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Lusa - Business News - Portugal: Interest rate on household deposits at historical lows




Lisbon, Oct. 8, 2019 (Lusa) – The average interest rate on new deposits in Portugal made in August stood at 0.10%, a new historical low, according to data released on Tuesday by Banco de Portugal.
In the case of individuals, the average interest rate on new deposits up to one year reached a new historical low of 0.10%, the central bank said in the statistics released on Tuesday.
In July, the average interest rate on new deposits stood at 0.12%.
In corporate deposits, the average interest rate on new deposits up to one year was 0.10%, two basis points lower than in July. In this case, both in April and June had been 0.09%.
According to Banco de Portugal, in August, the average interest rate on deposits in the euro area was negative for the first time.
Negative interest rates are not allowed in Portugal (i.e. banks cannot charge for keeping depositors' money), unlike in other European countries.
In July, at a hearing in parliament, the secretary-general of the Portuguese Banking Association (APB), Norberto Rosa, said that there has been a movement of large multinational companies or foreign investors coming to make deposits with Portuguese banks because there are countries where banks charge negative interest rates, which leads to an excess of liquidity that banks have to apply.
In September, the European Central Bank (ECB) lowered the rate on bank deposits from -0.40% to -0.50%, reinforcing the value that banks pay to invest their excess liquidity (money they do not lend), but introduced a two-tier system that allows part of the excess liquidity of the sector not to pay this cost, which should save millions of euros to Portuguese banks.
As for the interest charged by banks on credit, according to the data known on Tuesday, the average interest rate on new loans to companies reached a new historical low in August, set at 2.15%, according to the Banco of Portugal.
In consumer credit, the average interest rate was 7.02% and in credit for other purposes was 4.27%.
Banks lent €2.60 billion in August in new credit operations, 21.4% less than in July, but 5.9% more than in the same month a year earlier.
Of the amount borrowed, €975 million were earmarked for housing loans, the highest value since June 2018. This figure represents 0.8% more than in July and 20.4% more than in August 2018.
IM/IMYN // ADB.
Lusa


Agency : LUSA

Date : 2019-10-09 04:18:05







 

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