Interest rates on new loans rose in July, according to data from the Bank of Greece (BoG).
Based on the data, the weighted average interest rate on new deposits remained unchanged at 0.57%, while the corresponding interest rate on new loans increased to 5.86%, bringing the interest rate spread between new deposits and loans to 5.29 percentage units.
The weighted average interest rate on all existing deposits remained almost unchanged at 0.53%, while the corresponding interest rate on loans decreased to 6.09%. The interest rate spread between existing deposits and loans narrowed to 5.56 percentage points.
In more detail:
Interest rates on new deposits and loans in euros
New deposits
The weighted average interest rate on all new deposits remained unchanged compared to the previous month at 0.57%.
In particular, the average interest rates on household and corporate demand deposits remained unchanged at 0.03% and 0.20%, respectively.
The average interest rate on household term deposits of up to 1 year remained almost unchanged at 1.87%, while the corresponding interest rate on corporate deposits decreased by 5 basis points to 3.11%.
New loans
The weighted average interest rate on all new loans to households and businesses increased by 9 basis points to 5.86%.
In particular, the average interest rate on consumer credit without a fixed term (a category that includes loans through credit cards, open loans and overdrafts on current accounts) remained almost unchanged at 14.93%.
The average interest rate on fixed-term and variable-rate consumer credit increased by 11 basis points to 12.34%, while the average interest rate on variable-rate mortgage credit decreased by 28 basis points to 4.42%.
The average interest rate on open-ended commercial loans decreased by 13 basis points to 6.48%. The interest rate on professional loans decreased by 7 basis points to 7.48%.
The average interest rate on new fixed-term and variable-rate business loans increased by 22 basis points to 5.63%. The average interest rate on fixed-term and variable-rate loans to small and medium-sized enterprises (SMEs) remained almost unchanged at 5.87%.
Regarding the structure of interest rates in terms of the loan value, the Central Bank states that the average interest rate for loans up to 250 thousand euros decreased by 9 basis points and was 5.86%, for loans from 250 thousand to 1 million euros it decreased by 16 basis points and stood at 5.83%, while for loans over 1 million euros it increased by 24 basis points and stood at 5.61%.
Interest rates on existing balances of deposits and loans in euros
Existing deposits
The weighted average rate on total deposits (including demand deposits) remained almost unchanged at 0.53% compared to the previous month.
In particular, the average interest rates on outstanding balances of deposits with an agreed maturity of up to 2 years for households and companies remained almost unchanged at 1.85% and 2.95%, respectively.
Existing loans
The weighted average interest rate on existing loans decreased by 6 basis points to 6.09%.
In particular, the average interest rate on outstanding mortgage loans with a term of over 5 years remained almost unchanged at 4.33%. The corresponding interest rate on consumer loans 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 a term of more than 5 years decreased by 6 basis points to 5.92%. The interest rate on corporate loans also decreased by 6 basis points to 6.77%.