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Interest Rates on Bank Deposits and Loans: October 2015

02/12/2015 - Press Releases

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

In October 2015, the overall weighted average interest rate on new deposits decreased, while the corresponding rate on new loans increased. The interest rate spread* between loan and deposit rates increased by 36 basis points and stood at 4.46 percentage points (see Table 1).

The overall weighted average interest rate on all new deposits decreased by 7 basis points, compared with the previous month, to 0.62%. In particular, the average interest rates on overnight deposits placed by households and by non-financial corporations remained almost unchanged at 0.15% and 0.21% respectively. The average interest rate on deposits placed by households with an agreed maturity of up to one year decreased by 12 basis points to 1.06% in October 2015.

The overall weighted average interest rate on all new loans to households and corporations increased by 29 basis points from the previous month to 5.08%.

More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) remained unchanged at 14.60%. The average interest rate on consumer loans at a floating rate (1) increased by 33 basis points to 8.29%.

The average interest rate on corporate loans without a defined maturity remained almost unchanged at 6.13%, while the corresponding rate on loans to sole proprietors decreased by 8 basis points to 7.48%. The average interest rate on corporate loans with a defined maturity at a floating rate (1) increased by 38 basis points to 5.16%. In particular, there were increases in average interest rates: on loans of up to €250,000 by 17 basis points to 6.27%, on loans of over €250,000 and up to €1 million by 20 basis points to 5.15% and on loans of over €1 million by 45 basis points to 5.12%. Finally, the average interest rate on housing loans at a floating rate (1) increased by 12 basis points to 2.48%.


2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
 
In October 2015, the overall weighted average interest rate on the outstanding amounts of all deposits decreased, while the corresponding rate on all loans remained almost unchanged. The spread* between loan and deposit rates increased by 4 basis points to 4.38 percentage points (see Table 2).

In further detail, the overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) decreased by 6 basis points to 0.67%, while the corresponding rate on loans remained almost unchanged at 5.05% in October 2015.

In particular, the average interest rate on outstanding amounts of deposits placed by households with an agreed maturity of up to 2 years decreased by 11 basis points to 1.49%. The corresponding rate on deposits placed by non-financial corporations also decreased by 10 basis points to 1.21%. The average interest rates on outstanding amounts of housing loans and loans to sole proprietors with over 5 years’ maturity remained almost unchanged at 2.81% and 5.32% respectively, while the corresponding rate on corporate loans decreased by 8 basis points to 4.05%.

 

 

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

 

 

August 2015

September 2015

October 2015

DEPOSITS

Overnight from households

0.15

0.15

0.15

Overnight from non-financial corporations

0.25

0.22

0.21

From households with an agreed maturity of up to 1 year

1.19

1.18

1.06

Overall weighted average rate on all deposits

0.71

0.69

0.62

LOANS

Consumer without a defined maturity

14.64

14.60

14.60

Corporate without a defined maturity 

6.16

6.15

6.13

To sole proprietors without a defined maturity

7.56

7.56

7.48

Consumer at a floating rate 1

7.51

7.96

8.29

Corporate with a fixed maturity at a floating rate 1:

4.83

4.78

5.16

-loans of up to €250,000

5.72

6.10

6.27

-loans of over €250,000 and up to €1 million

5.07

4.95

5.15

-loans of over €1 million

4.70

4.67

5.12

Housing at a floating rate 1

2.39

2.36

2.48

Overall weighted average rate on all loans

4.83

4.79

5.08

Interest rate spread*

4.12

4.10

4.46

 

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

 

 

August 2015

September 2015

October 2015

DEPOSITS

From households with an agreed maturity of up to 2 years

1.71

1.60

1.49

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

1.45

1.31

1.21

Overall weighted average rate on all deposits**

0.80

0.73

0.67

LOANS

Housing with over 5 years’ maturity

2.82

2.82

2.81

Corporate with over 5 years’ maturity

4.06

4.13

4.05

To sole proprietors with over 5 years’ maturity

5.29

5.29

5.32

Overall weighted average rate on all loans

5.06

5.07

5.05

  Interest rate spread*

4.26

4.34

4.38

(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.

 

 

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