Interest Rates on Bank Deposits and Loans: May 2023
05/07/2023 - Press Releases
- In May 2023, the weighted average interest rates on new deposits and new loans increased to 0.28% and 6.04% respectively.
- The interest rate spread between new deposits and loans increased to 5.76 percentage points.
- In May 2023, the weighted average interest rates on outstanding amounts of deposits and loans increased to 0.33% and 5.92% respectively.
- The interest rate spread between outstanding amounts of deposits and loans increased to 5.59 percentage points.
1. Interest rates on euro-denominated new deposits and loans
New Deposits
The weighted average interest rate on new deposits increased by 3 basis points to 0.28%, compared to the previous month.
In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.02%, while the corresponding rate on deposits by non-financial corporations remained almost unchanged at 0.11%.
The average interest rate on deposits from households with an agreed maturity of up to 1 year increased by 9 basis points to 1.31%. The corresponding rate on deposits by non-financial corporations increased by 23 basis points to 2.10%.
New Loans
The weighted average interest rate on new loans to households and non-financial corporations increased by 19 basis points to 6.04%.
More specifically, the average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) remained almost unchanged at 15.01%.
The average interest rate on consumer loans with a defined maturity at a floating rate decreased by 45 basis points to 12.34%. The average interest rate on housing loans at a floating rate decreased by 23 basis points to 3.83%.
The average interest rate on new corporate loans without a defined maturity increased by 6 basis points to 6.42%. The corresponding rate on loans to sole proprietors increased by 4 basis points to 7.61%.
In May 2023, the average interest rate on new corporate loans with a defined maturity at a floating rate increased by 43 basis points to 5.99%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) increased by 8 basis points to 6.13%.
As regards the structure of interest rates according to the size of loans granted, the average rate on loans of up to €250,000 increased by 5 basis points to 7.07%, on loans of over €250,000 and up to €1 million it increased by 18 basis points to 6.19% and on loans of over €1 million it increased by 41 basis points to 5.92%.
2. Interest rates on outstanding amounts of euro-denominated deposits and loans
Deposits
The weighted average interest rate on outstanding amounts of deposits (including overnight deposits) increased by 4 basis points to 0.33% from 0.29% in the previous month.
In particular, the average interest rate on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households increased by 12 basis points to 1.25%, while the corresponding rate on deposits by non-financial corporations increased by 21 basis points to 1.99%.
Loans
The weighted average interest rate on outstanding amounts of loans increased by 8 basis points to 5.92%.
In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 4.39%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions increased by 11 basis points to 7.82%.
The average interest rate on corporate loans with over 5 years’ maturity increased by 12 basis points to 5.68%. The corresponding rate on loans to sole proprietors increased by 13 basis points to 6.99%.
Table 1: Average interest rates on new euro-denominated deposits and loans (percentages per annum)
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans (percentages per annum)
Notes:
- The interest rate spread is the difference between the weighted average rate on loans and the weighted average rate on deposits.
- For the calculation of the weighted average interest rate on all outstanding deposits, the overnight deposits are also taken into account.
- Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
- New business refers to new contracts that were agreed during the reference month and not actual loan disbursements.
Related information:
The complete data set of bank deposit and loan interest rates is published in the sub-section “Bank deposit and loan interest rates” on the Bank of Greece website.
The next Press Release for June 2023 will be published on 2 August 2023 according to the Advance release calendar on the Bank of Greece website.
Related links:
Bank deposit and loan interest rates
Advance release calendar