Interest Rates on Bank Deposits and Loans: August 2014
01/10/2014 - Press Releases
1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
In August 2014, the overall weighted average interest rate on new deposits and loans decreased. The interest rate spread* between loan and deposit rates increased by 5 basis points to stand at 3.97 percentage points (see Table 1).
The overall weighted average interest rate on all new deposits decreased by 11 basis points to stand at 1.34%, in August 2014. In particular, the average interest rate on overnight deposits from households remained almost unchanged at 0.28%, while the corresponding rate from non-financial corporations marginally decreased to stand also at 0.28%. The average interest rate on deposits from households, with an agreed maturity of up to one year, decreased by 15 basis points to stand at 2.13%.
The overall weighted average interest rate on all new loans to households and corporations decreased by 6 basis points to stand at 5.31%, in August 2014. In particular, the average interest rate on consumer loans without a defined maturity (a category which includes credit card debt, open account loans and overdrafts) marginally increased by 3 basis points to stand at 14.46%. The average interest rate on consumer loans, with a defined maturity at a floating rate or with an initial rate fixation period of up to one year, decreased by 38 basis points to stand at 6.75%.
In August 2014, the average interest rate on corporate loans without a defined maturity decreased by 11 basis points to stand at 6.79%. The corresponding rate on loans to sole proprietors also decreased by 11 basis points to stand at 8.26%. 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 for loans up to €250,000 increased by 23 basis points to stand at 6.35%, while for loans over €250,000 and up to €1 million and for loans above €1 million it remained almost unchanged at 5.64% and 5.56%, respectively. Finally, the average interest rate on housing loans, at a floating rate or with an initial rate fixation period of up to one year, remained almost unchanged at 2.98%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In August 2014, the overall weighted average interest rate on outstanding amounts of all deposits decreased, while the corresponding rate on loans remained almost unchanged. The spread*, between loan and deposit rates, increased by 5 basis points to stand at 3.82 percentage points (see Table 2).
In August 2014, the overall weighted average interest rate on the outstanding amount of all deposits (including overnight deposits) decreased by 7 basis points to stand at 1.59%, while the corresponding rate on loans remained almost unchanged at 5.41%.
In particular, in August 2014, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to two years decreased by 10 basis points to stand at 2.47% and the corresponding rate on deposits from non-financial corporations decreased by 6 basis points to stand at 2.38%. The average interest rates on outstanding amounts of housing and corporate loans, with over five years’ maturity, remained almost unchanged at 2.93% and 4.48%, respectively, while the corresponding rate on loans to sole proprietors marginally decreased by 3 basis points to stand at 5.30%.
Table 1: Average interest rates on new euro-denominated deposits and loans
|
|
|
June 2014
|
July 2014
|
August 2014
|
|
|
DEPOSITS
|
Overnight from households
|
0,33
|
0,29
|
0,28
|
|
|
Overnight from non-financial corporations
|
0,30
|
0,30
|
0,28
|
|
|
From households with an agreed maturity of up to 1 year
|
2,39
|
2,28
|
2,13
|
|
|
Overall weighted average rate on all deposits
|
1,51
|
1,45
|
1,34
|
|
|
LOANS
|
Consumer without a defined maturity
|
14,52
|
14,43
|
14,46
|
|
|
Corporate without a defined maturity
|
7,00
|
6,90
|
6,79
|
|
|
To sole proprietors without a defined maturity
|
8,40
|
8,37
|
8,26
|
|
|
Consumer with a defined maturity at a floating rate or with an initial rate fixation period of up to 1 year
|
6,73
|
7,13
|
6,75
|
|
|
Corporate with a fixed maturity at a floating rate or with an initial rate fixation period of up to 1 year:
-loans up to an amount of €250,000
-loans above €250,000 and up to € 1 million
-loans above €1 million
|
5,83
5,29
5,20
|
6,12
5,64
5,54
|
6,35
5,64
5,56
|
|
|
Housing at a floating rate or with an initial rate fixation period of up to 1 year
|
2,80
|
3,00
|
2,98
|
|
|
Overall weighted average rate on all loans
|
5,18
|
5,37
|
5,31
|
|
|
Interest rate spread*
|
3,67
|
3,92
|
3,97
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
June 2014
|
July 2014
|
August 2014
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
2,71
|
2,57
|
2,47
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
2,57
|
2,44
|
2,38
|
|
Overall weighted average rate on all deposits**
|
1,74
|
1,66
|
1,59
|
|
LOANS
|
Housing with over 5 years’ maturity
|
2,98
|
2,94
|
2,93
|
|
Corporate with over 5 years’ maturity
|
4,57
|
4,46
|
4,48
|
|
To sole proprietors with over 5 years’ maturity
|
5,46
|
5,33
|
5,30
|
|
Overall weighted average rate on all loans
|
5,48
|
5,43
|
5,41
|
|
Interest rate spread*
|
3,74
|
3,77
|
3,82
|
*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.