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Interest Rates on Bank Deposits and Loans: December 2012

01/02/2013 - Press Releases

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

In December 2012 the overall average interest rates on new deposits and on new loans increased (see Table 1). The interest spread between loan and deposit rates increased by 7 basis points to 2.91 percentage points.

More specifically, in December 2012, the average interest rates on overnight deposits from households remained almost unchanged at 0.49%, while the corresponding rate on deposits from non-financial corporations increased by 5 basis points to 0.46%. The average interest rate on deposits from households with an agreed maturity of up to one year increased by 10 basis points to 4.70%. The overall average interest rate on all new deposits increased by 6 basis points to 2.85%.

In the case of loans, 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) remained almost unchanged in December 2012, at 14.79%, while 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 decreased significantly by 52 basis points to 7.59%.

The average interest rate on corporate loans without a defined maturity increased marginally by 3 basis points to 7.52%, while the corresponding rate on loans to sole proprietors remained almost unchanged at 10.03%. The average interest rate on corporate loans with a defined maturity at a floating rate or with an initial rate fixation period of up to one year decreased significantly by 40 basis points to 6.99% for loans up to EUR 250,000 and decreased by 13 basis points to 6.11% for loans above EUR 250,000 and up to EUR 1 million, while the corresponding rate for loans above EUR 1 million increased significantly by 45 basis points to 6.07%. Finally, the average interest rate on housing loans at a floating rate or with an initial fixation period of up to one year further increased by 10 basis points to 3.04%. In December 2012, the average interest rate on all new loans to households and corporations increased by 13 basis points to 5.76%.

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

In December 2012 the overall average interest rates on the outstanding amounts of all deposits and loans remained almost unchanged. As a result, the spread between loans and deposits remained unchanged at 2.94 percentage points (see Table 2).

In particular, in December 2012, the average interest rates on outstanding amounts of deposits from households and of deposits from non-financial corporations with an agreed maturity of up to two years remained almost unchanged at 4.61% and 4.48% respectively. The average interest rate on outstanding amounts of loans with over five years’ maturity remained basically unchanged at 3.22% for housing loans and at 6.06% for loans to sole proprietors, while the corresponding rate for corporate loans decreased by 4 basis points to 4.64%.

In December 2012, the overall average interest rate on all deposits (including overnight deposits) stood at 2.87% and the one on loans at 5.81%.

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

 

 

October 2012

November 2012

December 2012

DEPOSITS

Overnight from households

0.47

0.47

0.49

Overnight from non-financial corporations

0.41

0.41

0.46

From households with an agreed maturity of up to 1 year

4.64

4.60

4.70

Overall average rate on all deposits

2.79

2.79

2.85

LOANS

Consumer without a defined maturity

14.80

14.80

14.79

Corporate without a defined maturity 

7.49

7.49

7.52

To sole proprietors without a defined maturity

10.08

10.05

10.03

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

8.04

8.11

7.59

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

7.50

6.26

5.70

7.39

6.24

5.62

6.99

6.11

6.07

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

2.88

2.94

3.04

Overall average rate on all loans

5.76

5.63

5.76

Interest rate spread

2.97

2.84

2.91

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

 

 

October 2012

November 2012

December 2012

DEPOSITS

From households with an agreed maturity of up to 2 years

4.60

4.61

4.61

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

4.46

4.46

4.48

Overall average rate on all deposits*

2.86

2.89

2.87

LOANS

Housing with over 5 years’ maturity

3.24

3.22

3.22

Corporate with over 5 years’ maturity

4.68

4.68

4.64

To sole proprietors with over 5 years’ maturity

6.03

6.04

6.06

Overall average rate on all loans

5.85

5.83

5.81

Interest rate spread

2.99

2.94

2.94

*For the calculation of this average rate the overnight deposits are also taken into account

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