Interest Rates on Bank Deposits and Loans, December 2015
04/02/2016 - Press Releases
1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
In December 2015, the overall weighted average interest rate on new deposits remained almost unchanged, while the corresponding rate on loans increased. The interest rate spread* between loan and deposit rates increased by 19 basis points and stood at 4.53 percentage points (see Table 1).
The overall weighted average interest rate on all new deposits remained almost unchanged at 0.56%. In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.15% and the respective rate on deposits by non-financial corporations remained almost unchanged at 0.19%. The average interest rate on deposits placed by households with an agreed maturity of up to one year also remained almost unchanged at 1.02%, in December 2015.
The overall weighted average interest rate on all new loans to households and corporations increased by 17 basis points from the previous month to 5.09%.
More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) remained almost unchanged at 14.61%. The average interest rate on consumer loans at a floating rate (1) increased by 73 basis points to 7.89%.
The average interest rates on corporate loans and loans to sole proprietors without a defined maturity remained almost unchanged at 6.05% and 7.48% respectively. The average interest rate on corporate loans with a defined maturity at a floating rate (1) increased by 15 basis points to 5.21%. In particular, the rate on loans of up to €250,000 increased by 24 basis points to 5.91%, the rate on loans of over €250,000 and up to €1 million decreased by 13 basis points to 5.09% and the rate on loans of over €1 million increased by 19 basis points to 5.19%. Finally, the average interest rate on housing loans at a floating rate (1) increased by 23 basis points to 2.69%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In December 2015, the overall weighted average interest rate on the outstanding amounts of all deposits decreased, while the corresponding rate on all loans remained almost unchanged. The spread* between loan and deposit rates stood at 4.49 percentage points compared with 4.46 percentage points in the previous month (see Table 2).
In further detail, the overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) decreased by 5 basis points to 0.56%, while the corresponding rate on loans remained almost unchanged at 5.05%, in December 2015.
In particular, the average interest rate on outstanding amounts of deposits placed by households with an agreed maturity of up to 2 years decreased by 12 basis points to 1.25%. The corresponding rate on deposits placed by non-financial corporations remained almost unchanged at 1.11%. The average interest rates on outstanding amounts of housing loans and loans to sole proprietors with over 5 years’ maturity remained almost unchanged at 2.80% and 5.30% respectively, while the corresponding rate on corporate loans decreased by 5 basis points to 4.09%.
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Table 1: Average interest rates on new euro-denominated deposits and loans
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October 2015
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November 2015
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December 2015
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DEPOSITS
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Overnight from households
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0.15
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0.15
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0,15
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Overnight from non-financial corporations
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0.21
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0.21
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0.19
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From households with an agreed maturity of up to 1 year
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1.06
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1.01
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1.02
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Overall weighted average rate on all deposits
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0.62
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0.58
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0.56
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LOANS
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Consumer without a defined maturity
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14.60
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14.62
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14.61
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Corporate without a defined maturity
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6.13
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6.08
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6.05
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To sole proprietors without a defined maturity
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7.48
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7.45
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7.48
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Consumer at a floating rate1
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8.29
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7.16
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7.89
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Corporate with a fixed maturity at a floating rate1:
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5.16
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5.06
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5.21
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-amounts of up to €250,000
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6.27
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5.67
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5.91
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-amounts of over €250,000 and up to €1 million
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5.15
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5.22
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5.09
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-amounts of over €1 million
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5.12
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5.00
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5.19
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Housing at a floating rate1
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2.48
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2.46
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2.69
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Overall weighted average rate on all loans
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5.08
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4.92
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5.09
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Interest rate spread*
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4.46
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4.34
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4.53
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Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
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October 2015
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November 2015
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December 2015
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DEPOSITS
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From households with an agreed maturity of up to 2 years
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1.49
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1.37
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1.25
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From non-financial corporations with an agreed maturity of up to 2 years
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1.21
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1.14
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1.11
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Overall weighted average rate on all deposits**
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0.67
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0.61
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0.56
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LOANS
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Housing with over 5 years’ maturity
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2.81
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2.81
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2.80
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Corporate with over 5 years’ maturity
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4.05
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4.14
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4.09
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To sole proprietors with over 5 years’ maturity
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5.32
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5.31
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5.30
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Overall weighted average rate on all loans
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5.05
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5.07
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5.05
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Interest rate spread*
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4.38
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4.46
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4.49
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(1) Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
*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.
The complete data set of bank deposit and loan interest rates are published in the website of the Bank of Greece and can be accessed via the following link:
http://www.bankofgreece.gr/Pages/en/Statistics/rates_markets/deposits.aspx