Bank of Greece Interest Rates on Bank Deposits and Loans: November 2021

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The weighted average new deposit rate remained unchanged at 0.05% in November 2021, while the weighted average new loan rate decreased to 3.73%.

The interest rate differential between new deposits and loans decreased to 3.68 percentage points.

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

The interest margin between the outstanding deposits and loans remains unchanged at 3.47 percentage points.

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

New deposits

The weighted average new deposit rate remained unchanged at 0.05%.

In particular, the average overnight deposit rates of households and non-financial corporations remained unchanged at 0.03% and 0.00%, respectively. The average interest rate for deposits from private households with an agreed maturity of up to 1 year also remained unchanged from the previous month at 0.14%.

New loans

The weighted average rate on new loans to households and non-financial corporations decreased 21 basis points to 3.73%.

Specifically, the average non-maturity consumer credit rate (a category that includes credit cards, revolving loans, and overdrafts) remained nearly unchanged at 14.50%.

The average interest rate for variable interest consumer loans with a defined term remained almost unchanged at 11.42%. The average interest rate on variable rate home loans also remained unchanged at 2.41%.

The average rate on new corporate loans with no fixed term decreased 11 basis points to 4.02%, while the corresponding rate on sole proprietorship loans remained nearly unchanged at 6.47%.

In November 2021, the average interest rate on corporate loans with a defined term at a floating rate fell by 29 basis points to 2.56% from 2.85% in the previous month. The interest rate for variable interest loans with a defined term to small and medium-sized enterprises (SMEs) rose from 3.16% in the previous month to 3.29%.

Regarding the structure of the interest rates according to the amount of the granted loans, the interest rate for loans is up to EUR 250,000 remained almost unchanged at 4.39% for loans of over EUR 250,000 and up to EUR 1 million declined 18 basis points to 3.18% while on loans of over EUR 1 million it fell 35 basis points to 2.38%.

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

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

In particular, the average interest rates on deposits placed by households and non-financial corporations with an agreed maturity of up to 2 years remained almost unchanged at 0.10% and 0.07%, respectively.

Loans

The weighted average interest rate on the outstanding loan amounts remained unchanged at 3.51%.

In particular, the average interest rates on the outstanding amounts of home loans and consumer and other loans to individuals and non-profit institutions serving households with maturities of more than 5 years remained almost unchanged at 1.91% and 6.41%, respectively. The average corporate loan rate also remained almost unchanged at 3.09%, while the corresponding rate on sole proprietorship loans remained unchanged at 4.29%.

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

September 2021

October 2021

November 2021

DEPOSITS

Household overnight stays

0.03

0.03

0.03

Overnight from non-financial corporations

0.01

0.00

0.00

From households with an agreed term of up to 1 year

0.14

0.14

0.14

Weighted average interest rate for all deposits

0.05

0.05

0.05

LOAN

Consumers without a defined term

14.28

14.48

14.50

Corporate without a defined term

4.25

4.13

4.02

To sole proprietorships without a defined due date

6.49

6.49

6.47

Living at a floating rate

2.33

2.43

2.41

Consumers with a defined term at a variable interest rate

11.29

11.39

11.42

Corporate with a defined term at a variable interest rate:

2.51

2.85

2.56

Amounts up to EUR 250,000

4.35

4.36

4.39

Amounts of over EUR 250,000 and up to EUR 1 million

3.28

3.36

3.18

Amounts of over EUR 1 million

2.41

2.73

2.38

Loans with a defined term to small and medium-sized companies with variable interest rates

3.24

3.16

3.29

Weighted average interest rate for all loans

3.77

3.94

3.73

Interest rate spread

3.72

3.89

3.68

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

September 2021

October 2021

November 2021

DEPOSITS

From households with an agreed term of up to 2 years

0.11

0.10

0.10

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

0.07

0.07

0.07

Weighted average interest rate for all deposits

0.04

0.04

0.04

LOAN

Housing with a term of more than 5 years

2.02

1.92

1.91

Consumer and other loans to individuals and private charitable organizations with a term of more than 5 years

6.61

6.40

6.41

Companies with a term of more than 5 years

3.12

3.10

3.09

To sole proprietorships with a term of over 5 years

4.30

4.29

4.29

Weighted average interest rate for all loans

3.57

3.51

3.51

Interest rate spread

3.53

3.47

3.47

Remarks:

The interest spread is the difference between the weighted average interest rate for all loans and the weighted average interest rate for all deposits.

When calculating the weighted average rate of all outstanding deposits, overnight deposits are also taken into account.

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

New business relates to new contracts that were agreed in the reference month and not to actual loan disbursements.

Related information:

The full dataset of bank deposit and lending rates is posted in the subsection of bank deposit and lending rates on the site Bank of Greece Website.

The next press release for December 2021 will be published on February 3, 2022, according to the release calendar as published on the Bank of Greece Website.


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