The Bundesbank has published the “Bezugszins” (10-year zero-coupon euro swap rate) for October 2025. It amounts to 2.659 %.
Already since October the “Referenzzins” for the calculation of the “Zinszusatzreserve (ZZR)” as of 31.12.2025 can be calculated as 1.57 %.
Assuming that the “Bezugszins” remains constant, the “Referenzzins” as at 31.12.2026 would be 1.57 %.
As of 31 December 2025, the “Referenzzins” for the calculation of the additional reserve requirement (“ZInsszusatzreserve” or “ZZR”) will again be 1.57%. With the publication of the “Bezugszins” (10-year zero-coupon euro swap rate) for September 2025 by the Bundesbank, the input values for calculating the reference interest rate are now complete. The calculation method of … Read more …
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.