Interest Rates on Bank Deposits and Loans: April 2016
03/06/2016 - Press Releases
1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
In April 2016, the overall weighted average interest rate on new deposits marginally decreased, while the corresponding rate on new loans increased. The interest rate spread* between loan and deposit rates increased to 4.40 percentage points (see Table 1).
The overall weighted average interest rate on all new deposits marginally decreased by 3 basis points from the previous month to 0.45%. In particular, the average interest rate on overnight deposits placed by households remained almost unchanged at 0.13%. The respective rate on deposits placed by non-financial corporations remained also almost unchanged at 0.22%. The average interest rate on deposits placed by households with an agreed maturity of up to one year remained almost unchanged at 0.87%.
The overall weighted average interest rate on all new loans to households and corporations increased by 17 basis points from the previous month to 4.85%.
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 14.63%. The average interest rate on consumer loans at a floating rate (1) remained unchanged at 7.74%.
The average interest rate on corporate loans without a defined maturity remained almost unchanged at 5.98%. The corresponding rate on loans to sole proprietors remained unchanged at 7.39%. The average interest rate on corporate loans with a defined maturity at a floating rate (1) increased, by 52 basis points to 4.76%. In particular, the rate on loans of up to €250,000 increased by 25 basis points to 5.87%, on loans of over €250,000 and up to €1 million increased by 19 basis points to 5.23%, and the rate on loans of over €1 million increased by 61 basis points to 4.60%. Finally, the average interest rate on housing loans at a floating (1) rate remained almost unchanged at 2.61%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In April 2016, the overall weighted average interest rate on the outstanding amounts of all deposits marginally decreased, while the corresponding rate on all loans remained almost unchanged. The spread* between loan and deposit rates remained almost unchanged at 4.50 percentage points (see Table 2).
In more detail, the overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) marginally decreased by 3 basis points to 0.45%, while the corresponding rate on loans remained almost unchanged at 4.95%.
In particular, the average interest rate on the outstanding amounts of deposits placed by households with an agreed maturity of up to 2 years decreased by 6 basis points to 0.97%. The corresponding rate on deposits placed by non-financial corporations remained almost unchanged at 0.94%. The average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 2.66%, while the corresponding one on corporate loans marginally decreased by 3 basis points to 3.99%. Finally, the rate on loans to sole proprietors remained almost unchanged at 5.19%.
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Table 1: Average interest rates on new euro-denominated deposits and loans
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February 2016
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March 2016
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April 2016
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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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0.13
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Overnight from non-financial corporations
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0.20
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0.21
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0.22
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From households with an agreed maturity of up to 1 year
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0.91
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0.88
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0.87
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Overall weighted average rate on all deposits
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0.49
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0.48
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0.45
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LOANS
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Consumer without a defined maturity
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14.66
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14.66
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14.63
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Corporate without a defined maturity
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6.05
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6.00
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5.98
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To sole proprietors without a defined maturity
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7.44
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7.39
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7.39
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Consumer at a floating rate1
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7.82
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7.74
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7.74
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Corporate with a fixed maturity at a floating rate1:
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4.97
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4.24
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4.76
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-amounts of up to €250,000
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5.62
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5.62
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5.87
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-amounts of over €250,000 and up to €1 million
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5.23
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5.04
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5.23
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-amounts of over €1 million
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4.83
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3.99
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4.60
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Housing at a floating rate1
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2.55
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2.62
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2.61
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Overall weighted average rate on all loans
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4.91
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4.68
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4.85
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Interest rate spread*
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4.42
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4.20
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4.40
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Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
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February 2016
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March 2016
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April 2016
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DEPOSITS
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From households with an agreed maturity of up to 2 years
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1.10
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1.03
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0.97
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From non-financial corporations with an agreed maturity of up to 2 years
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1.00
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0.96
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0.94
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Overall weighted average rate on all deposits**
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0.51
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0.48
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0.45
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LOANS
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Housing with over 5 years’ maturity
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2.72
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2.68
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2.66
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Corporate with over 5 years’ maturity
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4.03
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4.02
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3.99
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To sole proprietors with over 5 years’ maturity
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5.21
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5.17
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5.19
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Overall weighted average rate on all loans
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5.01
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4.97
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4.95
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Interest rate spread*
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4.50
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4.49
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4.50
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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
Note: The next Press Release on “Interest Rates on Bank Deposits and Loans” for May 2016 will be published on 5 July 2016.