Interest Rates on Bank Deposits and Loans: July 2016
01/09/2016 - Press Releases
1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
In July 2016, the overall weighted average interest rate on new deposits remained unchanged, while the one on loans increased. The interest rate spread* between loan and deposit rates increased to 4.59 percentage points, compared with 4.45 points in the previous month (see Table 1).
The overall weighted average interest rate on all new deposits remained unchanged at 0.42%. In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.12%, while the corresponding rate on deposits by non-financial corporations stood at 0.19%, almost unchanged from the previous month. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained unchanged at 0.86%.
The overall weighted average interest rate on all new loans to households and corporations increased by 14 basis points from the previous month to 5.01% in July 2016.
More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) remained almost unchanged at 14.47%. The average interest rate on consumer loans at a floating (1) rate increased by 31 basis points to 7.95%.
The average interest rate on corporate loans without a defined maturity stood at 5.85%, compared with 5.82% in the previous month. The corresponding rate on loans to sole proprietors increased by 4 basis points to 7.36%. The average interest rate on corporate loans with a defined maturity at a floating rate increased by 15 basis points to 4.98%. In particular, the rate on loans of up to €250,000 increased by 50 basis points to 6.18%, on loans of over €250,000 and up to €1 million increased by 6 basis points to 5.13%, while the rate on loans of over €1 million increased by 16 basis points to 4.89%. Finally, the average interest rate on housing loans at a floating rate1 increased by 7 basis points to 2.76%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In July 2016, the overall weighted average interest rates on the outstanding amounts of all deposits and all loans remained unchanged. The spread* between loan and deposit rates remained unchanged at 4.49 percentage points (see Table 2).
In more detail, the overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) remained unchanged at 0.41% and the corresponding rate on loans remained also unchanged at 4.90%.
In particular, the average interest rate on the outstanding amounts of deposits placed by households with an agreed maturity of up to 2 years remained almost unchanged at 0.87%. The corresponding rate on deposits placed by non-financial corporations stood at 0.94%, unchanged from the previous month. The average interest rate on outstanding amounts of housing loans with over 5 years’ maturity stood at 2.62%, compared with 2.64% in the previous month and the corresponding rate on corporate loans stood at 3.96%, compared with 3.98% in the previous month. Finally, the rate on loans to sole proprietors decreased by 4 basis points to 5.17%.
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Table 1: Average interest rates on new euro-denominated deposits and loans
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May 2016
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June 2016
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July 2016
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DEPOSITS
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Overnight from households
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0.11
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0.12
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0.12
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Overnight from non-financial corporations
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0.21
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0.21
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0.19
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From households with an agreed maturity of up to 1 year
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0.85
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0.86
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0.86
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Overall weighted average rate on all deposits
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0.43
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0.42
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0.42
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LOANS
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Consumer without a defined maturity
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14.59
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14.48
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14.47
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Corporate without a defined maturity
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5.86
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5.82
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5.85
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To sole proprietors without a defined maturity
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7.35
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7.32
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7.36
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Consumer at a floating rate1
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6.99
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7.64
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7.95
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Corporate with a fixed maturity at a floating rate1:
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4.80
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4.83
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4.98
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-amounts of up to €250,000
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5.97
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5.68
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6.18
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-amounts of over €250,000 and up to €1 million
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5.17
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5.07
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5.13
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-amounts of over €1 million
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4.71
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4.73
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4.89
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Housing at a floating rate1
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2.75
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2.69
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2.76
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Overall weighted average rate on all loans
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4.84
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4.87
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5.01
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Interest rate spread*
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4.41
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4.45
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4.59
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Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
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May 2016
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June 2016
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July 2016
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DEPOSITS
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From households with an agreed maturity of up to 2 years
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0.93
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0.89
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0.87
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From non-financial corporations with an agreed maturity of up to 2 years
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0.94
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0.94
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0.94
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Overall weighted average rate on all deposits**
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0.42
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0.41
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0.41
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LOANS
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Housing with over 5 years’ maturity
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2.66
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2.64
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2.62
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Corporate with over 5 years’ maturity
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3.98
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3.98
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3.96
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To sole proprietors with over 5 years’ maturity
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5.19
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5.21
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5.17
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Overall weighted average rate on all loans
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4.94
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4.90
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4.90
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Interest rate spread*
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4.52
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4.49
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4.49
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*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.
The complete data set of bank deposit and loan interest rates are published here.
Note: The next Press Release on “Interest Rates on Bank Deposits and Loans” for August 2016 will be published on 4 October 2016.
(1) Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.