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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.

 

 

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