Interest rates on bank deposits and loans: September 2022

03/11/2022 – Press releases

– The weighted average interest rate on new deposits remained unchanged at 0.04% in September 2022, while the weighted average interest rate on new loans increased to 4.60%.

– The interest rate differential between new deposits and loans increased to 4.56 percentage points.

– The weighted average interest rate on outstanding deposits remained virtually unchanged at 0.04%, while the weighted average interest rate on outstanding loans increased to 3.95%.

– The interest rate differential between outstanding deposits and loans increased to 3.91 percentage points.

1. Interest rates on new deposits and loans denominated in euros

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

In particular, average interest rates on overnight deposits placed by households and non-financial corporations remained unchanged at 0.03% and 0.01%, respectively. The average interest rate on household deposits with a duration of less than or equal to 1 year increased to 0.14% against 0.11% the previous month.

New loans
The weighted average interest rate on new loans to households and non-financial corporations increased by 60 basis points to stand at 4.60%.

More specifically, the average interest rate for consumer loans with no defined maturity (a category that includes credit cards, revolving loans and overdrafts) remained unchanged at 14.11%.

The average interest rate on variable-rate fixed-term consumer loans fell by 24 basis points to 10.96%. The average interest rate on variable rate mortgages increased by 49 basis points to 3.50%.

The average interest rate on new business loans with no defined maturity increased by 45 basis points to 4.37%. The matching rate on loans to individual entrepreneurs increased by 15 basis points to 6.62%.

In September 2022, the average interest rate on variable-rate fixed-term corporate loans increased by 97 basis points to 3.97%. The average interest rate on variable-rate fixed-term loans to small and medium-sized enterprises (SMEs) increased, compared to the previous month, by 66 basis points to 4.17%.
As regards the structure of interest rates according to the size of the loans granted, the average rate on loans up to €250,000 increased by 58 basis points to 5.31%, on loans over of €250,000 and up to €1 million increased by 60 basis points. points to 4.18% and on loans over €1 million increased by 109 basis points to 3.93%.

2. Interest rates on outstanding deposits and loans denominated in euros

Deposits
The weighted average interest rate on outstanding deposits (including sight deposits) remained virtually 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 virtually unchanged at 0.09%, while the corresponding rate on deposits from non-financial corporations rose 4 basis points to 0.16%. .

Loans
The weighted average interest rate on outstanding loans increased by 31 basis points to 3.95%.

In particular, the average interest rate on outstanding home loans over 5 years increased by 43 basis points to 2.73%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions increased by 17 basis points to 6.64%.

The average interest rate on business loans over 5 years increased by 22 basis points to 3.37%. The matching rate on loans to sole proprietors increased by 33 basis points to 4.72%.

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

July 2022

August 2022

September 2022

DEPOSITS

Household overnight stay

0.03

0.03

0.03

Overnight of non-financial corporations

-0.01

0.01

0.01

Households with an agreed maturity of up to 1 year

0.13

0.11

0.14

Weighted average rate on all deposits

0.04

0.04

0.04

LOANS

Consumer without defined maturity

14.13

14.11

14.11

Company without defined maturity

3.76

3.92

4.37

Individual entrepreneurs with no defined maturity

6.37

6.47

6.62

Variable rate housing

2.84

3.01

3.50

Consumer with a defined variable rate maturity

11:33 am

11:20 a.m.

10.96

Corporate with defined maturity at variable rate:

2.57

3.00

3.97

– amounts up to €250,000

4.63

4.73

5.31

-amounts over €250,000 and up to €1 million

3.60

3.58

4.18

-amounts over 1 million euros

2.52

2.84

3.93

Variable Rate Small and Medium Business Fixed Term Loans

3.62

3.51

4.17

Weighted average rate on all loans

3.71

4.00

4.60

Interest rate spread

3.67

3.96

4.56

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

July 2022

August 2022

September 2022

DEPOSITS

Households with an agreed maturity of up to 2 years

0.08

0.08

0.09

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

0.10

0.12

0.16

Weighted average rate on all deposits

0.03

0.03

0.04

LOANS

Housing with more than 5 years of maturity

2.15

2h30

2.73

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

6.39

6.47

6.64

Company with more than 5 years of maturity

3.11

3.15

3.37

To sole proprietors with a maturity of more than 5 years

4.26

4.39

4.72

Weighted average rate on all loans

3.56

3.64

3.95

Interest rate spread

3.53

3.61

3.91

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, demand deposits are also taken into account.
3. Floating rate loans also include loans with an initial rate fixation period of up to one year.
4. New business refers to new contracts that were entered into during the reporting 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 October 2022 press release will be published on December 2, 2022 according to the publication schedule on the Bank of Greece website.

Related links:
Bank deposit and loan interest rates

Release calendar

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