8 January 2015
Euro area bank interest rate statistics: November 2014• The composite cost-of-borrowing indicator for new loans to corporations1 decreased by 9 basis points from the previous month to 2.49% in November 2014. This was the 7th decrease in a row since May 2014.
• The composite cost-of-borrowing indicator for new loans to households1 for house purchase decreased by 6 basis points from the previous month to 2.55% in November. This was the 10th decrease in a row since February 2014.
• In the same month, the euro area composite interest rate for new deposits from both corporations and households decreased. For the deposit rate for households, this was the 10th decrease in a row since February 2014.
Bank1 interest rates on new loans to, and deposits from, euro area corporations and households(percentages per annum)
Bank interest rates for corporationsWhile the composite cost-of-borrowing indicator, which combines interest rates on all loans to corporations, decreased, November 2014 saw mixed developments in the cost of new borrowing by corporations both for small loans of up to €250,000 and for loans of over €1 million. For example, the interest rate on new loans ofover €1 million with a floating rate and an initial rate fixation period of up to three monthsremained basically unchanged at 1.73%. The rate for new loans of the same size with an initial rate fixation period of over tenyearsdecreased by 49 basis points to 2.18%. The month-on-month decrease was driven by the interest rate effect, which accounted for 46 basis points of the change. In the case of new loans of up to €250,000with a floating rate and an initial rate fixation period of up to three months, the average rate charged
1 In this press release "corporations" refers to non-financial corporations (sector S.11 in the European System of Accounts
1995, or ESA 95) and "households" to households and non-profit institutions serving households (ESA 95 sectors S.14 and
S.15). "Banks" refers to monetary financial institutions (ESA 95 sectors S.121 and S.122).
decreased by 22 basis points to 3.76%. The month-on-month decrease was driven by the interest rate effect.
As regards new deposit agreements, the interest rate on deposits from corporations with an agreedmaturity of up to one yearfell by 7 basis points to 0.41% in November 2014.
The interest rate on new loans to sole proprietors and unincorporated partnerships with a floating rate and
an initial rate fixation period of up to one yearincreased by 12 basis points to 2.93%.
Bank interest rates for householdsThe composite cost-of-borrowing indicator, which combines interest rates on all loans to households for house purchase, decreased in November 2014. The interest rate on loans for house purchase with afloating rate and an initial rate fixation period of up to one yearremained unchanged at 2.43%, while the interest rate on housing loans with an initial rate fixation period of over ten yearsfell by 6 basis points to
2.73%. In the same period, the interest rate on new loans to households for consumption with a floating rateand an initial rate fixation period of up to one yearrose by 17 basis points to 5.66%.
Rates agreed on new deposits from households saw mixed developments. The interest rate on depositswith an agreed maturity of up to one yearfell by 7 basis points to 1.05%, while the interest rate on deposits
redeemable at three months' noticeremained basically unchanged at 0.89% in November 2014.
Bank interest rates | New business volumes (EUR billions) | ||||||
Nov.2014 | Month-on-month change (basis points) | Nov.2014 | Oct.2014 | Nov.2013 | |||
Nov.2014 | Interest rate effect | Weight effect | Nov.2014 | Oct.2014 | Nov.2013 | ||
Corporations Loans of over €1 million with a floating rate and an initial rate fixation period of up to three months Loans of over €1 million with an initial rate fixation period of over ten years Loans of up to €250,000 with a floating rate and an initial rate fixation period of up to three months Composite cost-of-borrowing indicator Deposits with an agreed maturity of up to one year | 1.73% 2.18% 3.76% 2.49% 0.41% | -1 -49 -22 -9 -7 | -5 -46 -18 -8 -6 | +4 -3 -4 0 0 | 99.54 4.14 17.85 239.35 65.76 | 117.06 3.96 18.32 240.48 76.96 | 102.89 3.15 16.47 262.28 87.30 |
Sole proprietors and unincorporated partnerships Loans with a floating rate and an initial rate fixation period of up to one year | 2.93% | +12 | +5 | +7 | 4.30 | 5.38 | 4.11 |
European Central Bank Directorate General Communications & Language Services
Global Media Relations Division, Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany
Tel.: +49 69 1344 7455, e-mail: media@ecb.europa.eu, website: www.ecb.europa.eu
Bank interest rates | New business volumes (EUR billions) | ||||||
Nov.2014 | Month-on-month change (basis points) | Nov.2014 | Oct.2014 | Nov.2013 | |||
Nov.2014 | Interest rate effect | Weight effect | Nov.2014 | Oct.2014 | Nov.2013 | ||
Households Loans for house purchase with a floating rate and an initial rate fixation period of up to one year Loans for house purchase with an initial rate fixation period of over ten years Loans for consumption with a floating rate and an initial rate fixation period of up to one year Composite cost-of-borrowing indicator Deposits with an agreed maturity of up to one year Deposits redeemable at notice of up to three months* | 2.43% 2.73% 5.66% 2.55% 1.05% 0.89% | 0 -6 +17 -6 -7 -2 | -1 -6 +13 -6 -3 -2 | +1 0 +4 0 -4 0 | 11.13 20.05 2.36 44.91 56.30 2,055.34 | 12.54 20.01 2.49 44.57 64.26 2,056.22 | 11.03 14.95 2.56 43.57 66.64 2,046.74 |
* For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore it is not comparable with the business volumes of the other categories; households and corporations are merged and allocated to the household sector. Volume data are derived from the ECB's monetary financial institutions balance sheet statistics.
For media queries, please contact Stefan Ruhkamp, tel.: +49 69 1344 5057.
Tables containing further breakdowns of bank interest rate statistics, including the composite cost-of-borrowing indicators for all euro area countries, are available from the ECB's Statistical Data Warehouse at sdw.ecb.europa.eu/reports.do?node=1000002880. A subset is visually presented in "Our statistics" at www.euro-area-statistics.org. The full set of bank interest rate statistics for both the euro area and individual countries can be downloaded from sdw.ecb.europa.eu/browse.do?node=2018774. More information, including the release calendar, is available under "Bank interest rates" in the statistics section
of the ECB's website at www.ecb.europa.eu/stats/money/interest/interest/html/index.en.html.
Notes:
• The composite cost-of-borrowing indicators are described in the article entitled "Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation" in the August 2013 issue of the ECB's Monthly Bulletin (see Box 1).
• Interest rates on new business are weighted by the size of the individual agreements. This is done both by the reporting agents and when the national and euro area averages are computed. Thus changes in average euro area interest rates for new business reflect, in addition to changes in interest rates, changes in the weights of individual countries' new business for the instrument categories concerned. The "interest rate effect" and the "weight effect" presented in this press release are derived from the Bennet index, which allows month-on-month developments in euro area aggregate rates resulting from changes in individual country rates (the "interest rate effect") to be disentangled from those caused by changes in the weights of individual countries' contributions (the "weight effect").
• In addition to monthly euro area bank interest rate statistics for November 2014, this press release incorporates minor revisions to data for previous periods. Unless otherwise indicated, these euro area statistics cover the EU Member States that had adopted the euro at the time to which the data relate.
• As of January 2015, the layout and the information provided in this press release have been enhanced, including direct links to the underlying data available in the ECB's Statistical Data Warehouse. Feedback and suggestions for further improvements are welcome.
For media enquiries, please call Stefan Ruhkamp on +49 69 1344 5057.
European Central Bank Directorate General Communications & Language Services
Global Media Relations Division, Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany
Tel.: +49 69 1344 7455, e-mail: media@ecb.europa.eu, website: www.ecb.europa.eu
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