Interest Rates on Bank Deposits and Loans: July 2023
01/09/2023 - Press Releases
- In July 2023, the weighted average interest rates on new deposits and
on new loans increased to 0.35% and 6.21% respectively.
- The interest rate spread between new deposits and loans increased
to 5.86 percentage points.
- In July 2023, the weighted average interest rates on outstanding
amounts of deposits and loans increased to 0.41% and 6.24% respectively.
- The interest rate spread between outstanding amounts of deposits
and loans increased to 5.83 percentage points.
1. Interest rates on
euro-denominated new deposits and loans
New Deposits
The
weighted average interest rate on new deposits increased by 4 basis points to 0.35%,
compared to the previous month.
In
particular, the average interest rates on overnight deposits placed by
households and non-financial corporations remained unchanged at 0.02% and 0.12%
respectively.
The
average interest rate on deposits from households with an agreed maturity of up
to 1 year increased by 8 basis points to 1.50%. The corresponding rate on
deposits by non-financial corporations increased by 43 basis points to 2.71%.
New Loans
The
weighted average interest rate on new loans to households and non-financial
corporations increased by 39 basis points to 6.21%.
More
specifically, the average interest rate on consumer loans without a defined
maturity (a category that comprises credit cards, revolving loans and
overdrafts) decreased by 10 basis points to 14.77%.
The
average interest rate on consumer loans with a defined maturity at a floating
rate increased by 43 basis points to 13.01%. The average interest rate on
housing loans at a floating rate increased by 16 basis points to 4.19%.
The
average interest rate on new corporate loans without a defined maturity increased
by 21 basis points to 6.71%. The corresponding rate on loans to sole
proprietors remained almost unchanged at 7.70%.
In
July 2023, the average interest rate on new corporate loans with a defined
maturity at a floating rate increased by 47 basis points to 6.10%. The average
interest rate on loans with a defined maturity at a floating rate to small and
medium-sized enterprises (SMEs) increased by 25 basis points to 5.74%.
As
regards the structure of interest rates according to the size of loans granted,
the average rate on loans of up to €250,000 increased by 39 basis points to 5.86%,
on loans of over €250,000 and up to €1 million it increased by 69 basis points
to 5.78% and on loans of over €1 million it increased by 40 basis points to 6.14%.
2. Interest rates on
outstanding amounts of euro-denominated deposits and loans
Deposits
The weighted
average interest rate on outstanding amounts of deposits (including
overnight deposits) increased by 4 basis points to 0.41%.
In
particular, the average interest rate on
outstanding amounts of deposits with an agreed maturity of up to 2 years
placed by households increased by 8 basis points to 1.44%. The corresponding
rate on deposits by non-financial corporations increased by 30 basis points to 2.50%.
Loans
The weighted
average interest rate on outstanding amounts of loans increased by 10 basis
points to 6.24%.
In
particular, the average interest rate on outstanding amounts of
housing loans with over 5 years’ maturity remained unchanged at 4.39%. The
corresponding rate on consumer and other loans to individuals and private
non-profit institutions increased by 10 basis points to 7.99%.
The average
interest rate on
corporate loans with over 5 years’ maturity increased by 16 basis points to 6.24%, while the corresponding
rate on loans to sole proprietors remained almost unchanged at 7.07%.
Notes:
- The interest rate
spread is the difference between the weighted average rate on loans and
the weighted average rate on deposits.
- For the calculation
of the weighted average interest rate on all outstanding deposits,
the
overnight deposits are also taken into account.
3. Loans at a floating rate comprise also loans with an
initial rate fixation period of up to one year.
- New business refers
to new contracts that were agreed during the reference month and not
actual loan disbursements.
Related information:
The complete data set of
bank deposit and loan interest rates is published in the sub-section “Bank
deposit and loan interest rates” on the Bank of Greece website.
The next Press Release for
August 2023 will be published on 4 October
2023 according
to the Advance release calendar on the Bank of Greece website.
Related links:
Bank
deposit and loan interest rates
Advance
release calendar