Interest rates on bank deposits and loans: March 2022

05/05/2022 – Press releases

-The weighted average interest rate on new deposits remained unchanged at 0.04% in March 2022, while the weighted average interest rate on new loans increased to 3.82%.
-The interest rate differential between new deposits and loans increased to 3.78 percentage points.
-The weighted average interest rates on outstanding deposits remained unchanged at 0.03%, while the weighted interest rate on outstanding loans remained almost unchanged at 3.49%.
-The interest rate differential between outstanding deposits and loans remained virtually unchanged at 3.46 percentage points.

1. Interest rates on new deposits and loans denominated in euros

New deposits

The weighted average interest rate on new deposits remained unchanged at 0.04%.

In particular, the average interest rates on overnight deposits placed by households and by non-financial corporations remained unchanged at 0.02% and 0.00% respectively. The average interest rate on household deposits with a maturity of up to 1 year remained virtually unchanged from the previous month, at 0.13%.

New loans

The weighted average interest rate on new loans to households and non-financial corporations increased by 9 basis points to stand at 3.82%.

More specifically, the average interest rate for consumer loans with no defined maturity (a category that includes credit cards, revolving loans and overdrafts) remained unchanged at 14.69%.

The average interest rate on variable-rate fixed-term consumer loans fell by 18 basis points to 11.19%. The average interest rate on variable rate mortgages increased by 5 basis points to 2.44%.

Average interest rates on new business loans and loans to individual entrepreneurs with no defined maturity remained virtually unchanged at 3.89% and 6.51%, respectively.

In March 2022, the average interest rate on variable-rate fixed-term corporate loans increased by 23 basis points to 2.83%. The interest rate on variable-rate fixed-term loans to small and medium-sized enterprises (SMEs) remained almost unchanged from the previous month, at 3.17%.

Regarding the structure of interest rates according to the size of the loans granted, the rate for loans up to €250,000 increased by 10 basis points to 4.52%, that for loans over €250,000 and up to 1 million euros increased by 9 basis points to 3.55% and on loans above 1 million euros increased by 25 basis points to 2.63%.

2. Interest rates on outstanding deposits and loans denominated in euros

Deposits

The weighted average interest rate on outstanding deposits (including demand deposits) remained unchanged at 0.03%.

In particular, the average interest rates on outstanding deposits with a duration of less than or equal to 2 years placed by households and by non-financial corporations remained virtually unchanged at 0.08% and 0.11% respectively.

Loans

The weighted average interest rate on outstanding loans remained virtually unchanged at 3.49%.

In particular, the average interest rate on outstanding housing loans over 5 years and the corresponding rate on consumer and other loans to individuals and private non-profit institutions remained virtually unchanged at respectively 1.92% and 6.32%. The average interest rate for business loans over 5 years remained unchanged at 3.01%, while the corresponding rate for loans to individual entrepreneurs remained almost unchanged at 4.24%.

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

January 2022

February

2022

March 2022

DEPOSITS

Household overnight stay

0.03

0.02

0.02

Overnight of non-financial corporations

0.00

0.00

0.00

Households with an agreed maturity of up to 1 year

0.14

0.14

0.13

Weighted average rate on all deposits

0.04

0.04

0.04

LOANS

Consumer without defined maturity

2:65 p.m.

14.69

14.69

Company without defined maturity

3.91

3.91

3.89

Individual entrepreneurs with no defined maturity

6.56

6.54

6.51

Variable rate housing

2.36

2.39

2.44

Consumer with a defined variable rate maturity

11.88

11:37

11.19

Corporate with defined maturity at variable rate:

2.80

2.60

2.83

– amounts up to €250,000

4.37

4.42

4.52

-amounts over €250,000 and up to €1 million

3.46

3.46

3.55

-amounts over 1 million euros

2.69

2.38

2.63

Variable Rate Small and Medium Business Fixed Term Loans

2.69

3.15

3.17

Weighted average rate on all loans

3.90

3.73

3.82

Interest rate spread

3.86

3.69

3.78

Table 2: Mediuminterestratesonexceptionalthe amountsof denominated in euros depositsandloans (percentages per year)

January 2022

February

2022

March 2022

DEPOSITS

Households with an agreed maturity of up to 2 years

0.09

0.09

0.08

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

0.10

0.10

0.11

Weighted average rate on all deposits

0.04

0.03

0.03

LOANS

Housing with more than 5 years of maturity

1.90

1.91

1.92

Consumer and other loans to individuals and private non-profit institutions with a term of more than 5 years

6.29

6.31

6.32

Company with more than 5 years of maturity

3.03

3.01

3.01

To sole proprietors with a maturity of more than 5 years

4.22

4.23

4.24

Weighted average rate on all loans

3.51

3.50

3.49

Interest rate spread

3.47

3.47

3.46

Remarks:

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, demand deposits are also taken into account.
3. Floating rate loans also include loans with an initial rate fixation period of up to one year.
4. New business refers to new contracts that were entered into during the reporting month and not actual loan disbursements.

Related information:

The full set of data on interest rates on bank deposits and loans is published in the subsection “Interest rates on bank deposits and loans” on the Bank of Greece website.

The next April 2022 press release will be published on June 2, 2022, according to the release schedule on the Bank of Greece website.

Related links:

Bank deposit and loan interest rates

Release calendar

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