Press Releases

Interest Rates on Bank Deposits and Loans: March 2011

10/05/2011 - Press Releases

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

In March 2011 average interest rates on new deposits remained basically unchanged, except for the average rate on overnight deposits from corporations that increased. Average rates on new loans increased (see Table 1).

More specifically, in March 2011, the average interest rate on overnight deposits from households remained basically unchanged at 0.45%, while the corresponding rate on deposits from non-financial corporations increased by 7 basis points to 0.41%. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained basically unchanged at 3.76%.

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) increased in March 2011 by 6 basis points to 14.70%. Similarly, the average interest rate on corporate loans without a defined maturity and the corresponding rate on loans to sole proprietors increased by 15 and 6 basis points to 7.05% and 9.78% 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 increased by 23 basis points to 6.46% for loans up to EUR 1 million, and by 2 basis points to 5.39% for loans above EUR 1 million. Finally, the average interest rates on housing loans increased by 13 basis points to 4.04% for loans at a floating rate or with an initial rate fixation period of up to one year and by 29 basis points to 3.86% for loans with an initial fixation period of over 1 and up to 5 years.

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

In March 2011 the average interest rates on outstanding amounts of deposits and loans showed mixed developments (see Table 2).

In particular, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years increased in March 2011 by 3 basis points to 3.58%, while the corresponding interest rate on deposits from non-financial corporations decreased by 9 basis points to 3.60%. The average interest rate on outstanding amounts of housing loans with over five years’ maturity remained basically unchanged at 3.69%. The corresponding rate on corporate loans increased by 6 basis points to 4.72%, while the one to sole proprietors decreased by 10 basis points to 5.61%.

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

 

 

January 2011

February 2011

March 2011

DEPOSITS

Overnight from households

0.44

0.44

0.45

Overnight from non-financial corporations

0.34

0.34

0.41

From households with an agreed maturity of up to 1 year

3.74

3.75

3.76

LOANS

Consumer without a defined maturity

14.59

14.64

14.70

Corporate without a defined maturity 

6.81

6.90

7.05

To sole proprietors without a defined maturity

9.58

9.72

9.78

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 1 million

 -loans above EUR 1 million

6.14

4.89

6.23

5.37

6.46

5.39

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

3.93

3.91

4.04

Housing with an initial fixation period of over one and up to 5 years

3.64

3.57

3.86

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

 

 

January 2011

February 2011

March 2011

DEPOSITS

From households with an agreed maturity of up to 2 years

3.50

3.55

3.58

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

3.61

3.69

3.60

LOANS

Housing  with over 5 years’ maturity

3.68

3.68

3.69

Corporate with over 5 years’ maturity

4.62

4.66

4.72

To sole proprietors with over 5 years’ maturity

5.67

5.71

5.61

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