Base interest rate
The interest rate announced by the Deutsche Bundesbank on January 1st and July 1st of each year — it serves as the basis for default interest.
The base interest rate changes on January 1st and July 1st by the percentage points by which the interest rate of the most recent main refinancing operation of the European Central Bank has changed since the last adjustment (§ 247 BGB (German Civil Code)); it can also be negative. Default interest is 5 percentage points above the base interest rate if a consumer is involved, otherwise 9 percentage points for payment claims (§ 288 BGB).
¹Note: This definition is for general orientation only and does not replace legal advice for your case.
Ready to clarify your matter?
{n} credits free. No credit card required. Ready in 2 minutes.
No credit card required · GDPR-compliant · Start for free