Rates applicable to EFTA States under the state aid rules

Base rates for the EFTA States from and including 1 January 2009

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.

Base rates are calculated in accordance with the Authority's guidelines on Reference and Discount Rates. To calculate the applicable reference rate, appropriate margins have to be added. For the discount rate this means that the appropriate margin of 100 basis points must be added to the base rate. The recovery rate will also normally be calculated by adding 100 basis points to the base rate as provided for in the Authority's Decision No 195/04/COL.

Base rates

Date of last update: 27.1.2017

  Iceland Liechtenstein Norway
01.01.2009 - 31.01.2009 16.42 2.95 6.43
01.02.2009 - 28.02.2009 16.42 2.33 5.41
01.03.2009 - 31.03.2009 16.42 1.58 4.26
01.04.2009 - 30.06.2009 16.42 1.10 3.38
01.07.2009 - 31.07.2009 11.24 0.86 2.84
01.08.2009 - 31.08.2009 8.52 0.86 2.84
01.09.2009 - 30.11.2009 6.67 0.86 2.84
01.12.2009 - 31.12.2009 6.67 0.72 2.84
01.01.2010 - 31.07.2010 6.79 0.69 3.04
01.08.2010 - 31.10.2010 6.79 0.57 3.04
01.11.2010 - 31.12.2010 5.69 0.57 3.04
01.01.2011 - 30.04.2011 4.48 0.52 3.03
01.05.2011 - 30.09.2011 3.75 0.52 3.03
01.10.2011 - 31.10.2011 3.75 0.52 3.67
01.11.2011 - 30.11.2011 3.75  0.40 3.67
01.12.2011 - 31.12.2011 4.46 0.32  3.67
01.01.2012 - 31.05.2012 4.70 0.31 3.57
01.06.2012 - 31.07.2012 4.70 0.38 3.57
01.08.2012 - 31.08.2012 5.90 0.38 3.57
01.09.2012 - 30.11.2012 5.90 0.38 2.95
01.12.2012 - 31.12.2012 5.90 0.38  2.49 
01.01.2013 - 28.02.2013 6.14 0.34 2.39 
01.03.2013 - 31.07.2013 6.14 0.28 2.39
01.08.2013 - 31.12.2013 6.14 0.28 2.02 
01.01.2014 - 31.07.2014 6.50 0.23 1.99 
01.08.2014 - 31.12.2014 6.50 0.19 1.99
01.01.2015 - 31.03.2015 6.26 0.16 1.71
01.04.2015 - 31.12.2015 6.26 0.16 1.34
20166.77 - 0.63 1.16
01.01.2017 -  6.18 - 0.50 1.29

 

Reference, discount and recovery rates for the EFTA States before 2009

From March 2006 until the end of 2008, the method used for the calculation of the reference and discount interest rates was set out in the Authority's Decision No 69/06/COL of 22 March 2006.

From April 2000 until the end of February 2006, the method used for the calculation of the reference and discount interest rates was set out in the Authority's Decision No 72/00/COL of 5 April 2000.

Before 1 April 2000 the method used for calculating the reference rate was set out in Chapter 27(3)(f) of the Authority's Decision No 4/94/COL of 19 January 1994 (later chapter 33.2).

The method used for the calculation of the recovery rate was specified in the Authority's Decision No 195/04/COL of 14 July 2004.

From April 2000 onwards, the method used for the calculation of the recovery rate was specified in the Authority's Decision No 72/00/COL of 5 April 2000, together with the Authority's Decision No 197/03/COL of 5 November 2003.

Before the adoption of these texts, the reference rate was also used as the recovery rate.

The Authority has calculated the following reference, discount and recovery interest rates for the EEA/EFTA States:

  Iceland Liechtenstein Norway
01.04.2000 - 31.12.2000 5.13 [1] 3.71 [2] 6.12
2001 6.62 3.73 6.82
20026.08 2.46 6.32
20035.08 2.97 6.32
01.01.2004 - 31.03.2004 3.85 2.56 4.62
01.04.2004 - 14.07.2004 3.85 2.56 3.75
15.07.2004 - 31.12.2004 4.19 [3] 2.96 3.75
20054.46 2.76 4.18
20064.60 2.67 4.56
20079.84 [4] 3.30 5.26
200811.01 3.82 6.25

[1] From 1 April 2000 to 14 July 2004, the reference, discount and recovery rate was based on the five-year state bond interest rate, in real terms, published in table 4 of the Central Bank of Iceland's Monetary Bulletin.

[2] From 1 April 2000 to 14 July 2004, the reference, discount and recovery rate for Liechtenstein are based on the level of yield on a 10 year Swiss state bond. The 10 year Swiss state bond was chosen in close co-operation with the Liechtenstein authorities.

[3] Between 15 July 2004 and 31 December 2007, the rate was based on the series RIKS 15 1001, an indexed Treasury Bond with maturity date October 1st 2015. RIKS 15 1001 was chosen in close co-operation with Icelandic authorities.

[4] In close co-operation with Iceland, the Authority has changed the basis rate used to calculate the reference, discount and recovery rate. From 2007, the rate is based on the 5 year Icelandic interbank swap rate, which has been made available from 16 November 2005.

Exchange Rates – conversion between national currencies and the euro

Part VII of the Authority's State Aid Guidelines on conversions between national currencies and the Euro provides that:

“Any amounts expressed in these guidelines in euros will be converted into the currencies of EFTA States throughout any calendar year at the exchange rates prevailing on the first day of the year on which exchange values for euros into all currencies of the EEA are available. The exchange rates may be revised during the year by agreement between the EFTA Surveillance Authority and an EFTA State if necessitated by a significant change.”

The applicable conversion rates for one Euro (EUR) are as follows:

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



Other EEA Institutions


imgbanner2
This website is built with Eplica CMS