Filenews 17 January 2025 - by Theano Thiopoulou
Interest rates on deposits and loans offered by banks changed either upwards or downwards in November, with competition at an all-time high, according to data released by the Central Bank on Tuesday, aimed at further enhancing transparency.
Clearly, publication does not solve the problem of depositors and borrowers in relation to interest rates, but it is a means on the part of the Central Bank for consumers to be able to compare what each bank offers.
Each month's publication – yesterday's was the 5th in a row – is also a tool of indirect pressure on banks to contain lending rates and reward depositors with higher interest rates.
Interest rates on deposits
- The data show that the interest rate on deposits from households with an agreed maturity of one year (new business) was: Bank of Cyprus 0,72% (October 0,32%%), Hellenic Bank 1,50% (October 0,50%%), Alpha Bank 1,58% (October 1,83%), Ancoria Bank 1,51% (October 1,75%), Astrobank 1,72% (October 1,75%), Eurobank Cyprus 2,16% (October 2,07%), Cyprus Development Bank 1,78% (October 1,83%), Societe Generale Cyprus 1,57% (October 1,64%), Housing Finance Corporation 1.88% (October 1.83%), National Bank of Greece Cyprus 2.49% (October 2.48%).
- Regarding new deposits with an agreed maturity of up to one year from non-financial corporations, the data show: Bank of Cyprus 1.69% (October 2.42%), Hellenic Bank 2.14% (October 1.80%), Eurobank Cyprus 1.87% (October 1.97%), Alpha Bank 1.93% (October 1.74%), Astrobank 2.92% (October 3.11%), National Bank of Greece Cyprus 2.54% (October 2.50%).
Borrowing rates
- Moving on to the new loans for house purchase to households, with variable interest rates and initial determination period up to 1 year (new operations - new contracts), the Central Bank data show: Bank of Cyprus 5,20% (October 5,20%), Hellenic Bank 4,02% (October 3,68%), Alpha Bank no data available for November, Ancoria Bank 3,78% (October 4,39%), Housing Finance Corporation 3,53% (October 3,54%). The interest rates on loans for the purchase of a floating rate house (new business – renegotiations) are: Bank of Cyprus 5,48% (October 5,58%), Hellenic Bank 2,57% (October 4,26%), Ancoria Bank 3,70% (October 4,41%), Alpha Bank Cyprus 4,69% (October 6,11%).
- For new loans up to one million euros to non-financial corporations (new business – new contracts) Central Bank data show: Bank of Cyprus 5.46% (October 5.78%), Hellenic Bank 4.55% (October 4.94%), Alpha Bank 5.25% (October 9.04%), Eurobank Cyprus 5.36% (October 6.02%). The interest rates relating to new business – renegotiations are: Bank of Cyprus 5.83% (October 5.98%), Hellenic Bank 3.42% (October 4.21%), Eurobank Cyprus 5.52% (October 4.92%).
- For interest rates on loans to non-financial corporations over €1 million. (new operations – new contracts) the data are: Bank of Cyprus 5,07% (October 5,19%), Hellenic Bank 6,55% (October 5,21%), Eurobank Cyprus 5,19% (October 5,24%).
