Basiszinssatz

Basiszinssatz is a legally defined base interest rate used in German civil law as the reference for statutory interest on monetary claims when no other rate is agreed. It is anchored in the German Civil Code (BGB), principally in § 247, and is employed to determine the Verzugszins (default interest) under § 288 BGB. The Basiszinssatz functions as a standard reference, enabling the calculation of interest in various civil transactions, such as invoices and contractual monetary claims, in the absence of an agreed rate.

Determination and publication: The Basiszinssatz is not set by contract but by law and is published at regular intervals by the competent public authority, typically the Deutsche Bundesbank or the Federal Office for Justice. The rate is updated periodically and remains in force until the next publication. It reflects prevailing market conditions and monetary policy signals, providing a stable reference for interest calculations.

Application and scope: When no contractual interest rate exists, the Basiszinssatz provides the statutory basis for interest. The corresponding Verzugszins consists of the Basiszinssatz plus a fixed surcharge defined in the BGB, with the surcharge depending on factors such as the debtor type and the nature of the contract. The concept thus links a universal legal standard with the specifics of a given claim.

History: The Basiszinssatz gained prominence with the Schuldrechtsmodernisierung of 2002, which aimed to align statutory interest with market rates and to improve transparency in civil-law transactions.

See also: Verzugszins, BGB, Schuldrecht, § 247 BGB, § 288 BGB.