Deposit Volume & Pricing Monitor

Research evidence excerpt

Deposit Volume & Pricing Monitor

Equity Research

9 July 2026 | 12:46PM BST

EUROPEAN BANKS

We analyse Euro Area deposit volumes and pricing dynamics from the latest Chris Hallam

+44(20)7552-2958 |

aggregate data published by the ECB, as of May’26. chris.hallam@gs.com

Goldman Sachs International

Key highlights: Sofie Peterzens

+44(20)7051-5283 |

sofie.peterzens@gs.com

n Across the Euro Area, weighted-average customer deposit rates remained Goldman Sachs International

broadly stable at 88bp in May’26, translating to a 7bp decrease y/y and a 50bp Benjamin Caven-Roberts +44(20)7552-7066 | benjamin.d.caven-

decrease since May’24 (prior to the start of the easing cycle, with eight ECB roberts@gs.comGoldman Sachs International

policy cuts in the subsequent period). This drove an easing-cycle beta of c.25% Andin Kour Sason

and a through-cycle beta of c.30% (+2.1pp since May’24) across the Euro Area, +1(332)245-7825Goldman Sachs India| andin.kour@gs.comSPL

as of May’26. Sachin Nayar

+44(20)7051-2598 |

n Deposit growth remains robust, with Euro Area deposit volumes at €13.7tn sachin.x.nayar@gs.com

(+3.8% y/y), including proportionally strong volume growth y/y in Greece

Khushboo Mandani

(+7.9%), Portugal (+6.5%), Ireland (+5.7%), the Netherlands (+5.6%), and Spain +1(332)245-7978 |

khushboo.mandani@gs.com

(+5.4%). Goldman Sachs India SPL

Eraldo Bausano

Deposit beta: +44(20)7774-9801eraldo.bausano@gs.com|

We continue to monitor the through-cycle beta, starting from the ECB policy rate

hike in Jul’22, to observe the overall change in deposit rates since the beginning of

this rate cycle (from a -0.5% policy rate to a 2.00% policy rate as of May’26). We also

track the easing-cycle deposit beta following the ECB policy rate cuts from Jun’24