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Interest Rates on Bank Deposits and Loans: August 2015

01/10/2015 - Press Releases

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

In August 2015, the overall weighted average interest rate on new deposits decreased, while the corresponding rate on loans increased. The interest rate spread* between loan and deposit rates increased by 18 basis points to 4.12 percentage points (see Table 1).

The overall weighted average interest rate on all new deposits decreased by 7 basis points from the previous month to 0.71%. In particular, the average interest rates on overnight deposits placed by households and by non-financial corporations remained unchanged at 0.15% and 0.25%, respectively. The average interest rate on deposits placed by households with an agreed maturity of up to one year decreased further by 12 basis points from the previous month to 1.19%.

The overall weighted average interest rate on all new loans to households and corporations increased by 11 basis points from the previous month to 4.83%.

More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) increased by 9 basis points to 14.64%.

The average interest rate on corporate loans without a defined maturity decreased by 10 basis points to 6.16%, while the corresponding rate on loans to sole proprietors decreased by 8 basis points to 7.56%. The average interest rate on corporate loans with a defined maturity at a floating rate (1) on loans of up to €250,000 increased by 8 basis points to 5.72%, on loans of over €250,000 and up to €1 million decreased by 76 basis points to 5.07% and on loans of over €1 million increased by 76 basis points to 4.70%. Finally, the average interest rate on housing loans at a floating rate (1) decreased by 33 basis points to 2.39%.

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

In August 2015, the overall weighted average interest rate on the outstanding amounts of all deposits decreased, while the corresponding rate of all loans remained almost unchanged. The spread* between loan and deposit rates increased by 9 basis points to 4.26 percentage points (see Table 2).

In further detail, the overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) decreased by 7 basis points to 0.80%, while the corresponding rate on loans remained almost unchanged from the previous month at 5.06%.

In particular, the average interest rate on outstanding amounts of deposits placed by households with an agreed maturity of up to 2 years decreased by 10 basis points to 1.71%. The corresponding rate on
deposits placed by non-financial corporations also decreased by 10 basis points to 1.45%. The average interest rates on outstanding amounts of housing loans with over 5 years’ maturity remained unchanged at 2.82%, on corporate loans increased by 7 basis points to 4.06%, while the rate on loans to sole proprietors remained almost unchanged at 5.29%.

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

 

 

June    2015

July    2015

August 2015

DEPOSITS

Overnight from households

0.17

0.15

0.15

Overnight from non-financial corporations

0.22

0.25

0.25

From households with an agreed maturity of up to 1 year

1.81

1.31

1.19

Overall weighted average rate on all deposits

1.09

0.78

0.71

LOANS

Consumer without a defined maturity

14.63

14.55

14.64

Corporate without a defined maturity 

6.14

6.26

6.16

To sole proprietors without a defined maturity

7.65

7.64

7.56

Corporate with a fixed maturity at a floating rate1:

 

 

 

-loans of up to €250,000

5.59

5.64

5.72

-loans of over €250,000 and up to €1 million

4.94

5.83

5.07

-loans of over €1 million

4.52

3.94

4.70

Housing at a floating rate 1

2.88

2.72

2.39

Overall weighted average rate on all loans

4.75

4.72

4.83

Interest rate spread*

3.66

3.94

4.12


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

 

 

June    2015

July    2015

August 2015

DEPOSITS

From households with an agreed maturity of up to 2 years

1.87

1.81

1.71

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

1.85

1.55

1.45

Overall weighted average rate on all deposits**

1.01

0.87

0.80

LOANS

Housing with over 5 years’ maturity

2.83

2.82

2.82

Corporate with over 5 years’ maturity

4.13

3.99

4.06

To sole proprietors with over 5 years’ maturity

5.23

5.26

5.29

Overall weighted average rate on all loans

5.08

5.04

5.06

  Interest rate spread*

4.07

4.17

4.26



(1) Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.

*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.

 

 

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