BOI- Interest rates on bank deposits and loans: January 2022

The weighted average interest rate on new deposits remained unchanged at 0.04% in January 2022while the weighted average interest rate on new loans rose to 3.90%.

The interest rate differential between new deposits and loans increased to 3.86 percentage points.

The weighted average interest rates on outstanding deposits and loans remained unchanged at 0.04% and 3.51% respectively.

The interest rate differential between outstanding deposits and loans remained unchanged at 3.47 percentage points.

1.	Interest rates on euro-denominated new deposits and loans

New deposits

The weighted average interest rate on new deposits remained unchanged at 0.04%.

In particular, the average interest rates on sight deposits placed by households and non-financial corporations remained unchanged at 0.03% and 0.00% respectively. The average interest rate on household deposits with a maturity of 1 year or less also remained unchanged at 0.14% compared to the previous month.

New loans

The weighted average interest rate on new loans to households and non-financial corporations increased by 14 basis points to stand at 3.90%.

More specifically, the average interest rate for consumer loans with no defined maturity (a category that includes credit cards, revolving loans and overdrafts) remained almost unchanged at 14.65%.

The average interest rate on variable-rate fixed-term consumer loans increased by 54 basis points to 11.88%. The average interest rate on variable rate mortgages also increased by 31 basis points to 2.36%.

The average interest rate on new business loans with no defined maturity decreased by 10 basis points to 3.92%, while the corresponding rate on loans to individual entrepreneurs increased by 15 basis points to 6.57 %.

In January 2022, the average interest rate on variable-rate fixed-term corporate loans fell 4 basis points to 2.79%. The interest rate on variable-rate fixed-term loans to small and medium-sized enterprises (SMEs) fell 72 basis points to 2.69% from 3.41% the previous month.

With regard to the structure of interest rates according to the amount of loans granted, the rate of loans up to €250,000 decreased by 9 basis points to 4.37%, on loans over €250,000 and until 1 million euro increased by 14 basis points to 3.46% and on loans by more 1 million euros decreased by 8 basis points to 2.69%.

2.	Interest rates on outstanding amounts of euro-denominated deposits and loans

Deposits

The weighted average interest rate on outstanding deposits (including sight deposits) remained unchanged at 0.04%.

In particular, the average interest rate on outstanding deposits with a duration of less than or equal to 2 years placed by households remained unchanged at 0.09%, while the corresponding rate on deposits placed by companies not financials remained virtually unchanged at 0.06%.

Loans

The weighted average interest rate on outstanding loans remained unchanged at 3.51%.

In particular, the average interest rate on outstanding mortgage loans over 5 years remained almost unchanged at 1.90%, while the corresponding rate on consumer loans and other loans to individuals and private institutions non-profit fell 5 basis points to 6.29%. The average interest rate for business loans over 5 years and the corresponding rate for loans to individual entrepreneurs remained virtually unchanged at 3.03% and 4.22% respectively.

Table 1: Average interest rates on new deposits and loans denominated in euros (percentages per year)

November 2021

December 2021

January

2022

DEPOSITS

Household overnight stay

0.03

0.03

0.03

Overnight of non-financial corporations

0.00

0.00

0.00

Households with an agreed maturity of up to 1 year

0.14

0.14

0.14

Weighted average rate on all deposits

0.05

0.04

0.04

LOANS

Consumer without defined maturity

2:50 p.m.

14.63

2:65 p.m.

Company without defined maturity

4.02

4.02

3.92

Individual entrepreneurs with no defined maturity

6.47

6.42

6.57

Variable rate housing

2.41

2.05

2.36

Consumer with a defined variable rate maturity

11:42

11:34 am

11.88

Corporate with defined maturity at variable rate:

2.56

2.83

2.79

amounts up to €250,000

4.39

4.46

4.37

more quantities €250,000 and until 1 million euro

3.18

3.32

3.46

more quantities 1 million euros

2.38

2.77

2.69

Variable Rate Small and Medium Business Fixed Term Loans

3.29

3.41

2.69

Weighted average rate on all loans

3.73

3.76

3.90

Interest rate spread

3.68

3.72

3.86

Table 2: Average interest rates on outstanding deposits and loans denominated in euros (percentages per year)

November 2021

December 2021

January

2022

DEPOSITS

Households with an agreed maturity of up to 2 years

0.10

0.09

0.09

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

0.07

0.07

0.06

Weighted average rate on all deposits

0.04

0.04

0.04

LOANS

Housing with more than 5 years of maturity

1.91

1.89

1.90

Consumer and other loans to individuals and private non-profit institutions with a term of more than 5 years

6.41

6.34

6.29

Company with more than 5 years of maturity

3.09

3.02

3.03

To sole proprietors with a maturity of more than 5 years

4.29

4.25

4.22

Weighted average rate on all loans

3.51

3.51

3.51

Interest rate spread

3.47

3.47

3.47

Remarks:

1.	The interest rate spread is the difference between the weighted average rate on all loans and the weighted average rate on all deposits.
2.	For the calculation of the weighted average interest rate on all outstanding deposits the overnight deposits are also taken into account.
3.	Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.
4.	New business refers to new contracts that were agreed during the reference month and not actual loan disbursements.

Related information:

The full set of data on interest rates on bank deposits and loans is published in the subsection “Interest rates on bank deposits and loans” on the Bank of Greece website.

The next press release for February 2022 will be published on March 31, 2022according to the release schedule on the Bank of Greece website.

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