Reference rate for 1 January - 30 June 2016
Bank of Finland: Reference rate and penalty interest rates for 1 January - 30 June 2016
In accordance with the Interest Rates Act (340/2002), the reference rate for the period 1 January – 30 June 2016 is 0.5%. The penalty interest rate for the same period is thus 7.5% pa (under section 4 of the Act, the reference rate plus seven percentage points).
The penalty interest rate applicable to commercial contracts is 8.5% pa (under section 4a of the Act, the reference rate plus eight percentage points). The higher penalty interest rate referred to in section 4a of the Act is applied to payments made by enterprises to other enterprises or by authorities to enterprises.