Rates applicable to EFTA States under the state aid rules


Reference, discount and recovery interest rates

The Authority 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 the Authority's guidelines on Reference and Discount Rates in effect since 1 January 2009.

For the calculation of the reference rates, the Authority'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 the Authority's Decision No 195/04/COL.

Applicable base rates as from 1 January 2018:

Iceland Liechtenstein Norway
4.84 -0.52 0.88

Older rates are available in the base rate archive.

Exchange rates

The amounts expressed in the Authority's State Aid Guidelines in Euros are converted into the currencies of the EFTA States using the following conversion rates for one Euro (EUR) in accordance with the Authority's guidelines on conversions between national currencies and the EURO.

Year Iceland (ISK) Liechtenstein (CHF) Norway (NOK)
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






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