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Bank of Greece: Loan/deposit interest rate spread down in October

Bank of Greece: Loan/deposit interest rate spread down in October

The interest rate spread between loan and deposit rates increased to 4.70 percentage points in October, as the overall weighted average interest rate on new deposits remained almost unchanged, while the interest rate on new loans increased, the Bank of Greece said on Tuesday.

The central bank, in a monthly report, said the overall weighted average interest rate on all new deposits remained almost unchanged at 0.28 pct. In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.09 pct, while the average interest rate on overnight deposits placed by non-financial corporations remained almost unchanged at 0.16 pct. The average interest rate on deposits from households with an agreed maturity of up to one year remained also almost unchanged at 0.58 pct.

The overall weighted average interest rate on all new loans to households and non-financial corporations increased by 23 basis points to 4.98 pct.

More specifically, the average interest rate on consumer loans without a defined maturity increased by 15 basis points to 14.47 pct. The average interest rate on corporate loans without a defined maturity decreased by 4 basis points to 5.09 pct.

In October 2018, the overall weighted average interest rates on the outstanding amounts of all deposits and all loans remained almost unchanged. The spread between loan and deposit rates stood at 4.00 percentage points.

In more detail, the overall weighted average interest rate on the outstanding amounts of all deposits remained almost unchanged at 0.29 pct. The corresponding rate on all outstanding loans also remained almost unchanged at 4.29 pct.

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