Interest rates on deposits and loans increased in October, according to data from the Bank of Greece, with the interest rate spread between existing deposits and loans also widening.

Specifically, in October 2023, the weighted average interest rate on new deposits increased to 0.46%, while the corresponding interest rate on new loans remained almost unchanged at 6.17%.

The interest rate spread between new deposits and loans remained almost unchanged at 5.71 basis points.

During the same period, the weighted average interest rate on the total of existing deposits remained unchanged at 0.46%, while the corresponding interest rate on loans increased to 6.39%.

The interest rate spread between existing deposits and loans increased to 5.93 basis points.

- In October 2023, the weighted average interest rate on new deposits increased to 0.46%, while the corresponding rate on new loans remained almost unchanged at 6.17%.

- The interest rate spread between new deposits and loans remained almost unchanged at 5.71 percentage points.

- In October 2023, the weighted average interest rate on outstanding amounts of deposits remained unchanged at 0.46%, while the corresponding rate on loans increased to 6.39%.

- The interest rate spread between outstanding amounts of deposits and loans increased to 5.93 percentage points.

1.         Interest rates on euro-denominated new deposits and loans

New Deposits

The weighted average interest rate on new deposits increased by 3 basis points to 0.46%, compared to the previous month.

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 remained almost unchanged at 0.18%.

The average interest rate on deposits from households with an agreed maturity of up to 1 year increased by 4 basis points to 1.77%. The corresponding rate on deposits by non-financial corporations increased by 21 basis points to 3.06%.

New Loans  

The weighted average interest rate on new loans to households and non-financial corporations remained almost unchanged at 6.17%.

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 11 basis points to 14.90%.

The average interest rate on consumer loans with a defined maturity at a floating rate increased by 40 basis points to 12.59%. The average interest rate on housing loans at a floating rate increased by 68 basis points to 5.10%.

The average interest rate on corporate loans without a defined maturity increased by 13 basis points to 6.89%. The corresponding rate on loans to sole proprietors remained almost unchanged at 7.80%.

In October 2023, the average interest rate on new corporate loans with a defined maturity at a floating rate decreased by 11 basis points to 5.93%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) decreased by 13 basis points to 5.97%.

2. Interest rates on outstanding amounts of euro-denominated deposits and loans

Deposits                                                                                                                          

The weighted average interest rate on outstanding amounts of deposits (including overnight deposits) remained unchanged at 0.46%.

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 6 basis points to 1.60%. The corresponding rate on deposits placed by non-financial corporations increased by 9 basis points to 2.78%.

Loans

The weighted average interest rate on outstanding amounts of loans increased by 4 basis points to 6.39%.

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 7 basis points to 8.17%.

The average interest rate on corporate loans with over 5 years’ maturity increased by 7 basis points to 6.42%. The corresponding rate on loans to sole proprietors remained almost unchanged at 7.13%.