Press Release, Euro area MFI Interest rate statistics, May 2008

8 July 2008
PRESS RELEASE
EURO AREA MFI INTEREST RATE STATISTICS:
MAY 2008
In May 2008 most of the average MFI interest rates on new deposits and new loans in the euro area
were either higher than in the previous month or basically unchanged.
MFI interest rates on new business: in May 2008 the weighted average rate on deposits from
households with an agreed maturity of up to one year increased by 4 basis points to 4.32%, while the
corresponding deposit rate for non-financial corporations remained unchanged at 4.27%. The weighted
average rate on deposits from households redeemable at up to three months’ notice remained basically
unchanged at 2.73%.
The interest rate on housing loans to households at a floating rate or with an initial rate fixation period
of up to one year increased by 10 basis points to 5.33%. The corresponding rate on loans with an initial
rate fixation period of more than five years and up to ten years remained basically unchanged at 4.98%.
The weighted average rate on loans to households for consumption purposes, with an initial rate
fixation period of over one and up to five years, remained basically unchanged at 7.00% in May 2008.
In the case of loans to non-financial corporations at a floating rate or with an initial rate fixation period
of up to one year, the weighted average rate increased in May by 7 basis points, to 6.10%, for loans up
to EUR 1 million and decreased by 5 basis points, to 5.25%, for loans above EUR 1 million. The weighted
average rate on loans to non-financial corporations over EUR 1 million with an initial rate fixation period
of more than five years remained basically unchanged at 5.38%.
MFI interest rates on outstanding amounts: in May 2008 the weighted average interest rate on
outstanding amounts of deposits from households with an agreed maturity of up to two years increased
by 6 basis points to 4.13%. The corresponding rate on deposits with an agreed maturity of over two
years remained basically unchanged at 3.06%. The weighted average interest rate on outstanding
amounts of deposits from non-financial corporations with an agreed maturity of up to two years
increased by 8 basis points to 4.45% in the same month.
In May the weighted average interest rate on outstanding amounts of loans to households for house
purchase with over five years’ maturity remained basically unchanged at 5.05% and the weighted average
2
interest rate on outstanding amounts of loans to non-financial corporations with over five years’
maturity remained basically unchanged at 5.32%.
Weighting method: the interest rates on new business are weighted by the size of the individual
agreements. This is done both by the reporting agents and when computing the national and euro area
averages. In addition to changes in the actual interest rates, changes in the euro area average interest
rates on new business therefore reflect changes in the weights of the new business per country for the
instrument categories concerned.
Notes
•
In addition to the monthly euro area MFI interest rate statistics for May 2008, this press release incorporates minor revisions to the
data for previous periods.
•
“New business” refers to any new agreement between the customer and the MFI, while “outstanding amounts” refers to the stock of
all deposits and all loans at a specific moment in time. Three instrument categories – overnight deposits, bank overdrafts and
deposits redeemable at notice – form a separate group for which interest rates on new business and on outstanding amounts
coincide.
•
In this press release ‘up to’ means ‘up to and including’.
•
The period of initial rate fixation is any predetermined period of time at the start of a contract during which the interest rate cannot
be changed.
•
The corresponding business volumes for each of the MFI interest rate categories are shown in Tables 2 and 4 of the annex.
•
More detailed information on MFI interest rate statistics, including the release calendar, is available under “MFI interest rate
statistics” in the “Statistics” section of the ECB’s website (http://www.ecb.europa.eu).
European Central Bank
Directorate Communications, Press and Information Division
Kaiserstrasse 29, D-60311 Frankfurt am Main
Tel.: +49 69 1344 7455, Fax: +49 69 1344 7404
Internet: http://www.ecb.int
Reproduction is permitted provided that the source is acknowledged.
Table 1
MFI interest rates on new business of euro-denominated deposits and loans by euro area residents 1)
(percentages per annum; period average rates)
Deposits
From households
Overnight2)
With agreed maturity: up to 1 year
over 1 and up to 2 years
over 2 years
Redeemable at notice:2),3) up to 3 months’ notice
over 3 months’ notice
From non-financial corporations
Overnight2)
With agreed maturity: up to 1 year
over 1 and up to 2 years
over 2 years
Repos
Loans
To households
Bank overdraft2)
For consumption: floating rate and up to 1 year initial rate fixation
over 1 and up to 5 years’ initial rate fixation
over 5 years’ initial rate fixation
For house purchase: floating rate and up to 1 year initial rate fixation
over 1 and up to 5 years’ initial rate fixation
over 5 and up to 10 years’ initial rate fixation
over 10 years’ initial rate fixation
For other purposes: floating rate and up to 1 year initial rate fixation
over 1 and up to 5 years’ initial rate fixation
over 5 years’ initial rate fixation
To non-financial corporations
Bank overdraft2)
Other loans up to EUR 1 million: floating rate and up to 1 year initial rate fixation
over 1 and up to 5 years’ initial rate fixation
over 5 years’ initial rate fixation
Other loans over EUR 1 million: floating rate and up to 1 year initial rate fixation
over 1 and up to 5 years’ initial rate fixation
over 5 years’ initial rate fixation
Annual percentage rate of charge4) (APRC) on loans to households for consumption
Annual percentage rate of charge4) (APRC) on loans to households for house purchases
May 07
June 07
July 07
Aug. 07
Sep. 07
Oct. 07
Nov. 07
Dec. 07
Jan. 08
Feb. 08
Mar. 08
Apr. 08
May 08
1.06
3.62
3.51
2.72
2.43
3.25
1.08
3.78
3.79
2.64
2.42
3.32
1.10
3.86
3.90
2.97
2.45
3.40
1.14
3.93
3.93
3.01
2.53
3.46
1.16
4.07
3.98
2.92
2.58
3.50
1.17
4.11
4.16
3.31
2.53
3.57
1.18
4.08
4.22
3.20
2.54
3.64
1.18
4.28
4.14
3.18
2.57
3.68
1.20
4.19
4.32
3.43
2.57
3.75
1.21
4.10
4.18
3.22
2.65
3.77
1.22
4.14
3.97
3.08
2.69
3.78
1.22
4.28
4.16
3.14
2.72
3.81
1.23
4.32
4.26
3.20
2.73
3.84
1.78
3.74
3.80
3.72
3.73
1.77
3.94
4.09
4.16
3.90
1.81
4.01
4.16
4.51
3.95
1.89
4.08
4.33
4.20
3.93
1.91
4.14
4.34
4.41
3.97
1.97
4.07
4.37
4.63
3.93
2.01
4.10
4.41
4.04
3.98
1.95
4.26
4.40
4.03
3.95
2.01
4.13
4.38
4.68
3.95
2.02
4.07
4.18
4.36
3.93
2.03
4.20
4.23
4.07
3.96
2.05
4.27
4.56
4.62
4.00
2.07
4.27
4.69
4.38
4.03
10.32
8.10
6.73
8.30
4.88
4.80
4.81
4.74
5.38
5.65
5.32
10.38
8.07
6.66
8.25
5.00
4.93
4.90
4.82
5.49
5.77
5.37
10.49
8.06
6.76
8.30
5.06
4.93
5.02
4.91
5.54
5.80
5.41
10.55
8.43
6.85
8.31
5.15
4.98
5.08
4.90
5.36
5.93
5.47
10.53
8.48
6.83
8.39
5.23
5.04
5.09
5.02
5.46
5.87
5.51
10.64
8.10
6.88
8.40
5.29
5.07
5.08
5.11
5.63
6.05
5.59
10.50
8.38
6.90
8.36
5.28
5.03
5.10
5.11
5.60
5.95
5.49
10.46
8.05
6.93
8.17
5.32
5.03
5.07
5.18
5.67
5.83
5.43
10.46
8.11
7.00
8.47
5.32
5.02
5.07
5.14
5.59
5.93
5.49
10.45
8.54
7.24
8.44
5.26
4.97
5.02
5.11
5.55
5.87
5.55
10.52
8.41
7.05
8.42
5.20
4.89
4.96
5.11
5.65
5.79
5.46
10.53
8.32
7.02
8.46
5.23
4.91
4.95
5.12
5.83
5.80
5.45
10.55
8.67
7.00
8.42
5.33
4.96
4.98
5.12
5.99
5.86
5.54
6.12
5.43
5.57
4.95
4.72
5.10
5.12
8.27
5.02
6.17
5.53
5.70
5.03
4.89
5.28
5.17
8.26
5.15
6.30
5.58
5.77
5.09
4.90
4.95
5.17
8.35
5.26
6.35
5.77
5.86
5.17
5.01
5.46
5.29
8.48
5.24
6.49
5.93
5.90
5.23
5.20
5.60
5.41
8.54
5.31
6.53
5.96
6.00
5.26
5.11
5.19
5.31
8.38
5.38
6.50
5.96
5.90
5.29
5.08
5.28
5.36
8.47
5.38
6.62
6.08
5.96
5.30
5.35
5.62
5.48
8.26
5.40
6.62
5.93
5.92
5.27
5.12
5.35
5.23
8.48
5.37
6.56
5.84
5.86
5.24
5.04
5.43
5.14
8.70
5.35
6.56
5.91
5.77
5.23
5.19
5.44
5.34
8.55
5.28
6.54
6.03
5.77
5.20
5.30
5.42
5.39
8.55
5.29
6.56
6.10
5.91
5.26
5.25
5.70
5.38
8.65
5.40
Source: ECB MFI interest rate statistics.
1) In the above table ’up to’ shall mean ’up to and including’. Cypriot and Maltese data are included in euro area aggregates as of January 2008.
2) For this instrument category, new business and outstanding amounts coincide. End-of-period rates.
3) For this instrument category, households and non-financial corporations are merged and allocated to the household sector, since the outstanding amounts of non-financial corporations are negligible compared with those of the household sector in all
participating Member States combined.
4) The annual percentage rate of charge covers the total cost of the loans. These total costs comprise an interest rate component and a component of other (related) charges, such as the cost of inquiries, administration, preparation of documents, guarantees, etc.
Table 2
Volumes of new business of euro-denominated deposits and loans by euro area residents 1)
(EUR billions)
Deposits
From households
Overnight2),3)
With agreed maturity: up to 1 year
over 1 and up to 2 years
over 2 years
Redeemable at notice:2),3),4) up to 3 months’ notice
over 3 months’ notice
From non-financial corporations
Overnight2),3)
With agreed maturity: up to 1 year
over 1 and up to 2 years
over 2 years
Repos
Loans
To households
Bank overdraft2)
For consumption: floating rate and up to 1 year initial rate fixation
over 1 and up to 5 years’ initial rate fixation
over 5 years’ initial rate fixation
For house purchase: floating rate and up to 1 year initial rate fixation
over 1 and up to 5 years’ initial rate fixation
over 5 and up to 10 years’ initial rate fixation
over 10 years’ initial rate fixation
For other purposes: floating rate and up to 1 year initial rate fixation
over 1 and up to 5 years’ initial rate fixation
over 5 years’ initial rate fixation
To non-financial corporations
Bank overdraft2)
Other loans up to EUR 1 million: floating rate and up to 1 year initial rate fixation
over 1 and up to 5 years’ initial rate fixation
over 5 years’ initial rate fixation
Other loans over EUR 1 million: floating rate and up to 1 year initial rate fixation
over 1 and up to 5 years’ initial rate fixation
over 5 years’ initial rate fixation
Annual percentage rate of charge5) (APRC) on loans to households for consumption
Annual percentage rate of charge5) (APRC) on loans to households for house purchases
May 07
June 07
July 07
Aug. 07
Sep. 07
Oct. 07
Nov. 07
Dec. 07
Jan. 08
Feb. 08
Mar. 08
Apr. 08
May 08
1,737.9
171.0
6.4
5.3
1,369.2
106.7
1,773.9
171.9
7.9
5.9
1,363.0
107.4
1,754.9
197.0
8.5
6.2
1,351.2
108.1
1,727.6
188.2
6.6
5.5
1,344.9
108.5
1,742.6
195.1
6.9
5.1
1,337.6
109.2
1,718.5
222.4
10.4
6.7
1,469.2
110.3
1,722.4
192.1
9.4
6.9
1,464.0
111.3
1,766.0
193.9
10.0
6.6
1,484.8
112.4
1,750.7
260.3
12.7
7.4
1,489.5
113.4
1,734.6
206.2
8.4
6.6
1,487.9
112.5
1,744.7
201.0
7.6
5.3
1,492.5
110.5
1,758.8
235.7
7.6
5.2
1,490.3
109.1
1,765.1
204.9
7.9
4.6
1,488.0
107.7
801.8
238.2
1.3
0.8
98.0
820.9
228.2
1.7
1.3
94.6
799.3
258.5
1.8
2.6
102.3
786.5
262.4
1.2
1.7
79.1
800.6
260.6
1.4
1.5
87.8
796.2
297.9
1.9
1.5
92.8
808.4
254.8
1.4
1.1
85.9
839.6
264.8
1.6
1.4
79.1
797.8
269.5
1.6
1.4
98.8
788.3
244.4
1.1
1.1
88.7
802.3
257.3
0.9
0.8
78.6
795.2
263.5
1.2
0.8
94.1
809.4
225.9
1.2
0.9
90.7
188.2
6.7
10.9
7.9
30.7
8.0
10.5
19.8
27.1
3.1
4.3
190.4
6.7
11.1
8.0
31.2
10.8
10.9
22.2
29.8
3.5
5.0
180.3
7.1
11.4
8.3
32.5
10.1
12.2
23.4
33.6
3.1
5.7
180.2
5.5
8.4
6.8
23.7
8.2
10.3
17.6
33.8
2.3
4.2
181.3
5.6
9.2
6.5
23.3
6.7
8.6
16.1
36.1
2.4
3.8
183.6
7.1
9.6
7.9
27.8
7.7
10.3
18.6
34.8
2.8
4.9
181.4
6.9
8.5
6.6
24.8
7.2
9.6
17.9
31.8
2.6
4.4
190.3
6.3
7.5
5.7
23.9
6.6
9.6
17.5
34.8
3.5
5.0
190.9
6.5
8.2
6.5
22.2
6.8
10.0
16.2
30.7
2.9
4.7
187.6
6.1
7.8
6.4
23.0
6.1
8.8
15.2
23.3
2.4
3.5
192.7
5.9
7.5
6.2
21.6
6.3
8.9
14.6
24.7
2.2
3.6
189.0
6.5
8.7
7.2
25.1
8.3
11.6
17.1
22.0
2.6
4.5
187.6
6.1
7.8
6.3
22.3
8.1
10.4
17.1
18.3
2.4
3.9
523.8
72.2
5.1
7.0
182.6
11.8
12.0
25.5
68.9
533.8
75.6
6.0
7.7
229.0
12.3
17.5
25.8
75.1
540.3
81.4
6.4
9.2
232.2
15.0
16.2
26.7
78.0
526.2
59.4
4.2
6.1
167.0
10.0
12.2
20.7
59.7
539.6
71.1
4.5
6.1
197.9
10.2
12.1
21.3
54.7
539.7
81.5
5.7
7.1
213.0
13.9
12.7
24.5
64.2
553.8
72.7
5.7
6.9
185.8
9.9
13.0
22.0
59.4
564.5
77.8
6.1
7.5
263.7
17.2
21.1
19.5
57.5
574.6
73.9
5.5
7.5
215.8
12.1
14.5
21.2
55.0
578.0
71.2
5.5
5.9
201.0
9.8
9.6
20.3
53.0
595.0
72.0
5.3
5.8
227.6
9.4
10.5
19.6
51.4
605.1
76.1
6.4
6.9
234.1
11.2
12.4
22.4
62.1
604.5
72.0
5.3
6.7
223.8
10.2
10.6
20.2
57.8
Source: ECB MFI interest rate statistics.
1) In the above table ’up to’ shall mean ’up to and including’. Cypriot and Maltese data are included in euro area aggregates as of January 2008.
2) For this instrument category, new business and outstanding amounts coincide.
3) The business volumes are derived from non-seasonally adjusted MFI balance sheet statistics.
4) For this instrument category, households and non-financial corporations are merged and allocated to the household sector, since the outstanding amounts of non-financial corporations are negligible compared with those of the household sector in all
participating Member States combined.
5) The annual percentage rate of charge covers the total cost of the loans. These total costs comprise an interest rate component and a component of other (related) charges, such as the cost of inquiries, administration, preparation of documents, guarantees, etc.
Table 3
MFI interest rates on outstanding amounts of euro-denominated deposits and loans by euro area residents 1)
(percentages per annum excluding charges; end-of-period)
Deposits
From households
With agreed maturity: up to 2 years
over 2 years
From non-financial corporations
With agreed maturity: up to 2 years
over 2 years
Repos
Loans
To households
For house purchases: up to 1 year maturity
over 1 and up to 5 years maturity
over 5 years maturity
Consumer credit and other loans: up to 1 year maturity
over 1 and up to 5 years maturity
over 5 years maturity
To non-financial corporations: up to 1 year maturity
over 1 and up to 5 years maturity
over 5 years maturity
May 07
June 07
July 07
Aug. 07
Sep. 07
Oct. 07
Nov. 07
Dec. 07
Jan. 08
Feb. 08
Mar. 08
Apr. 08
May 08
3.30
3.03
3.39
3.04
3.49
3.02
3.58
3.03
3.68
3.06
3.79
3.04
3.85
3.06
3.95
3.03
3.98
3.06
3.99
3.11
4.01
3.07
4.07
3.07
4.13
3.06
3.72
3.96
3.66
3.87
3.99
3.79
3.92
4.00
3.85
4.03
4.07
3.89
4.13
4.09
3.93
4.18
4.11
3.93
4.21
4.18
3.97
4.33
4.17
4.01
4.27
4.21
4.01
4.23
4.24
3.97
4.29
4.23
3.96
4.37
4.29
3.89
4.45
4.30
4.04
5.16
4.48
4.82
8.71
6.95
5.97
5.50
4.99
4.90
5.20
4.53
4.86
8.68
6.94
6.01
5.62
5.09
4.96
5.28
4.57
4.89
8.80
6.95
6.06
5.70
5.15
5.00
5.35
4.58
4.90
8.85
6.97
6.08
5.76
5.24
5.05
5.44
4.64
4.94
8.99
7.00
6.13
5.91
5.35
5.14
5.49
4.68
4.98
9.02
7.10
6.16
5.96
5.44
5.22
5.48
4.72
4.99
8.86
7.12
6.21
5.96
5.49
5.22
5.54
4.75
5.00
8.97
7.13
6.22
6.08
5.57
5.28
5.62
4.75
5.01
8.99
7.15
6.24
6.06
5.55
5.27
5.60
4.82
5.03
9.05
7.21
6.26
5.99
5.52
5.30
5.61
4.80
5.02
9.06
7.19
6.25
5.99
5.51
5.27
5.59
4.85
5.03
9.07
7.22
6.28
6.04
5.54
5.29
5.61
4.86
5.05
9.09
7.21
6.27
6.10
5.59
5.32
Source: ECB MFI interest rate statistics.
1) In the above table ’up to’ shall mean ’up to and including’. Cypriot and Maltese data are included in euro area aggregates as of January 2008.
Table 4
Volumes of outstanding amounts of euro-denominated deposits and loans by euro area residents 1),2)
(EUR billions)
Deposits
From households
With agreed maturity: up to 2 years
over 2 years
From non-financial corporations
With agreed maturity: up to 2 years
over 2 years
Repos
Loans3)
To households
For house purchases: up to 1 year maturity
over 1 and up to 5 years maturity
over 5 years maturity
Consumer credit and other loans: up to 1 year maturity
over 1 and up to 5 years maturity
over 5 years maturity
To non-financial corporations: up to 1 year maturity
over 1 and up to 5 years maturity
over 5 years maturity
May 07
June 07
July 07
Aug. 07
Sep. 07
Oct. 07
Nov. 07
Dec. 07
Jan. 08
Feb. 08
Mar. 08
Apr. 08
May 08
749.6
580.4
768.2
576.3
797.9
571.2
824.4
568.0
850.6
564.8
890.5
558.7
916.6
555.6
956.1
560.4
1,015.5
557.8
1,041.3
552.6
1,057.8
547.8
1,090.0
543.3
1,114.0
539.2
349.1
63.5
105.4
349.4
63.7
103.9
370.1
63.1
107.8
386.2
63.3
113.2
392.7
59.5
108.1
414.9
59.3
110.2
416.2
56.7
111.2
429.3
55.1
110.5
425.0
55.3
113.7
447.2
55.7
119.0
443.8
55.4
118.3
463.6
55.8
119.1
464.5
56.1
122.9
15.6
71.5
3,177.8
269.4
303.0
742.6
1,130.0
730.4
2,009.2
16.1
72.0
3,199.9
276.4
305.1
745.4
1,153.8
739.9
2,029.6
15.5
72.4
3,221.7
273.6
305.9
749.5
1,174.1
753.5
2,057.9
15.6
72.4
3,236.5
270.0
305.5
752.2
1,163.5
763.9
2,072.5
15.8
72.7
3,254.5
271.7
304.0
755.9
1,181.1
777.5
2,089.8
15.7
73.0
3,269.5
272.7
304.7
759.7
1,180.8
794.8
2,116.6
15.7
72.9
3,289.2
274.3
306.3
763.0
1,201.1
804.9
2,138.7
15.6
73.1
3,299.3
276.7
304.5
762.5
1,212.5
820.0
2,172.2
15.6
73.0
3,317.2
274.6
305.6
769.1
1,225.5
836.9
2,200.1
15.5
72.8
3,331.1
272.2
304.8
773.8
1,236.0
846.0
2,217.3
15.7
72.8
3,334.0
274.9
305.2
774.0
1,257.7
853.5
2,238.7
15.7
72.7
3,343.7
273.3
304.2
778.9
1,266.3
859.0
2,265.4
15.5
72.6
3,356.3
272.6
302.6
781.9
1,266.6
864.7
2,285.6
Source: ECB MFI interest rate statistics.
1) In the above table ’up to’ shall mean ’up to and including’. Cypriot and Maltese data are included in euro area aggregates as of January 2008.
2) The business volumes for all outstanding amounts indicators are derived from non-seasonally adjusted MFI balance sheet statistics.
3) Based on ECB estimations for some countries.