Following the rate hike, decided by the ECB to combat inflation , in January of this year the interest rates on loans disbursed during the month to households for the purchase of homes, inclusive of ancillary expenses (Global Effective Annual Rate, the Taeg) amounted to 3.95% (3.36 in December), while those on new consumer credit disbursements reached 9.79% (9.22 in the previous month). This was reported in the report "Banks and money: national series", published by Bank of Italy.

The interest rates on new loans to non-financial companies were 3.72% (3.55 in the previous month), those for amounts up to one million euro were 4.15%, while the rates on new loans exceeding this threshold stood at 3.42 per cent. Deposit rates on all outstanding deposits amounted to 0.49 per cent (0.45 in the previous month).

In Italy there are approximately 3.5 million households in debt with mortgages (fixed and variable), in a context in which high prices and energy costs have reduced domestic budgets . According to reports from the Bank of Italy, in our country the total stock of loans to households for the purchase of homes in December 2022 was equal to 953 million euros for loans up to five years and 426 billion for those beyond. Variable-rate mortgages, and therefore those most sensitive to interest rate changes, represent the minority (40% in September 2022).

(Unioneonline/F)

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