Base rate
The base rate is in Germany and Austria a variable interest rate , which for the assessment of capital services used and for Germany at the beginning of each half-year by the Deutsche Bundesbank according to the specifications of the European Central Bank is recalculated and published officially.
General
According to the official announcement , the base rate is the only official market rate . As the valuation interest rate , it forms the calculation basis, in particular for the default interest rate , which is made up of the base interest rate and a statutory or contractually agreed fixed range :
It often appears in court rulings on payment claims. The regulations on the base interest rate implement Article 3 Paragraph 1 Letter d of EU Directive 2000/35 / EC to combat late payment in business transactions.
Germany
Base rate amount
The base rate is variable and has been calculated in Germany since January 1, 2002 by the Deutsche Bundesbank in accordance with Section 247 of the German Civil Code (BGB); it was set on September 1, 2001 at the then applicable base rate according to the discount rate transition law and changes on January 1 and on July 1 by the percentage points by which its reference value has changed since the last change in the base rate. It is 88 basis points (~ 0.88%) below its reference value. The reference value is the interest rate for the most recent main refinancing operation of the European Central Bank before the first calendar day of the relevant half year. According to Art. 229, Section 7, Paragraph 3 of the EGBGB , the base interest rate was changed for the first time on January 1, 2002. The base rate is published in the Federal Gazette immediately after January 1 and July 1 by the Deutsche Bundesbank . As of January 1, 2013, the base rate turned negative (−0.13%).
The base interest rate (up to December 31, 2001 according to § 1 Discount Rate Transition Act (DÜG), since January 1, 2002 according to § 247 BGB) was or is:
| since | Base rate Germany |
Base rate Austria |
since |
|---|---|---|---|
| January 1, 1999 | 2.50% | 2.50% | January 1, 1999 |
| 2.00% | April 4, 1999 | ||
| May 1, 1999 | 1.95% | ||
| 2.50% | November 5, 1999 | ||
| January 1, 2000 | 2.68% | ||
| 3.00% | March 17, 2000 | ||
| May 1, 2000 | 3.42% | ||
| 3.75% | June 9, 2000 | ||
| September 1, 2000 | 4.26% | ||
| 4.25% | October 6, 2000 | ||
| 3.75% | August 31, 2001 | ||
| September 1, 2001 | 3.62% | ||
| 2.75% | November 9, 2001 | ||
| January 1, 2002 | 2.57% | ||
| July 1, 2002 | 2.47% | ||
| 2.20% | December 11, 2002 | ||
| January 1, 2003 | 1.97% | ||
| 1.47% | June 9, 2003 | ||
| July 1, 2003 | 1.22% | ||
| January 1, 2004 | 1.14% | ||
| July 1, 2004 | 1.13% | ||
| January 1, 2005 | 1.21% | ||
| July 1, 2005 | 1.17% | ||
| January 1, 2006 | 1.37% | ||
| 1.97% | April 27, 2006 | ||
| July 1, 2006 | 1.95% | ||
| 2.67% | October 11, 2006 | ||
| January 1, 2007 | 2.70% | ||
| 3.19% | March 14, 2007 | ||
| July 1, 2007 | 3.19% | ||
| January 1, 2008 | 3.32% | ||
| July 1, 2008 | 3.19% | ||
| 1.88% | December 10, 2008 | ||
| January 1, 2009 | 1.62% | ||
| 1.38% | January 21, 2009 | ||
| 0.88% | March 11, 2009 | ||
| 0.38% | May 13, 2009 | ||
| July 1, 2009 | 0.12% | ||
| July 1, 2011 | 0.37% | ||
| 0.88% | July 13, 2011 | ||
| 0.38% | December 14, 2011 | ||
| January 1, 2012 | 0.12% | ||
| January 1, 2013 | −0.13% | ||
| −0.12% | May 8, 2013 | ||
| July, 1st 2013 | −0.38% | ||
| 1st of January 2014 | −0.63% | ||
| July 1, 2014 | −0.73% | ||
| January 1, 2015 | −0.83% | ||
| −0.62% | March 16, 2016 | ||
| July 1, 2016 | −0.88% | ||
| January 1, 2017 | −0.88% | ||
| July 1, 2017 | −0.88% | ||
| 1st January 2018 | −0.88% | ||
| 1st July 2018 | −0.88% | ||
| 1st January 2019 | −0.88% | ||
| 1st July 2019 | −0.88% | ||
| January 1, 2020 | −0.88% |
meaning
In civil law, it is significant for the calculation of default interest according to § 288 BGB as well as for the interest on the cost determination according to § 104 paragraph 1 ZPO and also for the notary costs according to §§ 88 and 90 paragraph 1 of the court and notary costs law .
A number of other German legal provisions that regulate the interest on claims refer to § 247 BGB:
- § 288 BGB, which sets the interest rate for default interest at 5 percentage points (9 percentage points for payment claims between companies) above the base rate;
- Section 497 (1) sentence 2 BGB;
- §§ 104 and 688 Paragraph 2 No. 1 ZPO ;
- Section 16 (2) sentence 1 VOB / B;
- Articles 34 and 46 of the Check Act ;
- Art. 28, 48 and 49 Bill of Exchange Act ;
- Section 327b (2) of the German Stock Corporation Act .
Origin of the regulation
The discount rate of the Deutsche Bundesbank was often referred to in legal texts, contracts and statutes . With the transfer of responsibility for monetary policy to the European Central Bank ( ECB ), there is no longer a discount rate. With effect from January 1, 1999, this was replaced by the base rate according to the DÜG. With the law for the modernization of the law of obligations, the base rate was adopted directly into the BGB for many areas of application with effect from January 1, 2002. With the entry into force of the "Act to amend regulations on the valuation of the capital investments of insurance companies and to repeal the Discount Transition Act ( Insurance Capital Valuation Act : VersKapAG)" on April 4, 2002 (published in the Federal Law Gazette on April 3, 2002), Discount rate transition law (DÜG) repealed.
Austria
In Austria , the 1st Euro Justice Accompanying Act (Federal Law Gazette I No. 125/1998) has provided for the replacement of the discount rate of the Oesterreichische Nationalbank (OeNB) with the base rate since January 1, 1999 , insofar as the discount rate is in federal laws , ordinances or agreements Is used. The base rate of the Oesterreichische Nationalbank is published by the OeNB on its website.
Base rate amount
In Austria the base rate is announced by the Oesterreichische Nationalbank . Although it belongs to the same currency area, the calculation method is somewhat different; in particular, the minimum change in the ECB refinancing rate is 0.5 percentage points, which means that changes in the base rate are less common than in Germany.
The development is as follows:
See also
Individual evidence
- ↑ a b Christoph Coen: "The negative base rate according to § 247 BGB". In: NJW 2012, 3329 (3329 f.).
- ↑ Announcement of the base rate as of January 1, 2013: base rate decreases to -0.13%. Press release of the Deutsche Bundesbank of December 28, 2012.
- ↑ Base interest rate according to § 247 BGB. Deutsche Bundesbank , accessed on January 2, 2014 .
- ↑ BAnz AT June 26, 2014 B5
- ↑ BAnz AT December 31, 2014 B12
- ↑ Base interest rate according to § 247 BGB. Deutsche Bundesbank , accessed on April 14, 2020 .
- ↑ Interest rate overview on the OeNB website. Oesterreichische Nationalbank , accessed on December 2, 2014 .
- ↑ Link interest rates on the OeNB website. Oesterreichische Nationalbank , accessed on December 2, 2014 .
- ^ Base and reference interest rates of the Oesterreichische Nationalbank. Oesterreichische Nationalbank , accessed on December 2, 2014 .
- ↑ Current interest rates and exchange rates. Oesterreichische Nationalbank , accessed on July 4, 2012 .
