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Interest Rates on Bank Deposits and Loans: July 2012

04/09/2012 - Press Releases

1. INTEREST RATES ON NEW EURO-DENOMINATED DEPOSITS AND LOANS

In July 2012 the overall average interest rate on new deposits and the corresponding rate on new loans decreased (see Table 1).

More specifically, in July 2012, the average interest rate on overnight deposits from households remained almost unchanged at 0.47%, while the corresponding rate on deposits from non-financial corporations decreased by 6 basis points to 0.40%. The average interest rate on deposits from households with an agreed maturity of up to 1 year, decreased by 19 basis points to 4.82%. The overall average interest rate on all new deposits decreased by 8 basis points to 2.86%.

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 slightly by 5 basis points in July 2012, to 14.91%. 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 decreased significantly by 28 basis points to 7.88%, in July 2012, from 8.16% in the previous month.

The average interest rate on corporate loans without a defined maturity also decreased by 8 basis points to 7.61%. Similarly, the corresponding rate on loans to sole proprietors decreased by 6 basis points to 10.21%. 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 20 basis points to 7.67% for loans up to EUR 250,000, whereas it decreased by 13 basis points to 6.42% for loans above EUR 250,000 and up to EUR 1 million and by 84 basis points to 5.71% 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 significantly decreased by 29 basis points to 3.13%. The above developments had as a result the average interest rate on all new loans to households and corporations to decrease significantly, in July 2012, by 39 basis points to 5.89%.

2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS

In July 2012 the overall average interest rate on outstanding amounts of all deposits increased while the corresponding rate on all loans decreased (see Table 2).

In particular, in July 2012, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years increased marginally by 2 basis points to 4.73% while the corresponding rate on deposits from non-financial corporations increased by 15 basis points to 4.64%. The average interest rate on outstanding amounts of loans with over five years’ maturity decreased by 13 basis points to 3.34% for housing loans, by 2 basis to 4.90% for corporate loans and by 5 basis points to 6.21% for loans to sole proprietors.

The overall average interest rate on all deposits (including overnight deposits) increased by 6 basis points to 2.86%, while the corresponding rate on all loans decreased by 10 basis points to 6.01%.

Table 1: Average interest rates on new euro-denominated deposits and loans

 

 

May     2012

June      2012

July 2012

DEPOSITS

Overnight from households

0.48

0.48

0.47

Overnight from non-financial corporations

0.46

0.46

0.40

From households with an agreed maturity of up to 1 year

4.90

5.01

4.82

Overall average rate on all deposits

2.91

2.94

2.86

LOANS

Consumer without a defined maturity

15.01

14.96

14.91

Corporate without a defined maturity 

7.69

7.69

7.61

To sole proprietors without a defined maturity

10.32

10.27

10.21

Consumer with a defined maturity at a floating rate or with an initial fixation period of up to 1 year

8.27

8.16

7.88

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

7.52

6.68

5.84

7.47

6.55

6.55

7.67

6.42

5.71

Housing at a floating rate or with an initial fixation period of up to 1 year

3.54

3.42

3.13

Overall average rate on all loans

6.18

6.28

5.89

 

Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans

 

 

May    2012

June      2012

July 2012

DEPOSITS

From households with an agreed maturity of up to 2 years

4.67

4.71

4.73

From non-financial corporations with  an agreed maturity of up to 2 years

4.49

4.49

4.64

Overall average rate on all deposits*

2.79

2.80

2.86

LOANS

Housing with over 5 years’ maturity

3.47

3.47

3.34

Corporate with over 5 years’ maturity

4.98

4.92

4.90

To sole proprietors with over 5 years’ maturity

6.23

6.26

6.21

Overall average rate on all loans

6.13

6.11

6.01

 

 *For the calculation of this average rate the overnight deposits are also taken into account

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