National Bank Data Reveals Impact of Interest Rate Increase on Austrian Loans and Savings Deposits: A Closer Look at 2023.

The interest rates in 2023 saw a significant increase, resulting in a major impact on loans and savings deposits. The National Bank presented extensive data that helped bring objectivity to the debate about low savings interest rates. However, the coinciding increase in interest rates also led to more expensive loans, higher construction costs, and stricter credit rules.

Loans to private households in Austria decreased for the first time since 1998 in 2023. The outstanding loan volume fell from 189.7 to 186.3 billion euros, with most of the decline attributed to housing loans.

Vice President of the Central Bank, Gottfried Haber, believes that it was the increased interest rates rather than stricter credit rules that contributed to this trend.

New housing loans in Austria experienced a significant decrease in 2023, dropping to their lowest value since 2011. The distribution of variable and fixed interest loans shifted as well, with more borrowers opting for fixed interest rates compared to previous years.

Interest rates in Austria reached their highest levels since the 2008 financial crisis, affecting both new business loans and deposits. Despite a slight decrease in interest rates towards the end of 2023, the average loan interest rate and deposit interest rate remain relatively high.

The difference between loan and savings interest rates in Austria was consistent with recent years, with an average margin of 1.55 percentage points.

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