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Interest Rates on Bank Deposits and Loans: October 2018

04/12/2018 - Press Releases

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

In October 2018, the overall weighted average interest rate on new deposits remained almost unchanged, while the interest rate on new loans increased. The spread* between loan and deposit rates increased to 4.70 percentage points (see Table 1).

The overall weighted average interest rate on all new deposits remained almost unchanged at 0.28%. In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.09%, while the average interest rate on overnight deposits placed by non-financial corporations remained almost unchanged at 0.16%. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained also almost unchanged at 0.58%.

The overall weighted average interest rate on all new loans to households and non-financial corporations increased by 23 basis points to 4.98%.

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 15 basis points to 14.47%. The average interest rate on consumer loans with a defined maturity at a floating rate decreased by 199 basis points to 8.82%.

The average interest rate on corporate loans without a defined maturity decreased by 4 basis points to 5.09%. Τhe corresponding rate on loans to sole proprietors remained almost unchanged at 6.93%. The average interest rate on corporate loans with a defined maturity at a floating rate (1) increased by 101 basis points to 4.98%. In particular, the rate on loans of up to €250,000 decreased by 21 basis points to 5.08%, on loans of over €250,000 and up to €1 million increased by 27 basis points to 4.42%, while the rate on loans of over €1 million increased by 118 basis points to 4.99% from 3.81% in the previous month. Finally, the average interest rate on housing loans at a floating rate (1)  decreased to 2.90% from 3.00% in the previous month.

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

In October 2018, the overall weighted average interest rates on the outstanding amounts of all deposits and all loans remained almost unchanged. The spread* between loan and deposit rates stood at 4.00 percentage points (see Table 2).

In more detail, the overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) remained almost unchanged at 0.29%. The corresponding rate on all outstanding loans remained also almost unchanged at 4.29%.

In particular, the average interest rate on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households remained unchanged at 0.61%. The average interest rate on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by non-financial corporations stood at 0.81% from 0.84% in the previous month. The average interest rate on the outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 2.13%. The average interest rate on the outstanding amounts of consumer loans (2)  with over 5 years’ maturity increased by 5 basis points to 6.12%. The corresponding rate on corporate loans remained almost unchanged at 3.73%. Finally, the average interest rate on the outstanding amounts of loans to sole proprietors with over 5 years’ maturity remained also almost unchanged at 4.56%.

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

 

 

 

August

2018

September 2018

October 2018

 

DEPOSITS

Overnight from households

0.09

0.09

0.09

 

Overnight from non-financial corporations

0.14

0.15

0.16

 

From households with an agreed maturity of up to 1 year

0.59

0.60

0.58

 

Overall weighted average rate on all deposits

0.27

0.29

0.28

 

LOANS

Consumer without a defined maturity

14.35

14.32

14.47

 

Corporate without a defined maturity

5.14

5.13

5.09

 

To sole proprietors without a defined maturity

6.93

6.91

6.93

 

Consumer at a floating rate1

10.71

10.81

8.82

 

Corporate with a fixed maturity at a floating rate[1]:

3.85

3.97

4.98

 

-amounts of up to €250.000

5.13

5.29

5.08

 

-amounts of over €250.000 and up to €1 million

4.48

4.15

4.42

 

-amounts of over €1 million

3.78

3.81

4.99

 

Housing at a floating rate1

2.97

3.00

2.90

 

Overall weighted average rate on all loans

4.69

4.75

4.98

 

Interest rate spread*

4.42

4.46

4.70

 


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

 

 

 

August

2018

September 2018

October 2018

 

DEPOSITS

From households with an agreed maturity of up to 2 years

0.61

0.61

0.61

 

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

0.86

0.84

0.81

 

Overall weighted average rate on all deposits**

0.30

0.30

0.29

 

LOANS

Housing with over 5 years’ maturity

2.14

2.14

2.13

 

Consumer with over 5 years’ maturity

6.05

6.07

6.12

 

Corporate with over 5 years’ maturity

3.75

3.74

3.73

 

To sole proprietors with over 5 years’ maturity

4.56

4.57

4.56

 

Overall weighted average rate on all loans

4.31

4.31

4.29

 

Interest rate spread*

4.01

4.01

4.00

 

 

*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 the overall weighted average rate on all deposits the overnight deposits are also taken into account.


The complete data set of bank deposit and loan interest rates are published on the website of the Bank of Greece and can be accessed here.

Note: The next Press Release on “Interest Rates on Bank Deposits and Loans” for November 2018 will be published on 8 January 2019.

(1) Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.

(2) Including other loans to individuals and private non-profit institutions

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