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Reference and discount rates (in %) since 01.08.1997

Base rates calculated in accordance with the Commission communication of 19.01.2008

To these base rates the appropriate top-ups need to be added.

Base rates calculated in accordance with the Communication from the Commission on the revision of the method for setting the reference and discount rates (OJ C 14, 19.01.2008, p.6.). 

In line with the Communication, in the absence of reliable or equivalent data or in exceptional circumstances the Commission may, in close cooperation with the Member State(s) concerned and in principle based on data from that Member State's Central Bank, determine another calculation basis. In particular, it has been agreed to use an overnight indexed rate with an appropriate adjustment spread to account for the difference in maturity between 1 day and 1 year for the currencies BGN, SEK and GBP: For the United Kingdom, an adjustment in line with the one suggested by the Bank of England’s working group on Sterling Risk Free Interest Rates is being applied, based on the average of the last five years of joint quotations of LIBOR and SONIA, resulting in an addition of 46.44 basis points. For Bulgaria and Sweden, the agreed adjustment is based on adding the spread between the 12-month EURIBOR and the overnight ESTR to the respective overnight rates of these currencies (Leonia Plus and SWESTR).

Depending on the use of the reference rate, the appropriate margins have still to be added as defined in this communication. For the discount rate this means that a margin of 100 basis points has to be added. The Commission Regulation (EC) No 271/2008 of 30 January 2008 amending the implementing regulation (EC) No 794/2004 foresees that, unless otherwise provided for in a specific decision, the recovery rate will also be calculated by adding 100 basis points to the base rate.

Date of last update 18.11.2024

Changes are indicated in bold