Interest Rates on Bank Deposits and Loans: January 2012
02/03/2012 - Press Releases
1. INTEREST RATES ON NEW EURO-DENOMINATED DEPOSITS AND LOANS
In January 2012 both the overall average interest rate on new deposits as well as the corresponding rate on new loans decreased (see Table 1).
More specifically, in January 2012, the average interest rate on overnight deposits from households remained almost unchanged at 0.47% while the corresponding rate on deposits from non-financial corporations decreased by 7 basis points to 0.41%. The average interest rate on deposits from households with an agreed maturity of up to 1 year, decreased by 9 basis points to 4.79%. As a result of the above developments, the overall average interest rate on all new deposits decreased by 3 basis points to 2.78%.
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) decreased by 4 basis points in January 2012, to 15.18%. On the contrary, 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 increased by 27 basis points to 8.76% in January 2012, compared to 8.49% in the previous month.
The average interest rate on corporate loans without a defined maturity remained unchanged to 7.90% and the corresponding rate on loans to sole proprietors decreased by 9 basis points to 10.37%. 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 13 basis points to 7.94% for loans up to EUR 250,000, decreased by 18 basis points to 6.71% for loans above EUR 250,000 and up to EUR 1 million, and decreased by 54 basis points to 6.10% for loans above EUR 1 million. Finally, the average interest rate on housing loans at a floating rate or with an initial fixation period of up to one year decreased by 20 basis points to 3.98%. As a result of the above developments, the overall average interest rate on all new loans decreased in January 2012 by 19 basis points to 6.62%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In January 2012 the overall average interest rate on outstanding amounts of all deposits increased, while the corresponding rate of all loans decreased (see Table 2).
In particular, in January 2012, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years increased by 8 basis points to 4.44% and the corresponding rate on deposits from non-financial corporations increased by 23 basis points to 4.51%. The average interest rate on outstanding amounts of loans with over five years’ maturity decreased by 10 basis points to 3.64% for housing loans, increased by 7 basis to 5.40% for corporate loans and remained almost unchanged to 6.40% for loans to sole proprietors.
As a result, the overall average interest rate on all deposits (including overnight deposits) increased by 8 basis points to 2.67%, while the corresponding rate on all loans decreased by 4 basis points to 6.30%.
Table 1: Average interest rates on new euro-denominated deposits and loans
|
|
|
November 2011
|
December 2011
|
January 2012
|
|
DEPOSITS
|
Overnight from households
|
0.48
|
0.48
|
0.47
|
|
Overnight from non-financial corporations
|
0.43
|
0.48
|
0.41
|
|
From households with an agreed maturity of up to 1 year
|
4.62
|
4.88
|
4.79
|
|
Overall average rate on all deposits
|
2.68
|
2.81
|
2.78
|
|
LOANS
|
Consumer without a defined maturity
|
15.23
|
15.22
|
15.18
|
|
Corporate without a defined maturity
|
7.93
|
7.90
|
7.90
|
|
To sole proprietors without a defined maturity
|
10.50
|
10.46
|
10.37
|
|
Consumer with a defined maturity at a floating rate or with an initial fixation period of up to 1 year
|
9.30
|
8.49
|
8.76
|
|
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 EUR 1 million
-loans above EUR 1 million
|
7.71
6.83
6.13
|
7.81
6.89
6.64
|
7.94
6.71
6.10
|
|
Housing at a floating rate or with an initial fixation period of up to 1 year
|
4.48
|
4.18
|
3.98
|
|
Overall average rate on all loans
|
6.90
|
6.81
|
6.62
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
November 2011
|
December 2011
|
January 2012
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
4.28
|
4.36
|
4.44
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
4.18
|
4.28
|
4.51
|
|
Overall average rate on all deposits*
|
2.56
|
2.59
|
2.67
|
|
LOANS
|
Housing with over 5 years’ maturity
|
3.85
|
3.74
|
3.64
|
|
Corporate with over 5 years’ maturity
|
5.30
|
5.33
|
5.40
|
|
To sole proprietors with over 5 years’ maturity
|
6.40
|
6.39
|
6.40
|
|
Overall average rate on all loans
|
6.38
|
6.34
|
6.30
|
*For the calculation of this average rate the overnight deposits are also taken into account