Base and reference rates of the Oesterreichische Nationalbank

The Euro-Related Amendment to Civil Legislation (Euro-Justiz-Begleitgesetz), Federal Law Gazette I No. 125/1998, provides for the replacement as of January 1, 1999, of the OeNB’s discount rate by the base rate (Basiszinssatz) and of the lombard rate by the reference rate (Referenzzinssatz) wherever these key interest rates of the OeNB are cited in federal laws, regulations or agreements.

On January 1, 1999, the base rate was set at the same level as the discount rate at end-1998, and the reference rate at the same level as the lombard rate at end-1998. These two rates are adjusted relative to changes in specific ECB monetary policy instruments whenever the changes are 0.5 percentage points or more.
With its Base Rate and Reference Rate Regulation of January 21, 1999 (Federal Law Gazette II No. 27/1999), the Austrian federal government established the following ECB interest rates as benchmarks: the deposit facility rate applies to the base rate, and the marginal lending facility rate to the reference rate.
According to an amendment to the Base Rate and Reference Rate Regulation (Federal Law Gazette No. 309/2002), changes in the base rate were, from August 1, 2002, to be based on changes in the main refinancing operations rate (with the fixed rate determining fixed rate tenders and the marginal rate determining variable rate tenders). The reference rate continues to reflect changes in the marginal lending facility.

OeNB.

Interest rate, base rate, reference rate, key interest rate, interest rate clause.