Press Releases

Interest Rates on Bank Deposits and Loans: March 2013

08/05/2013 - Press Releases

1. INTEREST RATES ON NEW EURO-DENOMINATED DEPOSITS AND LOANS

In March 2013, the overall average interest rate on new deposits decreased, while the corresponding rate on new loans remained almost unchanged (see Table 1). The interest spread between loan and deposit rates increased by 5 basis points to 3.06 percentage points.

In the case of deposits, in March 2013, the average interest rates on overnight deposits from households remained almost unchanged at 0.49%, while the corresponding rate from non-financial corporations decreased by 5 basis points to 0.44%. The average interest rate on deposits from households with an agreed maturity of up to one year decreased further by 13 basis points to 4.36%. The overall average interest rate on all new deposits decreased by 6 basis points to 2.72%.

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) remained almost unchanged, in March 2013, at 14.78%. On the contrary, 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 decreased by 14 basis points to 7.96%.

The average interest rate on corporate loans without a defined maturity increased by 4 basis points to 7.56%, while the corresponding rate on loans to sole proprietors remained almost unchanged at 10.02%. 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 decreased by 18 basis points to 7.18% for loans up to EUR 250,000, whereas it increased by 9 basis points to 6.25% for loans above EUR 250,000 and up to EUR 1 million, and slightly decreased by 4 basis points at 5.80% 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 14 basis points to 3.18%. In March 2013, the average interest rate on all new loans to households and corporations remained almost unchanged at 5.78%.

2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS

In March 2013, the overall average interest rate on the outstanding amounts of all deposits decreased, while the corresponding rate of all loans remained almost unchanged. The spread between loans and deposits increased by 5 basis points to 2.90 percentage points (see Table 2).

In particular, in March 2013, the average interest rates on outstanding amounts of deposits from households and deposits from non-financial corporations with an agreed maturity of up to two years decreased by 5 and 20 basis points to 4.51% and 4.31% respectively. The average interest rate on outstanding amounts of housing loans with over five years’ maturity exhibited a marginal change and stood at 3.19%. The corresponding rate on loans to sole proprietors saw a marginal change as well and stood at 6.03%, while the rate on corporate loans increased by 14 basis points to 4.80%.

In March 2013, the overall average interest rate on all deposits (including overnight deposits) decreased to 2.93%, while the corresponding rate on loans remained almost unchanged at 5.83%.

Table 1: Average interest rates on new euro-denominated deposits and loans

 

 

January
2013

February 2013

March 2013

DEPOSITS

Overnight from households

0.48

0.48

0.49

Overnight from non-financial corporations

0.47

0.49

0.44

From households with an agreed maturity of up to 1 year

4.59

4.49

4.36

Overall average rate on all deposits

2.81

2.78

2.72

LOANS

Consumer without a defined maturity

14.77

14.77

14.78

Corporate without a defined maturity 

7.46

7.52

7.56

To sole proprietors without a defined maturity

10.03

10.02

10.02

Consumer with a defined maturity at a floating rate or with an initial fixation period of up to 1 year

7.91

8.10

7.96

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

7.28

6.29

6.40

7.36

6.16


5.84

7.18


6.25


5.80

Housing at a floating rate or with an initial fixation period of up to 1 year

2.99

3.04

3.18

Overall average rate on all loans

5.88

5.79

5.78

Interest rate spread

3.07

3.01

3.06

Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans

 

 

January
2013

February 2013

March 2013

DEPOSITS

From households with an agreed maturity of up to 2 years

4.57

4.56

4.51

From non-financial corporations with  an agreed maturity of up to 2 years

4.53

4.51

4.31

Overall average rate on all deposits*

2.94

2.97

2.93

LOANS

Housing with over 5 years’ maturity

3.20

3.21

3.19

Corporate with over 5 years’ maturity

4.62

4.66

4.80

To sole proprietors with over 5 years’ maturity

5.97

6.00

6.03

Overall average rate on all loans

5.80

5.82

5.83

Interest rate spread

2.86

2.85

2.90

 *For the calculation of this average rate the overnight deposits are also taken into account

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