The Bundesbank has published the “Bezugszins” (10-year zero-coupon euro swap rate) for June 2025. It amounts to 2.599 %.
The “Referenzzins” for the calculation of the “Zinszusatzreserve (ZZR)” as of 31.12.2024 amounts to 1.57 %.
Assuming that the “Bezugszins” remains constant, the “Referenzzins” as at 31.12.2025 would be 1.57 %.
With the publication of the “Bezugszins” interest rate (10-year zero-coupon euro swap rate) for September 2022 by the Bundesbank, the (“Referenzzins”) reference interest rate for the calculation of the “ZInszusatzreserve” (ZZR) is fixed as of 31 December 2022. It is 1.57%, as in the previous year.
The new regulation to change the Deckungsrückstellungs-Verordnung and Pensionsfonds-Aufsichtsverordnung has been published in the edition of the Bundesgesetzblatt (Federal Law Gazette) of 22 October 2018. The new rules for calculating the additional interest reserve thus come into force just in time for their application on 31.12.2018. The regulation has again been slightly amended in comparison with the draft bill in order to clarify the calculation rules.