits

1.81

1.81

1.77

 

LOANS

Consumer without a defined maturity

14.66

14.62

14.72

 

Corporate without a defined maturity 

7.29

7.29

7.24

 

To sole proprietors without a defined maturity

9.23

9.34

9.20

 

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

7.32

7.16

7.98

 

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

6.72

5.86

5.80

6.61

5.79

4.73

6.97

5.99

6.00

 

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

2.75

2.81

2.70

 

Overall weighted average rate on all loans

5.50

5.12

5.66

 

  Interest rate spread*

3.69

3.31

3.89

 

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

 

 

November 2013

December 2013

January 2014

DEPOSITS

From households with an agreed maturity of up to 2 years

3.35

3.23

3.09

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

3.00

2.89

2.88

Overall weighted average rate on all deposits**

2.14

2.02

1.96

LOANS

Housing with over 5 years’ maturity

3.04

3.03

3.02

Corporate with over 5 years’ maturity

4.65

4.61

4.71

To sole proprietors with over 5 years’ maturity

5.57

5.46

5.50

Overall weighted average rate on all loans

5.61

5.57

5.59

  Interest rate spread*

3.47

3.55

3.63

 

*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.

 

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