Interest Rates on Bank Deposits and Loans: October 2021
02/12/2021 - Press Releases
- The weighted average interest rate on new deposits remained unchanged at 0.05% in October 2021, while the weighted average interest rate on new loans increased to 3.94%.
- The interest rate spread between new deposits and loans increased to 3.89 percentage points.
- The weighted average interest rate on outstanding amounts of deposits remained unchanged at 0.04%, while the weighted average interest rate on outstanding loans decreased to 3.51%.
- The interest rate spread between outstanding amounts of deposits and loans decreased to 3.47 percentage points.
1. Interest rates on euro-denominated new deposits and loans
New Deposits
The weighted average interest rate on new deposits remained unchanged at 0.05%.
In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.03%, while the corresponding rate on deposits from non-financial corporations remained almost unchanged at 0.00%. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained unchanged at 0.14% compared with the previous month.
New Loans
The weighted average interest rate on new loans to households and non-financial corporations increased by 17 basis points to 3.94%.
More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, revolving loans and overdrafts) increased by 20 basis points to 14.48%.
The average interest rate on consumer loans with a defined maturity at a floating rate increased by 10 basis points to 11.39%. The average interest rate on housing loans at a floating rate also increased by 10 basis points to 2.43%.
The average interest rate on new corporate loans without a defined maturity decreased by 12 basis points to 4.13%, while the corresponding rate on loans to sole proprietors remained unchanged at 6.49%.
In October 2021, the average interest rate on corporate loans with a defined maturity at a floating rate increased by 34 basis points to 2.85% compared to 2.51% in the previous month. The interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) decreased to 3.16% from 3.24% in the previous month.
As regards the structure of interest rates according to the size of loans granted, the rate on loans of up to €250,000 remained almost unchanged at 4.36%, on loans of over €250,000 and up to €1 million increased by 8 basis points to 3.36%, while on loans of over €1 million it increased by 32 basis points to 2.73%.
2. Interest rates on outstanding amounts of euro-denominated deposits and loans
Deposits
The weighted average interest rate on outstanding amounts of deposits (including overnight deposits) remained unchanged at 0.04%.
In particular, the average interest rate on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households remained almost unchanged at 0.10%, while the corresponding rate on deposits by non-financial corporations remained unchanged at 0.07%.
Loans
The weighted average interest rate on outstanding amounts of loans decreased by 6 basis points to 3.51%.
In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity decreased by 10 basis points to 1.92%. The average interest rate on outstanding amounts of consumer and other loans to individuals and private non-profit institutions with a maturity of over 5 years decreased by 21 basis points to 6.40%; the corresponding rates on corporate loans and loans to sole proprietors remained almost unchanged at 3.10% and 4.29% respectively.
Table 1: Average interest rates on new euro-denominated deposits and loans (percentages per annum)
| | | August 2021 | September 2021 | October 2021 |
| DEPOSITS | Overnight from households | 0.03 | 0.03 | 0.03 |
| Overnight from non-financial corporations | 0.01 | 0.01 | 0.00 |
| From households with an agreed maturity of up to 1 year | 0.16 | 0.14 | 0.14 |
| Weighted average rate on all deposits | 0.05 | 0.05 | 0.05 |
| LOANS | Consumer without a defined maturity | 14.32 | 14.28 | 14.48 |
| Corporate without a defined maturity | 4.25 | 4.25 | 4.13 |
| To sole proprietors without a defined maturity | 6.53 | 6.49 | 6.49 |
| Housing at a floating rate | 2.35 | 2.33 | 2.43 |
| Consumer with a defined maturity at a floating rate | 12.03 | 11.29 | 11.39 |
| Corporate with a defined maturity at a floating rate: | 3.22 | 2.51 | 2.85 |
| -amounts of up to €250.000 | 4.31 | 4.35 | 4.36 |
| -amounts of over €250.000 and up to €1 million | 3.35 | 3.28 | 3.36 |
| -amounts of over €1 million | 3.15 | 2.41 | 2.73 |
| Loans with a defined maturity to small and medium-sized enterprises at a floating rate | 3.30 | 3.24 | 3.16 |
| Weighted average rate on all loans | 4.14 | 3.77 | 3.94 |
| Interest rate spread | 4.09 | 3.72 | 3.89 |
| | | | | |
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans (percentages per annum)
| | | August 2021 | September 2021 | October 2021 |
| DEPOSITS | From households with an agreed maturity of up to 2 years | 0.11 | 0.11 | 0.10 |
| From non-financial corporations with an agreed maturity of up to 2 years | 0.08 | 0.07 | 0.07 |
| Weighted average rate on all deposits | 0.05 | 0.04 | 0.04 |
| LOANS | Housing with over 5 years’ maturity | 2.02 | 2.02 | 1.92 |
| Consumer and other loans to individuals and private non-profit institutions with over 5 years’ maturity | 6.57 | 6.61 | 6.40 |
| Corporate with over 5 years’ maturity | 3.14 | 3.12 | 3.10 |
| To sole proprietors with over 5 years’ maturity | 4.29 | 4.30 | 4.29 |
| Weighted average rate on all loans | 3.59 | 3.57 | 3.51 |
| Interest rate spread | 3.54 | 3.53 | 3.47 |
Notes:
- The interest rate spread is the difference between the weighted average rate on all loans and the weighted average rate on all deposits.
- For the calculation of the weighted average interest rate on all outstanding deposits the overnight deposits are also taken into account.
- Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
- New business refers to new contracts that were agreed during the reference month and not actual loan disbursements.
Related information:
The complete data set of bank deposit and loan interest rates is published in the sub-section Bank deposit and loan interest rates on the Bank of Greece website.
The next Press Release for November 2021 will be published on 5 January 2022, according to the Release calendar, as published on the Bank of Greece website.
Related links:
Bank deposit and loan interest rates
Release calendar