Interest Rates on Bank Deposits and Loans : September 2010
08/11/2010 - Press Releases
1. INTEREST RATES ON NEW EURO-DENOMINATED DEPOSITS AND LOANS
In September 2010 the average interest rates on the most important categories of new deposits and loans showed mixed developments (see Table 1).
More specifically, the average interest rates on overnight deposits from households and non financial corporations remained basically unchanged in September 2010 at 0.46% and 0.33% respectively. On the contrary, the average interest rate on deposits from households with an agreed maturity of up to 1 year decreased further by 5 basis points to 3.61%.
As far as interest rates on loans are concerned, 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) increased marginally by 2 basis points to 14.33%. The average interest rate on corporate loans (1) without a defined maturity slightly decreased in September 2010 by 3 basis points to 6.45%. Likewise, the average interest rate on loans to sole proprietors without a defined maturity decreased marginally to 9.21%. 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 remained basically unchanged at 5.86% for loans up to EUR 1 million, but increased significantly by 77 basis points to 5.28% for loans above EUR 1 million. The average interest rate on housing loans at a floating rate or with an initial rate fixation period of up to one year and the one on loans with an initial fixation period of over 1 and up to 5 years decreased by 13 and 37 basis points respectively to 3.54% and 3.96%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In September 2010 the average interest rates on outstanding amounts of the most important categories of deposits and loans slightly increased, with the exception of the average interest rate on housing loans with over 5 years’ maturity which marginally decreased (Table 2).
In particular, the average interest rate on deposits from households with an agreed maturity of up to 2 years slightly increased in September 2010 by 4 basis points to 3.41%, while the corresponding average interest rate on deposits from non-financial corporations remained basically unchanged at 3.59%. The average interest rate on housing loans with over five years’ maturity marginally decreased by 2 basis points to 3.62%. The average interest rates on corporate loans and loans to sole proprietors with over five years’ maturity increased by 8 and 11 basis points respectively to 4.43% and 5.29% respectively.
Table 1: Interest rates on new euro-denominated deposits and loans
|
|
|
July 2010
|
August 2010
|
September 2010
|
|
DEPOSITS
|
Overnight from households
|
0.43
|
0.44
|
0.46
|
|
Overnight from non-financial corporations
|
0.31
|
0.32
|
0.33
|
|
From households with an agreed maturity of up to 1 year
|
3.71
|
3.66
|
3.61
|
|
LOANS
|
Consumer without a defined maturity
|
14.29
|
14.31
|
14.33
|
|
Corporate without a defined maturity
|
6.25
|
6.48
|
6.45
|
|
To sole proprietors without a defined maturity
|
9.19
|
9.23
|
9.21
|
|
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 1 million
-loans above EUR 1 million
|
5.74
4.73
|
5.87
4.51
|
5.86
5.28
|
|
Housing at a floating rate or with an initial fixation period of up to 1 year
|
3.54
|
3.67
|
3.54
|
|
Housing with an initial fixation period of over one and up to 5 years
|
4.52
|
4.33
|
3.96
|
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
|
|
|
July 2010
|
August 2010
|
September 2010
|
|
DEPOSITS
|
From households with an agreed maturity of up to 2 years
|
3.31
|
3.37
|
3.41
|
|
From non-financial corporations with an agreed maturity of up to 2 years
|
3.56
|
3.58
|
3.59
|
|
LOANS
|
Housing with over 5 years’ maturity
|
3.67
|
3.64
|
3.62
|
|
Corporate with over 5 years’ maturity
|
4.34
|
4.35
|
4.43
|
|
To sole proprietors with over 5 years’ maturity
|
5.15
|
5.18
|
5.29
|
(1) Corporate loans include only loans to non-financial corporations. It should also be noted that data have been revised and, as of June 2010, loans to sole proprietors are not included in corporate loans, but constitute an independent sub-category of loans.