Interest Rates on Bank Deposits and Loans: October 2014
03/12/2014 - Press Releases
1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
In October 2014, the overall weighted average interest rate on new deposits decreased, while that on loans increased. The interest rate spread* between loan and deposit rates increased by 24 basis points to stand at 4.13 percentage points (see Table 1).
The overall weighted average interest rate on all new deposits decreased by 9 basis points to stand at 1.23%. In particular, the average interest rates on overnight deposits from households and non-financial corporations remained almost unchanged at 0.26% and 0.25% respectively, while the average interest rate on deposits from households, with an agreed maturity of up to one year, decreased by 14 basis points to stand at 1.94%.
The overall weighted average interest rate on all new loans to households and non-financial corporations increased by 15 basis points to stand at 5.36%. The increase is mainly due to the increase of the average interest rate on corporate loans exceeding €1 million.
In particular, the average interest rate on consumer loans without a defined maturity (a category which includes credit card debt, open account loans and overdrafts) remained almost unchanged at 14.48%. 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 by 17 basis points to stand at 7.22%.
The average interest rate on corporate loans without a defined maturity decreased by 8 basis points to stand at 6.58%. The corresponding rate on loans to sole proprietors remained unchanged at 8.25%. 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 for loans up to €250,000 decreased by 5 basis points to stand at 6.01%, for loans over €250,000 and up to €1 million decreased by 8 basis points to stand at 5.30%, and for loans above €1 million increased by 51 basis points to stand at 5.63%. Finally, the average interest rate on housing loans at a floating rate or with an initial rate fixation period of up to one year decreased by 13 basis points to stand at 2.98%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In October 2014, the overall weighted average interest rates on outstanding amounts of all deposits and loans decreased. The spread* between loan and deposit rates increased by 4 basis points to stand at 3.83 percentage points (see Table 2).
The overall weighted average interest rate on the outstanding amount of all deposits (including overnight deposits) decreased by 7 basis points to stand at 1.45%, while that on loans decreased by 3 basis points to stand at 5.28%.
In particular, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years decreased by 11 basis points to stand at 2.26%, while the corresponding rate on deposits from non-financial corporations decreased by 13 basis points to stand at 2.12%. The average interest rate on outstanding amounts of housing and corporate loans with over 5 years’ maturity remained almost unchanged at 2.85% and 4.38% respectively. The corresponding rate on loans to sole proprietors increased by 3 basis points to stand at 5.34%.
Table 1: Average interest rates on new euro-denominated deposits and loans
|
|
|
August 2014
|
September 2014
|
October 2014
|
|
|
DEPOSITS
|
Overnight from households
|
0.28
|
0.26
|
0.26
|
|
|
Overnight from non-financial corporations
|
0.28
|
0.26
|
0.25
|
|
|
From households with an agreed maturity of up to 1 year
|
2.13
|
2.08
|
1.94
|
|
|
Overall weighted average rate on all deposits
|
1.34
|
1.32
|
1.23
|
|
|
LOANS
|
Consumer without a defined maturity
|
14.46
|
14.46
|
14.48
|
|
|
Corporate without a defined maturity
|
6.79
|
6.66
|
6.58
|
|
|
To sole proprietors without a defined maturity
|
8.26
|
8.25
|
8.25
|
|
|
Consumer with a defined maturity at a floating rate or with an initial rate fixation period of up to 1 year
|
6.75
|
7.05
|
7.22
|
|
|
Corporate with a fixed maturity at a floating rate or with an initial rate fixation period of up to 1 year:
-loans up to an amount of €250,000
-loans above €250,000 and up to €1 million
-loans above €1 million
|
6.35
5.23
5.56
|
6.06
5.38
5.12
|
6.01
5.30
5.63
|
|
|
Housing at a floating rate or with an initial rate fixation period of up to 1 year
|
2.98
|
3.11
|
2.98
|
|
|
Overall weighted average rate on all loans
|
5.31
|
5.21
|
5.36
|
|
|
Interest rate spread*
|
3.97
|
3.89
|
4.13
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
August 2014
|
September 2014
|
October 2014
|
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
2.47
|
2.37
|
2.26
|
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
2.38
|
2.25
|
2.12
|
|
|
Overall weighted average rate on all deposits**
|
1.59
|
1.52
|
1.45
|
|
|
LOANS
|
Housing with over 5 years’ maturity
|
2.93
|
2.87
|
2.85
|
|
|
Corporate with over 5 years’ maturity
|
4.48
|
4.39
|
4.38
|
|
|
To sole proprietors with over 5 years’ maturity
|
5.30
|
5.31
|
5.34
|
|
|
Overall weighted average rate on all loans
|
5.41
|
5.31
|
5.28
|
|
|
Interest rate spread*
|
3.82
|
3.79
|
3.83
|
*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.