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Euro Area MFI Interest Rate Statistics: November 2011

(PresseBox) (Frankfurt am Main, ) In November 2011 the euro area composite interest rates on new deposits for both households and nonfinancial corporations decreased. The euro area composite interest rates on new loans to both households and non-financial corporations also decreased. At the same time, interest rates on loans up to €250,000 and loans to sole proprietors and unincorporated partnerships on average increased.

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

November 2011, saw mixed developments in the rates on new loans to non-financial corporations within the overall decrease in the composite interest rates. 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 decreased by 17 basis points from the previous month to stand at 2.81%. The corresponding rate for new loans of the same size with an initial rate fixation period of over ten years remained unchanged at 3.71%. 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 7 basis points to stand at 4.76%. As regards new deposit agreements, the interest rate on deposits from non-financial corporations with an agreed maturity of up to one year decreased by 20 basis points to stand at 1.46% in November 2011 (having stood at 1.67% in October 2011).

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 rose by 24 basis points to stand at 4.22%.

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

In November 2011 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 5 basis points to stand at 5.55%. This was driven by developments in the interest rates applied in various euro area countries. 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 3.43%. Furthermore, the interest rate on loans with an initial rate fixation period of over ten years remained basically unchanged at 3.93% in November 2011.

The interest rate on deposits with an agreed maturity of up to one year decreased by 11 basis points to stand at 2.78%. Finally, the interest rate on deposits redeemable at three months' notice remained unchanged at 1.80% in November 2011.

Notes

- The first paragraph of the press release is based on the arithmetic average of MFI interest rates, weighted by new business volumes, for the following four categories: loans to and deposits from households, and loans to and deposits from non-financial corporations. 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").
- In addition to monthly euro area MFI interest rate statistics for November 2011, 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. Thus, these statistics include Greece as of January 2001, Slovenia as of January 2007, Cyprus and Malta as of January 2008, Slovakia as of January 2009 and Estonia as of January 2011.

For more information please see the attached file.

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