Rates applicable to EFTA States under the state aid rules

ESA makes use of reference and discount rates. The reference and discount rates are applied as a proxy for the market rate and to measure the grant equivalent of aid, in particular when aid is disbursed in several instalments, and to calculate the aid element resulting from interest subsidy schemes. They are also used to check compliance with the de minimis rules and block exemption regulations.

Reference and discount rates are calculated by adding appropriate margins to the base rates, which are generally calculated on the basis of 1-year money market rates, in accordance with ESA's guidelines on Reference and Discount Rates in effect since 1 January 2009.

For the calculation of the reference rates, ESA's guidelines specify that the margins which must be added to the base rates depend on the rating of the undertaking concerned and the collateral offered. For the calculation of the discount rate, a fixed margin of 100 basis points is, in principle, added to the base rates.

The recovery interest rates which are used to recover unlawful aid are also, in principle, calculated by adding a fixed margin of 100 basis points to the base rate, as provided for in ESA's Decision No 195/04/COL.

Applicable base rates as from 1 January 2020:

Iceland Liechtenstein Norway
4.26 -0.56 1.79

Older rates are available in the base rate archive.

Exchange rates

As from 1 January 2020, amounts expressed in Euros are converted into the currencies of the EEA EFTA States using the following system:

1. For the scoreboard, annual average exchange rates are used. (Info source: the European Central Bank)

2. For situations to which yearly numbers are referred, e.g. SME-status based on last year financial statement for a company, last year's average exchange rate is used. (Info source: the European Central Bank)

3. For aid cases where the date for the granting is clear and precise, the official exchange rate of that date is used. If there is no official rate on that date, the last available official rate is used. (Info sources: the European Central Bank)

4. For tax measures and other rights-based measures, the converter exchange rate value for the first month of each given calendar year is used. (Info source: the European Commission's currency converter)

5. For future estimates, such as for notifications and GBER information sheets, the converter exchange rate value of the submitting month is used. (Info source: the European Commission's currency converter)

6. For all other situations, the converter exchange rate value for the month the aid is granted is used. (Info source: the European Commission's currency converter)

Year Iceland (ISK) Liechtenstein (CHF) Norway (NOK)
2019 133.40 1.1239 9.9108
2018 124.25 1.1718 9.7748
2017 119.10 1.0711 9.0543
2016 141.38 1.0891 9.6475
2015 154.27 1.2022 9.0420
2014 158.38 1.2307 8.4025
2013 169.00 1.2090 7.3175
2012 158.74 1.2173 7.7540
2011 153.84 1.2455 7.7800
2010 179.84 1.4876 8.2290
2009 169.16 1.5049 9.6950
2008 91.99 1.6471 7.9500
2007 93.86 1.6083 8.2224
2006 74.64 1.5530 7.9615
2005 83.54 1.5465 8.2460
2004 89.04 1.5607 8.4060
2003 84.32 1.4543 7.2360
2002 91.58 1.4848 8.0105
2001 80.00 1.5207 8.3145
2000 73.51 1.6043 8.0620

Swap rates

Both the SGEI Decision (Article 5(7)) and the SGEI Framework (paragraph 36) use swap rates to set safe harbours for levels of reasonable profit. Swap rates are also used for profitability calculations for aid to culture and heritage conservation under the GBER (Article 53, via the definition in Article 2(142)) and for operating aid to small-scale renewable energy installations under the GBER (Article 43(6)).

Swap rates valid from 1 January to 30 June 2020.

Currency 1-year rate 2-year rate 3-year rate 4-year rate 5-year rate 6-year rate 7-year rate 8-year rate 9-year rate 10-year rate
ISK 4.26 4.24 4.26 4.29 4.33 4.38 4.43 4.50 4.56 4.62
CFR -0.74 -0.75 -0.72 -0.68 -0.63 -0.56 -0.50 -0.43 -0.37 -0.31
NOK 1.94 1.89 1.84 1.80 1.78 1.77 1.77 1.77 1.78 1.79

Calculations by The European Commission, based on data provided by Bloomberg.

For ISK: no swap rates beyond 1 year are available. Longer swap rates for ISK are calculated as follows: 
ISK2Y = ISK1Y + EUR2Y – EUR1Y
ISK3Y = ISK2Y + EUR3Y – EUR2Y …

The swap rates above are based on an average of daily observations (px_mid) from 1 September to 30 November 2019 excluding non-trading days. The European Commission explanatory note of 1 January 2014 provides a technical explanation of the calculation of the swap rates.

In applying the above mentioned rules, a premium of 100 bps is added to the relevant swap rate.




Other EEA Institutions


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