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MFI interest rates

MFI interest rate statistics cover all interest rates that monetary financial institutions (MFIs) resident in the euro area – except central banks and money market funds – apply to euro-denominated deposits from and loans to households and non-financial corporations resident in the euro area countries.

These harmonised statistics are used for the analysis of monetary developments and the monetary transmission mechanism as well as for the monitoring of financial stability.

Data Background

General description of the monetary financial institution (MFI) interest rate statistics.

The legal requirements for MFI interest rate statistics were originally laid down in Regulation Regulation ECB/2001/18 , which was recast by Regulation ECB/2013/34 (amended by Regulation ECB/2014/30 ). The Regulation defines the statistical standards according to which MFIs must report their interest rate statistics. It is complemented by the Manual on MFI interest rate statistics, January 2017, which further clarifies and illustrates these requirements.

MFI interest rate statistics refer to interest rates individually agreed between a bank and its customer. They are converted to an annual basis taking into account the frequency of interest payments and are quoted in percentages per annum. At the euro area level, 117 interest rate indicators with the corresponding volumes are collected, of which 91 refer to new business and 26 to outstanding amounts.

New business is defined as any new agreement between a household or non-financial corporation and the bank. New agreements comprise all financial contracts the terms and conditions of which specify the interest rate on the deposit or loan for the first time, and all new negotiations of existing deposits and loans. Prolongations of existing deposit and loan contracts which are carried out automatically, i.e. without any active involvement of the household or non-financial corporation, and which do not involve any renegotiating of the terms and conditions of the contract, including the interest rate, are not considered as new business.

Outstanding amounts are defined as the stock of all deposits placed by households and non-financial corporations with banks and the stock of all loans granted by banks to households and non-financial corporations.

Detailed information on national MFI interest rate statistics.

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