Change in the basic rate of interest to 0.12% with effect from 1 January 2012
The basic rate of interest as laid down by the German Civil Code serves primarily as a basis for calculating default interest (section 288 (1) sentence 2 of the German Civil Code). It changes on 1 January and 1 July each year by the percentage points by which the reference rate has risen or fallen since the last change in the basic rate of interest. The reference rate is the interest rate for the most recent main refinancing operation of the European Central Bank prior to the first calendar day of the six-month period concerned.
The marginal interest rate for the most recent main refinancing operation of the European Central Bank on 27 December 2011 was 1.00%. Since 1 July 2011, the relevant date for the last change in the basic rate of interest, the marginal interest rate has fallen by 0.25 percentage point (the interest rate for the last main refinancing operation in June 2011 stood at 1.25%).
Beginning on 1 January 2012, this amounts to a basic rate of interest of 0.12% pursuant to the German Civil Code (previously 0.37%).
The default rate of interest is thus 0.12% + 5.00% pursuant to section 288 (1) of the German Civil Code and 0.12% + 8.00% pursuant to section 288 (2) of the German Civil Code.
The new basic rate of interest will be announced in the Federal Gazette of 30 December 2011 (No 197).