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Methodology for calculating the reference interest rate

 

Reference interest rate – values and methodology for calculating

 

THE REFERENCE INTEREST RATE applicable for all credits with variable interest for natural persons – individual clients of the Bank, is the value of the index/indicator according to the debt currency agreed upon,but not less than zero, as follows: for credits in Bulgarian levs (BGN) – average interest rate of term deposits in BGN with 1-month maturity in the bank system, calculated according to the applied hereinbelow “Rules for calculating RIR in BGN of Societe Generale Expressbank AD”; for credits in euro (EUR) - 3-month EURIBORannounced two working days prior the first working day of each calendar trimester and shall be applied from the first day of the calendar trimester till the day preceding the first day of the next calendar trimester included.      

        

-          For credits in BGN:

 

The reference interest rate in BGN (RIR) is the average interest rate on term deposits outstanding amounts of non-financial corporations and households in BGN and with agreed maturity over 1 day and up to 1 month according to the Interest statistics of BNB; it shall be calculated on a monthly basis, on the last working day of the month; it shall be updated only in case of difference between the new rate and the current one in absolute value equal or exceeding 0.05 %; it shall be published on the internet home page of the Bank.Information for the Interest statistics is accessible on BNB home page – www.bnb.bg.

Rules for calculating the reference interest rate (RIR) in BGN of Societe Generale Expressbank 

 

-          For credits in EUR:

 

The index EURIBOR (Euro Interbank Offered Rate) is the rate at which Euro interbank term deposits are offered by one prime bank to another prime bank within the Euro zone, published on the page „EURIBOR=” in REUTERS. It is available on the Internet page of European Banking Federation - http://www.euribor-ebf.eu/

 

(In case of changes in the method of determination, announcement and publication of the above mentioned indices, regardless of the Bank’s will, they shall be applicable to the credit contracts and shall replace respectively the characteristics described here above.)

The reference interest rate for “Societe Generale Expressbank” shall enter into force from 21.07.2014 for all housing and mortgage credits of natural persons – individual clients of the Bank, concluded from this date on.

 

Change of the interest rate applied to the loan

Just increase or decrease of the amount of the reference interest rate with more than a specified value (percentage value), clarified in the loan contract, compared to its amount on the day of disbursement of the credit, as well as a subsequent change of the reference interest rate entailing new change with more than the amount of this value, shall lead to increase or decrease of the agreed in a signed credit contract annual interest rate.

 

 

  • Values of the reference interest rates  

Applicable values of the reference interest rates from 01.07.2018 to 30.09.2018.*

  •          IN BGN  (not less than 0)  

        IN EUR (not less than 0)
       
    Values of the market indicies/indicators   Market indicies/indicators from 01.07.2018 to 30.07.2018*
  • Average interest rate of term deposits in BGN with maturity up to 1 month in the baking system                                                                           3  М. EURIBOR EUR                                                    
     

     

    *Information on reference rates in BGN and EUR will be published on 29.06.2018

 

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