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Interest Rates on Bank Deposits and Loans: November 2023

05/01/2024 - Press Releases

- In November 2023, the weighted average interest rates on new deposits and new loans increased to 0.50% and 6.25% respectively.

- The interest rate spread between new deposits and loans increased to 5.75 percentage points.

- In November 2023, the weighted average interest rates on outstanding amounts of deposits and loans remained almost unchanged at 0.48% and at 6.40% respectively.

- The interest rate spread between outstanding amounts of deposits and loans remained almost unchanged at 5.92 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 0.50%, compared to the previous month.

In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.03%, while the corresponding rate on deposits by non-financial corporations increased by 4 basis points to 0.22%.

The average interest rate on deposits from households with an agreed maturity of up to 1 year remained almost unchanged at 1.79%. The corresponding rate on deposits by non-financial corporations increased by 8 basis points to 3.14%.

 New Loans   

The weighted average interest rate on new loans to households and non-financial corporations increased by 8 basis points to 6.25%.

More specifically, the average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) increased by 6 basis points to 14.96%.

The average interest rate on consumer loans with a defined maturity at a floating rate remained almost unchanged at 12.61%, while the average interest rate on housing loans at a floating rate remained unchanged at 5.10%.

The average interest rate on corporate loans without a defined maturity remained almost unchanged at 6.87%. The corresponding rate on loans to sole proprietors remained also almost unchanged at 7.77%.

In November 2023, the average interest rate on new corporate loans with a defined maturity at a floating rate increased by 11 basis points to 6.04%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) increased by 26 basis points to 6.23%. 

 

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 8 basis points to 5.79%, on loans of over €250,000 and up to €1 million it increased by 39 basis points to 6.15%, while on loans of over €1 million it increased by 5 basis points to 6.04%.

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) remained almost unchanged at 0.48%.

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 4 basis points to 1.64%. The corresponding rate on deposits placed by non-financial corporations remained almost unchanged at 2.81%.

Loans

The weighted average interest rate on outstanding amounts of loans remained almost unchanged at 6.40%.

In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained unchanged at 4.42%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions increased by 4 basis points to 8.21%.

The average interest rate on corporate loans with over 5 years’ maturity remained almost unchanged at 6.43%, while the corresponding rate on loans to sole proprietors remained unchanged at 7.13%.

Table 1: Average interest rates on new euro-denominated deposits and loans (percentages per annum)


Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans (percentages per annum)

 

Notes:

  1. The interest rate spread is the difference between the weighted average rate on loans and the weighted average rate on deposits.
  2. 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.
  4. 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 December 2023 will be published on 1 February 2024 according to the Advance release calendar on the Bank of Greece website.

Related links:

Bank deposit and loan interest rates

Advance release calendar

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