The Deutsche Bundesbank calculates the basic rate of interest pursuant to Section 247(1) of the German Civil Code (Bürgerliches Gesetzbuch) and publishes its current level in the Federal Gazette (Bundesanzeiger) pursuant to Section 247(2) of the Civil Code.

The basic rate of interest pursuant to the Civil Code serves primarily as a basis for calculating default interest (Section 288(1) sentence 2 of the 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 fixed interest rate for the European Central Bank’s most recent main refinancing operation on 22 December 2025 is 2.15% and has thus remained unchanged since 1 July 2025, the relevant date for the last change in the basic rate of interest (the fixed interest rate for the last main refinancing operation in June 2025 also stood at 2.15%).

Beginning on 1 January 2026, this results in an unchanged basic rate of interest of 1.27% under the Civil Code.

The new basic rate of interest will be announced in the Federal Gazette of 24 December 2025.