Interest Rates on Bank Deposits and Loans: May 2013
04/07/2013 - Press Releases
1. INTEREST RATES ON NEW EURO-DENOMINATED DEPOSITS AND LOANS
In May 2013, the overall weighted average interest rates on both new deposits and new loans decreased. The interest rate spread* between loan and deposit rates decreased by 13 basis points to 3.02 percentage points (see Table 1).
In the case of deposits, in May 2013, the average interest rates on overnight deposits from households and from non-financial corporations remained unchanged at 0.49% and 0.44% respectively. The average interest rate on deposits from households with an agreed maturity of up to one year decreased further by 16 basis points to 4.06%. The overall weighted average interest rate on all new deposits decreased by 9 basis points to 2.51%.
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 marginally by 4 basis points, in May 2013, to 14.73%. 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 further by 16 basis points to 7.70%.
The average interest rates on corporate loans and loans to sole proprietors without a defined maturity decreased by 4 and 3 basis points to 7.45% and 9.96% respectively. 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 decreased by 16 basis points to 7.08% for loans up to EUR 250,000, decreased by 32 basis points to 6.13% for loans above EUR 250,000 and up to EUR 1 million, and decreased by 59 basis points at 5.37% 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 24 basis points to 2.84%. In May 2013, the overall weighted average interest rate on all new loans to households and corporations significantly decreased by 22 basis points to 5.53%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In May 2013, the overall weighted average interest rates on both the outstanding amounts of all deposits and the outstanding amounts of all loans decreased. The spread* between loan and deposit rates remained almost unchanged at 2.95 percentage points (see Table 2).
In particular, in May 2013, the average interest rates on outstanding amounts of deposits from households and of deposits from non-financial corporations with an agreed maturity of up to two years decreased further by 11 and 10 basis points to 4.31% and 4.06% respectively. The average interest rate on outstanding amounts of housing loans with over five years’ maturity decreased by 9 basis points to 3.09%. The corresponding rate on corporate loans remained unchanged at 4.67%, while the rate on loans to sole proprietors decreased by 5 basis points to 5.98%.
In May 2013, the overall weighted average interest rate on the outstanding amount of all deposits (including overnight deposits) decreased by 6 basis points to 2.78% and the corresponding rate on loans decreased by 5 basis points to 5.73%.
Table 1: Average interest rates on new euro-denominated deposits and loans
|
|
|
March 2013
|
April 2013
|
May 2013
|
|
DEPOSITS
|
Overnight from households
|
0.49
|
0.49
|
0.49
|
|
Overnight from non-financial corporations
|
0.44
|
0.44
|
0.44
|
|
From households with an agreed maturity of up to 1 year
|
4.36
|
4.22
|
4.06
|
|
Overall weighted average rate on all deposits
|
2.71
|
2.60
|
2.51
|
|
LOANS
|
Consumer without a defined maturity
|
14.78
|
14.77
|
14.73
|
|
Corporate without a defined maturity
|
7.56
|
7.49
|
7.45
|
|
To sole proprietors without a defined maturity
|
10.02
|
9.99
|
9.96
|
|
Consumer with a defined maturity at a floating rate or with an initial fixation period of up to 1 year
|
7.96
|
7.86
|
7.70
|
|
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
|
7.18
6.25
5.80
|
7.24
6.45
5.96
|
7.08
6.13
5.37
|
|
Housing at a floating rate or with an initial fixation period of up to 1 year
|
3.18
|
3.08
|
2.84
|
|
Overall weighted average rate on all loans
|
5.78
|
5.75
|
5.53
|
|
Interest rate spread*
|
3.07
|
3.15
|
3.02
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
March 2013
|
April 2013
|
May 2013
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
4.51
|
4.42
|
4.31
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
4.31
|
4.16
|
4.06
|
|
Overall weighted average rate on all deposits**
|
2.93
|
2.84
|
2.78
|
|
LOANS
|
Housing with over 5 years’ maturity
|
3.19
|
3.18
|
3.09
|
|
Corporate with over 5 years’ maturity
|
4.80
|
4.67
|
4.67
|
|
To sole proprietors with over 5 years’ maturity
|
6.03
|
6.03
|
5.98
|
|
Overall weighted average rate on all loans
|
5.83
|
5.78
|
5.73
|
|
Interest rate spread*
|
2.90
|
2.94
|
2.95
|
*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.