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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.

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