Bank of Greece issued the following announcement.
1. INTEREST RATES ON EURO-DENOMINATED NEW DEPOSITS AND LOANS
In March 2019, the overall weighted average interest rate on new deposits remained unchanged, while the corresponding rate on new loans remained almost unchanged. The spread* between loan and deposit rates remained almost unchanged at 4.27 percentage points (see Table 1).
New Deposits
The overall weighted average interest rate on all new deposits remained unchanged at 0.28%.
In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.09%. The corresponding rate on overnight deposits placed by non-financial corporations remained almost unchanged at 0.17%. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained unchanged at 0.58%.
New Loans
The overall weighted average interest rate on all new loans to households and non-financial corporations remained almost unchanged at 4.55%.
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 14.61%.
The average interest rate on consumer loans with a defined maturity at a floating rate (1) increased by 16 basis points to 8.82%. The average interest rate on housing loans at a floating rate remained unchanged at 3.05%.
The average interest rate on corporate loans without a defined maturity remained almost unchanged at 4.96%. Τhe corresponding rate on loans to sole proprietors decreased by 5 basis points to 6.83%.
The average interest rate on corporate loans with a defined maturity at a floating rate (1) was at 3.82% in March 2019, compared with 3.85% in the previous month. In further detail, the rate on loans of up to €250,000 increased by 28 basis points to 5.25%, on loans of over €250,000 and up to €1 million increased by 7 basis points to 4.25%, while the rate on loans of over €1 million decreased by 7 basis points to 3.65%.
The rate on loans with a defined maturity at a floating rate (1) to small and medium-sized enterprises (SMEs) increased by 34 basis points to 4.39%.
2. INTEREST RATES ON OUTSTANDING AMOUNTS OF EURO-DENOMINATED DEPOSITS AND LOANS
In March 2019, the overall weighted average interest rate on the outstanding amounts of all deposits remained unchanged, while the corresponding rate on all loans remained almost unchanged. The spread* between loan and deposit rates remained also almost unchanged at 3.90 percentage points (see Table 2).
Outstanding Deposits
The overall weighted average interest rate on the outstanding amounts of all deposits (including overnight deposits) remained unchanged at 0.28%.
In particular, the average interest rate on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households remained unchanged at 0.58%. The average interest rate on the outstanding amounts of deposits with an agreed maturity of up to 2 years placed by non-financial corporations remained almost unchanged at 0.79%.
Outstanding Loans
The overall weighted average interest rate on all outstanding loans remained almost unchanged at 4.18%.
In particular, the average interest rate on the outstanding amounts of housing loans with over 5 years’ maturity remained unchanged at 2.14%. The average interest rate on the outstanding amounts of consumer loans (2) with over 5 years’ maturity decreased by 4 basis points to 6.37%. The corresponding rate on corporate loans remained almost unchanged at 3.60%. Finally, the average interest rate on the outstanding amounts of loans to sole proprietors with over 5 years’ increased by 15 basis points to 4.66%.
Table 1: Average interest rates on new euro-denominated deposits and loans
| | January 2019 | February 2019 | March 2019 | ||
DEPOSITS | Overnight from households | 0.09 | 0.09 | 0.09 | ||
Overnight from non-financial corporations | 0.14 | 0.16 | 0.17 | |||
From households with an agreed maturity of up to 1 year | 0.61 | 0.58 | 0.58 | |||
Overall weighted average rate on all deposits | 0.29 | 0.28 | 0.28 | |||
LOANS | Consumer without a defined maturity | 14.60 | 14.58 | 14.61 | ||
Corporate without a defined maturity | 5.00 | 4.98 | 4.96 | |||
To sole proprietors without a defined maturity | 6.89 | 6.88 | 6.83 | |||
Housing at a floating rate1 | 3.02 | 3.05 | 3.05 | |||
Consumer at a floating rate1 | 10.71 | 8.66 | 8.82 | |||
Corporate with a defined maturity at a floating rate1: | 4.11 | 3.85 | 3.82 | |||
-amounts of up to €250,000 | 5.05 | 4.97 | 5.25 | |||
-amounts of over €250,000 and up to €1 million | 4.47 | 4.18 | 4.25 | |||
-amounts of over €1 million | 3.95 | 3.72 | 3.65 | |||
Loans with a defined maturity to small and medium-sized enterprises at a floating rate1 | 4.29 | 4.05 | 4.39 | |||
Overall weighted average rate on all loans | 4.89 | 4.57 | 4.55 | |||
Interest rate spread* | 4.60 | 4.29 | 4.27 | |||
Table 2: Average interest rates on outstanding amounts of euro-denominated deposits and loans
| | January 2019 | February 2019 | March 2019 |
DEPOSITS | From households with an agreed maturity of up to 2 years | 0.58 | 0.58 | 0.58 |
From non-financial corporations with an agreed maturity of up to 2 years | 0.81 | 0.80 | 0.79 | |
Overall weighted average rate on all deposits** | 0.28 | 0.28 | 0.28 | |
LOANS | Housing with over 5 years’ maturity | 2.14 | 2.14 | 2.14 |
Consumer and other with over 5 years’ maturity | 6.42 | 6.41 | 6.37 | |
Corporate with over 5 years’ maturity | 3.63 | 3.61 | 3.60 | |
To sole proprietors with over 5 years’ maturity | 4.52 | 4.51 | 4.66 | |
Overall weighted average rate on all loans | 4.20 | 4.19 | 4.18 | |
Interest rate spread* | 3.92 | 3.91 | 3.90 |
*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 the overall weighted average rate on all deposits the overnight deposits are also taken into account.
The complete data set of bank deposit and loan interest rates are published on the website of the Bank of Greece and can be accessed here
Note: The next Press Release on “Interest Rates on Bank Deposits and Loans” for April 2019 will be published on 4 June 2019.
(1) Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
(2) Including other loans to individuals and private non-profit institutions.
Original source can be found here.