Interest Rates on Bank Deposits and Loans: December 2023
01/02/2024 - Press Releases
- In December 2023, the weighted average interest rate on new deposits remained almost unchanged at 0.51%, while the one on new loans decreased to 6.06%.
- The interest rate spread between new deposits and loans decreased to 5.55 percentage points.
- In December 2023, the weighted average interest rate on outstanding amounts of deposits stood at 0.51%, while the one on loans decreased to 6.35%.
- The interest rate spread between outstanding amounts of deposits and loans decreased to 5.84 percentage points.
1. Interest rates on euro-denominated new deposits and loans
New Deposits
The weighted average interest rate on new deposits remained almost unchanged at 0.51%, compared to the previous month.
In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.03%, while the corresponding rate on deposits by non-financial corporations decreased by 4 basis points to 0.18%.
The average interest rate on deposits from households with an agreed maturity of up to 1 year increased by 4 basis points to 1.83%. The corresponding rate on deposits by non-financial corporations increased by 11 basis points to 3.25%.
New Loans
The weighted average interest rate on new loans to households and non-financial corporations decreased by 19 basis points to 6.06%.
More specifically, the average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) increased by 15 basis points to 15.11%.
The average interest rate on consumer loans with a defined maturity at a floating rate decreased by 51 basis points to 12.10%, while the average interest rate on housing loans at a floating rate remained almost unchanged at 5.08%.
The average interest rate on corporate loans without a defined maturity remained unchanged at 6.87%. The corresponding rate on loans to sole proprietors remained almost unchanged at 7.80%.
In December 2023, the average interest rate on new corporate loans with a defined maturity at a floating rate decreased by 26 basis points to 5.78%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) decreased by 28 basis points to 5.95%.
As regards the structure of interest rates according to the size of loans granted, the average rate on loans of up to €250,000 remained almost unchanged at 5.77%, on loans of over €250,000 and up to €1 million it decreased by 14 basis points to 6.01%, while on loans of over €1 million it decreased by 27 basis points to 5.77%.
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) stood at 0.51% compared with 0.48% in the previous month.
In particular, the average interest rate on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households increased by 4 basis points to 1.68%. The corresponding rate on deposits placed by non-financial corporations increased by 19 basis points to 3.00%.
Loans
The weighted average interest rate on outstanding amounts of loans decreased by 5 basis points to 6.35%.
In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 4.41%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions remained as well almost unchanged at 8.23%.
The average interest rate on corporate loans with over 5 years’ maturity decreased by 16 basis points to 6.27%. The corresponding rate on loans to sole proprietors remained almost unchanged at 7.10%.
Table 1: Average interest rates on new euro-denominated deposits and loans (percentages per annum)
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans (percentages per annum)
Notes:
- The interest rate spread is the difference between the weighted average rate on loans and the weighted average rate on 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 January 2024 will be published on 4 March 2024 according to the Advance release calendar on the Bank of Greece website.
Related links:
Bank deposit and loan interest rates
Advance release calendar