As can be seen from the monthly report of the Italian Banking Association (ABI) for September 2023, loans fell by 3.8% compared to the previous year, while in August 2023 they recorded a drop of 3.5%, when loans to companies fell by 6.2% and those to families by 0.6%.
The average rate on new mortgages fell slightly. According to the ABI monthly report, in September it was 4.23%, in August it was 4.29%. The average rate for financing operations for new companies was 5.35%, in August it was 5.01%. The average rate on total loans was 4.55%, in August it was 4.48%.
In September, the rate applied to new fixed-term deposits increased to 3.57% from 3.39% in August (+18 basis points), ABI reported in its monthly report, according to which “in August 2023 “This rate in Italy was higher than the euro area average (Italy 3.39%; euro area 3.28%)”.
Compared to June 2022, when the rate was 0.29% (the last month before the ECB rate hikes), the increase is 328 basis points. The yield on new fixed rate bond issues in September 2023 is 4.42% (1.31% in June 2022), an increase of 311 basis points.
The average rate on total deposits (certificates of deposit, savings deposits and checking accounts) increased to 0.83% from 0.79% in August (0.32% in June 2022). Only the current account deposit rate increased to 0.44% from 0.41% in August, “taking into account that the current account allows the use of a multitude of services and does not have an investment function,” reiterated the ABI.
2023-10-15 13:58:50
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