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Statistical Press Release - Banking interest rates on new loans and deposits – October 2019

Today, Banco de Portugal publishes statistics, in Table A.10 of the Statistical Bulletin and in BPstat, on banking interest rates on new loans and deposits of non-financial corporations and households for October 2019.

Interest rates on new loans

In October the average interest rate on new loans granted to non-financial corporations was 2.30% (2.19% in September).

The interest rate on operations above €1 million stood at 1.99% (1.68% in September) (Chart 1) and the interest rate on operations below €1 million at 2.58% (2.54% in September), narrowing the gap between the two rates compared to the previous month.

The average interest rate on new loans to households for house purchase increased by 4 basis points (b.p.) to 1.04% (Chart 2), after three consecutive months of historical lows. The average interest rates on loans for consumption and other purposes were 6.82% and 4.17% respectively.

The volumes of new loans for house purchase, consumption and other purposes totalled €943 million, €526 million and €226 million respectively.

Interest rates on new deposits

In October 2019 the average interest rate on new deposits with a maturity of up to one year of non-financial corporations stood at 0.08% (Chart 3), reaching a new historical low.

In the case of households, the average interest rate on new deposits with a maturity of up to one year stood at 0.08% (Chart 4), a new historical low for the sixth month in a row.

Next update: 14 Jan. 2020