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Interest Rates on Bank Deposits and Loans: September 2015

02/11/2015 - Press Releases

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

In September 2015, the overall weighted average interest rate on new deposits remained almost unchanged, while the corresponding rate on new loans decreased slightly. The interest rate spread* between loan and deposit rates stood at 4.10 percentage points compared with 4.12 in the previous month (see Table 1).

The overall weighted average interest rate on all new deposits remained almost unchanged, compared with the previous month, at 0.69%. In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.15%, while the corresponding rate on deposits by non-financial corporations marginally decreased by 3 basis points to 0.22%. The average interest rate on deposits placed by households with an agreed maturity of up to one year remained almost unchanged at 1.18%.

The overall weighted average interest rate on all new loans to households and corporations decreased by 4 basis points from the previous month to 4.79%.

More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) decreased by 4 basis points to 14.60%.

The average interest rates on corporate loans and loans to sole proprietors without a defined maturity remained unchanged at 6.15% and 7.56%, respectively. The average interest rate on corporate loans with a defined maturity at a floating rate (1) decreased by 5 basis points to 4.78%. In particular the average interest rate on loans of up to €250,000 increased by 37 basis points to 6.09%, on loans of over €250,000 and up to €1 million decreased by 12 basis points to 4.95% and on loans of over €1 million remained almost unchanged at 4.67%. Finally, the average interest rate on housing loans at a floating rate (1) remained almost unchanged at 2.36%.

2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
 
In September 2015, the overall weighted average interest rate on the outstanding amounts of all deposits decreased, while the corresponding rate on all loans remained almost unchanged. The spread* between loan and deposit rates increased by 8 basis points to 4.34 percentage points (see Table 2).

In further detail, the overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) decreased by 7 basis points to 0.73%, while the corresponding rate on loans remained almost unchanged, compared with the previous month, at 5.07%.

In particular, the average interest rate on outstanding amounts of deposits placed by households with an agreed maturity of up to 2 years decreased by 11 basis points to 1.60%. The corresponding rate on deposits placed by non-financial corporations also decreased by 14 basis points to 1.31%. The average interest rates on outstanding amounts of housing loans and loans to sole proprietors with over 5 years’ maturity remained unchanged at 2.82% and 5.29%, respectively, while the corresponding rate on corporate loans increased by 7 basis points to 4.13%.

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

 

 

July 2015

August 2015

September 2015

DEPOSITS

Overnight from households

0.15

0.15

0.15

Overnight from non-financial corporations

0.25

0.25

0.22

From households with an agreed maturity of up to 1 year

1.31

1.19

1.18

Overall weighted average rate on all deposits

0.78

0.71

0.69

LOANS

Consumer without a defined maturity

14.55

14.64

14.60

Corporate without a defined maturity 

6.26

6.16

6.15

To sole proprietors without a defined maturity

7.64

7.56

7.56

Corporate with a fixed maturity at a floating rate1:

4.54 

4.83

4.78

-loans of up to €250,000

5.64

5.72

6.09

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

5.83

5.07

4.95

-loans of over €1 million

3.94

4.70

4.67

Housing at a floating rate1

2.72

2.39

2.36

Overall weighted average rate on all loans

4.72

4.83

4.79

Interest rate spread*

3.94

4.12

4.10


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

 

 

July  2015

August 2015

September 2015

DEPOSITS

From households with an agreed maturity of up to 2 years

1.81

1.71

1.60

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

1.55

1.45

1.31

Overall weighted average rate on all deposits**

0.87

0.80

0.73

LOANS

Housing with over 5 years’ maturity

2.82

2.82

2.82

Corporate with over 5 years’ maturity

3.99

4.06

4.13

To sole proprietors with over 5 years’ maturity

5.26

5.29

5.29

Overall weighted average rate on all loans

5.04

5.06

5.07

  Interest rate spread*

4.17

4.26

4.34



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

*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.

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