Interest Rates on Bank Deposits and Loans: February 2020
01/04/2020 - Press Releases
1. INTEREST
RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
In February 2020, the overall weighted average interest rate on new deposits
remained almost unchanged, while the corresponding rate on new loans decreased. The
spread*
between loan and deposit rates fell to 4.15 percentage points (see Table 1).
New
Deposits
The overall weighted average interest rate on all new deposits remained
almost unchanged at 0.15%.
In particular, the average interest rate on overnight deposits placed by
households decreased by 3 basis points to 0.04%, while the corresponding rate
on deposits placed by non-financial corporations remained almost unchanged at
0.12%. The
average interest rate on
deposits from householdswith an agreed maturity
of up to 1 year remained also almost unchanged at 0.31%.
New Loans
The overall weighted average interest rate on all new loans
to households and non-financial corporations decreased by 6 basis points to
4.30%.
More specifically, the average interest rate on consumer loans
without a defined maturity (a category which comprises credit cards, open
account loans and overdrafts) marginally increased to 14.65%.
The average interest rate on consumer loans with a defined
maturity at a floating rate[1] decreased
by 53 basis points to 10.65%. The
average interest rate on housing loans at a floating rate[2] increased by 6
basis points to 2.78%.
The average interest rate on corporate loans without a defined maturity remained almost unchanged at 4.68%. The
corresponding rate on loans to sole proprietors remained unchanged at 6.73%.
The average interest rate on corporate loans
with a defined maturity at a floating rate[3] decreased
by 8 basis points to 3.39%, in February 2020, whereas the volume of new
business[4] decreased to €411
million from €487 million in the previous month. More
specifically, the rate on loans with a defined maturity to small and
medium-sized enterprises (SMEs) at a
floating rate increased by 5 basis points to 3.77%, whereas the
corresponding volume of new business increased to €225 million from €190
million in the previous month (see Chart
and Table 1).
As regards to the structure of interest rates
according to the size of the loans granted, the rate on loans
of up to €250,000
increased by 7 basis points to 4.68%, on loans of over €250,000 and up to €1
million decreased by 12 basis points to 3.64% and the rate on loans of over €1
million decreased by 17 basis points to 3.20%.
2. INTEREST RATES ON
OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In February 2020,
the overall weighted average interest rates on outstanding amounts of
all deposits and loans remained almost unchanged. The spread* between loan and deposit
rates remained unchanged at 3.78 percentage points (see Table 2).
Outstanding Deposits
The overall weighted average interest rate on outstanding amounts of all deposits (including overnight deposits) remained almost
unchanged at 0.17%.
The average interestrate on outstanding amounts of deposits with an agreed
maturity of up to 2 years placed by
households remained almost unchanged at 0.38%, while the corresponding rate on
deposits placed by non-financial corporations decreased
by 3 basis points to 0.40%.
Outstanding
Loans
The overall weighted average interest rate on outstanding amounts of all
loans remained almost unchanged at 3.95%.
In particular, the average interest rate on
outstanding amounts of housing loans with over 5 years’ maturity remained
unchanged at 2.02%. The
average interestrate on outstanding amounts of consumer loans[5] with over 5
years’ maturity remained almost unchanged at 6.05%. The corresponding rate on
corporate loans remained also almost unchanged at 3.42%, while the average interest rate on
outstanding amounts of loans to sole proprietors with over 5 years’ maturity decreased by 4 basis points
to 4.34%.
Table 1: Average interest rates on new euro-denominated deposits and
loans (percentages per annum)
|
|
|
December 2019
|
January
2020
|
February
2020
|
|
DEPOSITS
|
Overnight from households
|
0.08
|
0.07
|
0.04
|
|
Overnight from non-financial corporations
|
0.12
|
0.11
|
0.12
|
|
From households with an agreed
maturity of up to 1 year
|
0.35
|
0.33
|
0.31
|
|
Overall weighted average rate on all deposits
|
0.18
|
0.17
|
0.15
|
|
LOANS
|
Consumer without a defined
maturity
|
14.60
|
14.62
|
14.65
|
|
Corporate without a defined
maturity
|
4.74
|
4.70
|
4.68
|
|
To sole proprietors without a defined maturity
|
6.76
|
6.73
|
6.73
|
|
Housing at a floating rate[6]
|
2.78
|
2.72
|
2.78
|
|
Consumer with a defined maturity
at a floating rate6
|
10.94
|
11.18
|
10.65
|
|
Corporate with a defined maturity
at a floating rate6:
|
3.58
|
3.47
|
3.39
|
|
-amounts of up to €250,000
|
4.76
|
4.61
|
4.68
|
|
-amounts of over €250,000 and up to €1
million
|
3.85
|
3.76
|
3.64
|
|
-amounts of over €1 million
|
3.51
|
3.37
|
3.20
|
|
Loans with a defined maturity to
small and medium-sized enterprises at a floating rate6
|
3.71
|
3.72
|
3.77
|
|
Overall weighted average rate on all loans
|
4.34
|
4.36
|
4.30
|
|
Interest rate spread*
|
4.16
|
4.19
|
4.15
|
|
|
|
|
|
|
Table 2:
Average interest rates on outstanding amounts of euro-denominated deposits and loans (percentages per annum)
|
|
|
December 2019
|
January 2020
|
February
2020
|
|
DEPOSITS
|
From households with an agreed
maturity of up to 2 years
|
0.44
|
0.40
|
0.38
|
|
From non-financial corporations
with an agreed maturity of up to 2 years
|
0.52
|
0.43
|
0.40
|
|
Overall weighted average rate on all deposits**
|
0.20
|
0.19
|
0.17
|
|
LOANS
|
Housing with over 5 years’
maturity
|
2.06
|
2.02
|
2.02
|
|
Consumer and other with over 5
years’ maturity
|
6.13
|
6.07
|
6.05
|
|
Corporate with over 5 years’
maturity
|
3.43
|
3.44
|
3.42
|
|
To sole proprietors with over 5
years’ maturity
|
4.38
|
4.38
|
4.34
|
|
Overall weighted average rate on all loans
|
3.99
|
3.97
|
3.95
|
|
Interest rate spread*
|
3.79
|
3.78
|
3.78
|
*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 is published in the sub-section Bank
deposit and loan interest rates on the
Bank of Greece website.
Note: The next Press
Release on “Interest Rates on Bank Deposits and Loans” for March 2020 will be published on 6 May 2020, according
to the Release
calendar, as published on the Bank of Greece website.
[1] Consumer loans at a floating rate comprise also loans
with an initial rate fixation period of up to one year.
[2] Housing loans at a floating rate comprise also loans
with an initial rate fixation period of up to one year.
[3] Corporate loans at a floating
rate comprise also loans with an initial rate fixation period of up to one year
and they account for 99.81% of the total.
[4] New business refers to new contracts that were
agreed during the reference month and not actual loan disbursements.
[5] Including other loans to individuals and private
non-profit institutions.
[6] Loans at a floating rate comprise also loans
with an initial rate fixation period of up to one year.