The higher interest rates in Europe last year also had a noticeable impact on the domestic lending and deposit business. The volume of newly granted housing loans was 10.4 billion euros in 2023, which was the lowest value since 2011, as the Oesterreichische Nationalbank (OeNB) announced at a press conference on Thursday. In 2022 it was more than twice as much at 23.2 billion euros. Overall, the loan volume for residential construction purposes fell by 2.6 percent year-on-year to 131 billion euros.
OeNB Deputy Governor Gottfried Haber cited the higher interest rate levels in the Eurozone as the reason: The ECB has noticeably raised the key interest rate since 2022. The interest rate on new housing loans averaged 4.14 percent in January 2024: According to Johannes Turner, Director of the Statistics Department, the population is reacting. In 2023, around 57 percent of all existing loans had fixed interest rates and 43 percent had variable interest rates (2018: 27 to 73 percent).
The conditions for savers have developed advantageously for Haber: savings interest rates have increased significantly and averaged 3.48 percent in business with new customers in January.
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Source: Nachrichten
