Bank of Greece: Interest rate between loan and deposit spread up in January

The interest rate spread between loan and deposit rates increased to 4.54 percentage points in January, against 4.50 points in the previous month, as the overall weighted average interest rate on new deposits remained unchanged, while the average interest rate on new loans increased, the Bank of Greece said on Friday.

The central bank, in a monthly report, said that the overall weighted average interest rate on all new deposits stood at 0.32 pct, unchanged from the previous month. In particular, the average interest rates on overnight deposits placed by households and non-financial corporations remained almost unchanged at 0.09 pct and 0.14 pct, respectively. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained almost unchanged at 0.69 pct. The overall weighted average interest rate on all new loans to households and corporations increased by 4 basis points to 4.86 pct against the previous month.

More specifically, the average interest rate on consumer loans without a defined maturity (a category which comprises credit cards, open account loans and overdrafts) remained unchanged at 14.51 pct. The average interest rate on consumer loans with a defined maturity at a floating rate(1) increased by 123 basis points to 7.70 pct.

The average interest rate on corporate loans without a defined maturity remained almost unchanged at 5.66 pct.Finally, the average interest rate on housing loans at a floating rate decreased by 26 basis points to 2.57 pct.