In the quarterly period up to January 2024, the statistical indicators of interest rates[1] of credit institutions on their main sources of funds in euros mainly registered a fall. However, they continued their upward trend on an annual level.
As regards credit institutions’ main sources of funds from the household sector, the average of interest rates on savings deposits stood at 0.18% in January 2024, up by 0.02 percentage points from January last year. The averages of interest rates on short-term and long-term time deposits were much higher in January 2024 compared to their values from January 2023, with a more pronounced growth in short-term time deposits. In January 2024, the interest rate average reached 2.25% for short-term time deposits and 1.62% for long-term time deposits. This is an increase of 2.12 and 1.47 percentage points from January 2023 for short-term and long-term time deposits respectively.
The averages of interest rates on time deposits of non-financial corporations reached 3.41% for short-term deposits and 2.22% for long-term deposits in January 2024. Short-term and long-term deposits went up by 2.12 and 0.91 percentage points respectively relative to January 2023. Short-term time deposits saw a particularly swift growth over the past year.
Statistical indicators of interest rates of credit institutions on the most important types of euro loans granted to households and non-financial corporations mostly trended up from mid-2022, with the exception of credit card loans, which continued a years-long decline in average interest rates.
As for the main categories of household loans, the highest average of interest rates in January 2024 of 6,12% was recorded by general-purpose loans and other loans. The lowest average of interest rates in January 2024 of 3.64% was seen in housing loans, thus continuing its upward trend started in the second quarter of 2022. The average of interest rates on loans in the form of transaction account overdrafts stood at 5.77% in January 2024, while for credit card loans the average of interest rates in the same month was 4.58%.
As regards the main categories of loans to non-financial corporations, in January 2024 the averages of interest rates on short-term and long-term loans were 4.99% and 5.18% respectively. On a quarterly basis, short-term loans registered a growth of 0.12 percentage points for short-term and long-term loans a decline of 0.24 percentage points. On the other hand, on an annual basis interest rates for both categories trended up: 2.15 for short-term and 1.28 percentage points for long-term loans respectively.
Statistical data time series[2]:
Interest rates of credit institutions in the RC
MFI interest rate statistics for euro area countries
-
Statistical indicators of interest rates are calculated as weighted monthly averages of agreed (nominal) interest rates on new deposit and loan contracts between credit institutions and their clients from the domestic household sector (citizens and non-profit organisations) and the non-financial corporate sector (corporations outside the financial sector and the government sector) in a given month. New contracts include all contracts that specify for the first time the interest rate, and all renegotiations of the terms and conditions of the existing contracts. The weights used in the calculation are contracted amounts of newly received deposits and newly granted loans, with the exception of transaction accounts and demand deposits as well as transaction account overdrafts and credit card loans, which are assumed to be contractually renewed each month, but in indefinite amounts; for this reason, the weights used are their corresponding book balances at the end of a month. Indicators that are being calculated differ according to the instrument, maturity and institutional sector to which deposits and loans relate. As of January 2023, data refer only to the euro. For data before 2023, a kuna loan/deposit indexed to euro is also considered to be a euro loan/deposit (except for savings deposits, transaction account overdrafts and credit card loans where all currencies are included). ↑
-
The statistical indicators of interest rates of credit institutions in the RC, published by the CNB, may be different from the statistical indicators of interest rates of credit institutions in the RC published by the ECB. The differences in the values of comparable indicators stem predominantly from the differences in the concept of residency used when calculating these indicators from the initially collected data. ↑