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

The interest rate spread between new deposits and loans decreased to 3.69 percentage points.

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

The interest rate spread between outstanding amounts of 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 almost unchanged at 0.02%.

In particular, the average interest rate on overnight 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 deposits from households with an agreed maturity of up to 1 year remained almost unchanged at 0.13%, compared with the previous month.

New Loans

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

More specifically, the average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) remained almost unchanged at 14.13%.

The average interest rate on consumer loans with a defined maturity at a floating rate remained almost unchanged at 11.33%. The average interest rate on housing loans at a floating rate decreased by 11 basis points to 2.84%.

The average interest rate on new corporate loans without a 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 corporate loans with a defined maturity at a floating rate decreased by 43 basis points to 2.58%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) increased, compared with the previous month, by 37 basis points to 3.62%.

As regards the structure of interest rates according to the size of loans granted, the average rate on loans of up to EUR250,000 increased by 13 basis points to 4.63%, on loans of over EUR250,000 and up to EUR1 million increased by 19 basis points to 3.60% and on loans of over EUR1 million 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 amounts of deposits (including overnight deposits) remained unchanged at 0.03%.

In particular, the average interest rates on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households remained unchanged at 0.08%, while the corresponding rate by non-financial corporations remained almost unchanged at 0.10%.

Loans

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

In particular, the average interest rate on outstanding amounts of housing loans with over 5 years' maturity 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 corporate loans with over 5 years' maturity increased by 8 basis points to 3.11%. The corresponding rate on loans to sole proprietors increased by 6 basis points to 4.26%.

Table 1: Average interest rates on new euro-denominated deposits and loans (percentages per annum)

May 2022

June 2022

July 2022

DEPOSITS

Overnight from households

0.02

0.03

0.03

Overnight from non-financial corporations

0.00

0.00

0.01

From 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 a defined maturity

14.19

14.11

14.13

Corporate without a defined maturity

3.77

3.80

3.76

To sole proprietors without a defined maturity

6.35

6.29

6.37

Housing at a floating rate

2.63

2.95

2.84

Consumer with a defined maturity at a floating rate

11.00

11.36

11.33

Corporate with a defined maturity at a floating rate:

2.89

3.01

2.58

amounts of up to EUR250,000

4.67

4.50

4.63

amounts of over EUR250,000 and up to EUR1 million

3.33

3.41

3.60

amounts of over EUR1 million

2.61

2.92

2.52

Loans with a defined maturity to small and medium-sized enterprises at a floating rate

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 amounts of euro-denominated deposits and loans (percentages per annum)

May2022

June2022

July2022

DEPOSITS

From 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 over 5 years' maturity

1.96

1.99

2.15

Consumer and other loans to individuals and private non-profit institutions with over 5 years' maturity

6.28

6.34

6.39

Corporate with over 5 years' maturity

2.99

3.03

3.11

To sole proprietors with over 5 years' maturity

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

Notes:

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 complete data set of bank deposit and loan interest rates is published in the sub-section 'Bank deposit and loan interest rates' on the Bank of Greece website.

The next Press Release for August 2022 will be published on 4 October 2022 according to the Release calendar on the Bank of Greece website.

(C) 2022 Electronic News Publishing, source ENP Newswire