Bank of Greece : Interest Rates on Bank Deposits and Loans: November 2015

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

In November 2015, the overall weighted average interest rates on new deposits and loans decreased. The interest rate spread* between loan and deposit rates decreased by 12 basis points and stood at 4.34 percentage points (see Table 1).

The overall weighted average interest rate on all new deposits decreased by 4 basis points from the previous month to 0.58% in November 2015. In particular, the average interest rates on overnight deposits placed by households and by non-financial corporations remained unchanged at 0.15% and 0.21%, respectively. The average interest rate on deposits placed by households with an agreed maturity of up to one year decreased by 5 basis points to 1.01% in November 2015.

The overall weighted average interest rate on all new loans to households and corporations decreased by 16 basis points from the previous month to 4.92% in November 2015.

More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) remained almost unchanged at 14.62%. The average interest rate on consumer loans at a floating rate (1) decreased by 113 basis points to 7.16%.

The average interest rate on corporate loans without a defined maturity decreased by 5 basis points to 6.08%, while the corresponding rate on loans to sole proprietors remained almost unchanged at 7.45%. The average interest rate on corporate loans with a defined maturity at a floating rate decreased by 10 basis points to 5.06%. In particular, the rate on loans of up to €250,000 decreased by 60 basis points to 5.67%, the rate on loans of over €250,000 and up to €1 million increased by 7 basis points to 5.22% and the rate on loans of over €1 million decreased by 12 basis points to 5.00%. Finally, the average interest rate on housing loans at a floating rate (1) remained almost unchanged at 2.46%.

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

In November 2015, the overall weighted average interest rate on the outstanding amounts of all deposits decreased, while the corresponding rate on all loans remained almost unchanged. The spread* between loan and deposit rates increased by 8 basis points to 4.46 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 6 basis points to 0.61%, while the corresponding rate on loans remained almost unchanged at 5.07%, in November 2015.

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 12 basis points to 1.37%. The corresponding rate on deposits placed by non-financial corporations also decreased by 7 basis points to 1.14%. The average interest rates on outstanding amounts of housing loans and loans to sole proprietors with over 5 years' maturity remained almost unchanged at 2.81% and 5.31% respectively, while the corresponding rate on corporate loans increased by 9 basis points to 4.14%.

Table 1: Average interest rates on new euro-denominated deposits and loans
		September 2015	October 2015	November 2015
DEPOSITS	Overnight from households	0.15	0.15	0.15
	Overnight from non-financial corporations	0.22	0.21	0.21
	From households with an agreed maturity of up to 1 year	1.18	1.06	1.01
	Overall weighted average rate on all deposits	0.69	0.62	0.58
LOANS	Consumer without a defined maturity	14.60	14.60	14.62
	Corporate without a defined maturity	6.15	6.13	6.08
	To sole proprietors without a defined maturity	7.56	7.48	7.45
	Consumer at a floating rate	7.96	8.29	7.16
	Corporate with a fixed maturity at a floating rate:	4.78	5.16	5.06
	-loans of up to €250,000	6.09	6.27	5.67
	-loans of over €250,000 and up to €1 million	4.95	5.15	5.22
	-loans of over €1 million	4.67	5.12	5.00
	Housing at a floating rate	2.36	2.48	2.46
	Overall weighted average rate on all loans	4.79	5.08	4.92
Interest rate spread*		4.10	4.46	4.34

Table2:Averageinterestratesonoutstandingamountsofeuro-denominateddepositsandloans
		September 2015	October 2015	November 2015
DEPOSITS	From households with an agreed maturity of up to 2 years	1.60	1.49	1.37
	From non-financial corporations with an agreed maturity of up to 2 years	1.31	1.21	1.14
	Overall weighted average rate on all deposits**	0.73	0.67	0.61
LOANS	Housing with over 5 years' maturity	2.82	2.81	2.81
	Corporate with over 5 years' maturity	4.13	4.05	4.14
	To sole proprietors with over 5 years' maturity	5.29	5.32	5.31
	Overall weighted average rate on all loans	5.07	5.05	5.07
Interest rate spread*		4.34	4.38	4.46

*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.

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

The complete data set of bank deposit and loan interest rates are published in the website of the Bank of Greece and can be accessed via the following link:
http://www.bankofgreece.gr/Pages/en/Statistics/rates_markets/deposits.aspx