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Interest Rates on Bank Deposits and Loans: May 2017

05/07/2017 - Press Releases

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

In May 2017, the overall weighted average interest rate on new deposits remained almost unchanged, while the average interest rate on new loans decreased. The interest rate spread* between loan and deposit rates decreased to 4.39 percentage points, from 4.43 points in the previous month (see Table 1).

The overall weighted average interest rate on all new deposits stood at 0.30%, almost unchanged from the previous month. In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.09%, while the average interest rate on overnight deposits placed by non-financial corporations remained almost unchanged, at 0.15%. The average interest rate on deposits from households with an agreed maturity of up to 1 year decreased by 4 basis points to 0.64%.

The overall weighted average interest rate on all new loans to households and corporations decreased by 5 basis points to 4.69%, from the previous month.

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 5 basis points to 14.47%. The average interest rate on consumer loans with a defined maturity at a floating rate (1)increased by 30 basis points to 8.35%.

The average interest rate on corporate loans without a defined maturity remained almost unchanged at 5.56%, while the corresponding rate on loans to sole proprietors decreased by 4 basis points to 7.20%. The average interest rate on corporate loans with a defined maturity at a floating rate (1) decreased by 31 basis points to 4.36%. In particular, the rate on loans of up to €250,000 remained almost unchanged at 5.27%, on loans of over €250,000 and up to €1 million increased by 30 basis points to 4.70%, while the rate on loans of over €1 million decreased by 61 basis points to 4.07%. Finally, the average interest rate on housing loans at a floating rate (1) remained almost unchanged at 2.66%.

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

In May 2017, the overall weighted average interest rates on the outstanding amounts of all deposits and all loans remained almost unchanged. The spread* between loan and deposit rates stood at 4.39 percentage points, unchanged from the previous month (see Table 2).

In more detail, the overall weighted average interest rates on the outstanding amounts of all deposits (including overnight deposits) and all loans remained almost unchanged at 0.30% and 4.69%, respectively.

In particular, the average interest rate on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households stood at 0.65%, almost unchanged from the previous month. The average interest rate on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by non-financial corporations decreased by 5 basis points to 0.80%. The average interest rates on the outstanding amounts of housing loans with over 5 years’ maturity remained unchanged, at 2.39%. The corresponding rate on corporate loans stood at 3.81% from 3.83% in the previous month, while the one on loans to sole proprietors declined to 4.99% from 5.02% in the previous month.

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

 

 

March 2017

April

2017

May 2017

DEPOSITS

Overnight from households

0.09

0.09

0.09

Overnight from non-financial corporations

0.18

0.16

0.15

From households with an agreed maturity of up to 1 year

0.66

0.68

0.64

Overall weighted average rate on all deposits

0.31

0.31

0.30

LOANS

Consumer without a defined maturity

14.54

14.52

14.47

Corporate without a defined maturity

5.59

5.58

5.56

To sole proprietors without a defined maturity

7.25

7.24

7.20

Consumer at a floating rate1

6.58

8.05

8.35

Corporate with a fixed maturity at a floating rate1:

4.12

4.67

4.36

-amounts of up to €250.000

5.38

5.29

5.27

-amounts of over €250.000 and up to €1 million

4.82

4.40

4.70

-amounts of over €1 million

4.04

4.68

4.07

Housing at a floating rate1

2.76

2.69

2.66

Overall weighted average rate on all loans

4.47

4.74

4.69

Interest rate spread*

4.16

4.43

4.39

 

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

 

 

 

March 2017

April

2017

May 2017

 

DEPOSITS

From households with an agreed maturity of up to 2 years

0.67

0.66

0.65

 

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

0.83

0.85

0.80

 

Overall weighted average rate on all deposits**

0.32

0.31

0.30

 

LOANS

Housing with over 5 years’ maturity

2.38

2.39

2.39

 

Corporate with over 5 years’ maturity

3.83

3.83

3.81

 

To sole proprietors with over 5 years’ maturity

4.99

5.02

4.99

 

Overall weighted average rate on all loans

4.72

4.70

4.69

 

Interest rate spread*

4.40

4.39

4.39

 


(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 the overall weighted average rate on all deposits the overnight deposits are also taken into account.

The complete data set of bank deposit and loan interest rates are published on the website of the Bank of Greece and can be accessed via the following link:
http://www.bankofgreece.gr/Pages/en/Statistics/rates_markets/deposits.aspx  

Note: The next Press Release on “Interest Rates on Bank Deposits and Loans” for June 2017 will be published on 2 August 2017.

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