Interest Rates on Bank Deposits and Loans: October 2012
04/12/2012 - Press Releases
1. INTEREST RATES ON NEW EURO-DENOMINATED DEPOSITS AND LOANS
In October 2012 the overall average interest rate on new deposits increased, while the corresponding rate on new loans remained almost unchanged (see Table 1). As a result the spread between loans and deposits decreased by 5 basis points to 2.97 percentage points.
More specifically, in October 2012, the average interest rates on overnight deposits from households remained almost unchanged at 0.47%, while the corresponding rate on deposits from non-financial corporations decreased by 4 basis points to 0.41%. The average interest rate on deposits from households with an agreed maturity of up to 1 year, increased by 4 basis points to 4.64%. The overall average interest rate on all new deposits increased by 4 basis points to 2.79%.
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) remained almost unchanged in October 2012, at 14.80%. 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 significantly by 29 basis points to 8.04%, in October 2012, from 7.75% in the previous month.
The average interest rate on corporate loans without a defined maturity decreased by 5 basis points to 7.49%, while the corresponding rate on loans to sole proprietors remained almost unchanged at 10.08%. 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 increased by 6 basis points to 7.50% for loans up to EUR 250,000, while for loans above EUR 250,000 and up to EUR 1 million it decreased by 11 basis points to 6.26%, and for loans above EUR 1 million it increased by 24 basis points to 5.70%. Finally, the average interest rate on housing loans at a floating rate or with an initial fixation period of up to one year decreased by 13 basis points to 2.88%. As a result of the above developments the average interest rate on all new loans to households and corporations remained almost unchanged, in October 2012, at 5.76%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In October 2012 the overall average interest rate on outstanding amounts of all deposits remained almost unchanged, while the corresponding rate on all loans decreased. As a result the spread between loans and deposits decreased by 6 basis points to 2.99 percentage points (see Table 2).
In particular, in October 2012, the average interest rates on outstanding amounts of deposits from households and deposits from non-financial corporations with an agreed maturity of up to 2 years decreased by 5 basis points to 4.60% and 4.46% respectively. The average interest rate on outstanding amounts of loans with over five years’ maturity remained almost unchanged at 3.24% for housing loans, decreased by 10 basis points to 4.68% for corporate loans, and decreased by 9 basis points to 6.03% for loans to sole proprietors.
The overall average interest rate on all deposits (including overnight deposits) remained almost unchanged at 2.86%, while the corresponding rate on all loans decreased by 6 basis points to 5.85%.
Table 1: Average interest rates on new euro-denominated deposits and loans
|
|
|
August 2012
|
September 2012
|
October 2012
|
|
DEPOSITS
|
Overnight from households
|
0.47
|
0.46
|
0.47
|
|
Overnight from non-financial corporations
|
0.40
|
0.45
|
0.41
|
|
From households with an agreed maturity of up to 1 year
|
4.56
|
4.60
|
4.64
|
|
Overall average rate on all deposits
|
2.72
|
2.75
|
2.79
|
|
LOANS
|
Consumer without a defined maturity
|
14.83
|
14.79
|
14.80
|
|
Corporate without a defined maturity
|
7.57
|
7.54
|
7.49
|
|
To sole proprietors without a defined maturity
|
10.14
|
10.08
|
10.08
|
|
Consumer with a defined maturity at a floating rate or with an initial fixation period of up to 1 year
|
8.32
|
7.75
|
8.04
|
|
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
|
7.24
6.39
5.82
|
7.44
6.37
5.46
|
7.50
6.26
5.70
|
|
Housing at a floating rate or with an initial fixation period of up to 1 year
|
2.99
|
3.01
|
2.88
|
|
Overall average rate on all loans
|
5.88
|
5.77
|
5.76
|
|
Interest rate spread
|
3.16
|
3.02
|
2.97
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
August 2012
|
September 2012
|
October 2012
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
4.69
|
4.65
|
4.60
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
4.56
|
4.51
|
4.46
|
|
Overall average rate on all deposits*
|
2.87
|
2.86
|
2.86
|
|
LOANS
|
Housing with over 5 years’ maturity
|
3.29
|
3.25
|
3.24
|
|
Corporate with over 5 years’ maturity
|
4.86
|
4.78
|
4.68
|
|
To sole proprietors with over 5 years’ maturity
|
6.16
|
6.12
|
6.03
|
|
Overall average rate on all loans
|
5.94
|
5.91
|
5.85
|
|
Interest rate spread
|
3.08
|
3.05
|
2.99
|
*For the calculation of this average rate the overnight deposits are also taken into account