According to data published by the Bank of Greece, in July 2024 the weighted average interest rate on new deposits stayed the same at 0.57%, while the interest rate on new loans increased to 5.86%.

This resulted in an increase of 5.29 percentage points in the interest rate differential between loan and deposit. In July 2024, the weighted average interest rate on all existing deposits remained almost unchanged at 0.53%, while the corresponding interest rate on loans fell to 6.09%.

The interest rate spread between existing deposits and loans decreased to 5.56 percentage points.

NEW DEPOSITS

The weighted average interest rate on new deposits remained unchanged at 0.57%, compared to the previous month.

In particular, the average interest rates on overnight deposits placed by households and non-financial corporations remained unchanged at 0.03% and 0.20%, respectively.

The average interest rate on deposits from households with an agreed maturity up to 1 year remained almost unchanged at 1.87%, while the corresponding rate on deposits from non-financial corporations decreased by 5 basis points to 3.11%.

NEW LOANS

The weighted average interest rate on new loans to households and non-financial corporations increased by 9 basis points to 5.86%.

More specifically, the average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) remained almost unchanged at 14.93%.

The average interest rate on consumer loans with a defined maturity at a floating rate increased by 11 basis points to 12.34%, while the average interest rate on housing loans at a floating rate decreased by 28 basis points to 4.42%.

The average interest rate on corporate loans without a defined maturity decreased by 13 basis points to 6.48%. The corresponding rate on loans to sole proprietors decreased by 7 basis points to 7.48%.

The average interest rate on new corporate loans with a defined maturity at a floating rate increased by 22 basis points to 5.63%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) remained almost unchanged at 5.87%. 

As regards the structure of interest rates according to the size of loans granted, the average rate on loans of up to €250,000 decreased by 9 basis points to 5.86%, on loans of over €250,000 and up to €1 million it decreased by 16 basis points to 5.83%, while on loans of over €1 million it increased by 24 basis points to 5.61%.

DEPOSITS                                                                                                                                      

The weighted average interest rate on outstanding amounts of deposits (including overnight deposits) remained almost unchanged at 0.53% compared to the previous month.

In particular, the average interest rates on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households and non-financial corporations remained almost unchanged at 1.85% and 2.95%, respectively.

LOANS

The weighted average interest rate on outstanding amounts of loans decreased by 6 basis points to 6.09%.

In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained almost unchanged at 4.33%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions also remained almost unchanged at 8.37%.

The average interest rate on corporate loans with over 5 years’ maturity decreased by 6 basis points to 5.92%. The corresponding rate on loans to sole proprietors also decreased by 6 basis points to 6.77%.