The interest rate on new loans fell slightly, closing the gap slightly with the new deposit rates, according to Bank of Greece data. 

In April 2024, the weighted average interest rate on new deposits remained unchanged at 0.53%, while the corresponding rate on new loans fell to 5.98%. The interest rate spread between new deposits and loans decreased to 5.45 percentage points from 5.71% in March.

In April 2024, the weighted average interest rate on all existing deposits remained almost unchanged at 0.55%, while the corresponding interest rate on loans fell to 6.27%. The interest rate spread between existing deposits and loans decreased to 5.72 percentage points from 5.78%.

NEW DEPOSITS AND LOANS

The weighted average interest rate on all new deposits remained unchanged from the previous month at 0.53%.

In particular, the average interest rate on overnight deposits from households remained unchanged at 0.03%, while the corresponding interest rate on deposits from non-financial corporations remained almost unchanged at 0.16%. 

The average interest rate on deposits with an agreed maturity of up to 1 year from households increased by 6 basis points to 1.83%, while the corresponding interest rate on deposits from businesses remained almost unchanged at 3.19%. 

The weighted average interest rate on all new loans to households and enterprises decreased by 26 basis points to 5.98%. 

In particular, the average interest rate on consumer loans without a fixed maturity (a category that includes credit card loans, open loans and current account overdrafts) decreased by 11 basis points to 15.07%.

The average interest rate on consumer loans with a fixed maturity and variable interest rate decreased by 21 basis points to 11.61%, while the average interest rate on mortgage loans with a variable interest rate increased by 10 basis points to 5.11%.

The average interest rate on business loans with no specific maturity decreased by 5 basis points to 6.69%. The corresponding interest rate for business loans remained almost unchanged at 7.67%. 

The average interest rate on new business loans with a specific maturity and a variable interest rate decreased by 27 basis points to 5.95%. The average interest rate on regular maturity floating rate loans to small and medium-sized enterprises (SMEs) increased by 5 basis points to 6.15%. 

As regards the structure of interest rates according to the loan amount, the average interest rate for loans up to EUR 250,000 increased by 49 basis points to 5.90%, for loans from EUR 250,001 to EUR 1 million, it increased by 8 basis points to 6.08%; and for loans above EUR 1 million, it decreased by 30 basis points to 5.94%.

EXISTING LOANS AND DEPOSITS

The weighted average interest rate on all existing deposits (including overnight deposits) remained almost unchanged at 0.55% compared with the previous month.

In particular, the average interest rates on existing balances of deposits with agreed maturity up to 2 years by households and enterprises remained almost unchanged at 1.83% and 3.03%, respectively. 

The weighted average interest rate on existing loans decreased by 5 basis points to 6.27%.

In particular, the average interest rate on existing balances of mortgage loans with a maturity of more than 5 years remained unchanged at 4.40%. The corresponding interest rate on consumer and other loans to individuals and private non-profit institutions increased by 6 basis points to 8.33%. 

The average interest rate on business loans with a maturity of more than 5 years decreased by 9 basis points to 6.17%. The corresponding interest rate for business loans decreased by 5 basis points to 6.88%.