Interest Rates on Bank Deposits and Loans: October 2021

02/12/2021 - Press Releases

- The weighted average interest rate on new deposits remained unchanged at 0.05% in October 2021, while the weighted average interest rate on new loans increased to 3.94%.

- The interest rate spread between new deposits and loans increased to 3.89 percentage points.

- The weighted average interest rate on outstanding amounts of deposits remained unchanged at 0.04%, while the weighted average interest rate on outstanding loans decreased to 3.51%.

- The interest rate spread between outstanding amounts of deposits and loans decreased to 3.47 percentage points.

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

New Deposits

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

In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.03%, while the corresponding rate on deposits from non-financial corporations remained almost unchanged at 0.00%. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained unchanged at 0.14% compared with the previous month.

New Loans

The weighted average interest rate on new loans to households and non-financial corporations increased by 17 basis points to 3.94%.

More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, revolving loans and overdrafts) increased by 20 basis points to 14.48%.

The average interest rate on consumer loans with a defined maturity at a floating rate increased by 10 basis points to 11.39%. The average interest rate on housing loans at a floating rate also increased by 10 basis points to 2.43%.

The average interest rate on new corporate loans without a defined maturity decreased by 12 basis points to 4.13%, while the corresponding rate on loans to sole proprietors remained unchanged at 6.49%.

In October 2021, the average interest rate on corporate loans with a defined maturity at a floating rate increased by 34 basis points to 2.85% compared to 2.51% in the previous month. The interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) decreased to 3.16% from 3.24% in the previous month.

As regards the structure of interest rates according to the size of loans granted, the rate on loans of up to €250,000 remained almost unchanged at 4.36%, on loans of over €250,000 and up to €1 million increased by 8 basis points to 3.36%, while on loans of over €1 million it increased by 32 basis points to 2.73%.

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 0.04%.

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

Loans

The weighted average interest rate on outstanding amounts of loans decreased by 6 basis points to 3.51%.

In particular, the average interest rate on outstanding amounts of housing loans with over 5 years' maturity decreased by 10 basis points to 1.92%. The average interest rate on outstanding amounts of consumer and other loans to individuals and private non-profit institutions with a maturity of over 5 years decreased by 21 basis points to 6.40%; the corresponding rates on corporate loans and loans to sole proprietors remained almost unchanged at 3.10% and 4.29% respectively.

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

		August 2021	September 2021		October 2021
DEPOSITS	Overnight from households	0.03	0.03	0.03
	Overnight from non-financial corporations	0.01	0.01	0.00
	From households with an agreed maturity of up to 1 year	0.16	0.14	0.14
	Weighted average rate on all deposits	0.05	0.05	0.05
LOANS	Consumer without a defined maturity	14.32	14.28	14.48
	Corporate without a defined maturity	4.25	4.25	4.13
	To sole proprietors without a defined maturity	6.53	6.49	6.49
	Housing at a floating rate	2.35	2.33	2.43
	Consumer with a defined maturity at a floating rate	12.03	11.29	11.39
	Corporate with a defined maturity at a floating rate:	3.22	2.51	2.85
	-amounts of up to €250.000	4.31	4.35	4.36
	-amounts of over €250.000 and up to €1 million	3.35	3.28	3.36
	-amounts of over €1 million	3.15	2.41	2.73
	Loans with a defined maturity to small and medium-sized enterprises at a floating rate	3.30	3.24	3.16
	Weighted average rate on all loans	4.14	3.77	3.94
Interest rate spread		4.09	3.72	3.89

Table 2: Averageinterestratesonoutstandingamountsof euro-denominated depositsandloans (percentages per annum)

		August 2021	September 2021	October 2021
DEPOSITS	From households with an agreed maturity of up to 2 years	0.11	0.11	0.10
	From non-financial corporations with an agreed maturity of up to 2 years	0.08	0.07	0.07
	Weighted average rate on all deposits	0.05	0.04	0.04
LOANS	Housing with over 5 years' maturity	2.02	2.02	1.92
	Consumer and other loans to individuals and private non-profit institutions with over 5 years' maturity	6.57	6.61	6.40
	Corporate with over 5 years' maturity	3.14	3.12	3.10
	To sole proprietors with over 5 years' maturity	4.29	4.30	4.29
	Weighted average rate on all loans	3.59	3.57	3.51
Interest rate spread		3.54	3.53	3.47

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.

1. Loans at a floating rate comprise also loans with an initial rate fixation period of up to one year.

1. 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 November 2021 will be published on 5 January 2022, according to the Release calendar, as published on the Bank of Greece website.

Related links:

Bank deposit and loan interest rates

Release calendar