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Interest Rates on Bank Deposits and Loans: March 2015

06/05/2015 - Press Releases

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

In March 2015, the overall weighted average interest rate on new deposits remained almost unchanged, while the corresponding rate on new loans increased. The interest rate spread* between loan and deposit rates stood at 3.82 percentage points, compared with 3.79 in the previous month (see Table 1).

The overall weighted average interest rate on all new deposits remained almost unchanged at 1.13%. In particular, the average interest rate on overnight deposits from households remained unchanged at 0.17%, while the corresponding rate from non-financial corporations remained almost unchanged at 0.31%. The average interest rate on deposits from households with an agreed maturity of up to one year remained, also, almost unchanged at 1.83%.

The overall weighted average interest rate on all new loans to households and corporations increased by 4 basis points to 4.95%.

More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit card debt, open account loans and overdrafts) remained almost unchanged at 14.53%, against the previous month. The average interest rate on consumer loans with a defined maturity at a floating rate decreased by 18 basis points to 7.01%.

The average interest rate on corporate loans without a defined maturity remained almost unchanged at 6.36%. The corresponding average interest rate to sole proprietors decreased by 10 basis points to 7.87%. The average interest rate on corporate loans with a defined maturity at a floating rate (1) on loans of up to €250,000 increased by 7 basis points to 6.13%, on loans of over €250,000 and up to €1 million decreased by 15 basis points to 5.04% and on loans of over €1 million increased by 11 basis points to 4.97%. Finally, the average interest rate on housing loans at a floating rate (1) increased by 26 basis points to 2.62%.

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

In March 2015, the overall weighted average interest rates on outstanding amounts of all deposits and all loans decreased. The spread* between loan and deposit rates remained unchanged at 4.02 percentage points (see Table 2).

In further detail, the overall weighted average interest rate on the outstanding amount of all deposits (including overnight deposits) decreased by 4 basis points to 1.13%, while the corresponding rate on loans stood at 5.15%, compared with 5.19% in the previous month.

In particular, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years decreased by 5 basis points to 1.94%, while the corresponding rate on non-financial corporations’ deposits remained unchanged at 1.87%. The average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 2.83%. The average interest rate on outstanding amounts of corporate loans with over 5 years’ maturity decreased by 4 basis points to 4.24%, while the corresponding rate on loans to sole proprietors decreased by 26 basis points to 5.22%.

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

 

 

January 2015

February 2015

March 2015

DEPOSITS

Overnight from households

0.18

0.17

0.17

Overnight from non-financial corporations

0.27

0.29

0.31

From households with an agreed maturity of up to 1 year

1.80

1.81

1.83

Overall weighted average rate on all deposits

1.12

1.12

1.13

LOANS

Consumer without a defined maturity

14.53

14.54

14.53

Corporate without a defined maturity 

6.41

6.35

6.36

To sole proprietors without a defined maturity

8.02

7.97

7.87

Consumer with a defined maturity at a floating rate 1

7.38

7.19

7.01

Corporate with a fixed maturity at a floating rate 1:       

 

 

 

-loans of up to  €250,000

5.43

6.06

6.13

-loans of over €250,000 and up to €1 million

5.23

5.19

5.04

-loans of over €1 million

5.22

4.86

4.97

Housing at a floating rate 1

2.44

2.36

2.62

Overall weighted average rate on all loans

5.06

4.91

4.95

  Interest rate spread*

3.94

3.79

3.82

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

 

 

 

January  2015

February 2015

March 2015

 

DEPOSITS

From households with an agreed maturity of up to 2 years

2.04

1.99

1.94

 

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

1.86

1.87

1.87

 

Overall weighted average  rate on all deposits**

1.20

1.17

1.13

 

LOANS

Housing with over 5 years’ maturity

2.84

2.84

2.83

 

Corporate with over 5 years’ maturity

4.31

4.28

4.24

 

To sole proprietors with over 5 years’ maturity

5.50

5.48

5.22

 

Overall weighted average rate on all loans

5.21

5.19

5.15

 

  Interest rate spread*

4.01

4.02

4.02

*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.

(1) Loans with a defined maturity at a floating rate comprise also loans with an initial rate fixation period of up to one year.

 

 

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