Press Releases

Interest Rates on Bank Deposits and Loans: June 2014

31/07/2014 - Press Releases

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

In June 2014, the overall weighted average interest rates on new deposits and loans decreased. The interest rate spread* between loan and deposit rates decreased by 46 basis points to stand at 3.41 percentage points (see Table 1).

The overall weighted average interest rate on all new deposits decreased by 8 basis points to stand at 1.51%, in June 2014. In particular, the average interest rate on overnight deposits from households remained unchanged at 0.33%, while the corresponding rate from non-financial corporations decreased by 6 basis points and stood at 0.30%. The average interest rate on deposits from households with an agreed maturity of up to one year decreased by 14 basis points to stand at 2.39%.

The overall weighted average interest rate on all new loans to households and corporations decreased by 54 basis points to stand at 4.92% in June 2014. In particular, 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 by 4 basis points to stand at 14.84%. 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 by 120 basis points to stand at 6.60%.

In June 2014, the average interest rate on loans without a defined maturity to corporations decreased by 22 basis points to stand at 7.00%, while the corresponding rate on loans to sole proprietors decreased by 5 basis points to stand at 9.02%. 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 for loans up to € 250,000, decreased by 65 basis points to stand at 5.84%, for loans above € 250,000 and up to € 1 million decreased by 60 basis points to stand at 5.29%, and for loans above €1 million decreased by 101 basis points to stand at 4.56%. Finally, the average interest rate on housing loans at a floating rate or with an initial rate fixation period of up to one year decreased by 13 basis points to stand at 2.81%.

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

In June 2014, the overall weighted average interest rates on outstanding amounts of all deposits and loans decreased. The spread* between loan and deposit rates decreased by 6 basis points to stand at 3.75 percentage points (see Table 2).

In particular, in June 2014, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to two years decreased by 9 basis points to stand at 2.71%, while the corresponding rate on deposits from non-financial corporations decreased by 14 basis points to stand at 2.57%. The average interest rates on outstanding amounts of housing loans with over five years’ maturity remained almost unchanged at 2.98%. Τhe corresponding rate on corporate loans decreased by 23 basis points to stand at 4.57%, while the respective one on loans to sole proprietors decreased by 71 basis points to stand at 5.46%.

In June 2014, the overall weighted average interest rate on the outstanding amount of all deposits (including overnight deposits) decreased by 7 basis points to stand at 1.74%, while the corresponding rate on loans decreased by 13 basis points to stand at 5.49%.

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

 

 

April    2014

May     2014

June    2014

 

DEPOSITS

Overnight from households

0.34

0.33

0.33

 

Overnight from non-financial corporations

0.34

0.36

0.30

 

From households with an agreed maturity of up to 1 year

2.71

2.53

2.39

 

Overall weighted average rate on all deposits

1.69

1.59

1.51

 

LOANS

Consumer without a defined maturity

14.86

14.80

14.84

 

Corporate without a defined maturity 

7.22

7.22

7.00

 

To sole proprietors without a defined maturity

9.12

9.07

9.02

 

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

7.69

7.80

6.60

 

Corporate with a fixed maturity at a floating  rate or with an initial rate fixation period of up to 1 year:      

 -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

6.68


5.95

6.64

6.49


5.89

5.57

5.84


5.29

4.56

 

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

3.03

2.94

2.81

 

Overall weighted average rate on all loans

5.82

5.46

4.92

 

  Interest rate spread*

4.13

3.87

3.41

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

 

 

 

April   2014

May    2014

June   2014

DEPOSITS

From households with an agreed maturity of up to 2 years

2.89

2.80

2.71

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

2.78

2.71

2.57

Overall weighted average rate on all deposits**

1.85

1.81

1.74

LOANS

Housing with over 5 years’ maturity

3.01

3.00

2.98

Corporate with over 5 years’ maturity

4.82

4.80

4.57

To sole proprietors with over 5 years’ maturity

5.77

6.17

5.46

Overall weighted average rate on all loans

5.59

5.62

5.49

  Interest rate spread*

3.74

3.81

3.75

(1) According to the Bank of Greece Governor’s Act 2672/5.5.2014, debt restructuring operations are no longer included in the compilation of the average interest rates on new loans, as of June 2014.

(2) According to the Bank of Greece Governor’s Act 2672/5.5.2014, debt restructuring operations at rates below market conditions are no longer included in the compilation of the average interest rates on the outstanding amounts of loans, as of June 2014.

*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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