Press Releases

Interest Rates on Bank Deposits and Loans: July 2011

06/09/2011 - Press Releases

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

In July 2011 average interest rates on new deposits and loans increased, except from the rate on overnight deposits from households that remained unchanged (see Table 1).

More specifically, in July 2011, the average interest rate on overnight deposits from households remained unchanged at 0.47%, while the corresponding rate on deposits from non-financial corporations increased by 3 basis points to 0.45%. The average interest rate on deposits from households with an agreed maturity of up to 1 year increased further by 19 basis points to 4.29%.

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) increased in July 2011 by 12 basis points to 15.06%. The average interest rate on corporate loans without a defined maturity increased by 6 basis points to 7.65% and the corresponding rate on loans to sole proprietors increased by 9 basis points to 10.19%. 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 increased by 8 basis points to 7.39% for loans up to EUR 250,000, by 15 basis points to 6.52% for loans above EUR 250,000 and up to EUR 1 million and by 20 basis points to 5.76% for loans above EUR 1 million. The average interest rate on housing loans at a floating rate or with an initial rate fixation period of up to one year increased by 21 basis points to 4.44% and the corresponding rate on loans with an initial fixation period of over 1 and up to 5 years also increased by 21 basis points to 4.33%.

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

In July 2011 the average interest rates on outstanding amounts of deposits and loans also increased (see Table 2).

In particular, in July 2011, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years increased by 15 basis points to 3.88% while the corresponding rate of deposits from non-financial corporations increased by 14 basis points to 4.01%. The average interest rate on outstanding amounts of housing loans with over five years’ maturity increased by 9 basis points to 3.94%. The corresponding rate on corporate loans increased by 7 basis points to 5.14%, and on loans to sole proprietors by 11 basis points to 6.22%.

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

 

 

May 2011

June 2011

July 2011

DEPOSITS

Overnight from households

0.46

0.47

0.47

Overnight from non-financial corporations

0.35

0.42

0.45

From households with an agreed maturity of up to 1 year

3.95

4.10

4.29

LOANS

Consumer without a defined maturity

14.89

14.94

15.06

Corporate without a defined maturity 

7.34

7.59

7.65

To sole proprietors without a defined maturity

9.98

10.10

10.19

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 1 million

 -loans above EUR 1 million

7.31

6.10

5.48

7.31

6.37

5.56

7.39

6.52

5.76

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

4.26

4.23

4.44

Housing with an initial fixation period of over one and up to 5 years

4.05

4.12

4.33

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

 

 

May 2011

June 2011

July 2011

DEPOSITS

From households with an agreed maturity of up to 2 years

3.72

3.73

3.88

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

3.74

3.87

4.01

LOANS

Housing  with over 5 years’ maturity

3.83

3.85

3.94

Corporate with over 5 years’ maturity

4.89

5.07

5.14

To sole proprietors with over 5 years’ maturity

5.94

6.11

6.22

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