Euro area MFI interest rate statistics: November 2013

(PresseBox) ( Frankfurt am Main, )
In November 2013 the composite cost-of-borrowing indicator for both non-financial corporations and households remained broadly unchanged. In the same month, the euro area composite interest rate for deposits from both non-financial corporations and households decreased.

Most significant MFI interest rates on new business loans to, and deposits from, non-financial corporations:

November 2013 saw mixed developments in the cost of new borrowing by non-financial corporations both for small loans and for loans of over €1 million. For example, the interest rate on new loans over €1 million with a floating rate and an initial rate fixation period of up to three months increased by 7 basis points from the previous month to stand at 2.23%. The corresponding rate for new loans of the same size with an initial rate fixation period of over ten years decreased by 28 basis points to stand at 3.10%. In the case of new loans up to €250,000 with a floating rate and an initial rate fixation period of up to three months, the average rate charged decreased by 4 basis points to stand at 4.56%. The composite cost-of-borrowing indicator for new loans to non-financial corporations remained basically unchanged at 2.98%. As regards new deposit agreements, the interest rate on deposits from non-financial corporations with an agreed maturity of up to one year fell by 3 basis points to stand at 0.75% in November 2013.

Most significant MFI interest rates on new business loans to sole proprietors and unincorporated partnerships:

The interest rate on new loans to sole proprietors and unincorporated partnerships with a floating rate or an initial rate fixation period of up to one year increased by 20 basis points to stand at 3.30%. This increase was driven by the weight effect.

Most significant MFI interest rates on new business loans to, and deposits from, households:

In November 2013 the interest rate on new loans to households for consumption with a floating rate and an initial rate fixation period of up to one year rose by 11 basis points to stand at 5.81%. In the same period, the cost of new borrowing by households with regard to housing loans remained basically unchanged. The interest rate on loans for house purchase with a floating rate and an initial rate fixation period of up to one year remained basically unchanged at 2.79%. Furthermore, the interest rate on loans with an initial rate fixation period of over ten years remained basically unchanged at 3.29% in November 2013.The composite cost-of-borrowing indicator for new loans to households remained basically unchanged at 3.08%.

Rates agreed on new deposits from households saw mixed developments. The interest rate on deposits with an agreed maturity of up to one year fell by 12 basis points to stand at 1.60%. Finally, the interest rate on deposits redeemable at three months' notice remained basically unchanged at 1.12% in November 2013.

Notes:

- The first paragraph of the press release on deposits is based on the arithmetic average of MFI interest rates, weighted by new business volumes. Additionally, the first paragraph refers to the composite cost-of-borrowing indicator, which is 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 (Box 1, pp. 76-79). The rest of the press release presents statistical information derived from a subset of the available MFI interest rate statistics. The full set of statistics can be downloaded from the "MFI interest rates" part of the "Money, banking and financial markets" section of the ECB's Statistical Data Warehouse (see http://sdw.ecb.europa.eu). More detailed information on MFI interest rate statistics, including the release calendar, is available from the "Bank interest rates" part of the "Monetary and financial statistics" section of the ECB's statistics website (see http://www.ecb.europa.eu/stats).
- In this press release, loans are categorised on the basis of their initial rate fixation period, i.e. the period of time at the start of the contract during which the interest rate will not change. "Floating rate" is defined as the interest rate that is subject to revisions on a continuous basis or at the discretion of the MFI.
- For MFI interest rate statistics, "new business" refers to any new agreement between a customer and an MFI, while "outstanding amounts" refers to the stock of all deposits and all loans at a specific moment in time.
- In this press release "up to" means "up to and including".
- Interest rates on new business are weighted on the basis of the size of the individual agreements. This is done both by the reporting agents and when computing the national and euro area averages. Thus, in addition to changes in actual interest rates, changes in average euro area interest rates for new business also reflect 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 euro area countries' contribution (the "weight effect").
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