The average weighted interest rate on new deposits remained almost unchanged at 0.02%, in July 2022, while the average weighted interest rate on new loans decreased to 3.71%, as the Bank of Greece announced today.
The spread between new deposits and loans narrowed to 3.69 percentage points.
The weighted average interest rate of all existing deposits remained unchanged at 0.03%, while the weighted average interest rate of existing loans increased to 3.56%.
The interest rate spread between existing deposits and loans increased to 3.53 percentage points.
In detail, as reported by the Bank of Greece:
Interest rates on new deposits and loans in euros
New Deposits
The weighted average interest rate on all new deposits was almost unchanged at 0.02%.
In particular, the average interest rate on overnight deposits from households remained unchanged at 0.03%, while the corresponding interest rate from businesses remained almost unchanged at -0.01%. The average interest rate on deposits with an agreed duration of up to 1 year from households remained almost unchanged, compared to the previous month, at 0.13%.
New Loans
The weighted average interest rate of all new loans to households and businesses decreased by 27 basis points and stood at 3.71%.
In particular, the average interest rate on consumer loans without a fixed term (a category that includes credit card loans, open loans and overdrafts from current accounts) remained almost unchanged at 14.13%.
The average interest rate on fixed-term and variable-rate consumer loans remained almost unchanged at 11.33%. The average interest rate on variable rate mortgages decreased by 11 basis points to 2.84%.
The average interest rate on non-term business loans fell 4 basis points to 3.76%. The corresponding interest rate on professional loans increased by 8 basis points and stood at 6.37%.
The average interest rate on new fixed term and floating rate business loans decreased by 43 basis points in July 2022 to 2.58%. The average interest rate on regular maturity loans with a variable interest rate to small and medium enterprises (SMEs) increased by 37 basis points and stood at 3.62%.
Regarding the structure of interest rates in terms of the amount of the loan, it is noted that the average interest rate for loans up to 250,000 euros increased by 13 basis points to 4.63%, for loans from 250,001 to 1 million euros it increased by 19 basis points to 3.60% and for loans over 1 million euros it was reduced by 40 basis points to 2.52%.
Interest rates on existing deposit and loan balances
Existing Deposits
The weighted average rate of total outstanding deposits (including overnight deposits) remained unchanged at 0.03%.
In particular, the average interest rate on existing balances of deposits with an agreed duration of up to 2 years from households remained unchanged at 0.08%, while the corresponding interest rate from businesses remained almost unchanged at 0.10%.
Existing Loans
The weighted average interest rate on existing loans increased by 8 basis points to 3.56%.
In particular, the average interest rate on existing mortgage loan balances with a duration of more than 5 years increased by 16 basis points and stood at 2.15%. The corresponding interest 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 business loans with a duration of more than 5 years increased by 8 basis points and stood at 3.11%. The corresponding interest rate on professional loans increased by 6 basis points and stood at 4.26%.
Notes:
The interest spread is equal to the difference between the weighted average interest rate of all loans and the weighted average interest rate of all deposits.
For the calculation of the weighted average interest rate on the existing deposit balances, one-day deposits are also taken into account.
Loans with a floating interest rate also include loans with a fixed interest rate up to 1 year.
The amount of new loans refers to amounts of new loan contracts concluded during the reporting month and not loan disbursements.
Full data on bank deposit and loan interest rates are published in the subsection “Deposit and loan interest rates” on the Bank of Greece website.
Source: Capital
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