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Interest Rates on Bank Deposits and Loans: February 2014

02/04/2014 - Press Releases

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

In February 2014, the overall weighted average interest rate on new deposits remained basically unchanged, while the one on loans decreased. The interest rate spread* between loan and deposit rates decreased by 23 basis points to stand at 3.66 percentage points (see Table 1).

The overall weighted average interest rate on all new deposits stood at 1.74% in February 2014, compared with 1.77% in the previous month. In particular, the average interest rates on overnight deposits from households and from non-financial corporations remained almost unchanged at 0.33% and 0.35% respectively. The average interest rate on deposits from households with an agreed maturity of up to one year remained also unchanged at 2.80%.

The overall weighted average interest rate on all new loans to households and corporations decreased by 26 basis points to stand at 5.40% in February 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) remained almost unchanged at 14.71%. 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 18 basis points to stand at 7.80%.

In February 2014, the average interest rate on corporate loans without a defined maturity remained almost unchanged at 7.23%, while the corresponding rate on loans to sole proprietors stood at 9.17%, compared with 9.20% in the previous month. 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 19 basis points to stand at 6.78% for loans up to EUR 250,000, decreased by 17 basis points to stand at 5.82% for loans above EUR 250,000 and up to EUR 1 million, and decreased by 12 basis points to stand at 5.88% 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 stood at 2.73%, compared with 2.70% in the previous month.

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

In February 2014, the overall weighted average interest rate on outstanding amounts of all deposits decreased, while the corresponding average rate of all loans remained basically unchanged. The spread* between loan and deposit rates increased by 4 basis points to stand at 3.67 percentage points (see Table 2).

In particular, in February 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 3.00%, while the corresponding rate on deposits from non-financial corporations remained almost unchanged at 2.86%. The average interest rates on outstanding amounts of housing and corporate loans with over five years’ maturity remained almost unchanged at 3.01% and 4.73% respectively. Τhe corresponding rate on loans to sole proprietors increased by 25 basis points to stand at 5.75%.

In February 2014, the overall weighted average interest rate on the outstanding amount of all deposits (including overnight deposits) decreased by 4 basis points to stand at 1.92% while the corresponding rate on loans remained basically unchanged at 5.59%.

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

 

 

December 2013

January 2014

February 2014

 

DEPOSITS

Overnight from households

0.37

0.33

0.33

 

Overnight from non-financial corporations

0.45

0.37

0.35

 

From households with an agreed maturity of up to 1 year

2.82

2.80

2.80

 

Overall weighted average rate on all deposits

1.81

1.77

1.74

 

LOANS

Consumer without a defined maturity

14.62

14.72

14.71

 

Corporate without a defined maturity 

7.29

7.24

7.23

 

To sole proprietors without a defined maturity

9.34

9.20

9.17

 

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

7.16

7.98

7.80

 

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

6.61


5.79

4.73

6.97


5.99

6.00

6.78


5.82

5.88

 

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

2.81

2.70

2.73

 

Overall weighted average rate on all loans

5.12

5.66

5.40

 

  Interest rate spread*

3.31

3.89

3.66

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

 

 

December 2013

January 2014

February 2014

DEPOSITS

From households with an agreed maturity of up to 2 years

3.23

3.09

3.00

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

2.89

2.88

2.86

Overall weighted average rate on all deposits**

2.02

1.96

1.92

LOANS

Housing with over 5 years’ maturity

3.03

3.02

3.01

Corporate with over 5 years’ maturity

4.61

4.71

4.73

To sole proprietors with over 5 years’ maturity

5.46

5.50

5.75

Overall weighted average rate on all loans

5.57

5.59

5.59

  Interest rate spread*

3.55

3.63

3.67

 
*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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