Interest rates on loans, deposits mostly unchanged in May
The Bank of Greece on Tuesday announced that in May 2016, the overall weighted average interest rates on new deposits and loans remained almost unchanged. The interest rate spread between loan and deposit rates remained almost unchanged at 4.41 percentage points.
The overall weighted average interest rate on all new deposits remained almost unchanged from the previous month at 0.43 percent. In particular, the average interest rates on overnight deposits placed by households and by non-financial corporations remained almost unchanged at 0.11 percent and 0.21 percent, respectively. The average interest rate on deposits placed by households with an agreed maturity of up to one year also remained almost unchanged at 0.85 percent.
The overall weighted average interest rate on all new loans to households and corporations remained almost unchanged at 4.84 percent.
Specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) decreased by 4 basis points to 14.59 percent. The average interest rate on consumer loans at a floating1 rate decreased by 75 basis points to 6.99 percent.
The average interest rate on corporate loans without a defined maturity decreased by 12 basis points to 5.86 percent. The corresponding rate on loans to sole proprietors decreased by 4 basis points to 7.35 percent. The average interest rate on corporate loans with a defined maturity at a floating rate increased by 4 basis points to 4.80 percent. In particular, the rate on loans of up to €250,000 increased by 10 basis points to 5.97 percent, on loans of over €250,000 and up to €1 million decreased by 6 basis points to 5.17 percent, and the rate on loans of over €1 million increased by 11 basis points to 4.71 percent. Finally, the average interest rate on housing loans at a floating rate1 increased by 14 basis points to 2.75 percent.
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