The weighted average interest rate on new deposits remained unchanged at 0.53% in March, while the corresponding interest rate on new loans rose to 6.24%, the Bank of Greece said today. 

In March 2024, the weighted average interest rate on new deposits remained unchanged at 0.53%, while the corresponding rate on loans increased to 6.24%.

The interest rate spread between new deposits and loans increased to 5.71 percentage points.

In March 2024, the weighted average interest rate on outstanding amounts of deposits remained unchanged at 0.54%, while the corresponding rate on loans remained almost unchanged at 6.32%.

The interest rate spread between outstanding amounts of deposits and loans remained almost unchanged at 5.78 percentage points.

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

NEW DEPOSITS

The weighted average interest rate on new deposits remained unchanged at 0.53%, 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 0.17%.

The average interest rates on deposits from households and non-financial corporations with an agreed maturity of up to 1 year remained almost unchanged at 1.77% and 3.22%, respectively.

NEW LOANS  

The weighted average interest rate on new loans to households and non-financial corporations increased by 47 basis points to 6.24%.

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 14 basis points to 15.18%.

The average interest rate on consumer loans with a defined maturity at a floating rate increased by 155 basis points to 11.82%, while the average interest rate on housing loans at a floating rate decreased by 47 basis points to 5.01%.

The average interest rate on corporate loans without a defined maturity remained almost unchanged at 6.74%. The corresponding rate on loans to sole proprietors remained almost unchanged at 7.69%.

The average interest rate on new corporate loans with a defined maturity at a floating rate increased by 31 basis points to 6.22%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) increased by 25 basis points to 6.10%. 

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 23 basis points to 5.41%, on loans of over €250,000 and up to €1 million, it decreased by 20 basis points to 6.00%; and on loans of over €1 million, it increased by 36 basis points to 6.24%.

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 0.54% compared to the previous month.

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 1.80%. The corresponding rate on deposits placed by non-financial corporations remained almost unchanged at 3.02%.

LOANS

The weighted average interest rate on outstanding amounts of loans remained almost unchanged at 6.32%.

In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained unchanged at 4.40%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions remained almost unchanged at 8.27%.

The average interest rate on corporate loans with over 5 years’ maturity decreased by 5 basis points to 6.26%. The corresponding rate on loans to sole proprietors remained almost unchanged at 6.93%.