Interest Rates on Bank Deposits and Loans: December 2013
04/02/2014 - Press Releases
1. INTEREST RATES ON NEW EURO-DENOMINATED DEPOSITS AND LOANS
In December 2013, the overall weighted average interest rates on new deposits remained unchanged, while the corresponding rate on loans decreased. The interest rate spread* between loan and deposit rates decreased by 38 basis points to stand at 3.31 percentage points (see Table 1).
In the case of deposits, in December 2013, the average interest rate on overnight deposits from households remained basically unchanged at 0.37%, while the corresponding rate on deposits from non-financial corporations increased by 4 basis points to stand at 0.45%. The average interest rate on deposits from households with an agreed maturity of up to one year remained almost unchanged at 2.82%. The overall weighted average interest rate on all new deposits remained unchanged at 1.81% in December 2013.
In the case of loans, the average interest rate on consumer loans without a defined maturity (a category which includes credit card debt, open account loans and debit balances on current accounts) decreased by 4 basis points to stand at 14.62% in December 2013. 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 further decreased by 16 basis points to stand at 7.16%.
The average interest rate on corporate loans without a defined maturity remained unchanged at 7.29%, while the corresponding rate on loans to sole proprietors increased by 11 basis points to stand at 9.34% in December 2013. 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 decreased by 11 basis points to stand at 6.61% for loans up to EUR 250,000, decreased by 7 basis points to stand at 5.79% for loans above EUR 250,000 and up to EUR 1 million, and decreased by 107 basis points to stand at 4.73% for loans above EUR 1 million. Finally, the average interest rate on housing loans at a floating rate or with an initial fixation period of up to one year increased by 6 basis points to stand at 2.81%. The overall weighted average interest rate on all new loans to households and corporations decreased by 38 basis points to stand at 5.12% in December 2013.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In December 2013, the overall weighted average interest rates on outstanding amounts of all deposits and all loans decreased. The spread* between loan and deposit rates increased by 8 basis points to stand at 3.55 percentage points (see Table 2).
In particular, in December 2013, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to two years decreased by 12 basis points to stand at 3.23% while the corresponding rate on deposits from non-financial corporations decreased by 11 basis points to stand at 2.89%. The average interest rate on outstanding amounts of housing loans with over five years’ maturity remained almost unchanged at 3.03%. Τhe corresponding rate on corporate loans decreased by 4 basis points to stand at 4.61% and the rate on loans to sole proprietors decreased by 11 basis points to stand at 5.46%.
In December 2013, the overall weighted average interest rate on the outstanding amount of all deposits (including overnight deposits) decreased by 12 basis points to stand at 2.02% while the corresponding rate on loans decreased by 4 basis points to stand at 5.57%.
Table 1: Average interest rates on new euro-denominated deposits and loans
|
|
|
October 2013
|
November 2013
|
December 2013
|
|
|
DEPOSITS
|
Overnight from households
|
0.39
|
0.39
|
0.37
|
|
|
Overnight from non-financial corporations
|
0.41
|
0.41
|
0.45
|
|
|
From households with an agreed maturity of up to 1 year
|
2.97
|
2.83
|
2.82
|
|
|
Overall weighted average rate on all deposits
|
1.90
|
1.81
|
1.81
|
|
|
LOANS
|
Consumer without a defined maturity
|
14.86
|
14.66
|
14.62
|
|
|
Corporate without a defined maturity
|
7.19
|
7.29
|
7.29
|
|
|
To sole proprietors without a defined maturity
|
9.36
|
9.23
|
9.34
|
|
|
Consumer with a defined maturity at a floating rate or with an initial fixation period of up to 1 year
|
7.51
|
7.32
|
7.16
|
|
|
Corporate with a fixed maturity at a floating rate or with an initial fixation period of up to 1 year rate:
-loans up to an amount of EUR 250,000
-loans above EUR 250,000 and up to EUR 1 million
-loans above EUR 1 million
|
6.77
6.19
6.14
|
6.72
5.86
5.80
|
6.61
5.79
4.73
|
|
|
Housing at a floating rate or with an initial fixation period of up to 1 year
|
2.85
|
2.75
|
2.81
|
|
|
Overall weighted average rate on all loans
|
5.61
|
5.50
|
5.12
|
|
|
Interest rate spread*
|
3.71
|
3.69
|
3.31
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
October 2013
|
November 2013
|
December 2013
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
3.48
|
3.35
|
3.23
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
3.13
|
3.00
|
2.89
|
|
Overall weighted average rate on all deposits**
|
2.21
|
2.14
|
2.02
|
|
LOANS
|
Housing with over 5 years’ maturity
|
3.12
|
3.04
|
3.03
|
|
Corporate with over 5 years’ maturity
|
4.68
|
4.65
|
4.61
|
|
To sole proprietors with over 5 years’ maturity
|
5.69
|
5.57
|
5.46
|
|
Overall weighted average rate on all loans
|
5.67
|
5.61
|
5.57
|
|
Interest rate spread*
|
3.46
|
3.47
|
3.55
|
*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.