Reference and discount rates

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 state aid, particularly when it 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 one-year money market rates, in accordance with the ESA guidelines on Reference and Discount Rates that have been in effect since 1 January 2009.

For the calculation of the reference rates, ESA's guidelines specify that the margins that 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 that 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 September 2023:

Iceland	Liechtenstein	Norway
9.18	0.79	3.66

Base rates archive

Since 1 January 2009, ESA has calculated the base rates in accordance with ESA's guidelines on Reference and Discount Rates. For the period between March 2006 and December 2008, the method was set out in Decision No 69/06/COL. Prior to that, the methodology was set out in Decision No 72/00/COL.

From July 2004 until now, the applicable method for the calculation of the recovery rate has been set out in ESA's Decision No 195/04/COL. Prior to that, the applicable method was specified in Decision No 72/00/COL, as amended by Decision No 197/03/COL.

Time period	Iceland	Liechtenstein	Norway
01.08.2023 - 31.08.2023	7.69	0.62	3.66
01.07.2023 - 31.07.2023	7.69	0.44	3.66
01.06.2023 - 30.06.2023	7.69	0.29	3.15
01.05.2023 - 31.05.2023	6.37	0.14	3.15
01.04.2023 - 30.04.2023	6.37	0.00	3.15
01.03.2023 - 31.03.2023	6.37	- 0.12	3.15
01.02.2023 - 28.02.2023	6.37	-0.23	3.15
01.01.2023 - 31.01.2023	6.37	-0.32	3.15
01.12.2022 - 31.12.2022	6.13	-0.45	2.81
01.11.2022 - 30.11.2022	5.08	-0.45	2.38
01.10.2022 - 31.10.2022	5.08	-0.57	1.94
01.09.2022 - 30.09.2022	5.08	-0.57	1.57
01.07.2022 - 31.08.2022	3.90	-0.57	1.17
01.05.2022 - 30.06.2022	3.12	-0.57	1.17
01.03.2022 - 30.04.2022	2.56	-0.57	0.90
01.02.2022 - 28.02.2022	2.12	-0.57	0.78
01.01.2022 - 31.01.2022	2.12	-0.57	0.66
01.12.2021 - 31.12.2021	1.88	-0.61	0.52
01.11.2021 - 30.11.2021	1.50	-0.61	0.38
01.08.2021 - 31.10.2021	1.50	-0.61	0.26
01.07.2021 - 31.07.2021	1.50	-0.61	0.33
01.03.2021 - 30.06.2021	1.50	-0.61	0.44
01.01.2021 - 28.02.2021	1.50	-0.61	0.34
01.11.2020 - 31.12.2020	1.80	-0.55	0.32
01.09.2020 - 31.10.2020	1.80	-0.46	0.32
01.07.2020 – 31.08.2020	2.32	-0.46	0.46
01.06.2020 - 30.06.2020	2.65	-0.56	0.74
01.05.2020 - 31.05.2020	2.76	-0.56	0.99
01.04.2020 - 30.04.2020	2.88	-0.56	1.28
01.01.2020 - 31.03.2020	4.26	-0.56	1.79
01.10.2019 - 31.12.2019	4.93	-0.66	1.72
01.06.2019 - 30.09.2019	4.93	-0.53	1.47
01.01.2019 - 31.05.2019	4.93	-0.53	1.25
01.12.2018 - 31.12.2018	4.84	-0.52	1.20
01.05.2018 - 30.11.2018	4.84	-0.52	1.04
01.01.2018 - 30.04.2018	4.84	-0.52	0.88
01.12.2017 - 31.12.2017	5.20	-0.50	0.89
01.09.2017 - 30.11.2017	5.20	-0.50	1.08
01.07.2017 - 31.08.2017	6.18	-0.50	1.08
01.01.2017 - 30.06.2017	6.18	-0.50	1.29
01.01.2016 - 31.12.2016	6.77	-0.63	1.16
01.04.2015 - 31.12.2015	6.26	0.16	1.34
01.01.2015 - 31.03.2015	6.26	0.16	1.71
01.08.2014 - 31.12.2014	6.50	0.19	1.99
01.01.2014 - 31.07.2014	6.50	0.23	1.99
01.08.2013 - 31.12.2013	6.14	0.28	2.02
01.03.2013 - 31.07.2013	6.14	0.28	2.39
01.01.2013 - 28.02.2013	6.14	0.34	2.39
01.12.2012 - 31.12.2012	5.90	0.38	2.49
01.09.2012 - 30.11.2012	5.90	0.38	2.95
01.08.2012 - 31.08.2012	5.90	0.38	3.57
01.06.2012 - 31.07.2012	4.70	0.38	3.57
01.01.2012 - 31.05.2012	4.70	0.31	3.57
01.12.2011 - 31.12.2011	4.46	0.32	3.67
01.11.2011 - 30.11.2011	3.75	0.40	3.67
01.10.2011 - 31.10.2011	3.75	0.52	3.67
01.05.2011 - 30.09.2011	3.75	0.52	3.03
01.01.2011 - 30.04.2011	4.48	0.52	3.03
01.11.2010 - 31.12.2010	5.69	0.57	3.04
01.08.2010 - 31.10.2010	6.79	0.57	3.04
01.01.2010 - 31.07.2010	6.79	0.69	3.04
01.12.2009 - 31.12.2009	6.67	0.72	2.84
01.09.2009 - 30.11.2009	6.67	0.86	2.84
01.08.2009 - 31.08.2009	8.52	0.86	2.84
01.07.2009 - 31.07.2009	11.24	0.86	2.84
01.04.2009 - 30.06.2009	16.42	1.10	3.38
01.03.2009 - 31.03.2009	16.42	1.58	4.26
01.02.2009 - 28.02.2009	16.42	2.33	5.41
01.01.2009 - 31.01.2009	16.42	2.95	6.43
01.01.2008 - 31.12.2008	11.01	3.82	6.25
01.01.2007 - 31.12.2007	9.84	3.30	5.26
01.01.2006 - 31.12.2006	4.60	2.67	4.56
01.01.2005 - 31.12.2005	4.46	2.76	4.18
15.07.2004 - 31.12.2004	4.19	2.96	3.75
01.04.2004 - 14.07.2004	3.85	2.56	3.75
01.01.2004 - 31.03.2004	3.85	2.56	4.62
01.01.2003 - 31.12.2003	5.08	2.97	6.32
01.01.2002 - 31.12.2002	6.08	2.46	6.32
01.01.2001 - 31.12.2001	6.62	3.73	6.82
01.04.2000 - 31.12.2000	5.13	3.71	6.12

Exchange rates

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

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

Exchange rates archive

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 and the SGEI Framework refer to swap rates in the context of reasonable profit (Article 5(7) of the SGEI Decision and paragraphs 36 and 38 of the SGEI Framework).

Swap rates also apply for aid to culture and heritage conservation under the General Block Exemption Regulation (GBER) (Article 53 GBER, via the definition in Article 2(142) GBER) and for operating aid to small-scale renewable energy installations under the GBER (Article 43(6) GBER).

The following swap rates are valid from 01.07.2023 to 31.12.2023:

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	8.08	8.09	8.03	7.97	7.84	7.80	7.77	7.76	7.76	7.76
CHF	1.89	1.88	1.87	1.88	1.89	1.90	1.92	1.94	1.96	1.97
NOK	4.08	3.77	3.56	3.45	3.39	3.36	3.34	3.32	3.30	3.28

Calculations by The European Commission, based on data provided by Bloomberg.
For ISK: no swap rates beyond 5 year are available. Longer swap rates for ISK are calculated as follows: ISK6Y = ISK5Y + EUR6Y – EUR5Y, ISK7Y = ISK6Y + EUR7Y – EUR6Y …
Swap rates are based on average of daily observations (px_mid) from 01.03.2023 to 31.05.2023 excluding non-trading days.
For CHF, swap rates are no longer calculated on LIBOR 6M, but on overnight rate SONIO/N (+7.41 bps).

The European Commission explanatory note from 1 January 2014 provides a technical explanation of the calculation of the swap rates.

To calculate the safe-harbour profit benchmark a premium of 100 bps has to be added to the relevant swap rate.

Swap rates archive

Swap rates valid from 01.01.2023 to 30.06.2023:

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	NA	NA	NA	NA	NA	NA	NA	NA	NA	NA
CHF	1.26	1.42	1.53	1.62	1.70	1.78	1.85	1.91	1.96	2.01
NOK	3.85	3.86	3.79	3.71	3.65	3.61	3.60	3.60	3.59	3.59

Swap rates valid from 01.07.2022 to 31.12.2022:

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	4.68	5.13	5.22	5.18	5.15	5.22	5.28	5.33	5.39	5.44
CHF	-0.31	0.16	0.40	0.55	0.67	0.78	0.88	0.97	1.04	1.10
NOK	1.99	2.49	2.68	2.75	2.77	2.79	2.79	2.80	2.80	2.80

Swap rates valid from 01.01.2022 to 30.06.2022:

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	2.79	3.06	3.62	3.94	4.22	4.28	4.35	4.41	4.47	4.53
CHF	-0.68	-0.56	-0.45	-0.35	-0.26	-0.17	-0.09	-0.01	0.05	0.11
NOK	1.08	1.41	1.58	1.67	1.72	1.76	1.78	1.80	1.81	1.83

Swap rates valid from 01.07.2021 to 31.12.2021:

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	1.60	1.62	1.67	1.74	1.81	1.89	1.97	2.05	2.12	2.19
CHF	-0.69	-0.65	-0.58	-0.50	-0.40	-0.31	-0.22	-0.13	-0.05	-0.02
NOK	0.56	0.85	1.09	1.27	1.40	1.51	1.60	1.67	1.73	1.78

Swap rates valid from 01.01.2021 to 30.06.2021:

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	1.65	1.65	1.65	1.68	1.71	1.74	1.78	1.82	1.87	1.92
CHF	-0.73	-0.72	-0.69	-0.64	-0.59	-0.53	-0.48	-0.42	-0.37	-0.32
NOK	0.41	0.46	0.54	0.61	0.69	0.76	0.82	0.88	0.93	0.89

Swap rates valid from 01.07.2020 to 31.12.2020:

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	2.76	2.73	2.73	2.75	2.78	2.82	2.85	2.89	2.93	2.96
CHF	-0.67	-0.69	-0.68	-0.64	-0.58	-0.53	-0.47	-0.41	-0.36	-0.32
NOK	0.79	0.69	0.68	0.71	0.76	0.81	0.86	0.91	0.96	1.00

Swap rates valid from 01.01.2020 to 30.06.2020:

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
CHF	-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: for certain time periods, swap rates have not been available for certain maturities. In those situations, longer swap rates for ISK have been calculated as follows: ISK2Y = ISK1Y + EUR2Y – EUR1Y, ISK3Y = ISK2Y + EUR3Y – EUR2Y …
Swap rates are based on average of daily observations (px_mid) for three-month periods excluding non-trading days.