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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

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