Greek banks continued suffering from a wave of capital outflows in April, with total deposits by Greek enterprises and households falling by 2.4 billion euros in the month to 196.8 billion euros, the Bank of Greece announced on Monday.
The central bank, in a monthly report, said Greek banks have lost a total of 12.8 billion euros in deposits so far this year, with households’ deposits falling by 2.3 billion euros in April to 163.5 billion euros.
In April 2011 average interest rates on new deposits and loans generally increased, except for the average rate on corporate loans up to EUR 1 million with floating rate or with an initial rate fixation period of up to one year which remained unchanged and the one on housing loans with an initial fixation period of over 1 and up to 5 years which decreased, the central bank said in a report.
Specifically, in April 2011, the average interest rate on overnight deposits from households remained basically unchanged at 0.46 percent, while the corresponding rate on deposits from non-financial corporations decreased by 3 basis points to 0.38 percent. On the contrary, the average interest rate on deposits from households with an agreed maturity of up to 1 year increased significantly by 12 basis points to 3.88 percent.
In the case of loans, the average interest rate on consumer loans without a defined maturity (a category which includes credit card debt, open account loans and debit balances on current accounts) increased slightly in April 2011 by 4 basis points to 14.74 percent. The average interest rate on corporate loans without a defined maturity increased by 21 basis points to 7.26 percent and the corresponding rate on loans to sole proprietors increased by 13 basis points to 9.91 percent.
The average interest rate on corporate loans with a defined maturity at a floating rate or with an initial rate fixation period of up to one year remained unchanged at 6.46 percent for loans up to 1 million euros, while for loans above 1 million euros it increased by 16 basis points to 5.55 percent. Finally, the average interest rates on housing loans increased by 21 basis points to 4.25 percent for loans at a floating rate or with an initial rate fixation period of up to one year but decreased by 6 basis points to 3.80 percent for loans with an initial fixation period of over 1 and up to 5 years.