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

The weighted average interest rate on new deposits remained virtually unchanged at 0.02% in July 2022while the weighted average interest rate on new loans fell to 3.71%.

The interest rate differential between new deposits and loans narrowed to 3.69 percentage points.

The weighted average interest rate on outstanding deposits remained unchanged at 0.03%, while the weighted average interest rate on outstanding loans increased to 3.56%.

The interest rate differential between outstanding deposits and loans increased to 3.53 percentage points.

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

New deposits

The weighted average interest rate on new deposits remained virtually unchanged at 0.02%.

In particular, the average interest rate on demand deposits placed by households remained unchanged at 0.03%, while the corresponding rate placed by non-financial corporations remained almost unchanged at -0.01%. The average interest rate on household deposits with a maturity of up to 1 year remained almost unchanged at 0.13% compared to the previous month.

New loans

The weighted average interest rate on new loans to households and non-financial corporations fell by 27 basis points to 3.71%.

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 14.13%.

The average interest rate on variable rate fixed-term consumer loans remained virtually unchanged at 11.33%. The average interest rate on variable rate mortgages fell by 11 basis points to 2.84%.

The average interest rate on new business loans with no defined maturity decreased by 4 basis points to 3.76%. The corresponding rate on loans to sole proprietors increased by 8 basis points to 6.37%.

In July 2022, the average interest rate on variable-rate fixed-term corporate loans fell by 43 basis points to 2.58%. The average interest rate on variable-rate fixed-term loans to small and medium-sized enterprises (SMEs) increased, from the previous month, by 37 basis points to 3.62%.

With regard to the structure of interest rates according to the amount of loans granted, the average loan rate of up to €250,000 increased by 13 basis points to 4.63%, on loans over €250,000 and until 1 million euro increased by 19 basis points to 3.60% and on loans by more 1 million euro decreased by 40 basis points to 2.52%.

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

Deposits

The weighted average interest rate on outstanding deposits (including demand deposits) remained unchanged at 0.03%.

In particular, the average interest rates on outstanding deposits with a maturity of less than or equal to 2 years placed by households remained unchanged at 0.08%, while the corresponding rate applied by non-financial corporations remained almost unchanged. at 0.10%.

Loans

The weighted average interest rate on outstanding loans increased by 8 basis points to 3.56%.

In particular, the average interest rate on outstanding housing loans with a maturity of more than 5 years increased by 16 basis points to 2.15%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions increased by 5 basis points to 6.39%.

The average interest rate on business loans over 5 years increased by 8 basis points to 3.11%. The corresponding rate on loans to individual entrepreneurs increased by 6 basis points to 4.26%.

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

May 2022

June 2022

July 2022

DEPOSITS

Household overnight stay

0.02

0.03

0.03

Overnight of non-financial corporations

0.00

0.00

0.01

Households with an agreed maturity of up to 1 year

0.12

0.12

0.13

Weighted average rate on all deposits

0.04

0.03

0.02

LOANS

Consumer without defined maturity

14.19

14.11

14.13

Company without defined maturity

3.77

3.80

3.76

Individual entrepreneurs with no defined maturity

6.35

6.29

6.37

Variable rate housing

2.63

2.95

2.84

Consumer with a defined variable rate maturity

11:00

11:36

11:33 am

Corporate with defined maturity at variable rate:

2.89

3.01

2.58

amounts up to €250,000

4.67

4.50

4.63

more quantities €250,000 and until 1 million euro

3.33

3.41

3.60

more quantities 1 million euros

2.61

2.92

2.52

Variable Rate Small and Medium Business Fixed Term Loans

3.57

3.25

3.62

Weighted average rate on all loans

3.85

3.98

3.71

Interest rate spread

3.81

3.95

3.69

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

May 2022

june2022

July 2022

DEPOSITS

Households with an agreed maturity of up to 2 years

0.08

0.08

0.08

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

0.11

0.11

0.10

Weighted average rate on all deposits

0.03

0.03

0.03

LOANS

Housing with more than 5 years of maturity

1.96

1.99

2.15

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

6.28

6.34

6.39

Company with more than 5 years of maturity

2.99

3.03

3.11

To sole proprietors with a maturity of more than 5 years

4.20

4.20

4.26

Weighted average rate on all loans

3.46

3.48

3.56

Interest rate spread

3.43

3.45

3.53

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 sub-section “Interest rates on bank deposits and loans” on the Bank of Greece website.

The next press release for August 2022 will be published on October 4, 2022 according to the publication schedule on the Bank of Greece website.

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