Interest Rates on Bank Deposits and Loans: February 2016
04/04/2016 - Press Releases
1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
In February 2016, the overall weighted average interest rates on new deposits and on new loans decreased from the previous month. The interest rate spread* between loan and deposit rates remained unchanged at 4.42 percentage points (see Table 1).
The overall weighted average interest rate on all new deposits decreased by 6 basis points from the previous month to 0.49%. In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.15%, while the respective one on deposits placed by non-financial corporations remained almost unchanged at 0.20%. The average interest rate on deposits placed by households with an agreed maturity of up to one year decreased by 10 basis points to 0.91%.
The overall weighted average interest rate on all new loans to households and corporations decreased by 6 basis points from the previous month to 4.91% in February 2016.
More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) increased by 5 basis points to 14.66%. The average interest rate on consumer loans at a floating rate (1) decreased by 11 basis points to 7.82%.
The average interest rate on corporate loans without a defined maturity remained almost unchanged at 6.05%, while the one on loans to sole proprietors decreased by 3 basis points to 7.44%. The average interest rate on corporate loans with a defined maturity at a floating rate (1) decreased by 9 basis points to 4.97%. In particular, the rate on loans of up to €250,000 remained almost unchanged at 5.62%, on loans of over €250,000 and up to €1 million increased by 3 basis points to 5.23%, whereas on loans of over €1 million decreased by 3 basis points to 4.83%. Finally, the average interest rate on housing loans at a floating rate (1) increased by 20 basis points to 2.55%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In February 2016, both the overall weighted average interest rate on the outstanding amount of all deposits as well as the corresponding rate on all loans decreased. The spread* between loan and deposit rates remained unchanged at 4.50 percentage points (see Table 2).
In more detail, the overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) decreased by 3 basis points to 0.51%, while the corresponding rate on loans also decreased by 3 basis points to 5.01%.
In particular, the average interest rate on the outstanding amounts of deposits placed by households with an agreed maturity of up to 2 years decreased by 8 basis points to 1.10%. The corresponding rate on deposits placed by non-financial corporations decreased by 9 basis points to 1.00%. The average interest rate on outstanding amounts of housing loans with over 5 years’ maturity decreased by 7 basis points to 2.72%. The corresponding rate of corporate loans also decreased by 4 basis points to 4.03%, while the one on loans to sole proprietors decreased by 3 basis points to 5.21%.
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Table 1: Average interest rates on new euro-denominated deposits and loans
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December 2015
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January 2016
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February 2016
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DEPOSITS
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Overnight from households
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0.15
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0.15
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0.15
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Overnight from non-financial corporations
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0.19
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0.21
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0.20
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From households with an agreed maturity of up to 1 year
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1.02
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1.01
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0.91
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Overall weighted average rate on all deposits
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0.56
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0.55
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0.49
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LOANS
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Consumer without a defined maturity
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14.61
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14.61
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14.66
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Corporate without a defined maturity
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6.05
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6.04
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6.05
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To sole proprietors without a defined maturity
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7.48
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7.47
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7.44
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Consumer at a floating rate1
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7.89
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7.93
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7.82
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Corporate with a fixed maturity at a floating rate1:
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5.21
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5.06
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4.97
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-amounts of up to €250,000
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5.91
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5.63
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5.62
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-amounts of over €250,000 and up to €1 million
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5.09
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5.20
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5.23
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-amounts of over €1 million
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5.19
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4.86
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4.83
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Housing at a floating rate1
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2.69
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2.35
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2.55
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Overall weighted average rate on all loans
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5.09
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4.97
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4.91
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Interest rate spread*
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4.53
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4.42
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4.42
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Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
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December
2015
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January 2016
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February 2016
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DEPOSITS
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From households with an agreed maturity of up to 2 years
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1.25
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1.18
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1.10
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From non-financial corporations with an agreed maturity of up to 2 years
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1.11
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1.09
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1.00
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Overall weighted average rate on all deposits**
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0.56
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0.54
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0.51
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LOANS
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Housing with over 5 years’ maturity
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2.80
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2.79
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2.72
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Corporate with over 5 years’ maturity
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4.09
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4.07
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4.03
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To sole proprietors with over 5 years’ maturity
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5.30
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5.24
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5.21
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Overall weighted average rate on all loans
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5.05
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5.04
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5.01
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Interest rate spread*
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4.49
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4.50
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4.50
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(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 this average rate the overnight deposits are also taken into account.
The complete data set of bank deposit and loan interest rates are published in 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
The next Press Release on “Interest Rates on Bank Deposits and Loans” for March 2016 will be published on 4 May 2016.