Interest rate on bank deposits and loans: August 2021

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10/01/2021 – Press releases

  • The weighted average interest rate on new deposits remained unchanged at 0.05%, while the weighted average interest rate on new loans increased to 4.14%.

  • The interest rate differential between new deposits and loans widened to 4.09 percentage points.

  • The weighted average interest rate on outstanding deposits remained unchanged at 0.05%, while the weighted average interest rate on outstanding deposits for all loans remained virtually unchanged at 3.59%.

  • The interest rate differential between outstanding deposits and loans remained virtually unchanged at 3.54 percentage points.

1. Interest rate on new deposits and loans in euros

New deposits

The weighted average interest rate on new deposits remained unchanged at 0.05%.

In particular, the average interest rate on sight deposits placed by households remained almost unchanged at 0.03%, while the corresponding rate on deposits of non-financial corporations remained unchanged at 0.01%. The average interest rate on household deposits with a maturity of up to 1 year also remained virtually unchanged at 0.16% compared to the previous month.

New loans

The weighted average interest rate on new loans to households and non-financial corporations increased 9 basis points to 4.14%.

Specifically, the average interest rate on consumer loans with no fixed maturity (a category that includes credit cards, revolving loans and overdrafts) decreased by 6 basis points to 14.32%.

The average interest rate on fixed-maturity, variable-rate consumer loans increased by 51 basis points to 12.03%. The average interest rate on variable rate home loans fell 9 basis points to 2.35%.

The average interest rate on new business loans with no fixed maturity remained unchanged at 4.25%, while the corresponding rate on loans to unincorporated businesses was virtually unchanged at 6.53%.

In August 2021, the average interest rate on fixed-term, variable-rate business loans rose to 3.22% from 3.18% the previous month. Specifically, the interest rate on fixed-term, variable-rate loans to small and medium-sized enterprises (SMEs) fell to 3.30% from 3.60% the previous month.

Regarding the structure of interest rates according to the amount of loans granted, the rate of loans up to € 250,000 has decreased by 95 basis points to 4.31%, on loans over € 250,000 and up to at € 1m remained virtually unchanged at 3.35%, while loans above € 1m increased 12 basis points to 3.15%.

2. Interest rate on outstanding deposits and loans in euros

Deposits

The weighted average interest rate on outstanding deposits (including demand deposits) remained unchanged at 0.05%.

In particular, the average interest rate on outstanding deposits with a duration of less than or equal to 2 years placed by households remained virtually unchanged at 0.11%, while the corresponding rate on deposits from non-financial corporations remained unchanged at 0.08%.

Loans

The weighted average interest rate on outstanding loans remained virtually unchanged at 3.59%.

In particular, the average interest rate on outstanding home loans with more than 5 years remained unchanged at 2.02%. The average interest rate on outstanding consumer loans and other loans to individuals and private non-profit institutions with a maturity of more than 5 years increased by 4 basis points to 6.57%; the corresponding rates on loans to businesses and loans to individuals remained virtually unchanged at 3.14% and 4.29% respectively.

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

June

2021

July

2021

August 2021

DEPOSITS

Household overnight

0.04

0.04

0.03

Day-to-day non-financial corporations

0.01

0.01

0.01

Households with an agreed maturity of up to 1 year

0.14

0.14

0.16

Weighted average rate on all deposits

0.06

0.05

0.05

LOANS

Consumer without defined maturity

14.38

14.38

14.32

Company with no defined deadline

4.32

4.25

4.25

To sole proprietorships with no defined deadline

6.55

6.55

6.53

Variable rate housing

2.41

2.44

2.35

Fixed-term consumer at variable rate

10.86

11.52

12.03

Corporate with defined maturity at variable rate:

3.04

3.18

3.22

– amounts up to € 250,000

4.26

5.26

4.31

– amounts greater than € 250,000 and up to € 1 million

3.27

3.32

3.35

– amounts greater than 1 million euros

2.77

3.03

3.15

Fixed-term loans to small and medium-sized businesses at variable rates

3.32

3.60

3.30

Weighted average rate on all loans

3.95

4.05

4.14

Interest rate spread

3.89

4.00

4.09

Table 2: Meaninterestratestoexceptionalthe amountsof denominated in euros depositsandloans (percentages per year)

June

2021

July

2021

August 2021

DEPOSITS

Households with an agreed maturity of up to 2 years

0.13

0.12

0.11

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

0.10

0.08

0.08

Weighted average rate on all deposits

0.05

0.05

0.05

LOANS

Housing with a maturity of more than 5 years

2.01

2.02

2.02

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

6.57

6.53

6.57

Company with a maturity of more than 5 years

3.17

3.16

3.14

To sole proprietorships over 5 years old

4.30

4.30

4.29

Weighted average rate on all loans

3.66

3.60

3.59

Interest rate spread

3.61

3.55

3.54

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, sight deposits are also taken into account.

  1. Variable rate loans also include loans with an initial rate fixation period of up to one year.

  1. New business refers to new contracts that were entered into during the reference month and not to actual loan disbursements.

Associated information:

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

The next press release on “Interest rates on deposits and bank loans” for September 2021 will be released on November 3, 2021, according to the release schedule, as posted on the Bank of Greece website.

Related links:

Interest rates on bank deposits and loans

Release schedule


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