Interest Rates on Bank Deposits and Loans: October 2017
04/12/2017 - Press Releases
1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
In October 2017, the overall weighted average interest rate on new deposits remained almost unchanged, while the average interest rate on new loans increased. The interest rate spread* between loan and deposit rates increased to 4.50 percentage points, from 4.41 points in the previous month (see Table 1).
The overall weighted average interest rate on all new deposits remained almost unchanged at 0.30% from 0.29% in the previous month. 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 increased by 4 basis points to 0.17%. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained almost unchanged at 0.63%.
The overall weighted average interest rate on all new loans to households and corporations increased by 10 basis points to 4.80%.
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 12 basis point to 14.48%. The average interest rate on consumer loans with a defined maturity at a floating rate (1) decreased by 24 basis points to 8.06%.
The average interest rate on corporate loans without a defined maturity decreased by 3 basis points to 5.31%. Τhe corresponding rate on loans to sole proprietors remained unchanged at 7.01%. The average interest rate on corporate loans with a defined maturity at a floating rate (1) increased by 51 basis points to 4.66%. In particular, the rate on loans of up to €250,000 increased by 29 basis points to 5.73%, on loans of over €250,000 and up to €1 million increased by 27 basis points to 4.88%, while the rate on loans of over €1 million increased by 55 basis points to 4.52%. Finally, the average interest rate on housing loans at a floating rate (1) decreased by 20 basis points to 2.54%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In October 2017, the overall weighted average interest rate on the outstanding amounts of all deposits remained almost unchanged, while the corresponding rate on all loans remained unchanged. The spread* between loan and deposit rates stood at 4.25 percentage points from 4.26 points in the previous month (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 0.32% from 0.31% in the previous month, while the corresponding rate on all loans remained unchanged at 4.57%.
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 0.63%. The average interest rate on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by non-financial corporations increased to 0.80% from 0.77% in the previous month. The average interest rate on the outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 2.35%. The corresponding rate on corporate loans increased by 3 basis points to 3.72% and the rate on loans to sole proprietors decreased by 4 basis points to 4.89%.
(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 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 via the following link:
http://www.bankofgreece.gr/Pages/en/Statistics/rates_markets/deposits.aspx
Note: The next Press Release on “Interest Rates on Bank Deposits and Loans” for November 2017 will be published on 5 January 2018.