European Commission Directorate-General for Trade

Minimum interest rates

Commercial Interest Reference Rates (CIRRs)

Commercial Interest Reference Rates (CIRRs) are the minimum interest rates which may be applied under the OECD Arrangement on Guidelines for Officially Supported Export Credits.

There are general CIRRs, to be applied to the main text of the Arrangement, and there are special CIRRs that apply to certain specific Sector Understandings. As a rule, CIRRs are calculated by adding an agreed margin (100 basis points or more) to the average yield on state bonds in the secondary market in the previous month. CIRRs are valid from the 15th of each month to the 14th of the following month. The CIRRs for the different currencies, such as the EURO and US, are publicized on the OECD website.

• Latest changes in General CIRRs from the OECD website

Specific CIRRs

• CIRRs for the Sector Understanding on Renewable Energy and Water Projects (RE/WP-SU)
• CIRRs for the Sector Understanding on Nuclear Sector Understanding (N-SU)
• CIRRs for the Sector Understanding on Civil Aircraft (A-SU)

Differentiatred reference rates (DDR)

The Differentiated Discount Rate (DDR) is the discount rate to be used to calculate the concessionality level of a loan. The Arrangement on Guidelines for Officially Supported Export Credits sets certain rules on the minimum concessionality level when aid to third countries is being supplied. The DDR depends on the currency the loan is provided in, and is subject to an change on the 15th January of each year.

• The Differentiated Discount Rate from the OECD website (Effective as from 15 January 2009)