Interest rates were lower during February across the board with the spread between loans and deposits unchanged compared to January, according to data published by Bank of Greece.
Specifically, the average deposit interest rate was lower by 6bps at 0.49% on new balances and lower by 3bps at 0.51% on existing ones. The average loan rate was lower by 8bps at 4.91% on new balances and by 3bps at 5.01% on existing ones.
The spread between loans and deposit stood at 4.42% on new balances and 4.50% on existing ones. Banks have been communicating that they intend to proceed with further re-pricing on their deposits which is likely to improve the loan/deposit spread, however we do expect some pressure on the loan rates as well over time.
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