In April 2013 the euro area composite interest rate for loans to and deposits from non-financial corporations increased. In the same month, the euro area composite rate on loans to households decreased whereas the one for deposits from households remained broadly unchanged. Most significant MFI interest rates on new business loans to, and deposits from, non-financial corporations:
April 2013 saw an increase 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 14 basis points from the previous month to stand at 2.14%. The month-on-month increase was driven by the interest rate effect which accounted for 8 basis points. The corresponding rate for new loans of the same size with an initial rate fixation period of over ten years increased by 10 basis points to stand at 2.95%. This month-on-month increase was driven by the weight effect which accounted for 22 basis points while the interest rate effect was negative which accounted for minus 13 basis points. 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 increased by 22 basis points to stand at 4.78%. The month-on-month increase was driven by the interest rate effect. As regards new deposit agreements, the interest rate on deposits from non-financial corporations with an agreed maturity of up to one year rose by 4 basis points to stand at 0.97% in April 2013.
In April 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 fell by 17 basis points to stand at 5.66%. 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 purchases with a floating rate and an initial rate fixation period of up to one year remained basically unchanged at 2.87%. Furthermore, the interest rate on loans with an initial rate fixation period of over ten years remained unchanged at 3.34% in April 2013. Rates agreed on new deposits from households saw mixed developments. The interest rate on deposits with an agreed maturity of up to one year rose by 4 basis points to stand at 2.33%. Finally, the interest rate on deposits redeemable at three months' notice remained basically unchanged at 1.36% in April 2013.
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