Interest Rates on Bank Deposits and Loans: September 2014
31/10/2014 - Press Releases
1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
In September 2014, the overall weighted average interest rate on new deposits remained almost unchanged, while that on loans decreased. The interest rate spread* between loan and deposit rates decreased by 8 basis points to stand at 3.89 percentage points (see Table 1).
The overall weighted average interest rate on all new deposits remained almost unchanged at 1.32%. In particular, the average interest rates on overnight deposits from households and non-financial corporations remained almost unchanged at 0.26%, while the average interest rate on deposits from households, with an agreed maturity of up to one year, decreased by 5 basis points to stand at 2.08%.
The overall weighted average interest rate on all new loans to households and corporations decreased by 10 basis points to stand at 5.21%. 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) remained unchanged 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, increased by 30 basis points to stand at 7.05%.
The average interest rate on corporate loans without a defined maturity decreased by 13 basis points to stand at 6.66%. The corresponding rate on loans to sole proprietors remained almost unchanged at 8.25%. 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 decreased by 29 basis points to stand at 6.06%, for loans over €250,000 and up to €1 million increased by 15 basis points to stand at 5.38%, and for loans above €1 million decreased by 44 basis points to stand at 5.12%. Finally, the average interest rate on housing loans at a floating rate or with an initial rate fixation period of up to one year increased by 13 basis points to stand at 3.11%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In September 2014, the overall weighted average interest rates on outstanding amounts of all deposits and loans decreased. The spread* between loan and deposit rates decreased by 3 basis points to stand at 3.79 percentage points (see Table 2).
The overall weighted average interest rate on the outstanding amount of all deposits (including overnight deposits) decreased by 7 basis points to stand at 1.52%, while that on loans decreased by 10 basis points to stand at 5.31%.
In particular, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years decreased by 10 basis points to stand at 2.37%, while the corresponding rate on deposits from non-financial corporations decreased by 13 basis points to stand at 2.25%. The average interest rate on outstanding amounts of housing loans with over 5 years’ maturity decreased by 6 basis points to stand at 2.87%, while that on corporate loans decreased by 9 basis points to stand at 4.39%. The corresponding rate on loans to sole proprietors remained almost unchanged at 5.31%.
Table 1: Average interest rates on new euro-denominated deposits and loans
|
|
|
July 2014
|
August 2014
|
September 2014
|
|
|
DEPOSITS
|
Overnight from households
|
0.29
|
0.28
|
0.26
|
|
|
Overnight from non-financial corporations
|
0.30
|
0.28
|
0.26
|
|
|
From households with an agreed maturity of up to 1 year
|
2.28
|
2.13
|
2.08
|
|
|
Overall weighted average rate on all deposits
|
1.45
|
1.34
|
1.32
|
|
|
LOANS
|
Consumer without a defined maturity
|
14.43
|
14.46
|
14.46
|
|
|
Corporate without a defined maturity
|
6.90
|
6.79
|
6.66
|
|
|
To sole proprietors without a defined maturity
|
8.37
|
8.26
|
8.25
|
|
|
Consumer with a defined maturity at a floating rate or with an initial rate fixation period of up to 1 year
|
7.13
|
6.75
|
7.05
|
|
|
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
|
6.12
5.64
5.54
|
6.35
5.23
5.56
|
6.06
5.38
5.12
|
|
|
Housing at a floating rate or with an initial rate fixation period of up to 1 year
|
3.00
|
2.98
|
3.11
|
|
|
Overall weighted average rate on all loans
|
5.37
|
5.31
|
5.21
|
|
|
Interest rate spread*
|
3.92
|
3.97
|
3.89
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
July 2014
|
August 2014
|
September 2014
|
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
2.57
|
2.47
|
2.37
|
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
2.44
|
2.38
|
2.25
|
|
|
Overall weighted average rate on all deposits**
|
1.66
|
1.59
|
1.52
|
|
|
LOANS
|
Housing with over 5 years’ maturity
|
2.94
|
2.93
|
2.87
|
|
|
Corporate with over 5 years’ maturity
|
4.46
|
4.48
|
4.39
|
|
|
To sole proprietors with over 5 years’ maturity
|
5.33
|
5.30
|
5.31
|
|
|
Overall weighted average rate on all loans
|
5.43
|
5.41
|
5.31
|
|
|
Interest rate spread*
|
3.77
|
3.82
|
3.79
|
*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.