Interest Rates on Bank Deposits and Loans: January 2017
03/03/2017 - Press Releases
1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
In January 2017, the overall weighted average interest rate on new deposits remained unchanged, while the average interest rate on new loans increased. The interest rate spread* between loan and deposit rates increased to 4.54 percentage points, against 4.50 points in the previous month (see Table 1).
The overall weighted average interest rate on all new deposits stood at 0.32%, unchanged from the previous month. In particular, the average interest rates on overnight deposits placed by households and non-financial corporations remained almost unchanged at 0.09% and 0.14%, respectively. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained almost unchanged at 0.69%.
The overall weighted average interest rate on all new loans to households and corporations increased by 4 basis points to 4.86% against the previous month.
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 unchanged at 14.51%. The average interest rate on consumer loans with a defined maturity at a floating rate(1) increased by 123 basis points to 7.70%.
The average interest rate on corporate loans without a defined maturity remained almost unchanged at 5.66%. The corresponding rate on loans to sole proprietors decreased by 5 basis points to 7.29%. The average interest rate on corporate loans with a defined maturity at a floating rate (1) increased by 19 basis points to 4.80%. In particular, the rate on loans of up to €250,000 remained almost unchanged at 5.27%, on loans of over €250,000 and up to €1 million decreased by 5 basis points to 5.01%, while the rate on loans of over €1 million increased by 19 basis points to 4.72%. Finally, the average interest rate on housing loans at a floating rate1 decreased by 26 basis points to 2.57%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In January 2017, the overall weighted average interest rate on the outstanding amounts of all deposits remained almost unchanged, while the overall weighted average interest rate on all loans decreased. The spread* between loan and deposit rates decreased to 4.35 percentage points, from 4.41 points in the previous month (see Table 2).
In more detail, the overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) remained almost unchanged at 0.32%, while the corresponding rate on loans decreased by 7 basis points to 4.67%.
In particular, the average interest rate on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households remained almost unchanged at 0.70%. The average interest rate on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by non-financial corporations decreased by 3 basis points to 0.81%. The average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 2.38%. The average interest rate on outstanding amounts of corporate loans with over 5 years’ maturity decreased by 8 basis points to 3.69%, while the corresponding rate on loans to sole proprietors decreased by 12 basis points to 5.06%.
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November 2016
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December 2016
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January 2017
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DEPOSITS
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Overnight from households
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0.12
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0.10
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0.09
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Overnight from non-financial corporations
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0.17
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0.13
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0.14
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From households with an agreed maturity of up to 1 year
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0.71
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0.70
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0.69
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Overall weighted average rate on all deposits
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0.35
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0.32
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0.32
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LOANS
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Consumer without a defined maturity
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14.48
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14.51
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14.51
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Corporate without a defined maturity
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5.70
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5.65
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5.66
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To sole proprietors without a defined maturity
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7.36
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7.34
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7.29
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Consumer at a floating rate1
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7.96
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6.47
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7.70
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Corporate with a fixed maturity at a floating rate1:
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4.61
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4.61
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4.80
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-amounts of up to €250,000
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5.42
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5.28
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5.27
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-amounts of over €250,000 and up to €1 million
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4.84
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5.06
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5.01
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-amounts of over €1 million
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4.54
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4.53
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4.72
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Housing at a floating rate[1]
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2.62
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2.83
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2.57
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Overall weighted average rate on all loans
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4.83
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4.82
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4.86
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Interest rate spread*
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4.48
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4.50
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4.54
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[1] Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year
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Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
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November 2016
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December 2016
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January 2017
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DEPOSITS
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From households with an agreed maturity of up to 2 years
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0.77
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0.72
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0.70
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From non-financial corporations with an agreed maturity of up to 2 years
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0.83
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0.84
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0.81
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Overall weighted average rate on all deposits**
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0.37
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0.33
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0.32
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LOANS
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Housing with over 5 years’ maturity
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2.61
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2.39
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2.38
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Corporate with over 5 years’ maturity
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3.96
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3.77
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3.69
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To sole proprietors with over 5 years’ maturity
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5.14
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5.18
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5.06
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Overall weighted average rate on all loans
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4.85
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4.74
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4.67
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Interest rate spread*
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4.48
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4.41
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4.35
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*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 the overall weighted average rate on all deposits the overnight deposits are also taken into account.
The complete data set of bank deposit and loan interest rates are published on 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 February 2017 will be published on 31 March 2017.
1) Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year