The interest rate spread between new deposits and loans increased to 5.75 percentage points in November, as the weighted average interest rate on new deposits increased by 4 basis points to 0.50%, compared to the previous month and the weighted averAge interest rate on new loans increased by 8 basis points to 6.25%, the Bank of Greece said on Friday.
In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.03%, while the corresponding rate on deposits by non-financial corporations increased by 4 basis points to 0.22%. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained almost unchanged at 1.79%. The corresponding rate on deposits by non-financial corporations increased by 8 basis points to 3.14%.
More specifically, the average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) increased by 6 basis points to 14.96%. The average interest rate on consumer loans with a defined maturity at a floating rate remained almost unchanged at 12.61%, while the average interest rate on housing loans at a floating rate remained unchanged at 5.10%. The average interest rate on corporate loans without a defined maturity remained almost unchanged at 6.87%. The corresponding rate on loans to sole proprietors remained also almost unchanged at 7.77%.
In November 2023, the average interest rate on new corporate loans with a defined maturity at a floating rate increased by 11 basis points to 6.04%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) increased by 26 basis points to 6.23%.
The weighted average interest rate on outstanding amounts of deposits (including overnight deposits) remained almost unchanged at 0.48%. In particular, the average interest rate on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households increased by 4 basis points to 1.64%. The corresponding rate on deposits placed by non-financial corporations remained almost unchanged at 2.81%.
The weighted average interest rate on outstanding amounts of loans remained almost unchanged at 6.40%. In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained unchanged at 4.42%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions increased by 4 basis points to 8.21%
SOURCE; ANA-MPA
