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 …