Interest Rates on Bank Deposits and Loans: August 2013
02/10/2013 - Press Releases
1. INTEREST RATES ON NEW EURO-DENOMINATED DEPOSITS AND LOANS
In August 2013, the overall weighted average interest rate on new deposits decreased, while the corresponding interest rate on new loans remained almost unchanged. The interest rate spread* between loan and deposit rates increased by 15 basis points to stand at 3.44 percentage points (see Table 1).
In the case of deposits, the average interest rates on overnight deposits from households and non-financial corporations remained almost unchanged at 0.47% in August 2013. The average interest rate on deposits from households with an agreed maturity of up to one year decreased further by 19 basis points and stood at 3.29%. The overall weighted average interest rate on all new deposits decreased by 16 basis points and stood at 2.10%, in August 2013.
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) stood at 14.68% in August 2013, compared with 14.64% in the previous month. 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 91 basis points and stood at 8.41%.
The average interest rate on corporate loans without a defined maturity decreased by 6 basis points and stood at 7.36%. The corresponding rate on loans to sole proprietors remained basically unchanged at 9.54%. 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 remained almost unchanged at 7.12% for loans up to EUR 250,000, increased by 5 basis points to 6.13% for loans above EUR 250,000 and up to EUR 1 million, and decreased by 23 basis points to 5.49% 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 increased by 4 basis points and stood at 2.89%. The overall weighted average interest rate on all new loans to households and corporations remained almost unchanged at 5.54% in August 2013.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In August 2013, the overall weighted average interest rate on outstanding amounts of all deposits decreased, while the corresponding rate of all loans slightly increased. The spread* between loan and deposit rates increased by 16 basis points to stand at 3.32 percentage points (see Table 2).
In particular, in August 2013, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to two years decreased by 20 basis points to 3.85% while the corresponding rate on deposits from non-financial corporations decreased by 22 basis points to 3.44%. The average interest rates on outstanding amounts of housing loans and loans to sole proprietors with over five years’ maturity remained almost unchanged at 3.13% and 5.97% respectively, while the corresponding rate on corporate loans increased by 21 basis points and stood at 4.86%.
In August 2013, the overall weighted average interest rate on the outstanding amount of all deposits (including overnight deposits) decreased by 13 basis points and stood at 2.45% while the corresponding rate on loans increased by 3 basis points to 5.77%.
Table 1: Average interest rates on new euro-denominated deposits and loans
|
|
|
June 2013
|
July 2013
|
August 2013
|
|
DEPOSITS
|
Overnight from households
|
0.41
|
0.47
|
0.47
|
|
Overnight from non-financial corporations
|
0.49
|
0.46
|
0.47
|
|
From households with an agreed maturity of up to 1 year
|
3.89
|
3.48
|
3.29
|
|
Overall weighted average rate on all deposits
|
2.40
|
2.26
|
2.10
|
|
LOANS
|
Consumer without a defined maturity
|
14.63
|
14.64
|
14.68
|
|
Corporate without a defined maturity
|
7.43
|
7.42
|
7.36
|
|
To sole proprietors without a defined maturity
|
9.60
|
9.53
|
9.54
|
|
Consumer with a defined maturity at a floating rate or with an initial fixation period of up to 1 year
|
6.63
|
7.50
|
8.41
|
|
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
|
7.26
6.22
6.01
|
7.13
6.08
5.72
|
7.12
6.13
5.49
|
|
Housing at a floating rate or with an initial fixation period of up to 1 year
|
2.80
|
2.85
|
2.89
|
|
Overall weighted average rate on all loans
|
5.54
|
5.55
|
5.54
|
|
Interest rate spread*
|
3.14
|
3.29
|
3.44
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
June 2013
|
July 2013
|
August 2013
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
4.21
|
4.05
|
3.85
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
3.74
|
3.66
|
3.44
|
|
Overall weighted average rate on all deposits**
|
2.67
|
2.58
|
2.45
|
|
LOANS
|
Housing with over 5 years’ maturity
|
3.15
|
3.14
|
3.13
|
|
Corporate with over 5 years’ maturity
|
4.80
|
4.65
|
4.86
|
|
To sole proprietors with over 5 years’ maturity
|
5.99
|
5.99
|
5.97
|
|
Overall weighted average rate on all loans
|
5.76
|
5.74
|
5.77
|
|
Interest rate spread*
|
3.09
|
3.16
|
3.32
|
*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.