Interest Rates on Bank Deposits and Loans: January 2022
03/03/2022 - Press Releases
- The weighted average interest rate on new deposits remained unchanged at 0.04% in January 2022, while the weighted average interest rate on new loans increased to 3.90%.
- The interest rate spread between new deposits and loans increased to 3.86 percentage points.
- The weighted average interest rates on outstanding amounts of deposits and loans remained unchanged at 0.04% and 3.51% respectively.
- The interest rate spread between outstanding amounts of deposits and loans remained unchanged at 3.47 percentage points.
1. Interest rates on euro-denominated new deposits and loans
New Deposits
The weighted average interest rate on new deposits remained unchanged at 0.04%.
In particular, the average interest rates on overnight deposits placed by households and non-financial corporations remained unchanged at 0.03% and 0.00% respectively. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained also unchanged at 0.14% compared with the previous month.
New Loans
The weighted average interest rate on new loans to households and non-financial corporations increased by 14 basis points to 3.90%.
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 14.65%.
The average interest rate on consumer loans with a defined maturity at a floating rate increased by 54 basis points to 11.88%. The average interest rate on housing loans at a floating rate also increased by 31 basis points to 2.36%.
The average interest rate on new corporate loans without a defined maturity decreased by 10 basis points to 3.92%, while the corresponding rate on loans to sole proprietors increased by 15 basis points to 6.57%.
In January 2022, the average interest rate on corporate loans with a defined maturity at a floating rate decreased by 4 basis points to 2.79%. The interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) decreased by 72 basis points to 2.69% from 3.41% in the previous month.
As regards the structure of interest rates according to the size of loans granted, the rate on loans of up to €250,000 decreased by 9 basis points to 4.37%, on loans of over €250,000 and up to €1 million increased by 14 basis points to 3.46% and on loans of over €1 million decreased by 8 basis points to 2.69%.
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) remained unchanged at 0.04%.
In particular, the average interest rate on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households remained unchanged at 0.09%, while the corresponding rate on deposits placed by non-financial corporations remained almost unchanged at 0.06%.
Loans
The weighted average interest rate on outstanding amounts of loans remained unchanged at 3.51%.
In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 1.90%, while on the corresponding rate on consumer and other loans to individuals and private non-profit institutions decreased by 5 basis points to 6.29%. The average interest rate on corporate loans with over 5 years’ maturity and the corresponding rate on loans to sole proprietors remained almost unchanged at 3.03% and 4.22% respectively.
Table 1: Average interest rates on new euro-denominated deposits and loans (percentages per annum)
|
|
| November 2021 | December 2021 | January 2022 |
| DEPOSITS | Overnight from households | 0.03 | 0.03 | 0.03 |
| Overnight from non-financial corporations | 0.00 | 0.00 | 0.00 |
| From households with an agreed maturity of up to 1 year | 0.14 | 0.14 | 0.14 |
| Weighted average rate on all deposits | 0.05 | 0.04 | 0.04 |
| LOANS | Consumer without a defined maturity | 14.50 | 14.63 | 14.65 |
| Corporate without a defined maturity | 4.02 | 4.02 | 3.92 |
| To sole proprietors without a defined maturity | 6.47 | 6.42 | 6.57 |
| Housing at a floating rate | 2.41 | 2.05 | 2.36 |
| Consumer with a defined maturity at a floating rate | 11.42 | 11.34 | 11.88 |
| Corporate with a defined maturity at a floating rate: | 2.56 | 2.83 | 2.79 |
| -amounts of up to €250,000 | 4.39 | 4.46 | 4.37 |
| -amounts of over €250,000 and up to €1 million | 3.18 | 3.32 | 3.46 |
| -amounts of over €1 million | 2.38 | 2.77 | 2.69 |
| Loans with a defined maturity to small and medium-sized enterprises at a floating rate | 3.29 | 3.41 | 2.69 |
| Weighted average rate on all loans | 3.73 | 3.76 | 3.90 |
| Interest rate spread | 3.68 | 3.72 | 3.86 |
| | | | | |
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans (percentages per annum)
|
|
| November 2021 | December 2021 | January 2022 |
| DEPOSITS | From households with an agreed maturity of up to 2 years | 0.10 | 0.09 | 0.09 |
| From non-financial corporations with an agreed maturity of up to 2 years | 0.07 | 0.07 | 0.06 |
| Weighted average rate on all deposits | 0.04 | 0.04 | 0.04 |
| LOANS | Housing with over 5 years’ maturity | 1.91 | 1.89 | 1.90 |
| Consumer and other loans to individuals and private non-profit institutions with over 5 years’ maturity | 6.41 | 6.34 | 6.29 |
| Corporate with over 5 years’ maturity | 3.09 | 3.02 | 3.03 |
| To sole proprietors with over 5 years’ maturity | 4.29 | 4.25 | 4.22 |
| Weighted average rate on all loans | 3.51 | 3.51 | 3.51 |
| Interest rate spread | 3.47 | 3.47 | 3.47 |
Notes:
1. The interest rate spread is the difference between the weighted average rate on all loans and the weighted average rate on all deposits.
2. For the calculation of the weighted average interest rate on all outstanding deposits the overnight deposits are also taken into account.
3. Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
4. 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 February 2022 will be published on 31 March 2022, according to the Release calendar on the Bank of Greece website.
Related links:
Bank deposit and loan interest rates
Release calendar