The Deutsche Bundesbank calculates the basic rate of interest pursuant to section 247 (1) of the German Civil Code (Bürgerliches Gesetzbuch) and publishes its current level in the Federal Gazette (Bundesanzeiger) pursuant to section 247 (2) of the German Civil Code.

The basic rate of interest pursuant to the German Civil Code changes on 1 January and 1 July each year by the percentage points by which the reference rate has risen or fallen since the last change in the basic rate of interest. The reference rate is the interest rate for the most recent main refinancing operation of the European Central Bank prior to the first calendar day of the six-month period concerned.

The fixed interest rate on the most recent main refinancing operation of the European Central Bank on 24 June 2014 was 0.15%. Since 1 January 2014, the relevant date for the last change in the basic rate of interest, the fixed interest rate has fallen by 0.10 percentage point (the fixed interest rate on the last main refinancing operation in December 2013 stood at 0.25%).

Beginning on 1 July 2014, this amounts to a basic rate of interest of -0.73% pursuant to the German Civil Code (down from -0.63%).

The new basic rate of interest will be announced in the Federal Gazette of 26 June 2014.