# Official Journal L 119/2019

| | ISSN 1977-0677 |
| --- | --- |
| Official Journal
  of the European Union | L 119 |
| | |
| English edition | Legislation | Volume 627 May 2019 |

ISSN 1977-0677

Official Journal

of the European Union

L 119

English edition

Legislation

Volume 627 May 2019

---

| Contents | | II   Non-legislative acts | page |
| --- | --- | --- | --- |
| | | REGULATIONS |
| | * | Commission Delegated Regulation (EU) 2019/697 of 14 February 2019 amending Delegated Regulation (EU) 2015/2195 on supplementing Regulation (EU) No 1304/2013 of the European Parliament and of the Council on the European Social Fund, regarding the definition of standard scales of unit costs and lump sums for reimbursement of expenditure by the Commission to Member States | 1 |
| | * | Commission Regulation (EU) 2019/698 of 30 April 2019 amending Annexes III and V to Regulation (EC) No 1223/2009 of the European Parliament and of the Council on cosmetic products (
  1
  ) | 66 |
| | * | Commission Implementing Regulation (EU) 2019/699 of 6 May 2019 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2019 until 29 June 2019 in accordance with Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (
  1
  ) | 70 |
| | | DECISIONS |
| | * | Commission Decision (EU) 2019/700 of 19 December 2018 on the State Aid SA.34914 (2013/C) implemented by the United Kingdom as regards the Gibraltar Corporate Income Tax Regime
  (notified under document C(2018) 7848) | 151 |

Contents

II   Non-legislative acts

page

REGULATIONS

*

Commission Delegated Regulation (EU) 2019/697 of 14 February 2019 amending Delegated Regulation (EU) 2015/2195 on supplementing Regulation (EU) No 1304/2013 of the European Parliament and of the Council on the European Social Fund, regarding the definition of standard scales of unit costs and lump sums for reimbursement of expenditure by the Commission to Member States

1

*

Commission Regulation (EU) 2019/698 of 30 April 2019 amending Annexes III and V to Regulation (EC) No 1223/2009 of the European Parliament and of the Council on cosmetic products (
  1
  )

1

66

*

Commission Implementing Regulation (EU) 2019/699 of 6 May 2019 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2019 until 29 June 2019 in accordance with Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (
  1
  )

1

70

DECISIONS

*

Commission Decision (EU) 2019/700 of 19 December 2018 on the State Aid SA.34914 (2013/C) implemented by the United Kingdom as regards the Gibraltar Corporate Income Tax Regime
  (notified under document C(2018) 7848)

(notified under document C(2018) 7848)

151

| | |
| --- | --- |
| | (1)   Text with EEA relevance. |

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(1)   Text with EEA relevance.

1

| EN | Acts whose titles are printed in light type are those relating to day-to-day management of agricultural matters, and are generally valid for a limited period.
  The titles of all other Acts are printed in bold type and preceded by an asterisk. |
| --- | --- |

EN

Acts whose titles are printed in light type are those relating to day-to-day management of agricultural matters, and are generally valid for a limited period.

The titles of all other Acts are printed in bold type and preceded by an asterisk.

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II Non-legislative acts

REGULATIONS

| 7.5.2019 | EN | Official Journal of the European Union | L 119/1 |
| --- | --- | --- | --- |

7.5.2019

EN

Official Journal of the European Union

L 119/1

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COMMISSION DELEGATED REGULATION (EU) 2019/697

of 14 February 2019

amending Delegated Regulation (EU) 2015/2195 on supplementing Regulation (EU) No 1304/2013 of the European Parliament and of the Council on the European Social Fund, regarding the definition of standard scales of unit costs and lump sums for reimbursement of expenditure by the Commission to Member States

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EU) No 1304/2013 of the European Parliament and of the Council of 17 December 2013 on the European Social Fund and repealing Council Regulation (EC) No 1081/2006 (1), and in particular Article 14(1) thereof,

Whereas:

| (1) | With a view to simplifying the use of the European Social Fund (‘ESF’) and reducing the administrative burden for beneficiaries, it is appropriate to increase the scope of standard scales of unit costs and lump sums available for reimbursement to Member States. The standard scales of unit costs and lump sums for reimbursement to Member States should be established on the basis of data submitted by Member States or published by Eurostat and on the basis of methods commonly agreed, including the methods set out in Article 67(5) and Article 68b(1) of Regulation (EU) No 1303/2013 of the European Parliament and of the Council (2). |
| --- | --- |

(1)

With a view to simplifying the use of the European Social Fund (‘ESF’) and reducing the administrative burden for beneficiaries, it is appropriate to increase the scope of standard scales of unit costs and lump sums available for reimbursement to Member States. The standard scales of unit costs and lump sums for reimbursement to Member States should be established on the basis of data submitted by Member States or published by Eurostat and on the basis of methods commonly agreed, including the methods set out in Article 67(5) and Article 68b(1) of Regulation (EU) No 1303/2013 of the European Parliament and of the Council (2).

| (2) | Taking into account the significant disparities between Member States regarding the level of costs for a particular type of operation, the definition and amounts of standard scales of unit costs and lump sums may differ according to the type of operation and the Member State concerned in order to reflect their specificities. |
| --- | --- |

(2)

Taking into account the significant disparities between Member States regarding the level of costs for a particular type of operation, the definition and amounts of standard scales of unit costs and lump sums may differ according to the type of operation and the Member State concerned in order to reflect their specificities.

| (3) | Czechia, France, Croatia, Italy, the Netherlands and the United Kingdom have submitted methods for amending existing standard scales of unit costs or defining additional standard scales of unit costs for reimbursement by the Commission concerning types of operation not yet covered by Commission Delegated Regulation (EU) 2015/2195 (3). |
| --- | --- |

(3)

Czechia, France, Croatia, Italy, the Netherlands and the United Kingdom have submitted methods for amending existing standard scales of unit costs or defining additional standard scales of unit costs for reimbursement by the Commission concerning types of operation not yet covered by Commission Delegated Regulation (EU) 2015/2195 (3).

| (4) | Malta has submitted a method for defining lump sums. |
| --- | --- |

(4)

Malta has submitted a method for defining lump sums.

| (5) | Delegated Regulation (EU) 2015/2195 should therefore be amended accordingly, |
| --- | --- |

(5)

Delegated Regulation (EU) 2015/2195 should therefore be amended accordingly,

HAS ADOPTED THIS REGULATION:

Article 1

Regulation (EU) 2015/2195 is amended as follows:

| (1) | Annex II is replaced by the text in Annex I to this Regulation; |
| --- | --- |

(1)

Annex II is replaced by the text in Annex I to this Regulation;

| (2) | Annex III is replaced by the text in Annex II to this Regulation; |
| --- | --- |

(2)

Annex III is replaced by the text in Annex II to this Regulation;

| (3) | Annex V is replaced by the text in Annex III to this Regulation; |
| --- | --- |

(3)

Annex V is replaced by the text in Annex III to this Regulation;

| (4) | Annex VI is replaced by the text in Annex IV to this Regulation; |
| --- | --- |

(4)

Annex VI is replaced by the text in Annex IV to this Regulation;

| (5) | Annex IX is replaced by the text in Annex V to this Regulation; |
| --- | --- |

(5)

Annex IX is replaced by the text in Annex V to this Regulation;

| (6) | Annex XVI is replaced by the text in Annex VI to this Regulation; |
| --- | --- |

(6)

Annex XVI is replaced by the text in Annex VI to this Regulation;

| (7) | Annex XIX is replaced by the text in Annex VII to this Regulation. |
| --- | --- |

(7)

Annex XIX is replaced by the text in Annex VII to this Regulation.

Article 2

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 14 February 2019.

For the Commission

The President

Jean-Claude JUNCKER

---

(1)  
  OJ L 347, 20.12.2013, p. 470.

1

(2)  Regulation (EU) No 1303/2013 of the European Parliament and of the Council of 17 December 2013 laying down common provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the European Agricultural Fund for Rural Development and the European Maritime and Fisheries Fund and laying down general provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund and the European Maritime and Fisheries Fund and repealing Council Regulation (EC) No 1083/2006 (OJ L 347, 20.12.2013, p. 320).

2

(3)  Commission Delegated Regulation (EU) 2015/2195 of 9 July 2015 on supplementing Regulation (EU) No 1304/2013 of the European Parliament and of the Council on the European Social Fund, regarding the definition of standard scales of unit costs and lump sums for reimbursement of expenditure by the Commission to Member States (OJ L 313, 28.11.2015, p. 22).

3

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ANNEX I

‘ANNEX II

Conditions for reimbursement of expenditure on the basis of standard scales of unit costs to France

1.   Definition of standard scales of unit costs

| Type of operations | Indicator name | Category of costs | Measurement unit for the indicator | Amounts (in EUR) |
| --- | --- | --- | --- | --- |
| 1. | “Garantie Jeunes” supported under priority axis 1 “Accompagner les jeunes NEET vers et dans l'emploi” of the operational programme “PROGRAMME OPÉRATIONNEL NATIONAL POUR LA MISE EN ŒUVRE DE L'INITIATIVE POUR L'EMPLOI DES JEUNES EN METROPOLE ET OUTRE-MER” (CCI-2014FR05M9OP001) |

Type of operations

Indicator name

Category of costs

Measurement unit for the indicator

Amounts (in EUR)

1.

“Garantie Jeunes” supported under priority axis 1 “Accompagner les jeunes NEET vers et dans l'emploi” of the operational programme “PROGRAMME OPÉRATIONNEL NATIONAL POUR LA MISE EN ŒUVRE DE L'INITIATIVE POUR L'EMPLOI DES JEUNES EN METROPOLE ET OUTRE-MER” (CCI-2014FR05M9OP001)

Young NEET (1) with a positive result under “Garantie Jeunes” at the latest 12 months following the start of coaching

| — | allowances paid to the participant; |
| --- | --- |

—

allowances paid to the participant;

| — | activation costs incurred by the “missions locales” |
| --- | --- |

—

activation costs incurred by the “missions locales”

Number of young NEETs who have one of the following results at the latest 12 months following the start of the coaching:

| — | entered vocational skills training leading to a certification, whether by:






  — | entering training in lifelong learning; or |
| --- | --- | --- |

—

entered vocational skills training leading to a certification, whether by:

—

entering training in lifelong learning; or

| — | entering basic training; |
| --- | --- |

—

entering basic training;

or

| — | started a company; or |
| --- | --- |

—

started a company; or

| — | found a job; or |
| --- | --- |

—

found a job; or

| — | has spent at least 80 working days in a (paid or not) professional environment |
| --- | --- |

—

has spent at least 80 working days in a (paid or not) professional environment

6 400

| 2. | Training for the unemployed provided by accredited training organisations and supported by the Operational Programme Ile-de-France (CCI 2014FR05M0OP001) |
| --- | --- |

2.

Training for the unemployed provided by accredited training organisations and supported by the Operational Programme Ile-de-France (CCI 2014FR05M0OP001)

Participants with a successful outcome following a training course.

All eligible costs of the operation.

Number of participants with one of the following outcomes following a training course:

| — | received a diploma or a confirmation of acquired competencies at the end of their training course; |
| --- | --- |

—

received a diploma or a confirmation of acquired competencies at the end of their training course;

| — | found a job of at least one month duration; |
| --- | --- |

—

found a job of at least one month duration;

| — | inscribed in a further professional training course; |
| --- | --- |

—

inscribed in a further professional training course;

| — | re-inscribed in their previous school curriculum after an interruption; or |
| --- | --- |

—

re-inscribed in their previous school curriculum after an interruption; or

| — | gained access to a formal validation process of their aquired competencies. |
| --- | --- |

—

gained access to a formal validation process of their aquired competencies.

If a participant achieves more than one succesful outcome following the training course, this shall only give rise to the reimbursement of one amount for that training.

Category

Sector

Amount

1

Healthcare

3 931

Safety of goods and people

2

Cultural, sports and leisure activities

4 556

Services to people

Handling of soft materials

Agri-food, cooking

Trade and sales

Hosting, hotel industry, catering

Health and safety at work

3

Secretarial and office automation training

5 695

Social work

Electronics

Hairdressing, beauty and wellness

Vehicle and equipment maintenance

Transport, handling, storing

4

Agriculture

7 054

Environment

Building and public works

Printing and publishing techniques

| 3. | Training for the unemployed provided by accredited training organisations and supported by the following Operational Programmes: | Rhône-Alpes (CCI 2014FR16M2OP010)
  and |
| --- | --- | --- |

3.

Training for the unemployed provided by accredited training organisations and supported by the following Operational Programmes:

Rhône-Alpes (CCI 2014FR16M2OP010)

and

| | Auvergne (CCI 2014FR16M0OP002) |
| --- | --- |

Auvergne (CCI 2014FR16M0OP002)

Participants with a successful outcome following a training course.

All eligible costs of the operation.

Number of participants with one of the following outcomes following a training course:

| — | received a diploma which is officially endorsed by a professional representation organisation or government office; |
| --- | --- |

—

received a diploma which is officially endorsed by a professional representation organisation or government office;

| — | received a confirmation of acquired competencies at the end of their training course; |
| --- | --- |

—

received a confirmation of acquired competencies at the end of their training course;

| — | found a job; |
| --- | --- |

—

found a job;

| — | inscribed in a further professional training course; |
| --- | --- |

—

inscribed in a further professional training course;

| — | re-inscribed in their previous school curriculum after an interruption; or |
| --- | --- |

—

re-inscribed in their previous school curriculum after an interruption; or

| — | gained access to a formal validation process of their aquired competencies. |
| --- | --- |

—

gained access to a formal validation process of their aquired competencies.

For category 5, additionally, number of participants with a successful outcome as described above who are entitled to receive an allowance from the Region Auvergne-Rhône-Alpes (2).

If a participant achieves more than one succesful outcome following the training course, this shall only give rise to the reimbursement of one amount for that training.

Category

Sector

Amount

1

Transport, logistics, and tourism

4 403

Banking, insurance

Management, business administration, creation of enterprises

Services for individuals and communities

2

Health and social work, recreational, cultural and sporting activities

5 214

Restaurant, hotel and food industries

Trade

Handling of soft materials and wood; graphic industries

3

Building and public works

7 853

Process industries

Mechanics, metal working

Agriculture, marine, fisheries

Communication, information, art and entertainment

4

Maintenance

9 605

Electricity, electronics

IT and telecommunication

5

Allowances

1 901

| 4. | Qualifying and Professional Training under the Operational Programme “ESF La Réunion” (CCI 2014FR05SFOP005) – priority axis1. Foster the development of a knowledge-based, competitive and innovative society. |
| --- | --- |

4.

Qualifying and Professional Training under the Operational Programme “ESF La Réunion” (CCI 2014FR05SFOP005) – priority axis1. Foster the development of a knowledge-based, competitive and innovative society.

Provisison of training leading to a qualification, skill or certification.

All eligible costs of the operation.

Number of complete month (3) per participant with one of the following outcomes during or at the end of a training course:

| — | received a diploma which is officially endorsed by a professional representation organisation or government office; |
| --- | --- |

—

received a diploma which is officially endorsed by a professional representation organisation or government office;

| — | received a confirmation of acquired competencies during or at the end of their training course; |
| --- | --- |

—

received a confirmation of acquired competencies during or at the end of their training course;

category

amount

A1

3 131

B1

4 277

C1

2 763

D1

2 470

D2

2 332

D3

3 465

E1

2 841

E2

3 392

E3

2 569

F1

2 319

F2

2 990

F3

2 910

G1

2 381

| 5. | Adult Prequalification Vocational Training under the Operational Programme ESF La Réunion (CCI 2014FR05SFOP005) - priority axis 1. Foster the development of a knowledge-based, competitive and innovative society. |
| --- | --- |

5.

Adult Prequalification Vocational Training under the Operational Programme ESF La Réunion (CCI 2014FR05SFOP005) - priority axis 1. Foster the development of a knowledge-based, competitive and innovative society.

Provision of vocational training leading to access to qualifying or professional training.

All eligible costs of the operation.

Number of complete month per participant with one of the following outcomes during or at the end of a training course:

| — | received a confirmation of acquired competencies during or at the end of their training course; |
| --- | --- |

—

received a confirmation of acquired competencies during or at the end of their training course;

| — | gained access to a further professional training course. |
| --- | --- |

—

gained access to a further professional training course.

category

amount

H1

2 805

2.   Adjustment of amounts

The amount of unit cost 1. is based partly on a standard scale of unit cost funded entirely by France. Out of the 6 400 EUR, 1 600 EUR correspond to the standard scale of unit cost set out by the “instruction ministérielle du 11 octobre 2013 relative à l'expérimentation Garantie Jeunes prise pour l'application du décret 2013-80 du 1er octobre 2013 ainsi que par l'instruction ministérielle du 20 mars 2014
  ” to cover the costs borne by the Youth Public Employment Services “Missions Locales” to coach each NEET entering the “Garantie Jeunes”.

Unit cost 1. shall be updated by the Member State in line with adjustments under national rules to the standard scale of unit cost of 1 600 EUR mentioned in paragraph 1 above that covers the costs borne by the Youth Public Employment Services.

The amount of unit costs 2. and 3. are based on publicly procured prices for training hours in the respective fields and geographical areas. These amounts will be adjusted when the procurement process for the underlying training courses is repeated according to the following formula:

New price (excl. VAT) = Old price (excl. VAT) × (0,5 + 0,5 × Sr/So)

| Sr is the index of employed persons INSEE (identifier 1567446) of the last monthly publication at the date of the adjustement |
| --- |

Sr is the index of employed persons INSEE (identifier 1567446) of the last monthly publication at the date of the adjustement

| So is the index of employed persons INSEE (identifier 1567446) of the monthly publication at the date of submission of the tender for the first adjustment; then, for the following adjustements, it refers to the monthly publication of the anniversary date of the submission of the tender. |
| --- |

So is the index of employed persons INSEE (identifier 1567446) of the monthly publication at the date of submission of the tender for the first adjustment; then, for the following adjustements, it refers to the monthly publication of the anniversary date of the submission of the tender.

The amounts of the unit costs 4 and 5 may be adjusted based on the Reunion inflation rate (INSEE index) – reference year 2017.

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(1)  Young person not in employment, education or training that participates in an operation supported by the “PROGRAMME OPÉRATIONNEL NATIONAL POUR LA MISE EN ŒUVRE DE L'INITIATIVE POUR L'EMPLOI DES JEUNES EN METROPOLE ET OUTRE-MER”.

1

(2)  The entitlement to receive an allowance is regulated in decree n°88-368 of 15 April 1988 modified by decree n°2002-1551 of 23 December 2002.

2

(3)  Including the months in a training centre or within an enterprise.

3

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ANNEX II

‘ANNEX III

Conditions for reimbursement of expenditure on the basis of standard scales of unit costs to Czechia

1.   Definition of standard scales of unit costs

| Type of operations | Indicator name | Category of costs (1) | Measurement unit for the indicator | Amounts
  (in national currency CZK unless otherwise mentioned) |
| --- | --- | --- | --- | --- |
| 1. | Establishment of a new childcare facility under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001) |

Type of operations

Indicator name

Category of costs (1)

Measurement unit for the indicator

Amounts

(in national currency CZK unless otherwise mentioned)

1.

Establishment of a new childcare facility under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001)

Newly created place in a new childcare facility

| — | purchase of equipment for a childcare facility; |
| --- | --- |

—

purchase of equipment for a childcare facility;

| — | management of project phase focused on creating the facility. |
| --- | --- |

—

management of project phase focused on creating the facility.

Number of newly created places in a new childcare facility (2)

20 544 incl. VAT, or 17 451 excl. VAT

| 2. | Transformation of an existing facility to a children's group under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001) |
| --- | --- |

2.

Transformation of an existing facility to a children's group under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001)

Transformed place in a children's group (3)

| — | purchase of equipment for a transformed facility; |
| --- | --- |

—

purchase of equipment for a transformed facility;

| — | purchase of teaching aids; |
| --- | --- |

—

purchase of teaching aids;

| — | management of project phase focused on transforming the facility |
| --- | --- |

—

management of project phase focused on transforming the facility

Number of transformed places in a children's group (4)

9 891 incl. VAT, or 8 642 excl. VAT

| 3. | Operating a childcare facility under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001) |
| --- | --- |

3.

Operating a childcare facility under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001)

Occupancy per place in a childcare facility

| — | salaries of teaching and non-teaching staff, |
| --- | --- |

—

salaries of teaching and non-teaching staff,

| — | operation of the childcare facility, |
| --- | --- |

—

operation of the childcare facility,

| — | management of the operation |
| --- | --- |

—

management of the operation

Occupancy rate (5)

730 (6)

| 4. | Upskilling of caregivers under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001) |
| --- | --- |

4.

Upskilling of caregivers under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001)

Achievement of a qualification as caregiver in a childcare facility

| — | training and examination for professional qualification |
| --- | --- |

—

training and examination for professional qualification

Number of persons who obtain a certification of professional qualification as caregiver in a childcare facility

14 760

| 5. | Lease of premises for childcare facilities under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001) |
| --- | --- |

5.

Lease of premises for childcare facilities under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001)

Occupancy per place in a childcare facility

| — | Rent of the premises for a childcare facility |
| --- | --- |

—

Rent of the premises for a childcare facility

Occupancy rate (7).

64 (8)

| 6. | Further external professional training of employees under Priority Axis 1 of Operational Programme Employment, (2014CZ05M9OP001) |
| --- | --- |

6.

Further external professional training of employees under Priority Axis 1 of Operational Programme Employment, (2014CZ05M9OP001)

One hour (60 minutes) of participation of an employee in an external training course on general information technologies (IT)

All eligible costs, including:

| — | Direct costs of providing training; |
| --- | --- |

—

Direct costs of providing training;

| — | Indirect costs; |
| --- | --- |

—

Indirect costs;

| — | Wages for participants. |
| --- | --- |

—

Wages for participants.

Number of completed hours per employee.

324

| 7. | Further external professional training of employees under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001) |
| --- | --- |

7.

Further external professional training of employees under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001)

One hour (60 minutes) of participation of an employee in an external training course on soft and managerial skills

All eligible costs, including:

| — | Direct costs of providing training; |
| --- | --- |

—

Direct costs of providing training;

| — | Indirect costs; |
| --- | --- |

—

Indirect costs;

| — | Wages for participants. |
| --- | --- |

—

Wages for participants.

Number of completed hours per employee.

593

| 8. | Further external professional training of employees under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001) |
| --- | --- |

8.

Further external professional training of employees under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001)

One hour (60 minutes) of participation of an employee in external language training courses

All eligible costs, including:

| — | Direct costs of providing training; |
| --- | --- |

—

Direct costs of providing training;

| — | Indirect costs; |
| --- | --- |

—

Indirect costs;

| — | Wages for participants. |
| --- | --- |

—

Wages for participants.

Number of completed hours per employee

230

| 9. | Further external professional training of employees under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001) |
| --- | --- |

9.

Further external professional training of employees under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001)

One hour (60 minutes) of participation of an employee in a training course in specialised IT

All eligible costs, inlcuding:

| — | Direct costs of providing training; |
| --- | --- |

—

Direct costs of providing training;

| — | Indirect costs; |
| --- | --- |

—

Indirect costs;

| — | Wages for participants. |
| --- | --- |

—

Wages for participants.

Number of completed hours per employee

609

| 10. | Further external professional training of employees under Priority Axis 1 of the Operational Programme Employment (2014CZ05M9OP001) |
| --- | --- |

10.

Further external professional training of employees under Priority Axis 1 of the Operational Programme Employment (2014CZ05M9OP001)

One hour (60 minutes) of participation of an employee in an external training course in accountancy, economy and law

All eligible costs, including:

| — | Direct costs of providing training; |
| --- | --- |

—

Direct costs of providing training;

| — | Indirect costs; |
| --- | --- |

—

Indirect costs;

| — | Wages for participants. |
| --- | --- |

—

Wages for participants.

Number of completed hours per employee

436

| 11. | Further external professional training of employees under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001) |
| --- | --- |

11.

Further external professional training of employees under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001)

One hour (60 minutes) of participation of an employee in external technical and other professional training

All eligible costs, including:

| — | Direct costs of providing training; |
| --- | --- |

—

Direct costs of providing training;

| — | Indirect costs; |
| --- | --- |

—

Indirect costs;

| — | Wages for participants. |
| --- | --- |

—

Wages for participants.

Number of completed hours per employee

252

| 12. | Further internal (9) professional training of employees under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001) |
| --- | --- |

12.

Further internal (9) professional training of employees under Priority Axis 1 of Operational Programme Employment (2014CZ05M9OP001)

One hour (60 minutes) of participation of an employee in a training course provided by an internal trainer in any of the following areas:

| — | general information technologies (IT) |
| --- | --- |

—

general information technologies (IT)

| — | soft and managerial skills |
| --- | --- |

—

soft and managerial skills

| — | languages |
| --- | --- |

—

languages

| — | specialised IT |
| --- | --- |

—

specialised IT

| — | accountancy, economy and law |
| --- | --- |

—

accountancy, economy and law

| — | technical and other professional. |
| --- | --- |

—

technical and other professional.

All eligible costs, including:

| — | Direct staff costs; |
| --- | --- |

—

Direct staff costs;

| — | Indirect costs; |
| --- | --- |

—

Indirect costs;

| — | Wages for participants. |
| --- | --- |

—

Wages for participants.

Number of completed hours per employee

144

| 13. | Support provided by non-permanent personnel to school/educational facility under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) |
| --- | --- |

13.

Support provided by non-permanent personnel to school/educational facility under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001)

0,1 full-time equivalent (FTE) worked as a school psychologist and/or a specialised school pedagogue per month

All eligible costs, including, direct staff costs

Number of 0,1 FTE worked per month

5 871

| 14. | Support provided by non-permanent personnel to school/educational facility under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) |
| --- | --- |

14.

Support provided by non-permanent personnel to school/educational facility under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001)

0,1 FTE worked by a school assistant and/or social pedagogue per month.

All eligible costs, including direct staff costs

Number of 0,1 FTE worked per month

School assistant: 3 617

Social pedagogue: 4 849

| 15. | Support provided by non-permanent personnel to school/educational facility under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) |
| --- | --- |

15.

Support provided by non-permanent personnel to school/educational facility under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001)

0,1 FTE worked by a nanny per month

All eligible costs, including direct staff costs.

Number of 0,1 FTE worked per month

3 402

| 16. | Provision of extracurricular activity for children/pupils at risk of school failure under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001) |
| --- | --- |

16.

Provision of extracurricular activity for children/pupils at risk of school failure under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001)

Provision of a block of 16 lessons of extracurricular activities with a duration of 90 minutes per lesson provided to a group of at least 6 children/pupils of which 2 are at risk of school failure.

All eligible costs, including direct staff costs.

Number of completed blocks of 16 lessons with a duration of 90 minutes per lesson provided to a group of at least 6 children/pupils of which 2 are at risk of school failure.

17 833

| 17. | Supporting pupils at the risk of school failure through tutoring under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001) |
| --- | --- |

17.

Supporting pupils at the risk of school failure through tutoring under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001)

Provision of a block of 16 hours of tutoring to a group of at least 3 registered pupils at risk of school failure.

All eligible costs, including direct staff costs.

Number of completed blocks of 16 hours provided to a goup of at least 3 registered pupils at risk of school failure.

8 917

| 18. | Professional development of pedagogues through structured training courses under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001) |
| --- | --- |

18.

Professional development of pedagogues through structured training courses under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001)

Hours of professional training provided to pedagogues.

All eligible costs, including direct costs of providing training.

Number of completed hours of training per pedagogue

| 1) | 435 for training inside regular class time |
| --- | --- |

1)

435 for training inside regular class time

| 2) | 170 for training outside regular class time |
| --- | --- |

2)

170 for training outside regular class time

| 19. | Provision of information to parents through meetings under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001) |
| --- | --- |

19.

Provision of information to parents through meetings under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001)

Thematic meeting with a minimum of eight parents for a minimum duration of two hours (120 minutes).

All eligible costs, including direct staff costs.

Number of thematic meetings with a minimum of eight parents for a minimum duration of two hours (120 minutes)

3 872

| 20. | Professional development of pedagogues in schools and educational facilities under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) |
| --- | --- |

20.

Professional development of pedagogues in schools and educational facilities under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001)

Block of 30 hours of external mentoring/coaching to a group of between 3 and 8 pedagogues.

All eligible costs, including direct staff costs.

Number of completed blocks of 30 hours mentoring/coaching to a group of between 3 and 8 pedagogues.

31 191

| 21. | Professional development of pedagogues in schools and educational facilities under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) |
| --- | --- |

21.

Professional development of pedagogues in schools and educational facilities under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001)

Training cycle of 15 hours of structured job-shadowing by a pedagogue

All eligible costs, including direct staff costs.

Number of completed training cycles of 15 hours per pedagogue undertaking a structured visit to another pedagogue in another school.

4 505

| 22. | Professional development of pedagogues in schools and educational facilities under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) |
| --- | --- |

22.

Professional development of pedagogues in schools and educational facilities under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001)

Cycle of 10 hours of training through mutual cooperation involving a group of at least 3 pedagogues.

All eligible costs, including direct staff costs.

Number of completed training cycles of 10 hours involving a group of at least 3 pedagogues.

8 456

| 23. | Professional development of teaching staff of school/educational facility under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) |
| --- | --- |

23.

Professional development of teaching staff of school/educational facility under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001)

Tandem lesson (10) of 2,75 hours.

All eligible costs, including direct staff costs:

Number of completed tandem lessons

815

| 24. | Professional development of pedagogues of school/educational facility under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) |
| --- | --- |

24.

Professional development of pedagogues of school/educational facility under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001)

Cycle of 19 hours of mutual cooperation and learning involving an expert and 2 pedagogues.

All eligible costs, including direct staff costs.

Number of completed cycles of 19 hours involving an expert and 2 other pedagogues.

5 637

| 25. | Career advice services in schools and cooperation between schools and employers under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) |
| --- | --- |

25.

Career advice services in schools and cooperation between schools and employers under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001)

0,1 FTE worked per month by a career advisor and/or a coordinator of cooperation between a school and employers.

All eligible costs, including direct staff costs

Number of 0,1 FTE worked per month

4 942

| 26. | Professional development of pedagogues of school/educational facility under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) |
| --- | --- |

26.

Professional development of pedagogues of school/educational facility under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001)

Training cycle of 8,5 hours involving structured job-shadowing by a pedagogue and a mentor.

All eligible costs, including direct staff costs

Number of completed training cycles of 8,5 hours per structured visit to an institution/company/facility.

2 395

| 27. | Professional competence development of pedagogues under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001). |
| --- | --- |

27.

Professional competence development of pedagogues under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) and Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001).

Cycle of 3,75 hours or 4 cycles of 3,75 hours of training involving a pedagogue and expert/ICT technician.

All eligible costs, including direct staff costs

Number of completed training cycles of 3,75 hours involving a pedagogue and expert/ICT technician.

One Cycle: 1 103

Four Cycles: 4 412

| 28. | Mobility of researchers under priority axis 2 of Operational Programme Research, Development and Education (2014CZ05M2OP001). |
| --- | --- |

28.

Mobility of researchers under priority axis 2 of Operational Programme Research, Development and Education (2014CZ05M2OP001).

Months in mobility per researcher.

All eligible costs of the operation.

Number of months in mobility per researcher.

Components

Amount (11) (EUR)

Living Allowance (for incoming mobility to CZ)

Junior

2 674

Senior

3 990

The amounts of Living Allowance for outgoing mobility from CZ shall be calculated by multiplying the amounts for incoming mobility by the relevant correction co-efficient listed in point 3 below, depending on destination country.

Mobility allowance

600

Family allowance

500

Research, training and networking costs

800

Management and Indirect Costs

650

| 29. | Supporting pupils with different mother tongue, teachers or parents through the assistance of an Intercultural Worker or Bilingual Assistant under Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001). |
| --- | --- |

29.

Supporting pupils with different mother tongue, teachers or parents through the assistance of an Intercultural Worker or Bilingual Assistant under Priority Axis 4 of Operational Programme Prague Growth Pole (2014CZ16M2OP001).

| 1) | 0,1 FTE worked per month by an Intercultural Worker (12) or Bilingual Assistant. |
| --- | --- |

1)

0,1 FTE worked per month by an Intercultural Worker (12) or Bilingual Assistant.

| 2) | One hour (60 minutes) worked by an Intercultural Worker (13). |
| --- | --- |

2)

One hour (60 minutes) worked by an Intercultural Worker (13).

All eligible costs of the operation.

| 1) | Number of 0,1 FTE worked by an Intercultural Worker or Bilingual Assistant per month. |
| --- | --- |

1)

Number of 0,1 FTE worked by an Intercultural Worker or Bilingual Assistant per month.

| 2) | Number of hours worked by an Intercultural Worker. |
| --- | --- |

2)

Number of hours worked by an Intercultural Worker.

| 1) | Intercultural Worker: 5 373
  Bilingual Assistant: 4 464 |
| --- | --- |

1)

Intercultural Worker: 5 373

Bilingual Assistant: 4 464

| 2) | Intercultural Worker: 308 |
| --- | --- |

2)

Intercultural Worker: 308

| 30. | Transnational mobility projects for the training of educational staff under Priority Axis 4 “Education and learning and support of Employment” of Operational Programme Prague Growth Pole (2014CZ16M2OP001). |
| --- | --- |

30.

Transnational mobility projects for the training of educational staff under Priority Axis 4 “Education and learning and support of Employment” of Operational Programme Prague Growth Pole (2014CZ16M2OP001).

A 4-day traineeship for educational staff in a school in another European State consisting of at least 24 hours of educational activities.

All eligible costs of the operation, which are:

| 1) | Salaries for participants; |
| --- | --- |

1)

Salaries for participants;

| 2) | Costs associated with organising the traineeship in the host and sending school. |
| --- | --- |

2)

Costs associated with organising the traineeship in the host and sending school.

| 3) | Travel and subsistence costs; |
| --- | --- |

3)

Travel and subsistence costs;

Number of 4-day traineeships participated in by educational staff in a school in another European State.

| 1) | 5 087 |
| --- | --- |

1)

5 087

| 2) | EUR 350 |
| --- | --- |

2)

EUR 350

| 3) | To these amounts for each 4-day traineeship may be added an amount per participant to cover travel and subsistence costs as follows: |
| --- | --- |

3)

To these amounts for each 4-day traineeship may be added an amount per participant to cover travel and subsistence costs as follows:

Travel costs depending on distance as follows (14):

Amount

10 - 99 km:

EUR 20

100 - 499 km:

EUR 180

500 - 1 999 km:

EUR 275

2 000 - 2 999 km:

EUR 360

3 000 - 3 999 km:

EUR 530

4 000 - 7 999 km:

EUR 820

8 000 km and above:

EUR 1 300

Subsistence costs, depending on country as follows:

Amount

Denmark, Ireland, Norway, Sweden, United Kingdom

EUR 448

Belgium, Bulgaria, Greece, France, Italy, Cyprus, Luxembourg, Hungary, Austria, Poland, Romania, Finland,

EUR 392

Germany, Spain, Latvia, Malta, Portugal, Slovakia,

EUR 336

Estonia, Croatia, Lithuania, Slovenia.

EUR 280

| 31. | Developing information and communications technology (ICT) skills of pupils and staff in school/educational facilities under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) |
| --- | --- |

31.

Developing information and communications technology (ICT) skills of pupils and staff in school/educational facilities under Priority axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001)

Lesson of 45 minutes using ICT tools, with a minimum of 10 pupils of which at least 3 are at risk of school failure.

All eligible costs of the operation, including direct ICT costs and direct staff costs

Number of lessons of 45 minutes with a minimum of 10 pupils of which at least 3 are at risk of school failure.

2 000

| 32. | Professional development of teaching staff under Priority Axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001) |
| --- | --- |

32.

Professional development of teaching staff under Priority Axis 3 of Operational Programme Research, Development and Education (2014CZ05M2OP001)

Project day consisting of cooperative teaching by teaching staff

All eligible costs, including travel costs and direct staff costs

Number of project days of cooperative teaching, which meet the following requirements:

| — | consisting of 4 lessons of 45 minutes each of teaching outside the normal school environment |
| --- | --- |

—

consisting of 4 lessons of 45 minutes each of teaching outside the normal school environment

| — | to a group of at least 10 students, of which at least 3 are at risk of school failure, complemented by at least 60 minutes of joint preparation and reflection |
| --- | --- |

—

to a group of at least 10 students, of which at least 3 are at risk of school failure, complemented by at least 60 minutes of joint preparation and reflection

6 477

2.   Adjustments of amounts.

The rate for unit costs 6-11 may be adjusted by replacing the initial minimum wage rate in the calculation method that consists of the minimum wage, the cost for provision of training and indirect costs.

The rate for unit cost 12 may be adjusted by replacing the initial direct staff costs, including social security and health contributions, and/or the wages for participants, including social security and health contributions in the calculation method that consists of direct staff costs, including social security and health contributions and/or the wages for participants, including social security and health contributions.

The rate for unit costs 13-17, 19-27, and 29 may be adjusted by replacing the initial direct staff costs, including social security and health contributions, in the calculation method that consists of direct staff costs, including social security and health contributions, plus indirect costs.

The rate for unit cost 18 may be adjusted by replacing the salaries for participants, including social security and health contributions in the calculation method that consists of the cost for provision of training plus salaries for participants, including social security and health contributions, plus indirect costs.

The rates for unit cost 28 may be adjusted by replacing the amounts for Living Allowance, Mobility allowance, Family allowance, Research, training and networking costs Management and Indirect Costs.

The rate for unit cost 30 may be adjusted by replacing the initial direct staff costs, including social security and health contributions, the costs associated with organising the traineeship in the host and sending school, and the travel and subsistence costs in the calculation method that consists of direct staff costs, including social security and health contributions, the costs associated with organising the traineeship in the host and sending school, and the travel and subsistence costs.

The rate for unit cost 32 may be adjusted by replacing the amount for travel in the calculation method that consists of direct costs for travel, plus direct staff costs, plus indirect costs.

Adjustments will be based on the updated data as follows:

| — | for the minimum wage, amendments to the minimum wage as set by government decree no. 567/2006 Coll; |
| --- | --- |

—

for the minimum wage, amendments to the minimum wage as set by government decree no. 567/2006 Coll;

| — | for social security contributions, amendments to employers' contributions to social security, defined in Act no. 589/1992 Coll. on social security; and |
| --- | --- |

—

for social security contributions, amendments to employers' contributions to social security, defined in Act no. 589/1992 Coll. on social security; and

| — | for health contributions, amendments to employers' contributions to health insurance, defined in Act no. 592/1992 Coll. on premiums for health insurance. |
| --- | --- |

—

for health contributions, amendments to employers' contributions to health insurance, defined in Act no. 592/1992 Coll. on premiums for health insurance.

| — | For average salaries to determine wages/staff costs, changes to the latest annual published data for relevant categories from the average earnings informational system (www.ISPV.cz). |
| --- | --- |

—

For average salaries to determine wages/staff costs, changes to the latest annual published data for relevant categories from the average earnings informational system (www.ISPV.cz).

| — | For Living Allowance, Mobility allowance, Family allowance, Research, training and networking costs Management and Indirect Costs, amendment to rates for the HORIZON 2020 – Marie Skłodowska-Curie Actions as published at https://ec.europa.eu/research/mariecurieactions/ |
| --- | --- |

—

For Living Allowance, Mobility allowance, Family allowance, Research, training and networking costs Management and Indirect Costs, amendment to rates for the HORIZON 2020 – Marie Skłodowska-Curie Actions as published at https://ec.europa.eu/research/mariecurieactions/

| — | For travel, subsistence and organisational costs under unit cost 30, amendments to the amounts for travel and organisational costs as well as individual support set by the European Commission for Key Action 1 (mobility projects) under the Erasmus+ programme (http://ec.europa.eu/programmes/erasmus-plus/). |
| --- | --- |

—

For travel, subsistence and organisational costs under unit cost 30, amendments to the amounts for travel and organisational costs as well as individual support set by the European Commission for Key Action 1 (mobility projects) under the Erasmus+ programme (http://ec.europa.eu/programmes/erasmus-plus/).

| — | For travel under unit cost 32, amendments to the amounts for travel between 10 and 99 kilometres as set out in the “distance calculator” of the Erasmus+ programme (http://ec.europa.eu/programmes/erasmus-plus/resources/distance-calculator_en). |
| --- | --- |

—

For travel under unit cost 32, amendments to the amounts for travel between 10 and 99 kilometres as set out in the “distance calculator” of the Erasmus+ programme (http://ec.europa.eu/programmes/erasmus-plus/resources/distance-calculator_en).

3.   Table of Coefficients related to outgoing mobility of researchers

| Country | Correction coefficient | | Country | Correction coefficient |
| --- | --- | --- | --- | --- |
| Albania | 0,908 | | Latvia | 0,906 |
| Argentina | 0,698 | | Luxembourg | 1,193 |
| Australia | 1,253 | | Hungary | 0,909 |
| Belgium | 1,193 | | North Macedonia | 0,816 |
| Bosnia and Herzegovina | 0,878 | | Malta | 1,069 |
| Brazil | 1,098 | | Mexico | 0,840 |
| Bulgaria | 0,853 | | Republic of Moldova | 0,729 |
| Montenegro | 0,798 | | Germany | 1,179 |
| Czechia | 1,000 | | Netherlands | 1,245 |
| China | 1,014 | | Norway | 1,574 |
| Denmark | 1,615 | | Poland | 0,912 |
| Estonia | 0,934 | | Portugal | 1,063 |
| Faroe Islands | 1,600 | | Austria | 1,251 |
| Finland | 1,391 | | Serbia | 0,801 |
| France | 1,325 | | Romania | 0,815 |
| Croatia | 1,163 | | Russia | 1,378 |
| India | 0,630 | | Greece | 1,106 |
| Indonesia | 0,899 | | Slovakia | 0,986 |
| Ireland | 1,354 | | Slovenia | 1,027 |
| Italy | 1,273 | | Spain | 1,165 |
| Israel | 1,297 | | Sweden | 1,333 |
| Japan | 1,383 | | Switzerland | 1,350 |
| Republic of South Africa | 0,666 | | Turkey | 1,033 |
| South Korea | 1,255 | | Ukraine | 1,101 |
| Canada | 1,031 | | United States of America | 1,186 |
| Cyprus | 1,095 | | United Kingdom | 1,436 |
| Lithuania | 0,872 | | Vietnam | 0,610 |

Country

Correction coefficient

Country

Correction coefficient

Albania

0,908

Latvia

0,906

Argentina

0,698

Luxembourg

1,193

Australia

1,253

Hungary

0,909

Belgium

1,193

North Macedonia

0,816

Bosnia and Herzegovina

0,878

Malta

1,069

Brazil

1,098

Mexico

0,840

Bulgaria

0,853

Republic of Moldova

0,729

Montenegro

0,798

Germany

1,179

Czechia

1,000

Netherlands

1,245

China

1,014

Norway

1,574

Denmark

1,615

Poland

0,912

Estonia

0,934

Portugal

1,063

Faroe Islands

1,600

Austria

1,251

Finland

1,391

Serbia

0,801

France

1,325

Romania

0,815

Croatia

1,163

Russia

1,378

India

0,630

Greece

1,106

Indonesia

0,899

Slovakia

0,986

Ireland

1,354

Slovenia

1,027

Italy

1,273

Spain

1,165

Israel

1,297

Sweden

1,333

Japan

1,383

Switzerland

1,350

Republic of South Africa

0,666

Turkey

1,033

South Korea

1,255

Ukraine

1,101

Canada

1,031

United States of America

1,186

Cyprus

1,095

United Kingdom

1,436

Lithuania

0,872

Vietnam

0,610

---

(1)  For unit costs 1 – 5, the categories of costs mentioned cover all costs associated with that operation, except for types of operations 1 and 2, which may also include other categories of costs.

1

(2)  Meaning a new place which is included in the capacity of the new childcare facility as recorded by national regulations, and which has proof of equipment for each new place provided.

2

(3)  A children's group means it has been registered as a children's group pursuant to national legislation on the provision of childcare services in a children's group.

3

(4)  Meaning a place in an existing facility which is newly registered as a children's group in accordance with national legislation and inlcuded in the official capacity of that group, and which has proof of equipment for each place.

4

(5)  The occupancy rate is defined as the number of children attending the childcare facility per half day during 6 months divided by the maximum capacity of the facility per half day during 6 months, multiplied by 100.

5

(6)  This amount will be paid for each 1 % point of occupancy per place up to a maximum of 75 % points for a period of 6 months. If the occupancy rate is less than 20 % there will be no reimbursement.

6

(7)  The occupancy rate is defined as the number of children attending the childcare facility per half day during 6 months divided by the maximum capacity of the facility per half day during 6 months, multiplied by 100.

7

(8)  This amount will be paid for each 1 % point of occupancy per place up to a maximum of 75 % points for a period of 6 months. If the occupancy rate is less than 20 % there will be no reimbursement.

8

(9)  Internal training is training provided by an internal trainer.

9

(10)  Tandem lesson is to be understood as two pedagogues cooperating to mutually strengthen their professional development by jointly planning, implementing and reflecting on teaching methods in a class.

10

(11)  The total amount per participant will depend on the characteristics of each incidence of mobility and the applicability of each of the components set out.

11

(12)  This indicator will be used for Intercultural Workers or bilingual assistants employed directly on a full-time or a part-time basis by the school.

12

(13)  This indicator will be used for external Intercultural Workers engaged by the school to provide services on an hourly basis.

13

(14)  Based on travel distance per participant. Travel distances shall be calculated using the distance calculator supported by the European Commission - http://ec.europa.eu/programmes/erasmus-plus/tools/distance_en.htm

14

---

ANNEX III

‘ANNEX V

Conditions for reimbursement of expenditure on the basis of standard scales of unit costs and lump sums to Malta

1.   Definition of standard scales of unit costs

| Type of operations | Indicator name | Category of costs | Measurement unit for the indicators | Amounts
  (in EUR) |
| --- | --- | --- | --- | --- |
| 1. | Employment Aid (A2E Scheme) under Priority axis 1 of the ESF Operational Programme II “Investing in human capital to create more opportunities and promote the wellbeing of society” (2014MT05SFOP001) |

Type of operations

Indicator name

Category of costs

Measurement unit for the indicators

Amounts

(in EUR)

1.

Employment Aid (A2E Scheme) under Priority axis 1 of the ESF Operational Programme II “Investing in human capital to create more opportunities and promote the wellbeing of society” (2014MT05SFOP001)

Employment aid paid per week to workers who are disadvantaged, severely disadvantaged or with disabilities (1).

All costs related to the Employment Subsidy.

Number of weeks in employment per employee.

| 1. | Disadvantaged worker – 85 per week for a maximum of 52 weeks. |
| --- | --- |

1.

Disadvantaged worker – 85 per week for a maximum of 52 weeks.

| 2. | Severely disadvantaged worker – 85 per week for a maximum of 104 weeks. |
| --- | --- |

2.

Severely disadvantaged worker – 85 per week for a maximum of 104 weeks.

| 3. | Worker with disabilities – 125 per week for a maximum of 156 weeks. |
| --- | --- |

3.

Worker with disabilities – 125 per week for a maximum of 156 weeks.

| 2. | Training aid (Investing In Skills scheme) to enterprises in the private sector under Priority Axis 3 of the ESF Operational Programme II “Investing in human capital to create more opportunities and promote the wellbeing of society” (2014MT05SFOP001) |
| --- | --- |

2.

Training aid (Investing In Skills scheme) to enterprises in the private sector under Priority Axis 3 of the ESF Operational Programme II “Investing in human capital to create more opportunities and promote the wellbeing of society” (2014MT05SFOP001)

Participation in one hour of accredited or non-accredited external training

Direct costs of providing external training

Number of completed hours per participant

25

| 3. | Training aid (Investing In Skills scheme) to enterprises in the private sector under Priority Axis 3 of the ESF Operational Programme II “Investing in human capital to create more opportunities and promote the wellbeing of society” (2014MT05SFOP001) |
| --- | --- |

3.

Training aid (Investing In Skills scheme) to enterprises in the private sector under Priority Axis 3 of the ESF Operational Programme II “Investing in human capital to create more opportunities and promote the wellbeing of society” (2014MT05SFOP001)

Provision of one hour of accredited or non-accredited internal training.

Salary costs for internal trainer.

Number of completed hours of training provided per trainer.

4,90

| 4. | Training aid (Investing In Skills scheme) to enterprises in the private sector under Priority Axis 3 of the ESF Operational Programme II “Investing in human capital to create more opportunities and promote the wellbeing of society” (2014MT05SFOP001) |
| --- | --- |

4.

Training aid (Investing In Skills scheme) to enterprises in the private sector under Priority Axis 3 of the ESF Operational Programme II “Investing in human capital to create more opportunities and promote the wellbeing of society” (2014MT05SFOP001)

Participation in one hour of accredited or non-accredited internal or external training.

Salary costs for participant.

Number of completed hours per participant.

4,90

| 5. | Training and work experience under the Youth Guarantee (YG), Priority Axis 1, Investment Priority 8ii of OP 2014MT05SFOP001 |
| --- | --- |

5.

Training and work experience under the Youth Guarantee (YG), Priority Axis 1, Investment Priority 8ii of OP 2014MT05SFOP001

| (1) | Young persons below 25 years receiving a profiling report |
| --- | --- |

(1)

Young persons below 25 years receiving a profiling report

All eligible costs of the operation.

| (1) | Number of young persons below 25 years receiving a profiling report. |
| --- | --- |

(1)

Number of young persons below 25 years receiving a profiling report.

| (1) | profiling report: 2 000,60 |
| --- | --- |

(1)

profiling report: 2 000,60

| (2) | Young persons below 25 years completing training. |
| --- | --- |

(2)

Young persons below 25 years completing training.

| (2) | Number of young persons below 25 years obtaining a certificate of attendance for the completed training. |
| --- | --- |

(2)

Number of young persons below 25 years obtaining a certificate of attendance for the completed training.

| (2) | certificate of attendance for completing the training: 1 714,80 |
| --- | --- |

(2)

certificate of attendance for completing the training: 1 714,80

| (3) | Young persons below 25 years completing work experience. |
| --- | --- |

(3)

Young persons below 25 years completing work experience.

| (3) | Number of young persons below 25 years obtaining a certificate of completion of work experience. |
| --- | --- |

(3)

Number of young persons below 25 years obtaining a certificate of completion of work experience.

| (3) | Certificate of completion of work experience: 2 000,60 |
| --- | --- |

(3)

Certificate of completion of work experience: 2 000,60

| 6. | IT-training under the Youth Guarantee (YG), Priority Axis 1, Investment Priority 8ii of OP 2014MT05SFOP001. |
| --- | --- |

6.

IT-training under the Youth Guarantee (YG), Priority Axis 1, Investment Priority 8ii of OP 2014MT05SFOP001.

| (1) | Young persons below 25 years starting the Malta Qualifications Framework (MQF) (2) Level 2 IT-course offered through the Alternative Learning Programme (ALP). |
| --- | --- |

(1)

Young persons below 25 years starting the Malta Qualifications Framework (MQF) (2) Level 2 IT-course offered through the Alternative Learning Programme (ALP).

All eligible costs of the operation.

| (1) | Number of young persons below 25 years starting the Level 2 IT-course offered through ALP. |
| --- | --- |

(1)

Number of young persons below 25 years starting the Level 2 IT-course offered through ALP.

| (1) | Start of the IT-Training: 226,50 |
| --- | --- |

(1)

Start of the IT-Training: 226,50

| (2) | Young persons below 25 years completing the MQF Level 2 IT-course offered through ALP. |
| --- | --- |

(2)

Young persons below 25 years completing the MQF Level 2 IT-course offered through ALP.

| (2) | Number of young persons below 25 years obtaining a certificate of completion of Level 2 IT-course offered through ALP. |
| --- | --- |

(2)

Number of young persons below 25 years obtaining a certificate of completion of Level 2 IT-course offered through ALP.

| (2) | Certificate of completion of the IT-Training: 528,50 |
| --- | --- |

(2)

Certificate of completion of the IT-Training: 528,50

| 7. | IT-training (European Computer Driving Licence) under the Youth Guarantee (YG), Priority Axis 1, Investment Priority 8ii of OP 2014MT05SFOP001. |
| --- | --- |

7.

IT-training (European Computer Driving Licence) under the Youth Guarantee (YG), Priority Axis 1, Investment Priority 8ii of OP 2014MT05SFOP001.

| (1) | Young persons below 25 years starting the MQF Level 3 Standard European Computer Driving Licence (ECDL) (3) course offered through the Alternative Learning Programme (ALP). |
| --- | --- |

(1)

Young persons below 25 years starting the MQF Level 3 Standard European Computer Driving Licence (ECDL) (3) course offered through the Alternative Learning Programme (ALP).

All eligible costs of the operation.

| (1) | Number of young persons below 25 years starting the Level 3 Standard ECDL course offered through ALP. |
| --- | --- |

(1)

Number of young persons below 25 years starting the Level 3 Standard ECDL course offered through ALP.

| (1) | Start of the ECDL course: 114,60 |
| --- | --- |

(1)

Start of the ECDL course: 114,60

| (2) | Young persons below 25 years completing the MQF Level 3 Standard ECDL course offered through ALP. |
| --- | --- |

(2)

Young persons below 25 years completing the MQF Level 3 Standard ECDL course offered through ALP.

| (2) | Number of young persons below 25 years obtaining a certificate of completion of Level 3 Standard ECDL course offered through ALP. |
| --- | --- |

(2)

Number of young persons below 25 years obtaining a certificate of completion of Level 3 Standard ECDL course offered through ALP.

| (2) | Certificate of completion of the ECDL course: 267,40 |
| --- | --- |

(2)

Certificate of completion of the ECDL course: 267,40

| 8. | Prevention classes for the Malta College for Arts, Science and Technology (MCAST) under the Youth Guarantee (YG), Priority Axis 1, Investment Priority 8ii of OP 2014MT05SFOP001. |
| --- | --- |

8.

Prevention classes for the Malta College for Arts, Science and Technology (MCAST) under the Youth Guarantee (YG), Priority Axis 1, Investment Priority 8ii of OP 2014MT05SFOP001.

| (1) | Young persons below 25 years starting an MCAST prevention class. |
| --- | --- |

(1)

Young persons below 25 years starting an MCAST prevention class.

All eligible costs of the operation.

| (1) | Number of young persons below 25 years starting an MCAST prevention class. |
| --- | --- |

(1)

Number of young persons below 25 years starting an MCAST prevention class.

| (1) | Start of the MCAST prevention class: 90,90 |
| --- | --- |

(1)

Start of the MCAST prevention class: 90,90

| (2) | Young persons below 25 years taking the MCAST exam following attendance at a prevention class. |
| --- | --- |

(2)

Young persons below 25 years taking the MCAST exam following attendance at a prevention class.

| (2) | Number of young persons below 25 years taking the MCAST exam following attendance at a prevention class. |
| --- | --- |

(2)

Number of young persons below 25 years taking the MCAST exam following attendance at a prevention class.

| (2) | Taking the MCAST exam: 181,80 |
| --- | --- |

(2)

Taking the MCAST exam: 181,80

| (3) | Young persons below 25 years continuing a regular MCAST course in the following academic year or confirmation that the participant has passed the final MCAST exam and achieved full qualification. |
| --- | --- |

(3)

Young persons below 25 years continuing a regular MCAST course in the following academic year or confirmation that the participant has passed the final MCAST exam and achieved full qualification.

| (3) | Number of young people continuing a regular MCAST course in the following academic year or confirmation that the participant has passed the final MCAST exam and achieved full qualification. |
| --- | --- |

(3)

Number of young people continuing a regular MCAST course in the following academic year or confirmation that the participant has passed the final MCAST exam and achieved full qualification.

| (3) | Passing the MCAST exam and continuing within the regular curriculum or achieving full qualification: 30,30 |
| --- | --- |

(3)

Passing the MCAST exam and continuing within the regular curriculum or achieving full qualification: 30,30

| 9. | Prevention classes for attaining a Secondary Education Certificate (SEC) of the Ministry for Education and Employment (MEDE) under the Youth Guarantee (YG), Priority Axis 1, Investment Priority 8ii of OP 2014MT05SFOP001 |
| --- | --- |

9.

Prevention classes for attaining a Secondary Education Certificate (SEC) of the Ministry for Education and Employment (MEDE) under the Youth Guarantee (YG), Priority Axis 1, Investment Priority 8ii of OP 2014MT05SFOP001

| (1) | Young persons below 25 years starting an MEDE/SEC prevention class. |
| --- | --- |

(1)

Young persons below 25 years starting an MEDE/SEC prevention class.

All eligible costs of the operation.

| (1) | Number of young persons below 25 years starting an MEDE/SEC prevention class. |
| --- | --- |

(1)

Number of young persons below 25 years starting an MEDE/SEC prevention class.

| (1) | Start of the MEDE/SEC prevention class: 88,50 |
| --- | --- |

(1)

Start of the MEDE/SEC prevention class: 88,50

| (2) | Young persons below 25 years taking the MEDE/SEC exam following attendance at a prevention class. |
| --- | --- |

(2)

Young persons below 25 years taking the MEDE/SEC exam following attendance at a prevention class.

| (2) | Number of young persons below 25 years taking the MEDE/SEC exam following attendance at a prevention class. |
| --- | --- |

(2)

Number of young persons below 25 years taking the MEDE/SEC exam following attendance at a prevention class.

| (2) | Attendance at the exam of the MEDE/SEC: 162,25 |
| --- | --- |

(2)

Attendance at the exam of the MEDE/SEC: 162,25

| (3) | Young persons that pass the MEDE/SEC exam with better marks than previously. |
| --- | --- |

(3)

Young persons that pass the MEDE/SEC exam with better marks than previously.

| (3) | Number of young people that pass the MEDE/SEC exam with better marks than previously. |
| --- | --- |

(3)

Number of young people that pass the MEDE/SEC exam with better marks than previously.

| (3) | Passing the MEDE/SEC exam with better marks than previously: 44,25 |
| --- | --- |

(3)

Passing the MEDE/SEC exam with better marks than previously: 44,25

2.   Adjustment of amounts

Unit cost 1 may be adjusted by replacing the initial minimum wage and/or the statutory bonus and/or weekly allowances and/or social security contributions in the calculation method that consists of the lowest weekly rate of national minimum wage for a particular year, the statutory bonus, weekly allowances and social security contributions, and dividing this result by 2.

Unit Cost 2 may be adjusted by applying the annual rate of inflation to the respective rates. From 2017, for a given year N, this can be be done by applying the inflation rate for year N – 1 as published by the Maltese National Statistics Office at: https://nso.gov.mt/en/nso/Selected_Indicators/Retail_Price_Index/Pages/Index-of-Inflation.aspx

Unit costs 3-4 may be adjusted by replacing the initial national minimum wage for persons 18 years or over and/or the statutory bonuses and/or weekly allowances and/or social security contributions in the calculation method that consists of the hourly rate of national minimum wage for persons 18 years or over for a particular year, the statutory bonuses, the weekly allowances and social security contributions.

Adjustments will be based on updated data as follows:

| — | The national minimum wage is specified in national Subsidiary Legislation 452.71 (National Minimum Wage Standing Order). |
| --- | --- |

—

The national minimum wage is specified in national Subsidiary Legislation 452.71 (National Minimum Wage Standing Order).

| — | The statutory bonuses, weekly allowances and social security contributions provided for in Chapter 452 of the Maltese legislation on the Employment and Industrial relations Act. |
| --- | --- |

—

The statutory bonuses, weekly allowances and social security contributions provided for in Chapter 452 of the Maltese legislation on the Employment and Industrial relations Act.

Unit costs 5-9 may be adjusted in line with the cost of inflation at a national level for the relevant year the particular intervention is being undertaken. The annual rates of inflation are published by the National Statistics Office and can be found at: https://nso.gov.mt/en/nso/Selected_Indicators/Retail_Price_Index/Pages/Index-of-Inflation.aspx

3.   Definition of lump sums

| Type of operations | Indicator name | Category of costs | Measurement unit for the indicators | Amounts
  (in EUR) |
| --- | --- | --- | --- | --- |
| All operations of Operational Programme 2014MT05SFOP001 | New total expenditure included in a payment application (i.e. total eligible expenditure included in a payment application which has not yet been taken into account for calculating an installment of EUR 100 000 ) to cover indirect costs of the operation. | Indirect costs. | Instalments of EUR 100 000 of new total expenditure per group (4) of operations included in a payment application submitted to the European Commission. | See point 4. |

Type of operations

Indicator name

Category of costs

Measurement unit for the indicators

Amounts

(in EUR)

All operations of Operational Programme 2014MT05SFOP001

New total expenditure included in a payment application (i.e. total eligible expenditure included in a payment application which has not yet been taken into account for calculating an installment of EUR 100 000 ) to cover indirect costs of the operation.

Indirect costs.

Instalments of EUR 100 000 of new total expenditure per group (4) of operations included in a payment application submitted to the European Commission.

See point 4.

4.   Amounts

| Type of entity | Public entity | Ministry/Department | Non-Governmental Organisations | Public Employment Service |
| --- | --- | --- | --- | --- |
| Project size | Large | EUR 8 000 | EUR 8 000 | / | EUR 25 000 |
| Medium | EUR 25 000 | EUR 25 000 | / | EUR 25 000 |
| Small | EUR 25 000 | EUR 25 000 | EUR 25 000 | EUR 25 000 |

Type of entity

Public entity

Ministry/Department

Non-Governmental Organisations

Public Employment Service

Project size

Large

EUR 8 000

EUR 8 000

/

EUR 25 000

Medium

EUR 25 000

EUR 25 000

/

EUR 25 000

Small

EUR 25 000

EUR 25 000

EUR 25 000

EUR 25 000

5.   Adjustment of amounts

Not applicable.

---

(1)  As defined in Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p. 1).

1

(2)  https://ncfhe.gov.mt/en/Pages/MQF.aspx

2

(3)  http://ecdl.org

3

(4)  Operations are grouped by type of beneficiary and project size. Operations with a total project budget as agreed with the signature of the original grant agreement below EUR 750 000 are small operations, operations from EUR 750 000 to EUR 3 000 000 are medium-sized operations and operations equal and above EUR 3 000 000 are large operations.

4

---

ANNEX IV

‘ANNEX VI

Conditions for reimbursement of expenditure on the basis of standard scales of unit costs to Italy

1.   Definition of standard scales of unit costs

| Type of operations | Indicator name | Category of costs | Measurement unit for the indicators | Amounts
  (in EUR) |
| --- | --- | --- | --- | --- |
| 1. | Measure 1.B of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001) and similar operations (1) under:






  — | POR Abruzzo 2014IT05SFOP009 |

Type of operations

Indicator name

Category of costs

Measurement unit for the indicators

Amounts

(in EUR)

1.

Measure 1.B of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001) and similar operations (1) under:

—

POR Abruzzo 2014IT05SFOP009

| — | POR Basilicata 2014IT05SFOP016 |
| --- | --- |

—

POR Basilicata 2014IT05SFOP016

| — | PO Bolzano 2014IT05SFOP017 |
| --- | --- |

—

PO Bolzano 2014IT05SFOP017

| — | POR Calabria 2014IT16M2OP006 |
| --- | --- |

—

POR Calabria 2014IT16M2OP006

| — | POR Campania 2014IT05SFOP020 |
| --- | --- |

—

POR Campania 2014IT05SFOP020

| — | POR Emilia Romagna 2014IT05SFOP003 |
| --- | --- |

—

POR Emilia Romagna 2014IT05SFOP003

| — | POR Friuli VG 2014IT05SFOP004 |
| --- | --- |

—

POR Friuli VG 2014IT05SFOP004

| — | POR Lazio 2014IT05SFOP005 |
| --- | --- |

—

POR Lazio 2014IT05SFOP005

| — | POR Liguria 2014IT05SFOP006 |
| --- | --- |

—

POR Liguria 2014IT05SFOP006

| — | POR Molise 2014IT16M2OP001 |
| --- | --- |

—

POR Molise 2014IT16M2OP001

| — | POR Piemonte 2014IT05SFOP013 |
| --- | --- |

—

POR Piemonte 2014IT05SFOP013

| — | POR Puglia 2014IT16M2OP002 |
| --- | --- |

—

POR Puglia 2014IT16M2OP002

| — | POR Sardegna 2014IT05SFOP021 |
| --- | --- |

—

POR Sardegna 2014IT05SFOP021

| — | POR Sicilia 2014IT05SFOP014 |
| --- | --- |

—

POR Sicilia 2014IT05SFOP014

| — | PO Trento 2014IT05SFOP018 |
| --- | --- |

—

PO Trento 2014IT05SFOP018

| — | POR Umbria 2014IT05SFOP010 |
| --- | --- |

—

POR Umbria 2014IT05SFOP010

| — | POR Valle D'Aosta 2014IT05SFOP011 |
| --- | --- |

—

POR Valle D'Aosta 2014IT05SFOP011

| — | PON SPAO 2014IT05SFOP002 |
| --- | --- |

—

PON SPAO 2014IT05SFOP002

| — | POR Toscana FSE 2014IT05SFOP015 |
| --- | --- |

—

POR Toscana FSE 2014IT05SFOP015

Hourly rate for 1st guidance level support

All eligible costs, including direct staff costs.

Number of hours providing 1st guidance level support.

34,00

| 2. | Measure 1.C of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001) and similar operations (2) under:






  — | POR Abruzzo 2014IT05SFOP009 |
| --- | --- | --- |

2.

Measure 1.C of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001) and similar operations (2) under:

—

POR Abruzzo 2014IT05SFOP009

| — | POR Basilicata 2014IT05SFOP016 |
| --- | --- |

—

POR Basilicata 2014IT05SFOP016

| — | PO Bolzano 2014IT05SFOP017 |
| --- | --- |

—

PO Bolzano 2014IT05SFOP017

| — | POR Calabria 2014IT16M2OP006 |
| --- | --- |

—

POR Calabria 2014IT16M2OP006

| — | POR Campania 2014IT05SFOP020 |
| --- | --- |

—

POR Campania 2014IT05SFOP020

| — | POR Emilia Romagna 2014IT05SFOP003 |
| --- | --- |

—

POR Emilia Romagna 2014IT05SFOP003

| — | POR Friuli VG 2014IT05SFOP004 |
| --- | --- |

—

POR Friuli VG 2014IT05SFOP004

| — | POR Lazio 2014IT05SFOP005 |
| --- | --- |

—

POR Lazio 2014IT05SFOP005

| — | POR Liguria 2014IT05SFOP006 |
| --- | --- |

—

POR Liguria 2014IT05SFOP006

| — | POR Molise 2014IT16M2OP001 |
| --- | --- |

—

POR Molise 2014IT16M2OP001

| — | POR Piemonte 2014IT05SFOP013 |
| --- | --- |

—

POR Piemonte 2014IT05SFOP013

| — | POR Puglia 2014IT16M2OP002 |
| --- | --- |

—

POR Puglia 2014IT16M2OP002

| — | POR Sardegna 2014IT05SFOP021 |
| --- | --- |

—

POR Sardegna 2014IT05SFOP021

| — | POR Sicilia 2014IT05SFOP014 |
| --- | --- |

—

POR Sicilia 2014IT05SFOP014

| — | PO Trento 2014IT05SFOP018 |
| --- | --- |

—

PO Trento 2014IT05SFOP018

| — | POR Umbria 2014IT05SFOP010 |
| --- | --- |

—

POR Umbria 2014IT05SFOP010

| — | POR Valle D'Aosta 2014IT05SFOP011 |
| --- | --- |

—

POR Valle D'Aosta 2014IT05SFOP011

| — | PON SPAO 2014IT05SFOP002 |
| --- | --- |

—

PON SPAO 2014IT05SFOP002

| — | POR Toscana FSE 2014IT05SFOP015 |
| --- | --- |

—

POR Toscana FSE 2014IT05SFOP015

Hourly rate for specialist or 2nd guidance level support.

All eligible costs, including direct staff costs.

Number of hours providing specialist or 2nd guidance level support.

35,50

| 3. | Measures 2.A, 2.B, 4.A, 4.C and 7.1 of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001) and similar operations (3) under:






  — | POR Abruzzo 2014IT05SFOP009 |
| --- | --- | --- |

3.

Measures 2.A, 2.B, 4.A, 4.C and 7.1 of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001) and similar operations (3) under:

—

POR Abruzzo 2014IT05SFOP009

| — | POR Basilicata 2014IT05SFOP016 |
| --- | --- |

—

POR Basilicata 2014IT05SFOP016

| — | PO Bolzano 2014IT05SFOP017 |
| --- | --- |

—

PO Bolzano 2014IT05SFOP017

| — | POR Calabria 2014IT16M2OP006 |
| --- | --- |

—

POR Calabria 2014IT16M2OP006

| — | POR Campania 2014IT05SFOP020 |
| --- | --- |

—

POR Campania 2014IT05SFOP020

| — | POR Lazio 2014IT05SFOP005 |
| --- | --- |

—

POR Lazio 2014IT05SFOP005

| — | POR Liguria 2014IT05SFOP006 |
| --- | --- |

—

POR Liguria 2014IT05SFOP006

| — | POR Molise 2014IT16M2OP001 |
| --- | --- |

—

POR Molise 2014IT16M2OP001

| — | POR Puglia 2014IT16M2OP002 |
| --- | --- |

—

POR Puglia 2014IT16M2OP002

| — | POR Sardegna 2014IT05SFOP021 |
| --- | --- |

—

POR Sardegna 2014IT05SFOP021

| — | POR Sicilia 2014IT05SFOP014 |
| --- | --- |

—

POR Sicilia 2014IT05SFOP014

| — | POR Valle D'Aosta 2014IT05SFOP011 |
| --- | --- |

—

POR Valle D'Aosta 2014IT05SFOP011

| — | PON SPAO 2014IT05SFOP002 |
| --- | --- |

—

PON SPAO 2014IT05SFOP002

| — | POR Toscana FSE 2014IT05SFOP015 |
| --- | --- |

—

POR Toscana FSE 2014IT05SFOP015

| A. | Hourly rate for the following tranings:






  — | Training focused on integration in the labour market; |
| --- | --- | --- |

A.

Hourly rate for the following tranings:

—

Training focused on integration in the labour market;

| — | Reintegration in the schooling and training system for young people aged between 15 and 18; |
| --- | --- |

—

Reintegration in the schooling and training system for young people aged between 15 and 18;

| — | Apprenticeship for qualification and professional diploma; |
| --- | --- |

—

Apprenticeship for qualification and professional diploma;

| — | Apprenticeship for higher training and research; |
| --- | --- |

—

Apprenticeship for higher training and research;

| — | Training for self-employment and self-entrepreneurship (4) |
| --- | --- |

—

Training for self-employment and self-entrepreneurship (4)

This hourly rate depends on the type of class (A, B or C (5))

| B. | Hourly rate per student participating in the training |
| --- | --- |

B.

Hourly rate per student participating in the training

All eligible costs, including direct staff costs and excluding any allowance paid to participants.

Number of hours per training course differentiated by type of class, and the number of hours per student.

TYPE OF CLASS

HOURLY RATE PER COURSE

HOURLY RATE PER STUDENT

C

73,13

0,80

B

117,00

A

146,25

| 4. | Measure 3 of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001)and similar operations (6) under:






  — | POR Abruzzo 2014IT05SFOP009 |
| --- | --- | --- |

4.

Measure 3 of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001)and similar operations (6) under:

—

POR Abruzzo 2014IT05SFOP009

| — | POR Basilicata 2014IT05SFOP016 |
| --- | --- |

—

POR Basilicata 2014IT05SFOP016

| — | PO Bolzano 2014IT05SFOP017 |
| --- | --- |

—

PO Bolzano 2014IT05SFOP017

| — | POR Calabria 2014IT16M2OP006 |
| --- | --- |

—

POR Calabria 2014IT16M2OP006

| — | POR Campania 2014IT05SFOP020 |
| --- | --- |

—

POR Campania 2014IT05SFOP020

| — | POR Emilia Romagna 2014IT05SFOP003 |
| --- | --- |

—

POR Emilia Romagna 2014IT05SFOP003

| — | POR Friuli VG 2014IT05SFOP004 |
| --- | --- |

—

POR Friuli VG 2014IT05SFOP004

| — | POR Lazio 2014IT05SFOP005 |
| --- | --- |

—

POR Lazio 2014IT05SFOP005

| — | POR Liguria 2014IT05SFOP006 |
| --- | --- |

—

POR Liguria 2014IT05SFOP006

| — | POR Molise 2014IT16M2OP001 |
| --- | --- |

—

POR Molise 2014IT16M2OP001

| — | POR Piemonte 2014IT05SFOP013 |
| --- | --- |

—

POR Piemonte 2014IT05SFOP013

| — | POR Puglia 2014IT16M2OP002 |
| --- | --- |

—

POR Puglia 2014IT16M2OP002

| — | POR Sardegna 2014IT05SFOP021 |
| --- | --- |

—

POR Sardegna 2014IT05SFOP021

| — | POR Sicilia 2014IT05SFOP014 |
| --- | --- |

—

POR Sicilia 2014IT05SFOP014

| — | PO Trento 2014IT05SFOP018 |
| --- | --- |

—

PO Trento 2014IT05SFOP018

| — | POR Umbria 2014IT05SFOP010 |
| --- | --- |

—

POR Umbria 2014IT05SFOP010

| — | POR Valle D'Aosta 2014IT05SFOP011 |
| --- | --- |

—

POR Valle D'Aosta 2014IT05SFOP011

| — | PON SPAO 2014IT05SFOP002 |
| --- | --- |

—

PON SPAO 2014IT05SFOP002

| — | POR Toscana FSE 2014IT05SFOP015 |
| --- | --- |

—

POR Toscana FSE 2014IT05SFOP015

New employment contracts as a result of job coaching

All eligible costs, including direct staff costs

Number of new employment contracts, differentiated by type of contract and profile classification (from low to very high) (7)

Profile Classification

LOW

MEDIUM

HIGH

VERY HIGH

Open-ended contract and 1st and 3rd level apprenticeship contract

1 500

2 000

2 500

3 000

2nd level apprenticeship, fixed-term and temporary contract ≥ 12 months

1 000

1 300

1 600

2 000

fixed-term and temporary contract 6-12 months

600

800

1 000

1 200

| 5. | Measure 5 of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001) and similar operations (8) under:






  — | POR Abruzzo 2014IT05SFOP009 |
| --- | --- | --- |

5.

Measure 5 of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001) and similar operations (8) under:

—

POR Abruzzo 2014IT05SFOP009

| — | POR Basilicata 2014IT05SFOP016 |
| --- | --- |

—

POR Basilicata 2014IT05SFOP016

| — | PO Bolzano 2014IT05SFOP017 |
| --- | --- |

—

PO Bolzano 2014IT05SFOP017

| — | POR Calabria 2014IT16M2OP006 |
| --- | --- |

—

POR Calabria 2014IT16M2OP006

| — | POR Campania 2014IT05SFOP020 |
| --- | --- |

—

POR Campania 2014IT05SFOP020

| — | POR Emilia Romagna 2014IT05SFOP003 |
| --- | --- |

—

POR Emilia Romagna 2014IT05SFOP003

| — | POR Friuli VG 2014IT05SFOP004 |
| --- | --- |

—

POR Friuli VG 2014IT05SFOP004

| — | POR Lazio 2014IT05SFOP005 |
| --- | --- |

—

POR Lazio 2014IT05SFOP005

| — | POR Liguria 2014IT05SFOP006 |
| --- | --- |

—

POR Liguria 2014IT05SFOP006

| — | POR Molise 2014IT16M2OP001 |
| --- | --- |

—

POR Molise 2014IT16M2OP001

| — | POR Piemonte 2014IT05SFOP013 |
| --- | --- |

—

POR Piemonte 2014IT05SFOP013

| — | POR Puglia 2014IT16M2OP002 |
| --- | --- |

—

POR Puglia 2014IT16M2OP002

| — | POR Sardegna 2014IT05SFOP021 |
| --- | --- |

—

POR Sardegna 2014IT05SFOP021

| — | POR Sicilia 2014IT05SFOP014 |
| --- | --- |

—

POR Sicilia 2014IT05SFOP014

| — | PO Trento 2014IT05SFOP018 |
| --- | --- |

—

PO Trento 2014IT05SFOP018

| — | POR Umbria 2014IT05SFOP010 |
| --- | --- |

—

POR Umbria 2014IT05SFOP010

| — | POR Valle D'Aosta 2014IT05SFOP011 |
| --- | --- |

—

POR Valle D'Aosta 2014IT05SFOP011

| — | PON SPAO 2014IT05SFOP002 |
| --- | --- |

—

PON SPAO 2014IT05SFOP002

New regional/interregional/transnational traineeships

All eligible costs including direct staff costs for providing a traineeship.

Number of traineeships, differentiated by profile classification.

LOW

MEDIUM

HIGH

VERY HIGH

REGIONAL/INTERREGIONAL/TRANSNATIONAL

200

300

400

500

| 6. | Measure 5 of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001) and similar operations (9) under:






  — | POR Abruzzo 2014IT05SFOP009 |
| --- | --- | --- |

6.

Measure 5 of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001) and similar operations (9) under:

—

POR Abruzzo 2014IT05SFOP009

| — | POR Basilicata 2014IT05SFOP016 |
| --- | --- |

—

POR Basilicata 2014IT05SFOP016

| — | PO Bolzano 2014IT05SFOP017 |
| --- | --- |

—

PO Bolzano 2014IT05SFOP017

| — | POR Calabria 2014IT16M2OP006 |
| --- | --- |

—

POR Calabria 2014IT16M2OP006

| — | POR Campania 2014IT05SFOP020 |
| --- | --- |

—

POR Campania 2014IT05SFOP020

| — | POR Emilia Romagna 2014IT05SFOP003 |
| --- | --- |

—

POR Emilia Romagna 2014IT05SFOP003

| — | POR Friuli VG 2014IT05SFOP004 |
| --- | --- |

—

POR Friuli VG 2014IT05SFOP004

| — | POR Liguria 2014IT05SFOP006 |
| --- | --- |

—

POR Liguria 2014IT05SFOP006

| — | POR Molise 2014IT16M2OP001 |
| --- | --- |

—

POR Molise 2014IT16M2OP001

| — | POR Piemonte 2014IT05SFOP013 |
| --- | --- |

—

POR Piemonte 2014IT05SFOP013

| — | POR Puglia 2014IT16M2OP002 |
| --- | --- |

—

POR Puglia 2014IT16M2OP002

| — | POR Sardegna 2014IT05SFOP021 |
| --- | --- |

—

POR Sardegna 2014IT05SFOP021

| — | POR Sicilia 2014IT05SFOP014 |
| --- | --- |

—

POR Sicilia 2014IT05SFOP014

| — | PO Trento 2014IT05SFOP018 |
| --- | --- |

—

PO Trento 2014IT05SFOP018

| — | POR Umbria 2014IT05SFOP010 |
| --- | --- |

—

POR Umbria 2014IT05SFOP010

| — | POR Valle D'Aosta 2014IT05SFOP011 |
| --- | --- |

—

POR Valle D'Aosta 2014IT05SFOP011

| — | PON SPAO 2014IT05SFOP002 |
| --- | --- |

—

PON SPAO 2014IT05SFOP002

Traineeships under interregional mobility

For interregional mobility: all eligible costs, including travel, accommodation and meals, but excluding participant allowances

Number of traineeships, differentiated by location and, for interregional mobility, the length of traineeship.

Interregional mobility as per the rates set out in point 3.4

Traineeships under transnational mobility

For transnational mobility: all eligible costs.

Transnational mobility as per the rates set in point 3.5

| 7. | Measure 6 of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001) and similar operations (10) under:






  — | POR Abruzzo 2014IT05SFOP009 |
| --- | --- | --- |

7.

Measure 6 of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001) and similar operations (10) under:

—

POR Abruzzo 2014IT05SFOP009

| — | POR Basilicata 2014IT05SFOP016 |
| --- | --- |

—

POR Basilicata 2014IT05SFOP016

| — | PO Bolzano 2014IT05SFOP017 |
| --- | --- |

—

PO Bolzano 2014IT05SFOP017

| — | POR Calabria 2014IT16M2OP006 |
| --- | --- |

—

POR Calabria 2014IT16M2OP006

| — | POR Campania 2014IT05SFOP020 |
| --- | --- |

—

POR Campania 2014IT05SFOP020

| — | POR Emilia Romagna 2014IT05SFOP003 |
| --- | --- |

—

POR Emilia Romagna 2014IT05SFOP003

| — | POR Molise 2014IT16M2OP001 |
| --- | --- |

—

POR Molise 2014IT16M2OP001

| — | POR Piemonte 2014IT05SFOP013 |
| --- | --- |

—

POR Piemonte 2014IT05SFOP013

| — | POR Umbria 2014IT05SFOP010 |
| --- | --- |

—

POR Umbria 2014IT05SFOP010

| — | POR Valle D'Aosta 2014IT05SFOP011 |
| --- | --- |

—

POR Valle D'Aosta 2014IT05SFOP011

| — | PON SPAO 2014IT05SFOP002 |
| --- | --- |

—

PON SPAO 2014IT05SFOP002

30 hour block of general preparatory training for access to the civil service

All eligible costs, including direct staff costs, excluding allowances and insurance.

Number of participants completing the 30 hour block of training.

90

| 8. | Measure 7.1 of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001) and similar operations (11) under:






  — | POR Abruzzo 2014IT05SFOP009 |
| --- | --- | --- |

8.

Measure 7.1 of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001) and similar operations (11) under:

—

POR Abruzzo 2014IT05SFOP009

| — | POR Basilicata 2014IT05SFOP016 |
| --- | --- |

—

POR Basilicata 2014IT05SFOP016

| — | PO Bolzano 2014IT05SFOP017 |
| --- | --- |

—

PO Bolzano 2014IT05SFOP017

| — | POR Calabria 2014IT16M2OP006 |
| --- | --- |

—

POR Calabria 2014IT16M2OP006

| — | POR Campania 2014IT05SFOP020 |
| --- | --- |

—

POR Campania 2014IT05SFOP020

| — | POR Emilia Romagna 2014IT05SFOP003 |
| --- | --- |

—

POR Emilia Romagna 2014IT05SFOP003

| — | POR Friuli VG 2014IT05SFOP004 |
| --- | --- |

—

POR Friuli VG 2014IT05SFOP004

| — | POR Lazio 2014IT05SFOP005 |
| --- | --- |

—

POR Lazio 2014IT05SFOP005

| — | POR Molise 2014IT16M2OP001 |
| --- | --- |

—

POR Molise 2014IT16M2OP001

| — | POR Sardegna 2014IT05SFOP021 |
| --- | --- |

—

POR Sardegna 2014IT05SFOP021

| — | POR Sicilia 2014IT05SFOP014 |
| --- | --- |

—

POR Sicilia 2014IT05SFOP014

| — | PO Trento 2014IT05SFOP018 |
| --- | --- |

—

PO Trento 2014IT05SFOP018

| — | POR Umbria 2014IT05SFOP010 |
| --- | --- |

—

POR Umbria 2014IT05SFOP010

| — | POR Valle D'Aosta 2014IT05SFOP011 |
| --- | --- |

—

POR Valle D'Aosta 2014IT05SFOP011

| — | PON SPAO 2014IT05SFOP002 |
| --- | --- |

—

PON SPAO 2014IT05SFOP002

| — | POR Toscana FSE 2014IT05SFOP015 |
| --- | --- |

—

POR Toscana FSE 2014IT05SFOP015

Hourly rate of support for self-employment and self-entrepreneurship (12)

All eligible costs, including direct staff costs, but excluding any allowance.

Number of hours of support provided to participants.

40

| 9. | Measure 8 of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001) and similar operations (13) under:






  — | POR Abruzzo 2014IT05SFOP009 |
| --- | --- | --- |

9.

Measure 8 of the national Operational Programme Youth Employment Initiative (2014IT05M9OP001) and similar operations (13) under:

—

POR Abruzzo 2014IT05SFOP009

| — | POR Basilicata 2014IT05SFOP016 |
| --- | --- |

—

POR Basilicata 2014IT05SFOP016

| — | PO Bolzano 2014IT05SFOP017 |
| --- | --- |

—

PO Bolzano 2014IT05SFOP017

| — | POR Calabria 2014IT16M2OP006 |
| --- | --- |

—

POR Calabria 2014IT16M2OP006

| — | POR Campania 2014IT05SFOP020 |
| --- | --- |

—

POR Campania 2014IT05SFOP020

| — | POR Liguria 2014IT05SFOP006 |
| --- | --- |

—

POR Liguria 2014IT05SFOP006

| — | POR Molise 2014IT16M2OP001 |
| --- | --- |

—

POR Molise 2014IT16M2OP001

| — | POR Puglia 2014IT16M2OP002 |
| --- | --- |

—

POR Puglia 2014IT16M2OP002

| — | POR Sardegna 2014IT05SFOP021 |
| --- | --- |

—

POR Sardegna 2014IT05SFOP021

| — | POR Sicilia 2014IT05SFOP014 |
| --- | --- |

—

POR Sicilia 2014IT05SFOP014

| — | PO Trento 2014IT05SFOP018 |
| --- | --- |

—

PO Trento 2014IT05SFOP018

| — | POR Umbria 2014IT05SFOP010 |
| --- | --- |

—

POR Umbria 2014IT05SFOP010

| — | POR Valle D'Aosta 2014IT05SFOP011 |
| --- | --- |

—

POR Valle D'Aosta 2014IT05SFOP011

| — | PON SPAO 2014IT05SFOP002 |
| --- | --- |

—

PON SPAO 2014IT05SFOP002

| — | POR Toscana FSE 2014IT05SFOP015 |
| --- | --- |

—

POR Toscana FSE 2014IT05SFOP015

| A. | Employment contracts following professional interregional mobility or professional transnational mobility; |
| --- | --- |

A.

Employment contracts following professional interregional mobility or professional transnational mobility;

| B. | Job interview under professional transnational mobility |
| --- | --- |

B.

Job interview under professional transnational mobility

All eligible costs (one off subsidy for travel, accommodation and meals, and an interview allowance), not including any additional allowances for disadvantaged people and any allowances for travel, accommodation or meals under interregional mobility provided by employer.

Number of employment contracts or job interviews, differentiated by location

| — | Professional interregional mobility as per the amounts for more than 600 hours set out in point 3.4. (14) |
| --- | --- |

—

Professional interregional mobility as per the amounts for more than 600 hours set out in point 3.4. (14)

| — | Professional transnational mobility for interview purposes as per the amounts set out in point 3.6. |
| --- | --- |

—

Professional transnational mobility for interview purposes as per the amounts set out in point 3.6.

| — | Professional transnational mobility as per the amounts set out in point 3.7. |
| --- | --- |

—

Professional transnational mobility as per the amounts set out in point 3.7.

| 10. | Operations increasing the number of Industrial PhD positions under the following Operational Programmes:






  — | PON Ricerca 2014 IT16M20P005 |
| --- | --- | --- |

10.

Operations increasing the number of Industrial PhD positions under the following Operational Programmes:

—

PON Ricerca 2014 IT16M20P005

| — | POR Basilicata FSE 2014IT05SFOP016 |
| --- | --- |

—

POR Basilicata FSE 2014IT05SFOP016

| — | POR Campania FSE 2014IT05SFOP020 |
| --- | --- |

—

POR Campania FSE 2014IT05SFOP020

| — | POR Puglia FESR FSE 2014IT16M2OP002 |
| --- | --- |

—

POR Puglia FESR FSE 2014IT16M2OP002

| — | POR Calabria FESR FSE 2014IT16M2OP006 |
| --- | --- |

—

POR Calabria FESR FSE 2014IT16M2OP006

| — | POR Abruzzo FSE 2014IT05SFOP009 |
| --- | --- |

—

POR Abruzzo FSE 2014IT05SFOP009

| — | POR Sardegna FSE 2014IT05SFOP021 |
| --- | --- |

—

POR Sardegna FSE 2014IT05SFOP021

| — | POR Molise FESR FSE 2014IT16M2OP001 |
| --- | --- |

—

POR Molise FESR FSE 2014IT16M2OP001

| — | POR Friuli Venezia Giulia FSE 2014IT05SFOP004 |
| --- | --- |

—

POR Friuli Venezia Giulia FSE 2014IT05SFOP004

| — | POR Liguria FSE 2014IT05SFOP006 |
| --- | --- |

—

POR Liguria FSE 2014IT05SFOP006

| — | POR Lombardia FSE 2014IT05SFOP007 |
| --- | --- |

—

POR Lombardia FSE 2014IT05SFOP007

| — | POR Valle d'Aosta FSE 2014IT05SFOP011 |
| --- | --- |

—

POR Valle d'Aosta FSE 2014IT05SFOP011

| — | POR Toscana FSE 2014IT05SFOP015 |
| --- | --- |

—

POR Toscana FSE 2014IT05SFOP015

| — | PA Bolzano FSE 2014IT05SFOP017 |
| --- | --- |

—

PA Bolzano FSE 2014IT05SFOP017

| — | POR Sicilia FSE 2014IT05SFOP014 |
| --- | --- |

—

POR Sicilia FSE 2014IT05SFOP014

| — | POR Umbria FSE 2014IT05SFOP010 |
| --- | --- |

—

POR Umbria FSE 2014IT05SFOP010

| — | POR Emilia Romagna FSE 2014IT05SFOP003 |
| --- | --- |

—

POR Emilia Romagna FSE 2014IT05SFOP003

| — | PA Trento 2014IT05SFOP018 |
| --- | --- |

—

PA Trento 2014IT05SFOP018

Months spent working on PhD.

All eligible costs for the participant (salary and associated social security contributions) and the institution providing the PhD (direct and indirect costs).

Number of months spent working on PhD, according to location in Italy or abroad.

Without a period spent abroad:

1 927,63 per month

With a period spent abroad:

2 891,45 per month

| 11. | Adult training under OP Education 2014IT05M20P001 |
| --- | --- |

11.

Adult training under OP Education 2014IT05M20P001

Participants gaining a certificate in adult training

All categories of costs

Number of participants gaining a certificate in adult training, differentiated by length of module and additional specific support (15)

327 (30 hour module)

357 (30 hour module with additional specific support)

654 (60 hour module)

684 (60 hour module with additional specific support)

1 090 (100 hour module)

1 120 (100 hour module with additional specific support)

| 12. | Activities related to Citizenship and the Rule of Law under OP Education 2014IT05M20P001 |
| --- | --- |

12.

Activities related to Citizenship and the Rule of Law under OP Education 2014IT05M20P001

Participants gaining a certificate in initiatives related to “Citizenship and Rule of Law”.

All categories of costs

Number of participants gaining a certificate related to “Citizenship and Rule of Law”, differentiated by length of module, additional specific support, and meal allowance.

191,10 (30 hour module)

221,10 (30 hours with additional specific support)

261,10 (30 hours with meal allowance)

291,10 (30 hours with additional specific support and meal allowance)

382,20 (60 hour module)

412,20 (60 hours with additional specific support)

522,20 (60 hours with meal allowance)

552,20 (60 hours with additional specific support and meal allowance)

637,00 (100 hour module)

667,00 (100 hours with additional specific support)

871,00 (100 hours with meal allowance)

901,00 (100 hours with additional specific support and meal allowance)

| 13. | Classroom training under OP Education 2014IT05M20P001 |
| --- | --- |

13.

Classroom training under OP Education 2014IT05M20P001

Participants gaining a certificate in classroom training

All categories of costs

Number of participants gaining a certificate in classroom training, differentiated by length of module, additional specific support and meal allowance.

360,60 (30 hour module)

390,60 (30 hours with additional specific support)

430,60 (30 hours with meal allowance)

460,60 (30 hours with additional specific support and meal allowance)

721,20 (60 hour module)

751,20 (60 hours with additional specific support)

861,20 (60 hours with meal allowance)

891,20 (60 hours with additional specific support and meal allowance)

1 202,00 (100 hour module)

1 232,00 (100 hours with additional specific support)

1 436,00 (100 hours with meal allowance)

1 466,00 (100 hours with additional specific support and meal allowance)

| 14. | Language training in context of transnational mobility under OP Education 2014IT05M20P001 |
| --- | --- |

14.

Language training in context of transnational mobility under OP Education 2014IT05M20P001

Participants gaining a certificate in language training following transnational mobility.

All categories of costs, except travel and accommodation costs for persons accompanying participants.

Number of participants gaining a certificate in language training following transnational mobility, differentiated by length of module, country and length of stay, and distance travelled

774,00 (40 hour module)

1 161,00 (60 hour module)

1 548,00 (80 hour module)

To these amounts for each participant can be added a daily amount to cover accommodation costs, differentiated by country, as set out in point 3.8 below, and the following amount for travel costs:

Km

Amount

100-499

·

180

500-1 999

·

275

2 000 -2 999

·

360

3 000 -3 999

·

530

4 000 -7 999

·

820

8 000 -19 999

·

1 100

| 15. | Internships under OP Education 2014IT05M20P001 |
| --- | --- |

15.

Internships under OP Education 2014IT05M20P001

Participants gaining an internship certificate, with or without transnational mobility.

All categories of costs, except travel and accommodation for persons accompanying participants.

Number of participants gaining an internship certificate, with or without transnational mobility, differentiated by length of module and, where transnational mobility is included, country, length of stay, and distance travelled

786,60 (60 hour module)

1 179,90 (90 hour module)

1 573,20 (120 hour module)

3 146,40 (240 hour module)

For internships with transnational mobility, these amounts for each participant can be supplemented by a daily amount to cover accommodation costs, differentiated by country, as set out in point 3.8 below, and the following amount for travel costs:

Km

Amount

100-499

·

180

500-1 999

·

275

2 000 -2 999

·

360

3 000 -3 999

·

530

4 000 -7 999

·

820

8 000 -19 999

·

1 100

| 16. | Language training and internships in the context of transnational mobility under OP Education 2014IT05M20P001 |
| --- | --- |

16.

Language training and internships in the context of transnational mobility under OP Education 2014IT05M20P001

Persons accompanying participants.

Accommodation and travel costs

Number of persons accompanying participants.

Accommodation Costs per participant, differentiated by country, as set out in point 3.8 below, and the following amount for travel costs:

Km

Amount

100-499

·

180

500-1 999

·

275

2 000 -2 999

·

360

3 000 -3 999

·

530

4 000 -7 999

·

820

8 000 -19 999

·

1 100

| 17. | Training in Higher Technical Institutes under the following OPs:






  — | 2014IT05SFOP016 (POR FSE Basilicata) |
| --- | --- | --- |

17.

Training in Higher Technical Institutes under the following OPs:

—

2014IT05SFOP016 (POR FSE Basilicata)

| — | 2014IT16M2OP006 (POR FSE/FESR Calabria) |
| --- | --- |

—

2014IT16M2OP006 (POR FSE/FESR Calabria)

| — | 2014IT05SFOP020 (POR FSE Campania) |
| --- | --- |

—

2014IT05SFOP020 (POR FSE Campania)

| — | 2014IT16M2OP002 (POR FSE/FESR Puglia) |
| --- | --- |

—

2014IT16M2OP002 (POR FSE/FESR Puglia)

| — | 2014IT05SFOP014 (POR FSE Sicilia) |
| --- | --- |

—

2014IT05SFOP014 (POR FSE Sicilia)

| — | 2014IT05SFOP009 (POR FSE Abruzzo) |
| --- | --- |

—

2014IT05SFOP009 (POR FSE Abruzzo)

| — | 2014IT16M2OP001 (POR FSE Molise) |
| --- | --- |

—

2014IT16M2OP001 (POR FSE Molise)

| — | 2014IT05SFOP021 (POR FSE Sardegna) |
| --- | --- |

—

2014IT05SFOP021 (POR FSE Sardegna)

| — | 2014IT05SFOP017 (POR FSE Bolzano) |
| --- | --- |

—

2014IT05SFOP017 (POR FSE Bolzano)

| — | 2014IT05SFOP003 (POR FSE Emilia-Romagna) |
| --- | --- |

—

2014IT05SFOP003 (POR FSE Emilia-Romagna)

| — | 2014IT05SFOP004 (POR FSE Friuli-Venezia Giulia) |
| --- | --- |

—

2014IT05SFOP004 (POR FSE Friuli-Venezia Giulia)

| — | 2014IT05SFOP005 (POR FSE Lazio) |
| --- | --- |

—

2014IT05SFOP005 (POR FSE Lazio)

| — | 2014IT05SFOP006 (POR FSE Liguria) |
| --- | --- |

—

2014IT05SFOP006 (POR FSE Liguria)

| — | 2014IT05SFOP007 (POR FSE Lombardia) |
| --- | --- |

—

2014IT05SFOP007 (POR FSE Lombardia)

| — | 2014IT05SFOP008 (POR FSE Marche) |
| --- | --- |

—

2014IT05SFOP008 (POR FSE Marche)

| — | 2014IT05SFOP013 (POR FSE Piemonte) |
| --- | --- |

—

2014IT05SFOP013 (POR FSE Piemonte)

| — | 2014IT05SFOP015 (POR FSE Toscana) |
| --- | --- |

—

2014IT05SFOP015 (POR FSE Toscana)

| — | 2014IT05SFOP010 (POR FSE Umbria) |
| --- | --- |

—

2014IT05SFOP010 (POR FSE Umbria)

| — | 2014IT05SFOP011 (POR FSE Valle d'Aosta) |
| --- | --- |

—

2014IT05SFOP011 (POR FSE Valle d'Aosta)

| — | 2014IT05SFOP012 (POR FSE Veneto) |
| --- | --- |

—

2014IT05SFOP012 (POR FSE Veneto)

Participation in a training course in a Higher Technical Institute (16)

Completion of a training course in a Higher Technical Institute

The unit costs cover all eligible categories of costs, except for costs related to courses run by certified centres that are compulsory for obtaining the mandatory certifications provided by the provisions of the Ministry of infrastructure and transportation, in the areas “Mobility of people and goods – conduction of the naval vehicle” and “Mobility of people and goods – management of equipment and onboard assembly”

Number of hours of participation in a training course in a Higher Technical Institute

In addition, number of participants who have successfully completed an academic year (17) of a training course in a Higher Technical Institute.

Hourly rate

49,93

For 2-year courses per completed year:

4 809,50

For 3-year courses per completed year:

3 206,30

| 18. | Mobility programmes for researchers under the OP 2014IT16M20P005 - 2014-2020 “Research and Innovation” Operating Programme, Axis I “Human Capital”, Action I.2. Mobility programmes for researchers |
| --- | --- |

18.

Mobility programmes for researchers under the OP 2014IT16M20P005 - 2014-2020 “Research and Innovation” Operating Programme, Axis I “Human Capital”, Action I.2. Mobility programmes for researchers

Monthly cost for a researcher with a fixed-term contract (18)

All categories of costs.

Number of months spent on site or off campus by a researcher hired under the law n.240/2010 for a period of 36 months, and selected through a public competition in a state or private university in one of the regions that are beneficiaries of the intervention.

| A. | Without periods of activity off campus or abroad for researchers for line of activity “mobility (19)”4 885,38 |
| --- | --- |

A.

Without periods of activity off campus or abroad for researchers for line of activity “mobility (19)”

| B. | With periods of activity off campus or abroad for researchers for line of activity “mobility” and for researchers under line of activity “attraction (20)”5 496,05 |
| --- | --- |

B.

With periods of activity off campus or abroad for researchers for line of activity “mobility” and for researchers under line of activity “attraction (20)”

2.   Adjustment of amounts

| (a) | For standard scales of unit costs 1-9, the amounts may be adjusted where the FOI index (consumer price index for blue and white collar worker households, excluding tobacco products) shows a monetary revaluation equal to or exceeding 5 %. In particular, in a given year y, the adjustment is made if in a period y + t the difference between the benchmarking coefficients shown by the FOI index for such years is equal to or higher than 5 %. The base year applied — and on the basis of which the amounts were adjusted — is 2014. Where this rate is equal to or higher than 5 %, each unit cost may be adjusted accordingly. |
| --- | --- |

(a)

For standard scales of unit costs 1-9, the amounts may be adjusted where the FOI index (consumer price index for blue and white collar worker households, excluding tobacco products) shows a monetary revaluation equal to or exceeding 5 %. In particular, in a given year y, the adjustment is made if in a period y + t the difference between the benchmarking coefficients shown by the FOI index for such years is equal to or higher than 5 %. The base year applied — and on the basis of which the amounts were adjusted — is 2014. Where this rate is equal to or higher than 5 %, each unit cost may be adjusted accordingly.

| (b) | For standard scale of unit costs 10, the rate may be adjusted by replacing the montly scholarship and/or social security contributions in the calculation method that consists of monthly scholarship plus social security contributions plus an amount for all other costs. Updated data can be found in amendments to the Ministerial Decree of 18.6.2008 (which defines the total gross annual amount of PhD scholarships) and biannual adjustment of the rate of social security contributions (Circular letter No 13 of 29/01/2016 of the Director-General of INPS, the National Institute for Social Security). |
| --- | --- |

(b)

For standard scale of unit costs 10, the rate may be adjusted by replacing the montly scholarship and/or social security contributions in the calculation method that consists of monthly scholarship plus social security contributions plus an amount for all other costs. Updated data can be found in amendments to the Ministerial Decree of 18.6.2008 (which defines the total gross annual amount of PhD scholarships) and biannual adjustment of the rate of social security contributions (Circular letter No 13 of 29/01/2016 of the Director-General of INPS, the National Institute for Social Security).

| (c) | For standard scales of unit costs 11-15, which are based on the historical average number of certificates (output) awarded per module, the rate may be adjusted at the end of each financial year (31/12) following an assessment by the Managing Authority of the implementation of the operations related to each of the unit costs. Where such an assessment shows a divergence in the average number of certificates awarded per module for each type of training as compared to the average number used as the basis for calculating the existing unit cost, then a new unit cost will be calculated according to the following formula:
  UCnew = UCold + Variation
  where
  Variation = UCold – (UCold * Outputnew/Outputold) |
| --- | --- |

(c)

For standard scales of unit costs 11-15, which are based on the historical average number of certificates (output) awarded per module, the rate may be adjusted at the end of each financial year (31/12) following an assessment by the Managing Authority of the implementation of the operations related to each of the unit costs. Where such an assessment shows a divergence in the average number of certificates awarded per module for each type of training as compared to the average number used as the basis for calculating the existing unit cost, then a new unit cost will be calculated according to the following formula:

UCnew = UCold + Variation

where

Variation = UCold – (UCold * Outputnew/Outputold)

| (d) | For standard scales of unit costs 17, the rates will be reviewed every four years and if, taking 2017 as the reference year, there is an increase of more than 5 % an adjustment will be made by ISTAT based on the FOI consumer price index (consumer price index for blue and white collar worker households, excluding tobacco products). |
| --- | --- |

(d)

For standard scales of unit costs 17, the rates will be reviewed every four years and if, taking 2017 as the reference year, there is an increase of more than 5 % an adjustment will be made by ISTAT based on the FOI consumer price index (consumer price index for blue and white collar worker households, excluding tobacco products).

| (e) | For standard scales of unit costs 18, the rates may be adjusted following amendments of the current legislation (which includes Law n.240/2010, the Presidential Decree n.232/2011, the Law n.232/2016 (Budget Law 2017), Law n.448/1998 “Misure di finanza pubblica per la stabilizzazione e lo sviluppo”, Law n.335/1995, Legislative Decree n.446/1997, and the Presidential Decree n.1032/1973.) as well as changes of the social security contribution rates. |
| --- | --- |

(e)

For standard scales of unit costs 18, the rates may be adjusted following amendments of the current legislation (which includes Law n.240/2010, the Presidential Decree n.232/2011, the Law n.232/2016 (Budget Law 2017), Law n.448/1998 “Misure di finanza pubblica per la stabilizzazione e lo sviluppo”, Law n.335/1995, Legislative Decree n.446/1997, and the Presidential Decree n.1032/1973.) as well as changes of the social security contribution rates.

3.1   Interregional travel costs (in EUR)

| Region of origin | Travel costs |
| --- | --- |
| Destination region |
| Valle d'Aosta | PA Bolzano | PA Trento | Liguria | Piemonte | Lombardia | Veneto | Friuli Venezia Giulia | Emilia-Romagna | Toscana | Marche | Abruzzo | Umbria | Lazio | Campania | Molise | Basilicata | Puglia | Calabria | Sicilia | Sardegna |
| Abruzzo | 269,30 | 211,17 | 198,50 | 148,63 | 231,83 | 232,74 | 201,95 | 226,34 | 167,99 | 68,60 | 58,98 | 0,00 | 23,32 | 25,81 | 125,43 | 45,79 | 83,99 | 93,05 | 164,82 | 165,16 | 182,46 |
| Basilicata | 271,11 | 236,02 | 227,31 | 236,81 | 294,55 | 239,98 | 259,23 | 264,89 | 201,50 | 176,59 | 97,35 | 83,99 | 142,75 | 67,92 | 33,96 | 31,24 | 0,00 | 55,47 | 71,43 | 114,33 | 224,18 |
| Calabria | 369,32 | 285,04 | 273,72 | 242,02 | 351,32 | 340,51 | 304,28 | 304,39 | 270,32 | 238,63 | 243,15 | 164,82 | 178,18 | 139,01 | 90,33 | 85,58 | 71,43 | 69,05 | 0,00 | 75,62 | 280,55 |
| Campania | 253,00 | 271,68 | 259,06 | 113,20 | 246,78 | 221,87 | 165,84 | 302,24 | 178,86 | 160,74 | 169,86 | 125,43 | 151,01 | 99,62 | 0,00 | 21,28 | 33,96 | 89,20 | 90,33 | 113,20 | 190,22 |
| Emilia-Romagna | 146,48 | 81,50 | 74,71 | 38,26 | 129,05 | 92,82 | 63,39 | 55,47 | 0,00 | 54,34 | 62,26 | 167,99 | 52,07 | 131,31 | 178,86 | 160,52 | 201,50 | 140,37 | 270,32 | 292,06 | 188,94 |
| Friuli Venezia Giulia | 129,05 | 103,24 | 82,30 | 120,22 | 175,52 | 99,62 | 37,36 | 0,00 | 55,47 | 70,18 | 163,01 | 226,34 | 162,50 | 113,20 | 302,24 | 218,87 | 264,89 | 241,12 | 304,39 | 325,00 | 279,13 |
| Lazio | 230,31 | 172,06 | 160,74 | 129,05 | 210,55 | 201,50 | 165,27 | 113,20 | 131,31 | 99,62 | 70,18 | 25,81 | 54,34 | 0,00 | 99,62 | 29,21 | 67,92 | 113,20 | 139,01 | 138,10 | 156,65 |
| Liguria | 53,66 | 113,94 | 105,11 | 0,00 | 36,22 | 49,81 | 106,41 | 120,22 | 38,26 | 67,47 | 118,07 | 148,63 | 75,50 | 129,05 | 113,20 | 152,03 | 236,81 | 250,17 | 242,02 | 231,61 | 224,15 |
| Lombardia | 59,37 | 97,35 | 76,47 | 49,81 | 67,92 | 0,00 | 69,05 | 99,62 | 92,82 | 113,20 | 108,67 | 232,74 | 84,90 | 201,50 | 221,87 | 223,91 | 239,98 | 179,99 | 340,51 | 335,07 | 179,51 |
| Marche | 200,25 | 84,90 | 76,98 | 118,07 | 119,99 | 108,67 | 70,18 | 163,01 | 62,26 | 108,11 | 0,00 | 58,98 | 43,92 | 70,18 | 169,86 | 75,96 | 97,35 | 107,54 | 243,15 | 216,21 | 251,20 |
| Molise | 259,51 | 196,06 | 194,31 | 152,03 | 232,97 | 223,91 | 194,48 | 218,87 | 160,52 | 126,56 | 75,96 | 45,79 | 106,75 | 29,21 | 21,28 | 0,00 | 31,24 | 70,30 | 85,58 | 140,48 | 185,85 |
| PA Bolzano | 118,58 | 0,00 | 36,22 | 113,94 | 151,35 | 97,35 | 96,22 | 103,24 | 81,50 | 110,94 | 84,90 | 67,92 | 127,01 | 172,06 | 271,68 | 196,06 | 236,02 | 138,10 | 285,04 | 310,17 | 273,47 |
| PA Trento | 112,24 | 36,22 | 0,00 | 105,11 | 147,22 | 76,47 | 19,02 | 82,30 | 74,71 | 99,62 | 76,98 | 198,50 | 120,44 | 160,74 | 259,06 | 194,31 | 227,31 | 132,44 | 273,72 | 308,24 | 247,26 |
| Piemonte | 17,43 | 151,35 | 147,22 | 36,22 | 0,00 | 67,92 | 103,01 | 175,52 | 129,05 | 147,16 | 119,99 | 231,83 | 181,74 | 210,55 | 246,78 | 232,97 | 294,55 | 191,31 | 351,32 | 273,60 | 187,92 |
| Puglia | 275,59 | 138,10 | 132,44 | 250,17 | 191,31 | 179,99 | 164,71 | 241,12 | 140,37 | 212,82 | 107,54 | 93,05 | 156,78 | 113,20 | 89,20 | 70,30 | 55,47 | 0,00 | 69,05 | 147,61 | 279,42 |
| Sardegna | 205,36 | 273,47 | 247,26 | 224,15 | 187,92 | 179,51 | 248,56 | 279,13 | 188,94 | 189,41 | 251,20 | 182,46 | 210,98 | 156,65 | 190,22 | 185,85 | 224,18 | 279,42 | 280,55 | 185,82 | 0,00 |
| Sicilia | 350,35 | 310,17 | 308,24 | 231,61 | 273,60 | 335,07 | 303,38 | 325,00 | 292,06 | 273,94 | 216,21 | 165,16 | 189,50 | 138,10 | 113,20 | 140,48 | 114,33 | 147,61 | 75,62 | 0,00 | 185,82 |
| Toscana | 169,12 | 110,94 | 99,62 | 67,47 | 147,16 | 113,20 | 95,09 | 70,18 | 54,34 | 0,00 | 108,11 | 68,60 | 36,22 | 99,62 | 160,74 | 126,56 | 176,59 | 212,82 | 238,63 | 273,94 | 189,41 |
| Umbria | 199,18 | 127,01 | 120,44 | 75,50 | 181,74 | 84,90 | 125,14 | 162,50 | 52,07 | 36,22 | 43,92 | 23,32 | 0,00 | 54,34 | 151,01 | 106,75 | 142,75 | 156,78 | 178,18 | 189,50 | 210,98 |
| Valle d'Aosta | 0,00 | 118,58 | 112,24 | 53,66 | 17,43 | 59,37 | 155,03 | 129,05 | 146,48 | 169,12 | 200,25 | 269,30 | 199,18 | 230,31 | 253,00 | 259,51 | 271,11 | 275,59 | 369,32 | 350,35 | 205,36 |
| Veneto | 155,03 | 96,22 | 19,02 | 106,41 | 103,01 | 69,05 | 0,00 | 37,36 | 63,39 | 95,09 | 70,18 | 201,95 | 125,14 | 165,27 | 165,84 | 194,48 | 259,23 | 164,71 | 304,28 | 303,38 | 248,56 |

Region of origin

Travel costs

Destination region

Valle d'Aosta

PA Bolzano

PA Trento

Liguria

Piemonte

Lombardia

Veneto

Friuli Venezia Giulia

Emilia-Romagna

Toscana

Marche

Abruzzo

Umbria

Lazio

Campania

Molise

Basilicata

Puglia

Calabria

Sicilia

Sardegna

Abruzzo

269,30

211,17

198,50

148,63

231,83

232,74

201,95

226,34

167,99

68,60

58,98

0,00

23,32

25,81

125,43

45,79

83,99

93,05

164,82

165,16

182,46

Basilicata

271,11

236,02

227,31

236,81

294,55

239,98

259,23

264,89

201,50

176,59

97,35

83,99

142,75

67,92

33,96

31,24

0,00

55,47

71,43

114,33

224,18

Calabria

369,32

285,04

273,72

242,02

351,32

340,51

304,28

304,39

270,32

238,63

243,15

164,82

178,18

139,01

90,33

85,58

71,43

69,05

0,00

75,62

280,55

Campania

253,00

271,68

259,06

113,20

246,78

221,87

165,84

302,24

178,86

160,74

169,86

125,43

151,01

99,62

0,00

21,28

33,96

89,20

90,33

113,20

190,22

Emilia-Romagna

146,48

81,50

74,71

38,26

129,05

92,82

63,39

55,47

0,00

54,34

62,26

167,99

52,07

131,31

178,86

160,52

201,50

140,37

270,32

292,06

188,94

Friuli Venezia Giulia

129,05

103,24

82,30

120,22

175,52

99,62

37,36

0,00

55,47

70,18

163,01

226,34

162,50

113,20

302,24

218,87

264,89

241,12

304,39

325,00

279,13

Lazio

230,31

172,06

160,74

129,05

210,55

201,50

165,27

113,20

131,31

99,62

70,18

25,81

54,34

0,00

99,62

29,21

67,92

113,20

139,01

138,10

156,65

Liguria

53,66

113,94

105,11

0,00

36,22

49,81

106,41

120,22

38,26

67,47

118,07

148,63

75,50

129,05

113,20

152,03

236,81

250,17

242,02

231,61

224,15

Lombardia

59,37

97,35

76,47

49,81

67,92

0,00

69,05

99,62

92,82

113,20

108,67

232,74

84,90

201,50

221,87

223,91

239,98

179,99

340,51

335,07

179,51

Marche

200,25

84,90

76,98

118,07

119,99

108,67

70,18

163,01

62,26

108,11

0,00

58,98

43,92

70,18

169,86

75,96

97,35

107,54

243,15

216,21

251,20

Molise

259,51

196,06

194,31

152,03

232,97

223,91

194,48

218,87

160,52

126,56

75,96

45,79

106,75

29,21

21,28

0,00

31,24

70,30

85,58

140,48

185,85

PA Bolzano

118,58

0,00

36,22

113,94

151,35

97,35

96,22

103,24

81,50

110,94

84,90

67,92

127,01

172,06

271,68

196,06

236,02

138,10

285,04

310,17

273,47

PA Trento

112,24

36,22

0,00

105,11

147,22

76,47

19,02

82,30

74,71

99,62

76,98

198,50

120,44

160,74

259,06

194,31

227,31

132,44

273,72

308,24

247,26

Piemonte

17,43

151,35

147,22

36,22

0,00

67,92

103,01

175,52

129,05

147,16

119,99

231,83

181,74

210,55

246,78

232,97

294,55

191,31

351,32

273,60

187,92

Puglia

275,59

138,10

132,44

250,17

191,31

179,99

164,71

241,12

140,37

212,82

107,54

93,05

156,78

113,20

89,20

70,30

55,47

0,00

69,05

147,61

279,42

Sardegna

205,36

273,47

247,26

224,15

187,92

179,51

248,56

279,13

188,94

189,41

251,20

182,46

210,98

156,65

190,22

185,85

224,18

279,42

280,55

185,82

0,00

Sicilia

350,35

310,17

308,24

231,61

273,60

335,07

303,38

325,00

292,06

273,94

216,21

165,16

189,50

138,10

113,20

140,48

114,33

147,61

75,62

0,00

185,82

Toscana

169,12

110,94

99,62

67,47

147,16

113,20

95,09

70,18

54,34

0,00

108,11

68,60

36,22

99,62

160,74

126,56

176,59

212,82

238,63

273,94

189,41

Umbria

199,18

127,01

120,44

75,50

181,74

84,90

125,14

162,50

52,07

36,22

43,92

23,32

0,00

54,34

151,01

106,75

142,75

156,78

178,18

189,50

210,98

Valle d'Aosta

0,00

118,58

112,24

53,66

17,43

59,37

155,03

129,05

146,48

169,12

200,25

269,30

199,18

230,31

253,00

259,51

271,11

275,59

369,32

350,35

205,36

Veneto

155,03

96,22

19,02

106,41

103,01

69,05

0,00

37,36

63,39

95,09

70,18

201,95

125,14

165,27

165,84

194,48

259,23

164,71

304,28

303,38

248,56

3.2   Interregional accommodation costs (for more than 600 hours) (in EUR)

| Region of origin | ACCOMMODATION COSTS |
| --- | --- |
| Destination region |
| Valle d'Aosta | PA Bolzano | PA Trento | Liguria | Piemonte | Lombardia | Veneto | Friuli Venezia Giulia | Emilia- Romagna | Toscana | Marche | Abruzzo | Umbria | Lazio | Campania | Molise | Basilicata | Puglia | Calabria | Sicilia | Sardegna |
| Abruzzo | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Basilicata | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Calabria | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Campania | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Emilia-Romagna | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Friuli Venezia Giulia | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Lazio | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Liguria | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Lombardia | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Marche | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Molise | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| PA Bolzano | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| PA Trento | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Piemonte | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Puglia | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Sardegna | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Sicilia | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Toscana | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Umbria | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Valle d'Aosta | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |
| Veneto | 803,84 | 1 153,94 | 788,70 | 741,25 | 695,62 | 1 229,98 | 700,07 | 703,65 | 967,41 | 1 227,68 | 601,19 | 578,51 | 628,23 | 1 229,68 | 930,19 | 519,08 | 684,62 | 607,95 | 575,50 | 988,35 | 600,62 |

Region of origin

ACCOMMODATION COSTS

Destination region

Valle d'Aosta

PA Bolzano

PA Trento

Liguria

Piemonte

Lombardia

Veneto

Friuli Venezia Giulia

Emilia- Romagna

Toscana

Marche

Abruzzo

Umbria

Lazio

Campania

Molise

Basilicata

Puglia

Calabria

Sicilia

Sardegna

Abruzzo

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Basilicata

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Calabria

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Campania

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Emilia-Romagna

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Friuli Venezia Giulia

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Lazio

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Liguria

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Lombardia

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Marche

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Molise

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

PA Bolzano

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

PA Trento

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Piemonte

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Puglia

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Sardegna

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Sicilia

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Toscana

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Umbria

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Valle d'Aosta

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

Veneto

803,84

1 153,94

788,70

741,25

695,62

1 229,98

700,07

703,65

967,41

1 227,68

601,19

578,51

628,23

1 229,68

930,19

519,08

684,62

607,95

575,50

988,35

600,62

3.3   Interregional subsistence costs (for more than 600 hours) (in EUR)

| Region of origin | MEAL COSTS |
| --- | --- |
| Destination region |
| Valle d'Aosta | PA Bolzano | PA Trento | Liguria | Piemonte | Lombardia | Veneto | Friuli Venezia Giulia | Emilia- Romagna | Toscana | Marche | Abruzzo | Umbria | Lazio | Campania | Molise | Basilicata | Puglia | Calabria | Sicilia | Sardegna |
| Abruzzo | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Basilicata | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Calabria | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Campania | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Emilia-Romagna | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Friuli Venezia Giulia | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Lazio | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Liguria | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Lombardia | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Marche | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Molise | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| PA Bolzano | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| PA Trento | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Piemonte | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Puglia | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Sardegna | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Sicilia | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Toscana | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Umbria | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Valle d'Aosta | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |
| Veneto | 482,30 | 252,45 | 320,93 | 407,41 | 521,52 | 502,26 | 416,04 | 616,19 | 514,94 | 200,21 | 480,95 | 433,27 | 641,87 | 596,60 | 298,90 | 638,86 | 205,47 | 440,97 | 487,71 | 359,11 | 256,27 |

Region of origin

MEAL COSTS

Destination region

Valle d'Aosta

PA Bolzano

PA Trento

Liguria

Piemonte

Lombardia

Veneto

Friuli Venezia Giulia

Emilia- Romagna

Toscana

Marche

Abruzzo

Umbria

Lazio

Campania

Molise

Basilicata

Puglia

Calabria

Sicilia

Sardegna

Abruzzo

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Basilicata

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Calabria

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Campania

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Emilia-Romagna

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Friuli Venezia Giulia

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Lazio

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Liguria

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Lombardia

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Marche

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Molise

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

PA Bolzano

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

PA Trento

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Piemonte

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Puglia

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Sardegna

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Sicilia

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Toscana

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Umbria

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Valle d'Aosta

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

Veneto

482,30

252,45

320,93

407,41

521,52

502,26

416,04

616,19

514,94

200,21

480,95

433,27

641,87

596,60

298,90

638,86

205,47

440,97

487,71

359,11

256,27

3.4   Interregional allowances for traineeships (in EUR)

| No. of training hours | Abruzzo | Basilicata | Calabria | Campania | Emilia Romagna | Friuli Venezia Giulia | Lazio | Liguria | Lombardia | Marche | Molise | PA Bolzano | PA Trento | Piemonte | Puglia | Sardegna | Sicilia | Toscana | Umbria | Valle d'Aosta | Veneto |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Region where the training is taking place | Valle d'Aosta | 160 | 611,70 | 613,51 | 711,72 | 595,40 | 488,88 | 471,45 | 572,71 | 396,06 | 401,77 | 542,65 | 601,91 | 460,98 | 454,64 | 359,83 | 617,99 | 547,76 | 692,75 | 511,52 | 541,58 | — | 497,43 |
| 161-200 | 613,84 | 615,65 | 713,86 | 597,54 | 491,02 | 473,59 | 574,85 | 398,20 | 403,91 | 544,79 | 604,05 | 463,12 | 456,78 | 361,97 | 620,13 | 549,90 | 694,89 | 513,66 | 543,72 | — | 499,57 |
| 201-249 | 699,44 | 701,25 | 799,46 | 683,14 | 576,62 | 559,19 | 660,45 | 483,80 | 489,51 | 630,39 | 689,65 | 548,72 | 542,38 | 447,57 | 705,73 | 635,50 | 780,49 | 599,26 | 629,32 | — | 585,17 |
| 250-300 | 804,30 | 806,11 | 904,32 | 788,00 | 681,48 | 664,05 | 765,31 | 588,66 | 594,37 | 735,25 | 794,51 | 653,58 | 647,24 | 552,43 | 810,59 | 740,36 | 885,35 | 704,12 | 734,18 | — | 690,03 |
| 301-600 | 913,44 | 915,25 | 1 013,46 | 897,14 | 790,62 | 773,19 | 874,45 | 697,80 | 703,51 | 844,39 | 903,65 | 762,72 | 756,38 | 661,57 | 919,73 | 849,50 | 994,49 | 813,26 | 843,32 | — | 799,17 |
| > 600 | 1 555,44 | 1 557,25 | 1 655,46 | 1 539,14 | 1 432,62 | 1 415,19 | 1 516,45 | 1 339,80 | 1 345,51 | 1 486,39 | 1 545,65 | 1 404,72 | 1 398,38 | 1 303,57 | 1 561,73 | 1 491,50 | 1 636,49 | 1 455,26 | 1 485,32 | — | 1 441,17 |
| Bolzano | 160 | 585,59 | 610,44 | 659,45 | 646,09 | 455,92 | 477,65 | 546,48 | 488,35 | 471,77 | 459,31 | 570,48 | — | 410,64 | 525,76 | 512,52 | 647,88 | 684,58 | 485,35 | 501,42 | 492,99 | 470,63 |
| 161-200 | 587,93 | 612,78 | 661,79 | 648,43 | 458,26 | 479,99 | 548,82 | 490,69 | 474,11 | 461,65 | 572,82 | — | 412,98 | 528,10 | 514,86 | 650,22 | 686,92 | 487,69 | 503,76 | 495,33 | 472,97 |
| 201-249 | 681,53 | 706,38 | 755,39 | 742,04 | 551,86 | 573,60 | 642,42 | 584,29 | 567,71 | 555,26 | 666,42 | — | 506,58 | 621,71 | 608,46 | 743,83 | 780,53 | 581,29 | 597,37 | 588,93 | 566,58 |
| 250-300 | 796,20 | 821,04 | 870,06 | 856,70 | 666,53 | 688,26 | 757,09 | 698,96 | 682,37 | 669,92 | 781,08 | — | 621,25 | 736,37 | 723,13 | 858,49 | 895,19 | 695,96 | 712,03 | 703,60 | 681,24 |
| 301-600 | 915,54 | 940,39 | 989,40 | 976,05 | 785,87 | 807,60 | 876,43 | 818,30 | 801,72 | 789,27 | 900,43 | — | 740,59 | 855,71 | 842,47 | 977,83 | 1 014,53 | 815,30 | 831,38 | 822,94 | 800,59 |
| > 600 | 1 617,57 | 1 642,41 | 1 691,43 | 1 678,07 | 1 487,90 | 1 509,63 | 1 578,46 | 1 520,33 | 1 503,74 | 1 491,29 | 1 602,45 | — | 1 442,62 | 1 557,74 | 1 544,50 | 1 679,86 | 1 716,56 | 1 517,33 | 1 533,40 | 1 524,97 | 1 502,61 |
| Trento | 160 | 493,91 | 522,71 | 569,13 | 554,47 | 370,12 | 377,71 | 456,15 | 400,52 | 371,88 | 372,38 | 489,72 | 331,63 | — | 442,63 | 427,85 | 542,67 | 603,65 | 395,02 | 415,85 | 407,65 | 314,43 |
| 161-200 | 495,75 | 524,56 | 570,97 | 556,31 | 371,97 | 379,55 | 458,00 | 402,36 | 373,72 | 374,23 | 491,56 | 333,48 | — | 444,47 | 429,70 | 544,52 | 605,50 | 396,87 | 417,70 | 409,49 | 316,27 |
| 201-249 | 569,60 | 598,41 | 644,82 | 630,17 | 445,82 | 453,40 | 531,85 | 476,21 | 447,57 | 448,08 | 565,42 | 407,33 | — | 518,32 | 503,55 | 618,37 | 679,35 | 470,72 | 491,55 | 483,35 | 390,12 |
| 250-300 | 660,07 | 688,88 | 735,29 | 720,63 | 536,29 | 543,87 | 622,32 | 566,68 | 538,04 | 538,55 | 655,88 | 497,80 | — | 608,79 | 594,02 | 708,84 | 769,82 | 561,19 | 582,02 | 573,81 | 480,59 |
| 301-600 | 754,23 | 783,04 | 829,46 | 814,80 | 630,45 | 638,03 | 716,48 | 660,84 | 632,20 | 632,71 | 750,05 | 591,96 | — | 702,95 | 688,18 | 803,00 | 863,98 | 655,35 | 676,18 | 667,98 | 574,76 |
| > 600 | 1 308,13 | 1 336,93 | 1 383,35 | 1 368,69 | 1 184,34 | 1 191,93 | 1 270,37 | 1 214,74 | 1 186,10 | 1 186,61 | 1 303,94 | 1 145,85 | — | 1 256,85 | 1 242,07 | 1 356,89 | 1 417,87 | 1 209,25 | 1 230,07 | 1 221,87 | 1 128,65 |
| Liguria | 160 | 454,43 | 542,61 | 547,82 | 419,00 | 344,06 | 426,02 | 434,85 | — | 355,61 | 423,87 | 457,83 | 419,74 | 410,91 | 342,02 | 555,97 | 529,95 | 537,41 | 373,27 | 381,30 | 359,46 | 412,21 |
| 161-200 | 456,34 | 544,52 | 549,73 | 420,91 | 345,97 | 427,93 | 436,76 | — | 357,52 | 425,78 | 459,74 | 421,65 | 412,82 | 343,93 | 557,88 | 531,86 | 539,32 | 375,18 | 383,21 | 361,37 | 414,12 |
| 201-249 | 532,79 | 620,97 | 626,18 | 497,36 | 422,42 | 504,38 | 513,21 | — | 433,97 | 502,23 | 536,19 | 498,10 | 489,27 | 420,38 | 634,33 | 608,31 | 615,77 | 451,63 | 459,66 | 437,82 | 490,57 |
| 250-300 | 626,44 | 714,63 | 719,83 | 591,01 | 516,07 | 598,03 | 606,86 | — | 527,62 | 595,88 | 629,84 | 591,75 | 582,92 | 514,04 | 727,98 | 701,96 | 709,42 | 545,28 | 553,32 | 531,47 | 584,22 |
| 301-600 | 723,92 | 812,10 | 817,31 | 688,48 | 613,55 | 695,50 | 704,33 | — | 625,09 | 693,35 | 727,31 | 689,22 | 680,39 | 611,51 | 825,46 | 799,43 | 806,89 | 642,75 | 650,79 | 628,94 | 681,69 |
| > 600 | 1 297,29 | 1 385,47 | 1 390,68 | 1 261,86 | 1 186,92 | 1 268,88 | 1 277,71 | — | 1 198,47 | 1 266,73 | 1 300,69 | 1 262,59 | 1 253,76 | 1 184,88 | 1 398,83 | 1 372,81 | 1 380,27 | 1 216,13 | 1 224,16 | 1 202,32 | 1 255,07 |
| Piemonte | 160 | 555,86 | 618,58 | 675,35 | 570,81 | 453,08 | 499,55 | 534,58 | 360,26 | 391,95 | 444,02 | 557,00 | 475,38 | 471,25 | — | 515,34 | 511,95 | 597,64 | 471,19 | 505,77 | 341,46 | 427,04 |
| 161-200 | 557,89 | 620,60 | 677,37 | 572,83 | 455,10 | 501,57 | 536,61 | 362,28 | 393,98 | 446,05 | 559,02 | 477,40 | 473,27 | — | 517,36 | 513,98 | 599,66 | 473,22 | 507,80 | 343,49 | 429,07 |
| 201-249 | 638,90 | 701,61 | 758,38 | 653,84 | 536,11 | 582,58 | 617,62 | 443,29 | 474,98 | 527,06 | 640,03 | 558,41 | 554,28 | — | 598,37 | 594,99 | 680,67 | 554,22 | 588,81 | 424,50 | 510,08 |
| 250-300 | 738,13 | 800,85 | 857,61 | 753,07 | 635,35 | 681,82 | 716,85 | 542,52 | 574,22 | 626,29 | 739,26 | 657,65 | 653,52 | — | 697,61 | 694,22 | 779,90 | 653,46 | 688,04 | 523,73 | 609,31 |
| 301-600 | 841,42 | 904,13 | 960,90 | 856,36 | 738,63 | 785,10 | 820,14 | 645,81 | 677,50 | 729,58 | 842,55 | 760,93 | 756,80 | — | 800,89 | 797,51 | 883,19 | 756,74 | 791,33 | 627,02 | 712,60 |
| > 600 | 1 448,98 | 1 511,69 | 1 568,46 | 1 463,92 | 1 346,19 | 1 392,66 | 1 427,69 | 1 253,37 | 1 285,06 | 1 337,13 | 1 450,11 | 1 368,49 | 1 364,36 | — | 1 408,45 | 1 405,07 | 1 490,75 | 1 364,30 | 1 398,88 | 1 234,57 | 1 320,15 |
| Lombardia | 160 | 693,90 | 701,15 | 801,67 | 683,03 | 553,99 | 560,78 | 662,66 | 510,97 | — | 569,83 | 685,07 | 558,51 | 537,63 | 529,08 | 641,15 | 640,67 | 796,23 | 574,36 | 546,06 | 520,54 | 530,21 |
| 161-200 | 696,78 | 704,03 | 804,55 | 685,92 | 556,87 | 563,66 | 665,54 | 513,85 | — | 572,72 | 687,95 | 561,40 | 540,51 | 531,96 | 644,03 | 643,56 | 799,12 | 577,24 | 548,94 | 523,42 | 533,10 |
| 201-249 | 812,07 | 819,32 | 919,84 | 801,21 | 672,16 | 678,95 | 780,83 | 629,14 | — | 688,01 | 803,24 | 676,69 | 655,80 | 647,26 | 759,32 | 758,85 | 914,41 | 692,54 | 664,24 | 638,71 | 648,39 |
| 250-300 | 953,31 | 960,55 | 1 061,07 | 942,44 | 813,39 | 820,18 | 922,06 | 770,37 | — | 829,24 | 944,48 | 817,92 | 797,03 | 788,49 | 900,55 | 900,08 | 1 055,64 | 833,77 | 805,47 | 779,94 | 789,62 |
| 301-600 | 1 100,30 | 1 107,55 | 1 208,07 | 1 089,43 | 960,39 | 967,18 | 1 069,06 | 917,37 | — | 976,23 | 1 091,47 | 964,91 | 944,03 | 935,48 | 1 047,55 | 1 047,07 | 1 202,63 | 980,76 | 952,46 | 926,94 | 936,61 |
| > 600 | 1 964,98 | 1 972,23 | 2 072,75 | 1 954,11 | 1 825,07 | 1 831,86 | 1 933,74 | 1 782,05 | — | 1 840,91 | 1 956,15 | 1 829,59 | 1 808,71 | 1 800,16 | 1 912,23 | 1 911,75 | 2 067,31 | 1 845,44 | 1 817,14 | 1 791,61 | 1 801,29 |
| Veneto | 160 | 499,08 | 556,36 | 601,42 | 462,97 | 360,53 | 334,49 | 462,41 | 403,54 | 366,19 | 367,32 | 491,61 | 393,36 | 316,15 | 400,15 | 461,84 | 545,70 | 600,51 | 392,22 | 422,28 | 452,16 | — |
| 161-200 | 500,94 | 558,22 | 603,27 | 464,83 | 362,38 | 336,35 | 464,26 | 405,40 | 368,04 | 369,18 | 493,47 | 395,21 | 318,01 | 402,00 | 463,70 | 547,56 | 602,37 | 394,08 | 424,13 | 454,02 | — |
| 201-249 | 575,22 | 632,50 | 677,56 | 539,11 | 436,67 | 410,63 | 538,55 | 479,68 | 442,33 | 443,46 | 567,75 | 469,50 | 392,29 | 476,29 | 537,98 | 621,84 | 676,65 | 468,36 | 498,42 | 528,30 | — |
| 250-300 | 666,22 | 723,50 | 768,56 | 630,11 | 527,67 | 501,63 | 629,55 | 570,68 | 533,33 | 534,46 | 658,75 | 560,49 | 483,29 | 567,29 | 628,98 | 712,84 | 767,65 | 559,36 | 589,42 | 619,30 | — |
| 301-600 | 760,93 | 818,21 | 863,27 | 724,82 | 622,38 | 596,34 | 724,26 | 665,39 | 628,04 | 629,17 | 753,46 | 655,21 | 578,00 | 662,00 | 723,69 | 807,55 | 862,36 | 654,07 | 684,13 | 714,01 | — |
| > 600 | 1 318,06 | 1 375,34 | 1 420,39 | 1 281,95 | 1 179,51 | 1 153,47 | 1 281,39 | 1 222,52 | 1 185,17 | 1 186,30 | 1 310,59 | 1 212,33 | 1 135,13 | 1 219,13 | 1 280,82 | 1 364,68 | 1 419,49 | 1 211,20 | 1 241,26 | 1 271,14 | — |
| Friuli Venezia Giulia | 160 | 577,72 | 616,26 | 655,77 | 653,62 | 406,84 | — | 464,57 | 471,59 | 450,99 | 514,38 | 570,24 | 454,61 | 433,67 | 526,89 | 592,49 | 630,50 | 676,37 | 421,56 | 513,87 | 480,42 | 388,73 |
| 161-200 | 579,91 | 618,46 | 657,96 | 655,81 | 409,04 | — | 466,77 | 473,79 | 453,18 | 516,58 | 572,44 | 456,81 | 435,86 | 529,08 | 594,68 | 632,70 | 678,57 | 423,75 | 516,07 | 482,62 | 390,92 |
| 201-249 | 667,75 | 706,30 | 745,81 | 743,66 | 496,88 | — | 554,61 | 561,63 | 541,03 | 604,42 | 660,28 | 544,65 | 523,71 | 616,93 | 682,53 | 720,54 | 766,41 | 511,60 | 603,91 | 570,46 | 478,77 |
| 250-300 | 775,36 | 813,91 | 853,41 | 851,26 | 604,49 | — | 662,22 | 669,24 | 648,63 | 712,03 | 767,89 | 652,26 | 631,32 | 724,54 | 790,13 | 828,15 | 874,02 | 619,20 | 711,52 | 678,07 | 586,37 |
| 301-600 | 887,36 | 925,91 | 965,41 | 963,26 | 716,49 | — | 774,22 | 781,24 | 760,63 | 824,03 | 879,89 | 764,26 | 743,31 | 836,54 | 902,13 | 940,15 | 986,02 | 731,20 | 823,52 | 790,07 | 698,37 |
| > 600 | 1 546,18 | 1 584,73 | 1 624,24 | 1 622,09 | 1 375,31 | — | 1 433,04 | 1 440,06 | 1 419,46 | 1 482,85 | 1 538,71 | 1 423,08 | 1 402,14 | 1 495,36 | 1 560,96 | 1 598,97 | 1 644,84 | 1 390,03 | 1 482,34 | 1 448,89 | 1 357,20 |

No. of training hours

Abruzzo

Basilicata

Calabria

Campania

Emilia Romagna

Friuli Venezia Giulia

Lazio

Liguria

Lombardia

Marche

Molise

PA Bolzano

PA Trento

Piemonte

Puglia

Sardegna

Sicilia

Toscana

Umbria

Valle d'Aosta

Veneto

Region where the training is taking place

Valle d'Aosta

160

611,70

613,51

711,72

595,40

488,88

471,45

572,71

396,06

401,77

542,65

601,91

460,98

454,64

359,83

617,99

547,76

692,75

511,52

541,58

—

497,43

161-200

613,84

615,65

713,86

597,54

491,02

473,59

574,85

398,20

403,91

544,79

604,05

463,12

456,78

361,97

620,13

549,90

694,89

513,66

543,72

—

499,57

201-249

699,44

701,25

799,46

683,14

576,62

559,19

660,45

483,80

489,51

630,39

689,65

548,72

542,38

447,57

705,73

635,50

780,49

599,26

629,32

—

585,17

250-300

804,30

806,11

904,32

788,00

681,48

664,05

765,31

588,66

594,37

735,25

794,51

653,58

647,24

552,43

810,59

740,36

885,35

704,12

734,18

—

690,03

301-600

913,44

915,25

1 013,46

897,14

790,62

773,19

874,45

697,80

703,51

844,39

903,65

762,72

756,38

661,57

919,73

849,50

994,49

813,26

843,32

—

799,17

> 600

1 555,44

1 557,25

1 655,46

1 539,14

1 432,62

1 415,19

1 516,45

1 339,80

1 345,51

1 486,39

1 545,65

1 404,72

1 398,38

1 303,57

1 561,73

1 491,50

1 636,49

1 455,26

1 485,32

—

1 441,17

Bolzano

160

585,59

610,44

659,45

646,09

455,92

477,65

546,48

488,35

471,77

459,31

570,48

—

410,64

525,76

512,52

647,88

684,58

485,35

501,42

492,99

470,63

161-200

587,93

612,78

661,79

648,43

458,26

479,99

548,82

490,69

474,11

461,65

572,82

—

412,98

528,10

514,86

650,22

686,92

487,69

503,76

495,33

472,97

201-249

681,53

706,38

755,39

742,04

551,86

573,60

642,42

584,29

567,71

555,26

666,42

—

506,58

621,71

608,46

743,83

780,53

581,29

597,37

588,93

566,58

250-300

796,20

821,04

870,06

856,70

666,53

688,26

757,09

698,96

682,37

669,92

781,08

—

621,25

736,37

723,13

858,49

895,19

695,96

712,03

703,60

681,24

301-600

915,54

940,39

989,40

976,05

785,87

807,60

876,43

818,30

801,72

789,27

900,43

—

740,59

855,71

842,47

977,83

1 014,53

815,30

831,38

822,94

800,59

> 600

1 617,57

1 642,41

1 691,43

1 678,07

1 487,90

1 509,63

1 578,46

1 520,33

1 503,74

1 491,29

1 602,45

—

1 442,62

1 557,74

1 544,50

1 679,86

1 716,56

1 517,33

1 533,40

1 524,97

1 502,61

Trento

160

493,91

522,71

569,13

554,47

370,12

377,71

456,15

400,52

371,88

372,38

489,72

331,63

—

442,63

427,85

542,67

603,65

395,02

415,85

407,65

314,43

161-200

495,75

524,56

570,97

556,31

371,97

379,55

458,00

402,36

373,72

374,23

491,56

333,48

—

444,47

429,70

544,52

605,50

396,87

417,70

409,49

316,27

201-249

569,60

598,41

644,82

630,17

445,82

453,40

531,85

476,21

447,57

448,08

565,42

407,33

—

518,32

503,55

618,37

679,35

470,72

491,55

483,35

390,12

250-300

660,07

688,88

735,29

720,63

536,29

543,87

622,32

566,68

538,04

538,55

655,88

497,80

—

608,79

594,02

708,84

769,82

561,19

582,02

573,81

480,59

301-600

754,23

783,04

829,46

814,80

630,45

638,03

716,48

660,84

632,20

632,71

750,05

591,96

—

702,95

688,18

803,00

863,98

655,35

676,18

667,98

574,76

> 600

1 308,13

1 336,93

1 383,35

1 368,69

1 184,34

1 191,93

1 270,37

1 214,74

1 186,10

1 186,61

1 303,94

1 145,85

—

1 256,85

1 242,07

1 356,89

1 417,87

1 209,25

1 230,07

1 221,87

1 128,65

Liguria

160

454,43

542,61

547,82

419,00

344,06

426,02

434,85

—

355,61

423,87

457,83

419,74

410,91

342,02

555,97

529,95

537,41

373,27

381,30

359,46

412,21

161-200

456,34

544,52

549,73

420,91

345,97

427,93

436,76

—

357,52

425,78

459,74

421,65

412,82

343,93

557,88

531,86

539,32

375,18

383,21

361,37

414,12

201-249

532,79

620,97

626,18

497,36

422,42

504,38

513,21

—

433,97

502,23

536,19

498,10

489,27

420,38

634,33

608,31

615,77

451,63

459,66

437,82

490,57

250-300

626,44

714,63

719,83

591,01

516,07

598,03

606,86

—

527,62

595,88

629,84

591,75

582,92

514,04

727,98

701,96

709,42

545,28

553,32

531,47

584,22

301-600

723,92

812,10

817,31

688,48

613,55

695,50

704,33

—

625,09

693,35

727,31

689,22

680,39

611,51

825,46

799,43

806,89

642,75

650,79

628,94

681,69

> 600

1 297,29

1 385,47

1 390,68

1 261,86

1 186,92

1 268,88

1 277,71

—

1 198,47

1 266,73

1 300,69

1 262,59

1 253,76

1 184,88

1 398,83

1 372,81

1 380,27

1 216,13

1 224,16

1 202,32

1 255,07

Piemonte

160

555,86

618,58

675,35

570,81

453,08

499,55

534,58

360,26

391,95

444,02

557,00

475,38

471,25

—

515,34

511,95

597,64

471,19

505,77

341,46

427,04

161-200

557,89

620,60

677,37

572,83

455,10

501,57

536,61

362,28

393,98

446,05

559,02

477,40

473,27

—

517,36

513,98

599,66

473,22

507,80

343,49

429,07

201-249

638,90

701,61

758,38

653,84

536,11

582,58

617,62

443,29

474,98

527,06

640,03

558,41

554,28

—

598,37

594,99

680,67

554,22

588,81

424,50

510,08

250-300

738,13

800,85

857,61

753,07

635,35

681,82

716,85

542,52

574,22

626,29

739,26

657,65

653,52

—

697,61

694,22

779,90

653,46

688,04

523,73

609,31

301-600

841,42

904,13

960,90

856,36

738,63

785,10

820,14

645,81

677,50

729,58

842,55

760,93

756,80

—

800,89

797,51

883,19

756,74

791,33

627,02

712,60

> 600

1 448,98

1 511,69

1 568,46

1 463,92

1 346,19

1 392,66

1 427,69

1 253,37

1 285,06

1 337,13

1 450,11

1 368,49

1 364,36

—

1 408,45

1 405,07

1 490,75

1 364,30

1 398,88

1 234,57

1 320,15

Lombardia

160

693,90

701,15

801,67

683,03

553,99

560,78

662,66

510,97

—

569,83

685,07

558,51

537,63

529,08

641,15

640,67

796,23

574,36

546,06

520,54

530,21

161-200

696,78

704,03

804,55

685,92

556,87

563,66

665,54

513,85

—

572,72

687,95

561,40

540,51

531,96

644,03

643,56

799,12

577,24

548,94

523,42

533,10

201-249

812,07

819,32

919,84

801,21

672,16

678,95

780,83

629,14

—

688,01

803,24

676,69

655,80

647,26

759,32

758,85

914,41

692,54

664,24

638,71

648,39

250-300

953,31

960,55

1 061,07

942,44

813,39

820,18

922,06

770,37

—

829,24

944,48

817,92

797,03

788,49

900,55

900,08

1 055,64

833,77

805,47

779,94

789,62

301-600

1 100,30

1 107,55

1 208,07

1 089,43

960,39

967,18

1 069,06

917,37

—

976,23

1 091,47

964,91

944,03

935,48

1 047,55

1 047,07

1 202,63

980,76

952,46

926,94

936,61

> 600

1 964,98

1 972,23

2 072,75

1 954,11

1 825,07

1 831,86

1 933,74

1 782,05

—

1 840,91

1 956,15

1 829,59

1 808,71

1 800,16

1 912,23

1 911,75

2 067,31

1 845,44

1 817,14

1 791,61

1 801,29

Veneto

160

499,08

556,36

601,42

462,97

360,53

334,49

462,41

403,54

366,19

367,32

491,61

393,36

316,15

400,15

461,84

545,70

600,51

392,22

422,28

452,16

—

161-200

500,94

558,22

603,27

464,83

362,38

336,35

464,26

405,40

368,04

369,18

493,47

395,21

318,01

402,00

463,70

547,56

602,37

394,08

424,13

454,02

—

201-249

575,22

632,50

677,56

539,11

436,67

410,63

538,55

479,68

442,33

443,46

567,75

469,50

392,29

476,29

537,98

621,84

676,65

468,36

498,42

528,30

—

250-300

666,22

723,50

768,56

630,11

527,67

501,63

629,55

570,68

533,33

534,46

658,75

560,49

483,29

567,29

628,98

712,84

767,65

559,36

589,42

619,30

—

301-600

760,93

818,21

863,27

724,82

622,38

596,34

724,26

665,39

628,04

629,17

753,46

655,21

578,00

662,00

723,69

807,55

862,36

654,07

684,13

714,01

—

> 600

1 318,06

1 375,34

1 420,39

1 281,95

1 179,51

1 153,47

1 281,39

1 222,52

1 185,17

1 186,30

1 310,59

1 212,33

1 135,13

1 219,13

1 280,82

1 364,68

1 419,49

1 211,20

1 241,26

1 271,14

—

Friuli Venezia Giulia

160

577,72

616,26

655,77

653,62

406,84

—

464,57

471,59

450,99

514,38

570,24

454,61

433,67

526,89

592,49

630,50

676,37

421,56

513,87

480,42

388,73

161-200

579,91

618,46

657,96

655,81

409,04

—

466,77

473,79

453,18

516,58

572,44

456,81

435,86

529,08

594,68

632,70

678,57

423,75

516,07

482,62

390,92

201-249

667,75

706,30

745,81

743,66

496,88

—

554,61

561,63

541,03

604,42

660,28

544,65

523,71

616,93

682,53

720,54

766,41

511,60

603,91

570,46

478,77

250-300

775,36

813,91

853,41

851,26

604,49

—

662,22

669,24

648,63

712,03

767,89

652,26

631,32

724,54

790,13

828,15

874,02

619,20

711,52

678,07

586,37

301-600

887,36

925,91

965,41

963,26

716,49

—

774,22

781,24

760,63

824,03

879,89

764,26

743,31

836,54

902,13

940,15

986,02

731,20

823,52

790,07

698,37

> 600

1 546,18

1 584,73

1 624,24

1 622,09

1 375,31

—

1 433,04

1 440,06

1 419,46

1 482,85

1 538,71

1 423,08

1 402,14

1 495,36

1 560,96

1 598,97

1 644,84

1 390,03

1 482,34

1 448,89

1 357,20

| No. of training hours | Abruzzo | Basilicata | Calabria | Campania | Emilia Romagna | Friuli Venezia Giulia | Lazio | Liguria | Lombardia | Marche | Molise | PA Bolzano | PA Trento | Piemonte | Puglia | Sardegna | Sicilia | Toscana | Umbria | Valle d'Aosta | Veneto |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Region where the training is taking place | Emilia Romagna | 160 | 562,62 | 596,13 | 664,95 | 573,49 | — | 450,10 | 525,95 | 432,89 | 487,46 | 456,89 | 555,15 | 476,14 | 469,35 | 523,68 | 535,00 | 583,58 | 686,69 | 448,97 | 446,71 | 541,11 | 458,03 |
| 161-200 | 565,09 | 598,60 | 667,42 | 575,96 | — | 452,57 | 528,41 | 435,36 | 489,92 | 459,36 | 557,62 | 478,60 | 471,81 | 526,15 | 537,47 | 586,04 | 689,16 | 451,44 | 449,17 | 543,58 | 460,49 |
| 201-249 | 663,75 | 697,25 | 766,08 | 674,61 | — | 551,23 | 627,07 | 534,02 | 588,58 | 558,02 | 656,28 | 577,26 | 570,47 | 624,81 | 636,13 | 684,70 | 787,81 | 550,09 | 547,83 | 642,24 | 559,15 |
| 250-300 | 784,60 | 818,11 | 886,94 | 795,47 | — | 672,08 | 747,93 | 654,88 | 709,44 | 678,87 | 777,13 | 698,12 | 691,33 | 745,66 | 756,98 | 805,56 | 908,67 | 670,95 | 668,69 | 763,10 | 680,01 |
| 301-600 | 910,39 | 943,90 | 1 012,73 | 921,26 | — | 797,87 | 873,72 | 780,67 | 835,23 | 804,66 | 902,92 | 823,91 | 817,12 | 871,45 | 882,77 | 931,35 | 1 034,46 | 796,74 | 794,48 | 888,88 | 805,80 |
| > 600 | 1 650,33 | 1 683,84 | 1 752,66 | 1 661,20 | — | 1 537,81 | 1 613,65 | 1 520,60 | 1 575,16 | 1 544,60 | 1 642,86 | 1 563,84 | 1 557,05 | 1 611,39 | 1 622,71 | 1 671,28 | 1 774,40 | 1 536,68 | 1 534,41 | 1 628,82 | 1 545,73 |
| Toscana | 160 | 448,73 | 556,73 | 618,76 | 540,88 | 434,47 | 450,32 | 479,75 | 447,60 | 493,34 | 488,24 | 506,69 | 491,07 | 479,75 | 527,30 | 592,95 | 569,54 | 654,08 | — | 416,36 | 549,26 | 475,22 |
| 161-200 | 451,11 | 559,10 | 621,14 | 543,26 | 436,85 | 452,70 | 482,13 | 449,98 | 495,71 | 490,62 | 509,07 | 493,45 | 482,13 | 529,67 | 595,33 | 571,92 | 656,46 | — | 418,74 | 551,63 | 477,60 |
| 201-249 | 546,14 | 654,14 | 716,17 | 638,29 | 531,88 | 547,73 | 577,16 | 545,01 | 590,75 | 585,65 | 604,10 | 588,48 | 577,16 | 624,71 | 690,36 | 666,95 | 751,49 | — | 513,77 | 646,67 | 572,63 |
| 250-300 | 662,56 | 770,55 | 832,59 | 754,71 | 648,30 | 664,15 | 693,58 | 661,43 | 707,16 | 702,07 | 720,52 | 704,90 | 693,58 | 741,12 | 806,78 | 783,37 | 867,91 | — | 630,19 | 763,08 | 689,05 |
| 301-600 | 783,73 | 891,72 | 953,76 | 875,87 | 769,47 | 785,31 | 814,75 | 782,60 | 828,33 | 823,24 | 841,69 | 826,07 | 814,75 | 862,29 | 927,95 | 904,54 | 989,07 | — | 751,35 | 884,25 | 810,22 |
| > 600 | 1 496,48 | 1 604,48 | 1 666,51 | 1 588,63 | 1 482,22 | 1 498,07 | 1 527,50 | 1 495,35 | 1 541,08 | 1 535,99 | 1 554,44 | 1 538,82 | 1 527,50 | 1 575,04 | 1 640,70 | 1 617,29 | 1 701,83 | — | 1 464,11 | 1 597,01 | 1 522,97 |
| Marche | 160 | 347,07 | 385,44 | 531,24 | 457,95 | 350,35 | 451,10 | 358,27 | 406,16 | 396,76 | — | 364,05 | 372,99 | 365,07 | 408,08 | 395,63 | 539,29 | 504,30 | 396,20 | 332,01 | 488,34 | 358,27 |
| 161-200 | 348,87 | 387,24 | 533,04 | 459,75 | 352,15 | 452,90 | 360,07 | 407,96 | 398,56 | — | 365,85 | 374,79 | 366,87 | 409,88 | 397,43 | 541,09 | 506,10 | 398,00 | 333,81 | 490,14 | 360,07 |
| 201-249 | 420,89 | 459,27 | 605,07 | 531,77 | 424,17 | 524,92 | 432,10 | 479,98 | 470,59 | — | 437,87 | 446,81 | 438,89 | 481,91 | 469,45 | 613,12 | 578,13 | 470,02 | 405,83 | 562,16 | 432,10 |
| 250-300 | 509,12 | 547,49 | 693,29 | 620,00 | 512,40 | 613,15 | 520,32 | 568,21 | 558,81 | — | 526,10 | 535,04 | 527,12 | 570,13 | 557,68 | 701,34 | 666,35 | 558,25 | 494,06 | 650,39 | 520,32 |
| 301-600 | 600,95 | 639,32 | 785,12 | 711,83 | 604,23 | 704,98 | 612,15 | 660,04 | 650,64 | — | 617,93 | 626,87 | 618,95 | 661,96 | 649,51 | 793,17 | 758,18 | 650,08 | 585,89 | 742,22 | 612,15 |
| > 600 | 1 141,12 | 1 179,49 | 1 325,29 | 1 251,99 | 1 144,40 | 1 245,15 | 1 152,32 | 1 200,21 | 1 190,81 | — | 1 158,10 | 1 167,04 | 1 159,11 | 1 202,13 | 1 189,68 | 1 333,34 | 1 298,35 | 1 190,24 | 1 126,06 | 1 282,39 | 1 152,32 |
| Abruzzo | 160 | — | 353,35 | 434,18 | 394,78 | 437,35 | 495,70 | 295,17 | 417,99 | 502,10 | 328,34 | 315,15 | 337,28 | 467,86 | 501,19 | 362,41 | 451,81 | 434,52 | 337,96 | 292,68 | 538,66 | 471,31 |
| 161-200 | — | 355,04 | 435,86 | 396,47 | 439,03 | 497,39 | 296,85 | 419,67 | 503,78 | 330,02 | 316,83 | 338,96 | 469,54 | 502,88 | 364,09 | 453,50 | 436,20 | 339,64 | 294,36 | 540,35 | 472,99 |
| 201-249 | — | 422,38 | 503,20 | 463,81 | 506,37 | 564,73 | 364,19 | 487,01 | 571,12 | 397,36 | 384,17 | 406,30 | 536,88 | 570,22 | 431,43 | 520,84 | 503,54 | 406,98 | 361,70 | 607,69 | 540,33 |
| 250-300 | — | 504,87 | 585,69 | 546,30 | 588,86 | 647,22 | 446,68 | 569,51 | 653,61 | 479,85 | 466,66 | 488,79 | 619,37 | 652,71 | 513,92 | 603,33 | 586,03 | 489,47 | 444,19 | 690,18 | 622,82 |
| 301-600 | — | 590,73 | 671,55 | 632,16 | 674,72 | 733,08 | 532,54 | 655,36 | 739,47 | 565,71 | 552,52 | 574,65 | 705,23 | 738,57 | 599,78 | 689,19 | 671,89 | 575,33 | 530,05 | 776,03 | 708,68 |
| > 600 | — | 1 095,77 | 1 176,60 | 1 137,21 | 1 179,77 | 1 238,12 | 1 037,59 | 1 160,41 | 1 244,52 | 1 070,76 | 1 057,57 | 1 079,70 | 1 210,28 | 1 243,61 | 1 104,83 | 1 194,24 | 1 176,94 | 1 080,38 | 1 035,10 | 1 281,08 | 1 213,73 |
| Umbria | 160 | 361,45 | 480,87 | 516,31 | 489,14 | 390,20 | 500,63 | 392,46 | 413,63 | 423,03 | 382,05 | 444,88 | 465,14 | 458,57 | 519,87 | 494,91 | 549,11 | 527,63 | 374,35 | — | 537,30 | 463,27 |
| 161-200 | 363,56 | 482,99 | 518,42 | 491,25 | 392,31 | 502,74 | 394,58 | 415,75 | 425,14 | 384,16 | 446,99 | 467,25 | 460,69 | 521,98 | 497,02 | 551,22 | 529,74 | 376,47 | — | 539,42 | 465,38 |
| 201-249 | 448,09 | 567,52 | 602,95 | 575,78 | 476,85 | 587,27 | 479,11 | 500,28 | 509,67 | 468,70 | 531,52 | 551,78 | 545,22 | 606,52 | 581,56 | 635,76 | 614,27 | 461,00 | — | 623,95 | 549,92 |
| 250-300 | 551,65 | 671,07 | 706,50 | 679,34 | 580,40 | 690,82 | 582,66 | 603,83 | 613,23 | 572,25 | 635,07 | 655,34 | 648,77 | 710,07 | 685,11 | 739,31 | 717,82 | 564,55 | — | 727,50 | 653,47 |
| 301-600 | 659,42 | 778,85 | 814,28 | 787,11 | 688,18 | 798,60 | 690,44 | 711,61 | 721,00 | 680,03 | 742,85 | 763,12 | 756,55 | 817,85 | 792,89 | 847,09 | 825,60 | 672,33 | — | 835,28 | 761,25 |
| > 600 | 1 293,42 | 1 412,84 | 1 448,27 | 1 421,11 | 1 322,17 | 1 432,59 | 1 324,43 | 1 345,60 | 1 355,00 | 1 314,02 | 1 376,84 | 1 397,11 | 1 390,54 | 1 451,84 | 1 426,88 | 1 481,08 | 1 459,59 | 1 306,32 | — | 1 469,27 | 1 395,24 |
| Lazio | 160 | 512,01 | 554,12 | 625,21 | 585,81 | 617,51 | 599,40 | — | 615,25 | 687,69 | 556,38 | 515,40 | 658,26 | 646,94 | 696,75 | 599,40 | 642,84 | 624,30 | 585,81 | 540,53 | 716,50 | 651,47 |
| 161-200 | 515,05 | 557,16 | 628,25 | 588,85 | 620,55 | 602,44 | — | 618,28 | 690,73 | 559,42 | 518,44 | 661,30 | 649,98 | 699,79 | 602,44 | 645,88 | 627,34 | 588,85 | 543,57 | 719,54 | 654,51 |
| 201-249 | 636,60 | 678,71 | 749,80 | 710,40 | 742,10 | 723,99 | — | 739,83 | 812,28 | 680,97 | 639,99 | 782,85 | 771,53 | 821,34 | 723,99 | 767,43 | 748,89 | 710,40 | 665,12 | 841,09 | 776,06 |
| 250-300 | 785,49 | 827,60 | 898,69 | 859,30 | 891,00 | 872,88 | — | 888,73 | 961,18 | 829,87 | 788,89 | 931,75 | 920,43 | 970,24 | 872,88 | 916,33 | 897,79 | 859,30 | 814,02 | 989,99 | 924,96 |
| 301-600 | 940,47 | 982,58 | 1 053,67 | 1 014,27 | 1 045,97 | 1 027,86 | — | 1 043,71 | 1 116,15 | 984,84 | 943,86 | 1 086,72 | 1 075,40 | 1 125,21 | 1 027,86 | 1 071,31 | 1 052,76 | 1 014,27 | 968,99 | 1 144,96 | 1 079,93 |
| > 600 | 1 852,09 | 1 894,20 | 1 965,29 | 1 925,89 | 1 957,59 | 1 939,48 | — | 1 955,33 | 2 027,77 | 1 896,46 | 1 855,48 | 1 998,34 | 1 987,02 | 2 036,83 | 1 939,48 | 1 982,93 | 1 964,38 | 1 925,89 | 1 880,61 | 2 056,58 | 1 991,55 |
| Campania | 160 | 452,64 | 361,17 | 417,55 | — | 506,07 | 629,46 | 426,83 | 440,41 | 549,08 | 497,07 | 348,49 | 598,89 | 586,27 | 573,99 | 416,41 | 517,43 | 440,41 | 487,96 | 478,22 | 580,21 | 493,05 |
| 161-200 | 454,68 | 363,22 | 419,59 | — | 508,11 | 631,50 | 428,87 | 442,46 | 551,13 | 499,11 | 350,54 | 600,94 | 588,32 | 576,03 | 418,46 | 519,48 | 442,46 | 490,00 | 480,27 | 582,26 | 495,10 |
| 201-249 | 536,49 | 445,02 | 501,39 | — | 589,92 | 713,30 | 510,68 | 524,26 | 632,93 | 580,92 | 432,34 | 682,74 | 670,12 | 657,84 | 500,26 | 601,28 | 524,26 | 571,80 | 562,07 | 664,06 | 576,90 |
| 250-300 | 636,69 | 545,23 | 601,60 | — | 690,13 | 813,51 | 610,89 | 624,47 | 733,14 | 681,13 | 532,55 | 782,95 | 770,33 | 758,05 | 600,47 | 701,49 | 624,47 | 672,01 | 662,28 | 764,27 | 677,11 |
| 301-600 | 740,99 | 649,53 | 705,90 | — | 794,42 | 917,81 | 715,18 | 728,77 | 837,44 | 785,42 | 636,85 | 887,25 | 874,63 | 862,34 | 704,77 | 805,79 | 728,77 | 776,31 | 766,58 | 868,57 | 781,41 |
| > 600 | 1 354,52 | 1 263,05 | 1 319,43 | — | 1 407,95 | 1 531,34 | 1 328,71 | 1 342,29 | 1 450,96 | 1 398,95 | 1 250,37 | 1 500,77 | 1 488,15 | 1 475,87 | 1 318,29 | 1 419,31 | 1 342,29 | 1 389,84 | 1 380,10 | 1 482,09 | 1 394,93 |
| Molise | 160 | 354,06 | 339,51 | 393,85 | 329,55 | 468,79 | 527,14 | 337,48 | 460,30 | 532,18 | 384,23 | — | 504,33 | 502,58 | 541,24 | 378,57 | 494,12 | 448,75 | 434,83 | 415,02 | 567,78 | 502,75 |
| 161-200 | 355,99 | 341,44 | 395,78 | 331,48 | 470,71 | 529,07 | 339,40 | 462,22 | 534,11 | 386,15 | — | 506,26 | 504,50 | 543,16 | 380,49 | 496,05 | 450,68 | 436,75 | 416,94 | 569,71 | 504,67 |
| 201-249 | 433,05 | 418,51 | 472,84 | 408,55 | 547,78 | 606,14 | 416,47 | 539,29 | 611,17 | 463,22 | — | 583,33 | 581,57 | 620,23 | 457,56 | 573,12 | 527,75 | 513,82 | 494,01 | 646,78 | 581,74 |
| 250-300 | 527,46 | 512,92 | 567,25 | 502,95 | 642,19 | 700,54 | 510,88 | 633,70 | 705,58 | 557,63 | — | 677,73 | 675,98 | 714,64 | 551,97 | 667,52 | 622,15 | 608,23 | 588,42 | 741,18 | 676,15 |
| 301-600 | 625,72 | 611,18 | 665,51 | 601,21 | 740,45 | 798,81 | 609,14 | 731,96 | 803,84 | 655,89 | — | 776,00 | 774,24 | 812,90 | 650,23 | 765,78 | 720,41 | 706,49 | 686,68 | 839,44 | 774,41 |
| > 600 | 1 203,73 | 1 189,18 | 1 243,52 | 1 179,22 | 1 318,46 | 1 376,81 | 1 187,14 | 1 309,97 | 1 381,85 | 1 233,90 | — | 1 354,00 | 1 352,25 | 1 390,90 | 1 228,24 | 1 343,79 | 1 298,42 | 1 284,50 | 1 264,69 | 1 417,45 | 1 352,42 |

No. of training hours

Abruzzo

Basilicata

Calabria

Campania

Emilia Romagna

Friuli Venezia Giulia

Lazio

Liguria

Lombardia

Marche

Molise

PA Bolzano

PA Trento

Piemonte

Puglia

Sardegna

Sicilia

Toscana

Umbria

Valle d'Aosta

Veneto

Region where the training is taking place

Emilia Romagna

160

562,62

596,13

664,95

573,49

—

450,10

525,95

432,89

487,46

456,89

555,15

476,14

469,35

523,68

535,00

583,58

686,69

448,97

446,71

541,11

458,03

161-200

565,09

598,60

667,42

575,96

—

452,57

528,41

435,36

489,92

459,36

557,62

478,60

471,81

526,15

537,47

586,04

689,16

451,44

449,17

543,58

460,49

201-249

663,75

697,25

766,08

674,61

—

551,23

627,07

534,02

588,58

558,02

656,28

577,26

570,47

624,81

636,13

684,70

787,81

550,09

547,83

642,24

559,15

250-300

784,60

818,11

886,94

795,47

—

672,08

747,93

654,88

709,44

678,87

777,13

698,12

691,33

745,66

756,98

805,56

908,67

670,95

668,69

763,10

680,01

301-600

910,39

943,90

1 012,73

921,26

—

797,87

873,72

780,67

835,23

804,66

902,92

823,91

817,12

871,45

882,77

931,35

1 034,46

796,74

794,48

888,88

805,80

> 600

1 650,33

1 683,84

1 752,66

1 661,20

—

1 537,81

1 613,65

1 520,60

1 575,16

1 544,60

1 642,86

1 563,84

1 557,05

1 611,39

1 622,71

1 671,28

1 774,40

1 536,68

1 534,41

1 628,82

1 545,73

Toscana

160

448,73

556,73

618,76

540,88

434,47

450,32

479,75

447,60

493,34

488,24

506,69

491,07

479,75

527,30

592,95

569,54

654,08

—

416,36

549,26

475,22

161-200

451,11

559,10

621,14

543,26

436,85

452,70

482,13

449,98

495,71

490,62

509,07

493,45

482,13

529,67

595,33

571,92

656,46

—

418,74

551,63

477,60

201-249

546,14

654,14

716,17

638,29

531,88

547,73

577,16

545,01

590,75

585,65

604,10

588,48

577,16

624,71

690,36

666,95

751,49

—

513,77

646,67

572,63

250-300

662,56

770,55

832,59

754,71

648,30

664,15

693,58

661,43

707,16

702,07

720,52

704,90

693,58

741,12

806,78

783,37

867,91

—

630,19

763,08

689,05

301-600

783,73

891,72

953,76

875,87

769,47

785,31

814,75

782,60

828,33

823,24

841,69

826,07

814,75

862,29

927,95

904,54

989,07

—

751,35

884,25

810,22

> 600

1 496,48

1 604,48

1 666,51

1 588,63

1 482,22

1 498,07

1 527,50

1 495,35

1 541,08

1 535,99

1 554,44

1 538,82

1 527,50

1 575,04

1 640,70

1 617,29

1 701,83

—

1 464,11

1 597,01

1 522,97

Marche

160

347,07

385,44

531,24

457,95

350,35

451,10

358,27

406,16

396,76

—

364,05

372,99

365,07

408,08

395,63

539,29

504,30

396,20

332,01

488,34

358,27

161-200

348,87

387,24

533,04

459,75

352,15

452,90

360,07

407,96

398,56

—

365,85

374,79

366,87

409,88

397,43

541,09

506,10

398,00

333,81

490,14

360,07

201-249

420,89

459,27

605,07

531,77

424,17

524,92

432,10

479,98

470,59

—

437,87

446,81

438,89

481,91

469,45

613,12

578,13

470,02

405,83

562,16

432,10

250-300

509,12

547,49

693,29

620,00

512,40

613,15

520,32

568,21

558,81

—

526,10

535,04

527,12

570,13

557,68

701,34

666,35

558,25

494,06

650,39

520,32

301-600

600,95

639,32

785,12

711,83

604,23

704,98

612,15

660,04

650,64

—

617,93

626,87

618,95

661,96

649,51

793,17

758,18

650,08

585,89

742,22

612,15

> 600

1 141,12

1 179,49

1 325,29

1 251,99

1 144,40

1 245,15

1 152,32

1 200,21

1 190,81

—

1 158,10

1 167,04

1 159,11

1 202,13

1 189,68

1 333,34

1 298,35

1 190,24

1 126,06

1 282,39

1 152,32

Abruzzo

160

—

353,35

434,18

394,78

437,35

495,70

295,17

417,99

502,10

328,34

315,15

337,28

467,86

501,19

362,41

451,81

434,52

337,96

292,68

538,66

471,31

161-200

—

355,04

435,86

396,47

439,03

497,39

296,85

419,67

503,78

330,02

316,83

338,96

469,54

502,88

364,09

453,50

436,20

339,64

294,36

540,35

472,99

201-249

—

422,38

503,20

463,81

506,37

564,73

364,19

487,01

571,12

397,36

384,17

406,30

536,88

570,22

431,43

520,84

503,54

406,98

361,70

607,69

540,33

250-300

—

504,87

585,69

546,30

588,86

647,22

446,68

569,51

653,61

479,85

466,66

488,79

619,37

652,71

513,92

603,33

586,03

489,47

444,19

690,18

622,82

301-600

—

590,73

671,55

632,16

674,72

733,08

532,54

655,36

739,47

565,71

552,52

574,65

705,23

738,57

599,78

689,19

671,89

575,33

530,05

776,03

708,68

> 600

—

1 095,77

1 176,60

1 137,21

1 179,77

1 238,12

1 037,59

1 160,41

1 244,52

1 070,76

1 057,57

1 079,70

1 210,28

1 243,61

1 104,83

1 194,24

1 176,94

1 080,38

1 035,10

1 281,08

1 213,73

Umbria

160

361,45

480,87

516,31

489,14

390,20

500,63

392,46

413,63

423,03

382,05

444,88

465,14

458,57

519,87

494,91

549,11

527,63

374,35

—

537,30

463,27

161-200

363,56

482,99

518,42

491,25

392,31

502,74

394,58

415,75

425,14

384,16

446,99

467,25

460,69

521,98

497,02

551,22

529,74

376,47

—

539,42

465,38

201-249

448,09

567,52

602,95

575,78

476,85

587,27

479,11

500,28

509,67

468,70

531,52

551,78

545,22

606,52

581,56

635,76

614,27

461,00

—

623,95

549,92

250-300

551,65

671,07

706,50

679,34

580,40

690,82

582,66

603,83

613,23

572,25

635,07

655,34

648,77

710,07

685,11

739,31

717,82

564,55

—

727,50

653,47

301-600

659,42

778,85

814,28

787,11

688,18

798,60

690,44

711,61

721,00

680,03

742,85

763,12

756,55

817,85

792,89

847,09

825,60

672,33

—

835,28

761,25

> 600

1 293,42

1 412,84

1 448,27

1 421,11

1 322,17

1 432,59

1 324,43

1 345,60

1 355,00

1 314,02

1 376,84

1 397,11

1 390,54

1 451,84

1 426,88

1 481,08

1 459,59

1 306,32

—

1 469,27

1 395,24

Lazio

160

512,01

554,12

625,21

585,81

617,51

599,40

—

615,25

687,69

556,38

515,40

658,26

646,94

696,75

599,40

642,84

624,30

585,81

540,53

716,50

651,47

161-200

515,05

557,16

628,25

588,85

620,55

602,44

—

618,28

690,73

559,42

518,44

661,30

649,98

699,79

602,44

645,88

627,34

588,85

543,57

719,54

654,51

201-249

636,60

678,71

749,80

710,40

742,10

723,99

—

739,83

812,28

680,97

639,99

782,85

771,53

821,34

723,99

767,43

748,89

710,40

665,12

841,09

776,06

250-300

785,49

827,60

898,69

859,30

891,00

872,88

—

888,73

961,18

829,87

788,89

931,75

920,43

970,24

872,88

916,33

897,79

859,30

814,02

989,99

924,96

301-600

940,47

982,58

1 053,67

1 014,27

1 045,97

1 027,86

—

1 043,71

1 116,15

984,84

943,86

1 086,72

1 075,40

1 125,21

1 027,86

1 071,31

1 052,76

1 014,27

968,99

1 144,96

1 079,93

> 600

1 852,09

1 894,20

1 965,29

1 925,89

1 957,59

1 939,48

—

1 955,33

2 027,77

1 896,46

1 855,48

1 998,34

1 987,02

2 036,83

1 939,48

1 982,93

1 964,38

1 925,89

1 880,61

2 056,58

1 991,55

Campania

160

452,64

361,17

417,55

—

506,07

629,46

426,83

440,41

549,08

497,07

348,49

598,89

586,27

573,99

416,41

517,43

440,41

487,96

478,22

580,21

493,05

161-200

454,68

363,22

419,59

—

508,11

631,50

428,87

442,46

551,13

499,11

350,54

600,94

588,32

576,03

418,46

519,48

442,46

490,00

480,27

582,26

495,10

201-249

536,49

445,02

501,39

—

589,92

713,30

510,68

524,26

632,93

580,92

432,34

682,74

670,12

657,84

500,26

601,28

524,26

571,80

562,07

664,06

576,90

250-300

636,69

545,23

601,60

—

690,13

813,51

610,89

624,47

733,14

681,13

532,55

782,95

770,33

758,05

600,47

701,49

624,47

672,01

662,28

764,27

677,11

301-600

740,99

649,53

705,90

—

794,42

917,81

715,18

728,77

837,44

785,42

636,85

887,25

874,63

862,34

704,77

805,79

728,77

776,31

766,58

868,57

781,41

> 600

1 354,52

1 263,05

1 319,43

—

1 407,95

1 531,34

1 328,71

1 342,29

1 450,96

1 398,95

1 250,37

1 500,77

1 488,15

1 475,87

1 318,29

1 419,31

1 342,29

1 389,84

1 380,10

1 482,09

1 394,93

Molise

160

354,06

339,51

393,85

329,55

468,79

527,14

337,48

460,30

532,18

384,23

—

504,33

502,58

541,24

378,57

494,12

448,75

434,83

415,02

567,78

502,75

161-200

355,99

341,44

395,78

331,48

470,71

529,07

339,40

462,22

534,11

386,15

—

506,26

504,50

543,16

380,49

496,05

450,68

436,75

416,94

569,71

504,67

201-249

433,05

418,51

472,84

408,55

547,78

606,14

416,47

539,29

611,17

463,22

—

583,33

581,57

620,23

457,56

573,12

527,75

513,82

494,01

646,78

581,74

250-300

527,46

512,92

567,25

502,95

642,19

700,54

510,88

633,70

705,58

557,63

—

677,73

675,98

714,64

551,97

667,52

622,15

608,23

588,42

741,18

676,15

301-600

625,72

611,18

665,51

601,21

740,45

798,81

609,14

731,96

803,84

655,89

—

776,00

774,24

812,90

650,23

765,78

720,41

706,49

686,68

839,44

774,41

> 600

1 203,73

1 189,18

1 243,52

1 179,22

1 318,46

1 376,81

1 187,14

1 309,97

1 381,85

1 233,90

—

1 354,00

1 352,25

1 390,90

1 228,24

1 343,79

1 298,42

1 284,50

1 264,69

1 417,45

1 352,42

| No. of training hours | Abruzzo | Basilicata | Calabria | Campania | Emilia Romagna | Friuli Venezia Giulia | Lazio | Liguria | Lombardia | Marche | Molise | PA Bolzano | PA Trento | Piemonte | Puglia | Sardegna | Sicilia | Toscana | Umbria | Valle d'Aosta | Veneto |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Region where the training is taking place | Basilicata | 160 | 320,95 | — | 308,39 | 270,92 | 438,46 | 501,85 | 304,88 | 473,77 | 476,94 | 334,31 | 268,20 | 472,98 | 464,27 | 531,51 | 292,43 | 461,14 | 351,29 | 413,55 | 379,71 | 508,07 | 496,19 |
| 161-200 | 322,44 | — | 309,87 | 272,40 | 439,94 | 503,33 | 306,36 | 475,26 | 478,43 | 335,79 | 269,68 | 474,46 | 465,75 | 532,99 | 293,91 | 462,62 | 352,77 | 415,03 | 381,19 | 509,56 | 497,67 |
| 201-249 | 381,68 | — | 369,11 | 331,64 | 499,18 | 562,57 | 365,60 | 534,50 | 537,67 | 395,03 | 328,92 | 533,70 | 524,99 | 592,23 | 353,15 | 521,86 | 412,01 | 474,27 | 440,43 | 568,80 | 556,91 |
| 250-300 | 454,25 | — | 441,68 | 404,21 | 571,75 | 635,14 | 438,17 | 607,07 | 610,23 | 467,60 | 401,49 | 606,27 | 597,56 | 664,80 | 425,72 | 594,43 | 484,58 | 546,84 | 513,00 | 641,36 | 629,48 |
| 301-600 | 529,78 | — | 517,21 | 479,74 | 647,28 | 710,67 | 513,70 | 682,60 | 685,77 | 543,13 | 477,02 | 681,80 | 673,09 | 740,33 | 501,25 | 669,96 | 560,11 | 622,37 | 588,53 | 716,90 | 705,01 |
| > 600 | 974,08 | — | 961,51 | 924,04 | 1 091,58 | 1 154,97 | 958,00 | 1 126,90 | 1 130,07 | 987,43 | 921,33 | 1 126,10 | 1 117,39 | 1 184,63 | 945,55 | 1 114,26 | 1 004,41 | 1 066,67 | 1 032,83 | 1 161,20 | 1 149,31 |
| Puglia | 160 | 372,30 | 334,71 | 348,30 | 368,45 | 419,61 | 520,36 | 392,45 | 529,42 | 459,23 | 386,79 | 349,54 | 417,35 | 411,69 | 470,55 | — | 558,67 | 426,86 | 492,06 | 436,03 | 554,83 | 443,95 |
| 161-200 | 374,04 | 336,46 | 350,04 | 370,19 | 421,36 | 522,11 | 394,19 | 531,16 | 460,98 | 388,53 | 351,29 | 419,09 | 413,43 | 472,30 | — | 560,41 | 428,60 | 493,81 | 437,77 | 556,58 | 445,70 |
| 201-249 | 443,85 | 406,27 | 419,85 | 440,00 | 491,17 | 591,92 | 464,00 | 600,97 | 530,79 | 458,34 | 421,10 | 488,91 | 483,25 | 542,11 | — | 630,22 | 498,41 | 563,62 | 507,58 | 626,39 | 515,51 |
| 250-300 | 529,37 | 491,79 | 505,37 | 525,52 | 576,69 | 677,44 | 549,52 | 686,49 | 616,31 | 543,86 | 506,62 | 574,42 | 568,76 | 627,63 | — | 715,74 | 583,93 | 649,14 | 593,10 | 711,91 | 601,03 |
| 301-600 | 618,38 | 580,80 | 594,38 | 614,53 | 665,70 | 766,45 | 638,53 | 775,50 | 705,32 | 632,87 | 595,63 | 663,43 | 657,77 | 716,64 | — | 804,75 | 672,94 | 738,15 | 682,11 | 800,92 | 690,04 |
| > 600 | 1 141,97 | 1 104,38 | 1 117,97 | 1 138,12 | 1 189,28 | 1 290,03 | 1 162,11 | 1 299,09 | 1 228,90 | 1 156,45 | 1 119,21 | 1 187,02 | 1 181,36 | 1 240,22 | — | 1 328,34 | 1 196,53 | 1 261,73 | 1 205,70 | 1 324,50 | 1 213,62 |
| Calabria | 160 | 447,87 | 354,48 | — | 373,38 | 553,37 | 587,45 | 422,06 | 525,07 | 623,56 | 526,20 | 368,63 | 568,09 | 556,77 | 634,37 | 352,10 | 563,61 | 358,67 | 521,68 | 461,23 | 652,37 | 587,33 |
| 161-200 | 449,64 | 356,25 | — | 375,15 | 555,14 | 589,22 | 423,83 | 526,84 | 625,33 | 527,97 | 370,40 | 569,86 | 558,54 | 636,14 | 353,87 | 565,38 | 360,44 | 523,45 | 463,00 | 654,14 | 589,10 |
| 201-249 | 520,40 | 427,01 | — | 445,92 | 625,90 | 659,98 | 494,59 | 597,60 | 696,09 | 598,74 | 441,16 | 640,62 | 629,30 | 706,90 | 424,64 | 636,14 | 431,20 | 594,21 | 533,76 | 724,90 | 659,86 |
| 250-300 | 607,09 | 513,70 | — | 532,60 | 712,59 | 746,66 | 581,28 | 684,29 | 782,77 | 685,42 | 527,85 | 727,31 | 715,99 | 793,58 | 511,32 | 722,82 | 517,89 | 680,89 | 620,44 | 811,58 | 746,55 |
| 301-600 | 697,31 | 603,92 | — | 622,82 | 802,81 | 836,88 | 671,50 | 774,51 | 873,00 | 775,64 | 618,07 | 817,53 | 806,21 | 883,81 | 601,54 | 813,04 | 608,11 | 771,12 | 710,67 | 901,81 | 836,77 |
| > 600 | 1 228,03 | 1 134,64 | — | 1 153,54 | 1 333,53 | 1 367,61 | 1 202,22 | 1 305,23 | 1 403,72 | 1 306,36 | 1 148,79 | 1 348,25 | 1 336,93 | 1 414,53 | 1 132,26 | 1 343,77 | 1 138,83 | 1 301,84 | 1 241,39 | 1 432,53 | 1 367,49 |
| Sicilia | 160 | 523,88 | 473,06 | 434,34 | 471,93 | 650,78 | 683,72 | 496,83 | 590,33 | 693,80 | 574,94 | 499,21 | 668,89 | 666,97 | 632,33 | 506,34 | 544,54 | — | 632,67 | 548,22 | 709,08 | 662,10 |
| 161-200 | 526,13 | 475,30 | 436,59 | 474,17 | 653,02 | 685,96 | 499,07 | 592,57 | 696,04 | 577,18 | 501,45 | 671,14 | 669,21 | 634,57 | 508,58 | 546,79 | — | 634,91 | 550,46 | 711,32 | 664,34 |
| 201-249 | 615,81 | 564,98 | 526,27 | 563,85 | 742,70 | 775,65 | 588,75 | 682,26 | 785,72 | 666,86 | 591,13 | 760,82 | 758,89 | 724,25 | 598,26 | 636,47 | — | 724,59 | 640,15 | 801,00 | 754,02 |
| 250-300 | 725,67 | 674,84 | 636,13 | 673,71 | 852,56 | 885,51 | 698,61 | 792,12 | 895,58 | 776,72 | 700,99 | 870,68 | 868,75 | 834,11 | 708,12 | 746,33 | — | 834,45 | 750,01 | 910,86 | 863,88 |
| 301-600 | 840,01 | 789,18 | 750,47 | 788,05 | 966,91 | 999,85 | 812,96 | 906,46 | 1 009,92 | 891,06 | 815,33 | 985,02 | 983,10 | 948,46 | 822,46 | 860,67 | — | 948,80 | 864,35 | 1 025,21 | 978,23 |
| > 600 | 1 512,62 | 1 461,79 | 1 423,08 | 1 460,66 | 1 639,52 | 1 672,46 | 1 485,57 | 1 579,07 | 1 682,53 | 1 563,67 | 1 487,94 | 1 657,63 | 1 655,71 | 1 621,07 | 1 495,08 | 1 533,28 | — | 1 621,41 | 1 536,96 | 1 697,82 | 1 650,84 |
| Sardegna | 160 | 410,58 | 452,31 | 508,68 | 418,35 | 417,07 | 507,25 | 384,77 | 452,27 | 407,64 | 479,33 | 413,98 | 501,59 | 475,39 | 416,05 | 507,55 | — | 413,94 | 417,53 | 439,11 | 433,48 | 476,69 |
| 161-200 | 412,01 | 453,73 | 510,10 | 419,77 | 418,49 | 508,68 | 386,20 | 453,70 | 409,06 | 480,75 | 415,40 | 503,02 | 476,81 | 417,47 | 508,97 | — | 415,37 | 418,96 | 440,53 | 434,91 | 478,11 |
| 201-249 | 469,04 | 510,76 | 567,14 | 476,80 | 475,52 | 565,71 | 443,23 | 510,73 | 466,09 | 537,78 | 472,43 | 560,05 | 533,84 | 474,50 | 566,00 | — | 472,40 | 475,99 | 497,56 | 491,94 | 535,15 |
| 250-300 | 538,90 | 580,63 | 637,00 | 546,67 | 545,39 | 635,57 | 513,09 | 580,59 | 535,96 | 607,65 | 542,30 | 629,91 | 603,71 | 544,37 | 635,87 | — | 542,26 | 545,85 | 567,43 | 561,80 | 605,01 |
| 301-600 | 611,61 | 653,34 | 709,71 | 619,38 | 618,10 | 708,29 | 585,80 | 653,31 | 608,67 | 680,36 | 615,01 | 702,63 | 676,42 | 617,08 | 708,58 | — | 614,98 | 618,56 | 640,14 | 634,51 | 677,72 |
| > 600 | 1 039,35 | 1 081,07 | 1 137,45 | 1 047,11 | 1 045,83 | 1 136,02 | 1 013,54 | 1 081,04 | 1 036,40 | 1 108,09 | 1 042,74 | 1 130,36 | 1 104,15 | 1 044,81 | 1 136,31 | — | 1 042,71 | 1 046,30 | 1 067,87 | 1 062,25 | 1 105,46 |

No. of training hours

Abruzzo

Basilicata

Calabria

Campania

Emilia Romagna

Friuli Venezia Giulia

Lazio

Liguria

Lombardia

Marche

Molise

PA Bolzano

PA Trento

Piemonte

Puglia

Sardegna

Sicilia

Toscana

Umbria

Valle d'Aosta

Veneto

Region where the training is taking place

Basilicata

160

320,95

—

308,39

270,92

438,46

501,85

304,88

473,77

476,94

334,31

268,20

472,98

464,27

531,51

292,43

461,14

351,29

413,55

379,71

508,07

496,19

161-200

322,44

—

309,87

272,40

439,94

503,33

306,36

475,26

478,43

335,79

269,68

474,46

465,75

532,99

293,91

462,62

352,77

415,03

381,19

509,56

497,67

201-249

381,68

—

369,11

331,64

499,18

562,57

365,60

534,50

537,67

395,03

328,92

533,70

524,99

592,23

353,15

521,86

412,01

474,27

440,43

568,80

556,91

250-300

454,25

—

441,68

404,21

571,75

635,14

438,17

607,07

610,23

467,60

401,49

606,27

597,56

664,80

425,72

594,43

484,58

546,84

513,00

641,36

629,48

301-600

529,78

—

517,21

479,74

647,28

710,67

513,70

682,60

685,77

543,13

477,02

681,80

673,09

740,33

501,25

669,96

560,11

622,37

588,53

716,90

705,01

> 600

974,08

—

961,51

924,04

1 091,58

1 154,97

958,00

1 126,90

1 130,07

987,43

921,33

1 126,10

1 117,39

1 184,63

945,55

1 114,26

1 004,41

1 066,67

1 032,83

1 161,20

1 149,31

Puglia

160

372,30

334,71

348,30

368,45

419,61

520,36

392,45

529,42

459,23

386,79

349,54

417,35

411,69

470,55

—

558,67

426,86

492,06

436,03

554,83

443,95

161-200

374,04

336,46

350,04

370,19

421,36

522,11

394,19

531,16

460,98

388,53

351,29

419,09

413,43

472,30

—

560,41

428,60

493,81

437,77

556,58

445,70

201-249

443,85

406,27

419,85

440,00

491,17

591,92

464,00

600,97

530,79

458,34

421,10

488,91

483,25

542,11

—

630,22

498,41

563,62

507,58

626,39

515,51

250-300

529,37

491,79

505,37

525,52

576,69

677,44

549,52

686,49

616,31

543,86

506,62

574,42

568,76

627,63

—

715,74

583,93

649,14

593,10

711,91

601,03

301-600

618,38

580,80

594,38

614,53

665,70

766,45

638,53

775,50

705,32

632,87

595,63

663,43

657,77

716,64

—

804,75

672,94

738,15

682,11

800,92

690,04

> 600

1 141,97

1 104,38

1 117,97

1 138,12

1 189,28

1 290,03

1 162,11

1 299,09

1 228,90

1 156,45

1 119,21

1 187,02

1 181,36

1 240,22

—

1 328,34

1 196,53

1 261,73

1 205,70

1 324,50

1 213,62

Calabria

160

447,87

354,48

—

373,38

553,37

587,45

422,06

525,07

623,56

526,20

368,63

568,09

556,77

634,37

352,10

563,61

358,67

521,68

461,23

652,37

587,33

161-200

449,64

356,25

—

375,15

555,14

589,22

423,83

526,84

625,33

527,97

370,40

569,86

558,54

636,14

353,87

565,38

360,44

523,45

463,00

654,14

589,10

201-249

520,40

427,01

—

445,92

625,90

659,98

494,59

597,60

696,09

598,74

441,16

640,62

629,30

706,90

424,64

636,14

431,20

594,21

533,76

724,90

659,86

250-300

607,09

513,70

—

532,60

712,59

746,66

581,28

684,29

782,77

685,42

527,85

727,31

715,99

793,58

511,32

722,82

517,89

680,89

620,44

811,58

746,55

301-600

697,31

603,92

—

622,82

802,81

836,88

671,50

774,51

873,00

775,64

618,07

817,53

806,21

883,81

601,54

813,04

608,11

771,12

710,67

901,81

836,77

> 600

1 228,03

1 134,64

—

1 153,54

1 333,53

1 367,61

1 202,22

1 305,23

1 403,72

1 306,36

1 148,79

1 348,25

1 336,93

1 414,53

1 132,26

1 343,77

1 138,83

1 301,84

1 241,39

1 432,53

1 367,49

Sicilia

160

523,88

473,06

434,34

471,93

650,78

683,72

496,83

590,33

693,80

574,94

499,21

668,89

666,97

632,33

506,34

544,54

—

632,67

548,22

709,08

662,10

161-200

526,13

475,30

436,59

474,17

653,02

685,96

499,07

592,57

696,04

577,18

501,45

671,14

669,21

634,57

508,58

546,79

—

634,91

550,46

711,32

664,34

201-249

615,81

564,98

526,27

563,85

742,70

775,65

588,75

682,26

785,72

666,86

591,13

760,82

758,89

724,25

598,26

636,47

—

724,59

640,15

801,00

754,02

250-300

725,67

674,84

636,13

673,71

852,56

885,51

698,61

792,12

895,58

776,72

700,99

870,68

868,75

834,11

708,12

746,33

—

834,45

750,01

910,86

863,88

301-600

840,01

789,18

750,47

788,05

966,91

999,85

812,96

906,46

1 009,92

891,06

815,33

985,02

983,10

948,46

822,46

860,67

—

948,80

864,35

1 025,21

978,23

> 600

1 512,62

1 461,79

1 423,08

1 460,66

1 639,52

1 672,46

1 485,57

1 579,07

1 682,53

1 563,67

1 487,94

1 657,63

1 655,71

1 621,07

1 495,08

1 533,28

—

1 621,41

1 536,96

1 697,82

1 650,84

Sardegna

160

410,58

452,31

508,68

418,35

417,07

507,25

384,77

452,27

407,64

479,33

413,98

501,59

475,39

416,05

507,55

—

413,94

417,53

439,11

433,48

476,69

161-200

412,01

453,73

510,10

419,77

418,49

508,68

386,20

453,70

409,06

480,75

415,40

503,02

476,81

417,47

508,97

—

415,37

418,96

440,53

434,91

478,11

201-249

469,04

510,76

567,14

476,80

475,52

565,71

443,23

510,73

466,09

537,78

472,43

560,05

533,84

474,50

566,00

—

472,40

475,99

497,56

491,94

535,15

250-300

538,90

580,63

637,00

546,67

545,39

635,57

513,09

580,59

535,96

607,65

542,30

629,91

603,71

544,37

635,87

—

542,26

545,85

567,43

561,80

605,01

301-600

611,61

653,34

709,71

619,38

618,10

708,29

585,80

653,31

608,67

680,36

615,01

702,63

676,42

617,08

708,58

—

614,98

618,56

640,14

634,51

677,72

> 600

1 039,35

1 081,07

1 137,45

1 047,11

1 045,83

1 136,02

1 013,54

1 081,04

1 036,40

1 108,09

1 042,74

1 130,36

1 104,15

1 044,81

1 136,31

—

1 042,71

1 046,30

1 067,87

1 062,25

1 105,46

3.5   Allowances for traineeships under transnational mobility (in EUR)

| Country | Months | SA (21) | MA (22) | GA (23) |
| --- | --- | --- | --- | --- |
| 1 | 2 | 3 | 4 | 5 | 6 |
| Austria | 1 617 | 2 312 | 3 094 | 4 082 | 4 732 | 5 382 | 162,5 | 650,2 | 22,733 |
| Belgium | 1 501 | 2 183 | 2 841 | 3 719 | 4 305 | 4 890 | 151,0 | 585,3 | 21,575 |
| Bulgaria | 990 | 1 413 | 1 831 | 2 583 | 2 980 | 3 377 | 99,2 | 396,7 | 13,97 |
| Cyprus | 1 342 | 1 854 | 2 499 | 3 316 | 3 957 | 4 495 | 134,5 | 538,2 | 18,94 |
| Czechia | 1 365 | 1 876 | 2 522 | 3 369 | 4 018 | 4 564 | 136,5 | 546,17 | 19,51 |
| Germany | 1 477 | 2 114 | 2 751 | 3 749 | 4 344 | 4 939 | 148,7 | 594,67 | 21,24 |
| Denmark | 1 973 | 2 840 | 3 707 | 5 080,5 | 5 889 | 6 698 | 202,1 | 808,5 | 28,88 |
| Estonia | 1 504 | 2 226 | 2 949 | 3 765 | 4 366 | 4 968 | 150,3 | 601,33 | 21,48 |
| Spain | 1 552 | 2 199 | 2 860 | 3 894 | 4 514 | 5 133 | 154,8 | 619,17 | 22,11 |
| Finland | 1 806 | 2 587 | 3 351 | 4 537 | 5 260 | 5 982 | 180,6 | 722,5 | 25,80 |
| France | 1 771 | 2 533 | 3 295 | 4 451 | 5 162 | 5 873 | 177,8 | 711 | 25,39 |
| United Kingdom | 1 972 | 2 820 | 3 668 | 4 950 | 5 737 | 6 525 | 196,9 | 787,67 | 28,13 |
| Hungary | 1 255 | 1 790 | 2 324 | 3 223 | 3 727 | 4 231 | 126,1 | 504,33 | 18,01 |
| Greece | 1 402 | 2 000 | 2 598 | 3 674 | 4 251 | 4 828 | 144,2 | 576,83 | 20,60 |
| Ireland | 1 788 | 2 559 | 3 330 | 4 493 | 5 210 | 5 927 | 179,3 | 717,3 | 25,62 |
| Iceland | 1 614 | 2 312 | 3 011 | 4 062 | 4 710 | 5 358 | 162 | 648 | 23,14 |
| Liechenstein | 1 978 | 2 817 | 3 656 | 4 968 | 5 758 | 6 547 | 197,4 | 789,5 | 28,20 |
| Lithuania | 1 145 | 1 639 | 2 133 | 2 912 | 3 420 | 3 882 | 115,6 | 462,3 | 16,51 |
| Luxembourg | 1 501 | 2 148 | 2 794 | 3 802 | 4 406 | 5 010 | 151 | 604 | 21,57 |
| Latvia | 1 204 | 1 721 | 2 238 | 3 104 | 3 589 | 4 074 | 121,2 | 484,8 | 17,32 |
| Malta | 1 315 | 1 883 | 2 452 | 3 362 | 3 891 | 4 420 | 132,3 | 529 | 18,89 |
| Netherlands | 1 597 | 2 350 | 3 058 | 4 144 | 4 805 | 5 466 | 165,3 | 661,2 | 23,61 |
| Norway | 2 129 | 3 035 | 3 942 | 5 341 | 6 189 | 7 036 | 211,9 | 847,7 | 30,27 |
| Poland | 1 232 | 1 758 | 2 284 | 3 174 | 3 669 | 4 165 | 123,9 | 495,5 | 17,70 |
| Portugal | 1 371 | 1 959 | 2 548 | 3 492 | 4 041 | 4 591 | 137,4 | 549,5 | 19,63 |
| Romania | 1 056 | 1 507 | 1 958 | 2 745 | 3 170 | 3 596 | 106,3 | 425,3 | 15,19 |
| Sweden | 1 771 | 2 533 | 3 288 | 4 452 | 5 161 | 5 871 | 177,3 | 709,3 | 25,33 |
| Slovenia | 1 363 | 1 945 | 2 526 | 3 465 | 4 011 | 4 556 | 136,3 | 545,3 | 19,48 |
| Slovakia | 1 293 | 1 850 | 2 408 | 3 308 | 3 827 | 4 346 | 129,8 | 519,2 | 18,54 |
| Turkey | 1 194 | 1 706 | 2 218 | 3 071 | 3 552 | 4 033 | 120,3 | 481 | 17,18 |
| Switzerland | 1 879 | 2 579 | 3 279 | 4 670 | 5 370 | 6 070 | 175,0 | 700,0 | 25,00 |
| Croatia | 1 157 | 1 589 | 2 021 | 2 953 | 3 385 | 3 817 | 108 | 432 | 15,43 |

Country

Months

SA (21)

MA (22)

GA (23)

1

2

3

4

5

6

Austria

1 617

2 312

3 094

4 082

4 732

5 382

162,5

650,2

22,733

Belgium

1 501

2 183

2 841

3 719

4 305

4 890

151,0

585,3

21,575

Bulgaria

990

1 413

1 831

2 583

2 980

3 377

99,2

396,7

13,97

Cyprus

1 342

1 854

2 499

3 316

3 957

4 495

134,5

538,2

18,94

Czechia

1 365

1 876

2 522

3 369

4 018

4 564

136,5

546,17

19,51

Germany

1 477

2 114

2 751

3 749

4 344

4 939

148,7

594,67

21,24

Denmark

1 973

2 840

3 707

5 080,5

5 889

6 698

202,1

808,5

28,88

Estonia

1 504

2 226

2 949

3 765

4 366

4 968

150,3

601,33

21,48

Spain

1 552

2 199

2 860

3 894

4 514

5 133

154,8

619,17

22,11

Finland

1 806

2 587

3 351

4 537

5 260

5 982

180,6

722,5

25,80

France

1 771

2 533

3 295

4 451

5 162

5 873

177,8

711

25,39

United Kingdom

1 972

2 820

3 668

4 950

5 737

6 525

196,9

787,67

28,13

Hungary

1 255

1 790

2 324

3 223

3 727

4 231

126,1

504,33

18,01

Greece

1 402

2 000

2 598

3 674

4 251

4 828

144,2

576,83

20,60

Ireland

1 788

2 559

3 330

4 493

5 210

5 927

179,3

717,3

25,62

Iceland

1 614

2 312

3 011

4 062

4 710

5 358

162

648

23,14

Liechenstein

1 978

2 817

3 656

4 968

5 758

6 547

197,4

789,5

28,20

Lithuania

1 145

1 639

2 133

2 912

3 420

3 882

115,6

462,3

16,51

Luxembourg

1 501

2 148

2 794

3 802

4 406

5 010

151

604

21,57

Latvia

1 204

1 721

2 238

3 104

3 589

4 074

121,2

484,8

17,32

Malta

1 315

1 883

2 452

3 362

3 891

4 420

132,3

529

18,89

Netherlands

1 597

2 350

3 058

4 144

4 805

5 466

165,3

661,2

23,61

Norway

2 129

3 035

3 942

5 341

6 189

7 036

211,9

847,7

30,27

Poland

1 232

1 758

2 284

3 174

3 669

4 165

123,9

495,5

17,70

Portugal

1 371

1 959

2 548

3 492

4 041

4 591

137,4

549,5

19,63

Romania

1 056

1 507

1 958

2 745

3 170

3 596

106,3

425,3

15,19

Sweden

1 771

2 533

3 288

4 452

5 161

5 871

177,3

709,3

25,33

Slovenia

1 363

1 945

2 526

3 465

4 011

4 556

136,3

545,3

19,48

Slovakia

1 293

1 850

2 408

3 308

3 827

4 346

129,8

519,2

18,54

Turkey

1 194

1 706

2 218

3 071

3 552

4 033

120,3

481

17,18

Switzerland

1 879

2 579

3 279

4 670

5 370

6 070

175,0

700,0

25,00

Croatia

1 157

1 589

2 021

2 953

3 385

3 817

108

432

15,43

3.6   Allowances for interview(s)

| Place or country of destination | Distance (KM) | Amount (EUR) |
| --- | --- | --- |
| Travel and accommodation | Daily subsistence allowance (DSA) |
| Any EU-28 or Iceland and Norway | 0 - 50 | 0 | 50/day (> 12 hours) 25/



  day (> 6 - 12 hours) Max 3 days |
| > 50 - 250 | 100 |
| > 250 - 500 | 250 |
| > 500 | 350 |

Place or country of destination

Distance (KM)

Amount (EUR)

Travel and accommodation

Daily subsistence allowance (DSA)

Any EU-28 or Iceland and Norway

0 - 50

0

Formula

> 50 - 250

100

> 250 - 500

250

> 500

350

3.7   Allowance to move to another Member State (work placement)

| Country of Destination | Amount (EUR) |
| --- | --- |
| Austria | 1 025 |
| Belgium | 970 |
| Bulgaria | 635 |
| Croatia | 675 |
| Cyprus | 835 |
| Czechia | 750 |
| Denmark | 1 270 |
| Estonia | 750 |
| Finland | 1 090 |
| France | 1 045 |
| Germany | 940 |
| Greece | 910 |
| Hungary | 655 |
| Iceland | 945 |
| Ireland | 1 015 |
| Italy | 995 |
| Latvia | 675 |
| Lithuania | 675 |
| Luxembourg | 970 |
| Malta | 825 |
| Netherlands | 950 |
| Norway | 1 270 |
| Poland | 655 |
| Portugal | 825 |
| Romania | 635 |
| Slovakia | 740 |
| Slovenia | 825 |
| Spain | 890 |
| Sweden | 1 090 |
| United Kingdom | 1 060 |

Country of Destination

Amount (EUR)

Austria

1 025

Belgium

970

Bulgaria

635

Croatia

675

Cyprus

835

Czechia

750

Denmark

1 270

Estonia

750

Finland

1 090

France

1 045

Germany

940

Greece

910

Hungary

655

Iceland

945

Ireland

1 015

Italy

995

Latvia

675

Lithuania

675

Luxembourg

970

Malta

825

Netherlands

950

Norway

1 270

Poland

655

Portugal

825

Romania

635

Slovakia

740

Slovenia

825

Spain

890

Sweden

1 090

United Kingdom

1 060

3.8   Daily accommodation costs (in EUR)

| | | Student daily allowances | Staff daily allowances |
| --- | --- | --- | --- |
| Country Group | Country | (Day 1-day 14) | (Day 15-Day 60) | (Day 1-day 14) | (Day 15-Day 60) |
| Group A | United Kingdom | 90 | 63 | 128 | 90 |
| Group B | Denmark | 86 | 60 | 128 | 90 |
| Group C | Netherlands | 83 | 58 | 128 | 90 |
| | Sweden | 83 | 58 | 128 | 90 |
| Group D | Cyprus | 77 | 54 | 112 | 78 |
| | Finland | 77 | 54 | 112 | 78 |
| | Luxembourg | 77 | 54 | 112 | 78 |
| Group E | Austria | 74 | 52 | 112 | 78 |
| | Belgium | 74 | 52 | 112 | 78 |
| | Bulgaria | 74 | 52 | 112 | 78 |
| | Czechia | 74 | 52 | 112 | 78 |
| Group F | Greece | 70 | 49 | 112 | 78 |
| | Hungary | 70 | 49 | 112 | 78 |
| | Switzerland | 70 | 49 | 112 | 78 |
| | Liechtenstein | 70 | 49 | 112 | 78 |
| | Norway | 70 | 49 | 112 | 78 |
| | Poland | 70 | 49 | 112 | 78 |
| | Romania | 70 | 49 | 112 | 78 |
| | Turkey | 70 | 49 | 112 | 78 |
| Group G | Germany | 67 | 47 | 96 | 67 |
| | Spain | 67 | 47 | 96 | 67 |
| | Latvia | 67 | 47 | 96 | 67 |
| | North Macedonia | 67 | 47 | 96 | 67 |
| | Malta | 67 | 47 | 96 | 67 |
| | Slovakia | 67 | 47 | 96 | 67 |
| Group H | Croatia | 58 | 41 | 80 | 56 |
| | Estonia | 58 | 41 | 80 | 56 |
| | Lithuania | 58 | 41 | 80 | 56 |
| | Slovenia | 58 | 41 | 80 | 56 |
| Group I | France | 80 | 56 | 112 | 78 |
| | Ireland | 80 | 56 | 128 | 90 |
| | Iceland | 80 | 56 | 112 | 78 |
| Group L | Portugal | 64 | 45 | 96 | 67 |

Student daily allowances

Staff daily allowances

Country Group

Country

(Day 1-day 14)

(Day 15-Day 60)

(Day 1-day 14)

(Day 15-Day 60)

Group A

United Kingdom

90

63

128

90

Group B

Denmark

86

60

128

90

Group C

Netherlands

83

58

128

90

Sweden

83

58

128

90

Group D

Cyprus

77

54

112

78

Finland

77

54

112

78

Luxembourg

77

54

112

78

Group E

Austria

74

52

112

78

Belgium

74

52

112

78

Bulgaria

74

52

112

78

Czechia

74

52

112

78

Group F

Greece

70

49

112

78

Hungary

70

49

112

78

Switzerland

70

49

112

78

Liechtenstein

70

49

112

78

Norway

70

49

112

78

Poland

70

49

112

78

Romania

70

49

112

78

Turkey

70

49

112

78

Group G

Germany

67

47

96

67

Spain

67

47

96

67

Latvia

67

47

96

67

North Macedonia

67

47

96

67

Malta

67

47

96

67

Slovakia

67

47

96

67

Group H

Croatia

58

41

80

56

Estonia

58

41

80

56

Lithuania

58

41

80

56

Slovenia

58

41

80

56

Group I

France

80

56

112

78

Ireland

80

56

128

90

Iceland

80

56

112

78

Group L

Portugal

64

45

96

67

---

(1)  
  “Similar operations” are to be understood as including those operations with similar activities to those in measure 1.B of NOP YEI but with different target groups.

1

(2)  
  “Similar operations” are to be understood as including those operations with similar activities to those in measure 1.C of NOP YEI but with different target groups.

2

(3)  
  “Similar operations” are to be understood as including those operations with similar activities to those in measures 2A, 2B, 4A, 4C and 7.1 of NOP YEI but with different target groups.

3

(4)  For unit cost number 3 relating to training for self-employment and self-entrepreneurship, the amount will be reimbursed only in the case of group formation of 4 or more students.

4

(5)  The definition of the classes is in accordance with the provisions of Ministerial Circular no. 2 of 2 February 2009. This Circular defines the classes according to the type of teachers providing training.

5

(6)  Similar operations is to be understood as including those operations with similar activities to those in measure 3 of NOP YEI but with different target groups

6

(7)  The young person will be profiled according to one of the four classes (low, medium, high, very high) on the basis of the following variables:

7

| — | age; |
| --- | --- |

—

age;

| — | sex; |
| --- | --- |

—

sex;

| — | education; |
| --- | --- |

—

education;

| — | employment status one year before; |
| --- | --- |

—

employment status one year before;

| — | region and province where the competent body which took in charge the young person is based; |
| --- | --- |

—

region and province where the competent body which took in charge the young person is based;

| — | language skills (only for non-nationals who have not obtained the educational qualification in Italy), for the evaluation of which will be used the already developed methodology for the issuance of an EC residence permit for long-term residents. |
| --- | --- |

—

language skills (only for non-nationals who have not obtained the educational qualification in Italy), for the evaluation of which will be used the already developed methodology for the issuance of an EC residence permit for long-term residents.

Based on the variables identified for the young, a “disadvantage coefficient” is calculated, with a value between 0 and 1.

(8)  
  “Similar operations” are to be understood as including those operations with similar activities to those in measure 5 of NOP YEI but with different target groups.

8

(9)  
  “Similar operations” are to be understood as including those operations with similar activities to those in measure 5 of NOP YEI but with different target groups

9

(10)  
  “Similar operations” are to be understood as including those operations with similar activities to those in NOP YEI but with different target groups.

10

(11)  
  “Similar operations” is to be understood as including those operations with similar activities to those in measure 7.1 of NOP YEI but with different target groups.

11

(12)  For unit cost number 8 relating to support for self-employment and self-entrepreneurship, the amount will be reimbursed only in the case of individual or individualised training (“individualised” meaning a maximum of 3 students).

12

(13)  
  “Similar operations” are to be understood as including those operations with similar activities to those in measure 8 of NOP YEI but with different target groups.

13

(14)  The amounts in table 3.4 are the maximum allowance payable. Where an employer provides an allowance to cover travel, accommodation or meals, the allowance mentioned in point 3.4 will be reduced by:

14

| — | the amount mentioned in point 3.1 for travel (depending on location) |
| --- | --- |

—

the amount mentioned in point 3.1 for travel (depending on location)

| — | the amount mentioned in point 3.2 for accommodation (depending on location) |
| --- | --- |

—

the amount mentioned in point 3.2 for accommodation (depending on location)

| — | the amount mentioned in point 3.3 for meals (depending on location). |
| --- | --- |

—

the amount mentioned in point 3.3 for meals (depending on location).

The amounts mentioned in tables 3.1, 3.2 and 3.3. will also be payable in a situation where the beneficiary pays only the categories of allowances mentioned in those tables.

(15)  Additional specific support is limited to one unit per student per module.

15

(16)  
  “Istituto Tecnico Superiore”.

16

(17)  Successfully completion of an academic year corresponds to admission to the next year or admission to the final exam.

17

(18)  A researcher hired under the law n.240/2010 for a period of 36 months with a full-time fixed-term contract, and selected through a public competition

18

(19)  Line of Activity Mobility

19

Mobility

Concerning this line of activity, the NOP will co-finance the international mobility of researchers holding a PhD since no more than four years at the time of the call publication. The NOP will support the hiring under the law n.240/2010 (art.24.3, letter a) of full time fixed-term researchers mainly to address them to international mobility programs.

(20)  Line of activity Attraction

20

Attraction

This line of activity will co-finance the return of researchers to less developed and in transition Regions hired under the law n.240/2010.(art.24.3, letter a) holding a PhD since no more than eight years at the time of the call publication, working in universities/research institutes/enterprises/other institutions out of the NOP target areas or even abroad, with an experience of at least two years in such structures.

(21)  SA = Additional Week.

21

(22)  MA = Additional Month.

22

(23)  GA = Additional Day.

23

---

ANNEX V

‘ANNEX IX

Conditions for reimbursement of expenditure on the basis of unit costs and lump sums to the Netherlands

1.   Definition of standard scales of unit costs

| Type of operations | Indicators name | Category of costs | Measurement unit for the indicators | Amounts
  (in EUR) |
| --- | --- | --- | --- | --- |
| 1. | Reintegration activities for detainees in the sector Prison Services
  Priority Axis 1
  OP 2014NL05SFOP001
  Investment priority: 9i — Active inclusion |

Type of operations

Indicators name

Category of costs

Measurement unit for the indicators

Amounts

(in EUR)

1.

Reintegration activities for detainees in the sector Prison Services

Priority Axis 1

OP 2014NL05SFOP001

Investment priority: 9i — Active inclusion

Calendar days of participation of a detainee during the period of intervention (1), in the sector Prison Services (GW).

All eligible costs (personnel costs, other direct and indirect costs).

Number of calendar days of participation of a detainee in the period of intervention

14,50

| 2. | Reintegration activities for detainees in forensic care (Forzo)
  Priority Axis 1
  OP 2014NL05SFOP001
  Investment priority: 9i — Active inclusion |
| --- | --- |

2.

Reintegration activities for detainees in forensic care (Forzo)

Priority Axis 1

OP 2014NL05SFOP001

Investment priority: 9i — Active inclusion

Calendar days of participation of a detainee during the period of intervention in the sector forensic care (Forzo)

All eligible costs (personnel costs, other direct and indirect costs).

Number of calendar days of participation of a detainee in the period of intervention.

21,00

| 3. | Reintegration activities for juvenile offenders and youth in institutions placed under supervision based on a court judgment under civil law
  Priority Axis 1
  OP 2014NL05SFOP001
  Investment priority: 9i — Active inclusion |
| --- | --- |

3.

Reintegration activities for juvenile offenders and youth in institutions placed under supervision based on a court judgment under civil law

Priority Axis 1

OP 2014NL05SFOP001

Investment priority: 9i — Active inclusion

Calendar days of participation of a juvenile offender and a young person during the period of intervention in the sector Juvenile offenders and youth in custodial institutions under civil law (JI)

All eligible costs (personnel costs, other direct and indirect costs).

Number of calendar days of participation of a juvenile offender and a young person in the period of intervention.

26,50

| 4. | Job coach activities for Young Disabled Persons
  OP 2014NL05SFOP001
  Investment priority: 9i — Active inclusion |
| --- | --- |

4.

Job coach activities for Young Disabled Persons

OP 2014NL05SFOP001

Investment priority: 9i — Active inclusion

Provision of job coach activities for Young Disabled Persons who receive benefits from the Employee Insurance Agency (UWV to secure and maintain paid employment in the open labour market)

All eligible costs.

Number of hours of jobcoaching assigned to a participant.

55,05

2.   Adjustment of amounts

The amounts of unit costs set out for types of operation 1-3 will be adjusted yearly in line with the Dutch consumer price index (CPI): https://www.cbs.nl/nl-nl/conversie/uitgelicht/de-consumentenprijsindex. Index figures can be found on CBS Statline.

The first indexation will be calculated in 2017. The baseline year for the amounts of unit costs set out in this annex is 2015. (CPI 2015 = 100).

Every year (N), as from 2017, the amounts will be indexed by applying the CPI of the year N – 1 with the year 2015 as baseline. The following formula will be used for calculating the amounts of unit costs to be applied in a given year:

Unit cost amounts in year N = Unit cost amounts included in this annex * CPI in year N – 1 (with baseline 2015 = 100)/100

The amounts of unit costs set out for types of operation unit cost 4 will be adjusted when the rules and regulations about job coaching change according to the Dutch law. The set percentage of 60 % which forms the basisin the calculation of the hourly amount, to take into account that the assigned number of hours are not always used, will be recalculated every two 2 years in the same way the present calculations have been made with baseline year 2018. If the average differs more than 2 percent of the total number of hours the new percentage will be applied as the new average.

3.   Definition of lump sum

| Type of operations | Indicator name | Category of costs | Measurement unit for the indicator | Amounts
  (in EUR) |
| --- | --- | --- | --- | --- |
| Technical Assistance
  Priority axis 4
  2014NL05SFOP001 | New total expenditure included in a payment application (i.e. total eligible expenditure included in a payment application which has not yet been taken into account for calculating an installment of EUR 100 000 ). | All elgible costs. | Installments of EUR 100 000 of new total expenditure included in a payment application submitted to the European Commission until the maximum amount (2) budgeted under the technical assistance priority axis is reached. | 5 690 |

Type of operations

Indicator name

Category of costs

Measurement unit for the indicator

Amounts

(in EUR)

Technical Assistance

Priority axis 4

2014NL05SFOP001

New total expenditure included in a payment application (i.e. total eligible expenditure included in a payment application which has not yet been taken into account for calculating an installment of EUR 100 000 ).

All elgible costs.

Installments of EUR 100 000 of new total expenditure included in a payment application submitted to the European Commission until the maximum amount (2) budgeted under the technical assistance priority axis is reached.

5 690

4.   Adjustments of amounts

Not applicable.

---

(1)  For the purposes of types of operations 1 to 3, the period of intervention is the period between the date of intake and the date of exiting the reintegration activity.

1

(2)  In accordance with Article 119 of Regulation (EU) No 1303/2013.

2

---

ANNEX VI

‘ANNEX XVI

Conditions for reimbursement of expenditure on the basis of standard scales of unit costs to Croatia

1.   Definition of standard scales of unit costs

| Type of operations | Indicator name | Category of costs | Measurement unit for the indicators | Amounts
  (in HRK) |
| --- | --- | --- | --- | --- |
| 1. | Improving access to education for disadvantaged students at pre-tertiary level by providing targeted professional support to students through teaching assistants under Priority Axis 3 “Education and Lifelong learning” of the Operational Programme “Efficient Human Resources” (2014HR05M9OP001) |

Type of operations

Indicator name

Category of costs

Measurement unit for the indicators

Amounts

(in HRK)

1.

Improving access to education for disadvantaged students at pre-tertiary level by providing targeted professional support to students through teaching assistants under Priority Axis 3 “Education and Lifelong learning” of the Operational Programme “Efficient Human Resources” (2014HR05M9OP001)

Months worked by a teaching assistant

All eligible costs of the operation

Number of months worked

4 530,18

| 2. | Occupational training under priority axis 1 “High employment and labour mobility” of the Operational Programme “Efficient Human Resources” (2014HR05M9OP001) |
| --- | --- |

2.

Occupational training under priority axis 1 “High employment and labour mobility” of the Operational Programme “Efficient Human Resources” (2014HR05M9OP001)

Months of participation in occupational training

All eligible costs of the operation except travel costs for the participant, costs of participant's education and professional exam (if applicable)

Number of months of participation in occupational training

For participants without prior work experience:

3 318,81

For participants with prior work experience:

| a) | for first 12 months of participation in occupational training3 791,19 |
| --- | --- |

a)

for first 12 months of participation in occupational training

| b) | for last 12 months of participation in occupational training3 318,81 |
| --- | --- |

b)

for last 12 months of participation in occupational training

| 3. | Public works programmes supported under priority axis 1 “High employment and labour mobility” and priority axis 2 “Social inclusion” of the Operational Programme “Efficient Human Resources” (2014HR05M9OP001) |
| --- | --- |

3.

Public works programmes supported under priority axis 1 “High employment and labour mobility” and priority axis 2 “Social inclusion” of the Operational Programme “Efficient Human Resources” (2014HR05M9OP001)

Months during which an employment aid is paid for an employee in a public works programme

All eligible costs of the operation except travel costs for the participant, costs of participant's education and professional exam (if applicable)

Number of months' employment aid per employee

| a) | 3 943,24
  for full- time employment, 100 % employment aid intensity |
| --- | --- |

a)

3 943,24

for full- time employment, 100 % employment aid intensity

| b) | 1 971,62
  for full- time employment, 50 % employment aid intensity and half-time employment, 100 % aid intensity |
| --- | --- |

b)

1 971,62

for full- time employment, 50 % employment aid intensity and half-time employment, 100 % aid intensity

| 4. | Active labour market measures supported under priority axis 1 “High employment and labour mobility” and priority axis 2 “Social inclusion” of the Operational Programme “Efficient Human Resources” (2014HR05M9OP001) |
| --- | --- |

4.

Active labour market measures supported under priority axis 1 “High employment and labour mobility” and priority axis 2 “Social inclusion” of the Operational Programme “Efficient Human Resources” (2014HR05M9OP001)

Months during which the participant takes part in an active employment policy measure.

Travel costs

Number of months participated in an active employment measure.

452,16

| 5. | Active employment policy measure in the form of wage subsidies provided to employers for disadvangtaged workers or workers with disabilities supported under priority axis 1 “High employment and labour mobility” of the Operational Programme “Efficient Human Resources” (2014HR05M9OP001) |
| --- | --- |

5.

Active employment policy measure in the form of wage subsidies provided to employers for disadvangtaged workers or workers with disabilities supported under priority axis 1 “High employment and labour mobility” of the Operational Programme “Efficient Human Resources” (2014HR05M9OP001)

Months during which an employment aid is paid for a disadvantaged worker/worker with disabilities.

All eligible costs of the operation except travel costs for the participant.

Number of months of employment aid per disadvantaged worker/worker with disabilities for a maximum of 12 months per worker.

Variant 1 – disadvantaged workers without prior work experience

| a) | 1 682,27 (for ISCED (1) 0,1) |
| --- | --- |

a)

1 682,27 (for ISCED (1) 0,1)

| b) | 2 048,92 (for ISCED 2,3,4) |
| --- | --- |

b)

2 048,92 (for ISCED 2,3,4)

| c) | 2 695,94 (for ISCED 5,6,7,8) |
| --- | --- |

c)

2 695,94 (for ISCED 5,6,7,8)

Variant 2 – disadvantaged workers with prior work experience

| a) | 1 971,63 (for ISCED 0,1) |
| --- | --- |

a)

1 971,63 (for ISCED 0,1)

| b) | 2 516,21 (for ISCED 2,3,4) |
| --- | --- |

b)

2 516,21 (for ISCED 2,3,4)

| c) | 3 145,78 (for ISCED 5,6,7,8) |
| --- | --- |

c)

3 145,78 (for ISCED 5,6,7,8)

Variant 3 – Workers with disabilities workers without prior work experience

| a) | 2 523,40 (for ISCED 0,1) |
| --- | --- |

a)

2 523,40 (for ISCED 0,1)

| b) | 3 073,38 (for ISCED 2,3,4) |
| --- | --- |

b)

3 073,38 (for ISCED 2,3,4)

| c) | 4 043,92 (for ISCED 5,6,7,8) |
| --- | --- |

c)

4 043,92 (for ISCED 5,6,7,8)

Variant 4 – Workers with disabilities with prior work experience

| a) | 2 957,43 (for ISCED 0,1) |
| --- | --- |

a)

2 957,43 (for ISCED 0,1)

| b) | 3 774,32 (for ISCED 2,3,4) |
| --- | --- |

b)

3 774,32 (for ISCED 2,3,4)

| c) | 4 718,68 (for ISCED 5,6,7,8) |
| --- | --- |

c)

4 718,68 (for ISCED 5,6,7,8)

2.   Adjustment of amounts

The amount for unit costs 2 shall be adjusted each calendar year by replacing the amount for financial aid and the contribution for compulsory insurance in the calculation method.

Adjustments will be based on:

| — | for financial aid, changes to the Statutory minimum wage according to the Minimum Wage Decree issued by Government, published on Official Gazette of Republic of Croatia (https://www.nn.hr) |
| --- | --- |

—

for financial aid, changes to the Statutory minimum wage according to the Minimum Wage Decree issued by Government, published on Official Gazette of Republic of Croatia (https://www.nn.hr)

| — | for contributions for compulsory insurance, changes to the minimum monthly bases according to the Order on the bases for calculation of contributions for compulsory insurance issued by Minister of Finance, published on Official Gazette of Republic of Croatia (https://www.nn.hr).
  In addition any changes of the Employment Promotion Act provisions regulating mechanisms for determining financial aid and compulsory insurance payments for Occupational training and/or any changes of the Act on Contributions (NN 84/08, 152/08, 94/09, 18/11, 22/12, 144/12, 148/13, 41/14, 143/14, 115/16) provisions regulating calculations for compulsory contributions may entail changes to the proposed calculation method. |
| --- | --- |

—

for contributions for compulsory insurance, changes to the minimum monthly bases according to the Order on the bases for calculation of contributions for compulsory insurance issued by Minister of Finance, published on Official Gazette of Republic of Croatia (https://www.nn.hr).

In addition any changes of the Employment Promotion Act provisions regulating mechanisms for determining financial aid and compulsory insurance payments for Occupational training and/or any changes of the Act on Contributions (NN 84/08, 152/08, 94/09, 18/11, 22/12, 144/12, 148/13, 41/14, 143/14, 115/16) provisions regulating calculations for compulsory contributions may entail changes to the proposed calculation method.

The amount for unit costs 3 shall be adjusted each calendar year by replacing the amount for Statutory minimum wage and the annual sickleave rate in the calculation method.

Adjustments will be based on:

| — | changes to the Statutory minimum wage according to the Minimum Wage Decree issued by Government for a calendar year, published on Official Gazette of Republic of Croatia (https://www.nn.hr) according to the Article 7 of the Law on Minimum Wage (NN 39/13) |
| --- | --- |

—

changes to the Statutory minimum wage according to the Minimum Wage Decree issued by Government for a calendar year, published on Official Gazette of Republic of Croatia (https://www.nn.hr) according to the Article 7 of the Law on Minimum Wage (NN 39/13)

| — | changes to the official annual sick leave rate in Croatia, published on the website of Croatian Health Insurance Fund (http://www.hzzo.hr/o-zavodu/izvjesca/). In addition any changes of the Act on Contributions (NN 84/08, 152/08, 94/09, 18/11, 22/12, 144/12, 148/13, 41/14, 143/14, 115/16) provisions regulating calculations for compulsory contributions may entail changes to the proposed calculation method. |
| --- | --- |

—

changes to the official annual sick leave rate in Croatia, published on the website of Croatian Health Insurance Fund (http://www.hzzo.hr/o-zavodu/izvjesca/). In addition any changes of the Act on Contributions (NN 84/08, 152/08, 94/09, 18/11, 22/12, 144/12, 148/13, 41/14, 143/14, 115/16) provisions regulating calculations for compulsory contributions may entail changes to the proposed calculation method.

The amounts for unit costs 5 shall be adjusted each calendar year by replacing the amount for wage subsidy per category of worker and the annual official sick leave rate in the calculation method.

Adjustments will be based on:

| — | for wage subsidy, changes to the amounts published in the Terms and Conditions set by the Croatian Employment Services (CES) each year per category of worker, |
| --- | --- |

—

for wage subsidy, changes to the amounts published in the Terms and Conditions set by the Croatian Employment Services (CES) each year per category of worker,

| — | changes to the official annual sick leave rate in Croatia, published on the website of Croatian Health Insurance Fund (http://www.hzzo.hr/o-zavodu/izvjesca/). In addition any changes of the Act on Contributions (NN 84/08, 152/08, 94/09, 18/11, 22/12, 144/12, 148/13, 41/14, 143/14, 115/16) provisions regulating calculations for compulsory contributions may entail changes to the proposed calculation method. |
| --- | --- |

—

changes to the official annual sick leave rate in Croatia, published on the website of Croatian Health Insurance Fund (http://www.hzzo.hr/o-zavodu/izvjesca/). In addition any changes of the Act on Contributions (NN 84/08, 152/08, 94/09, 18/11, 22/12, 144/12, 148/13, 41/14, 143/14, 115/16) provisions regulating calculations for compulsory contributions may entail changes to the proposed calculation method.

---

(1)  International Standard Classification of Education (ISCED) - https://ec.europa.eu/eurostat/statistics-explained/index.php/International_Standard_Classification_of_Education_%28ISCED%29

1

---

ANNEX VII

‘ANNEX XIX

Conditions for reimbursement of expenditure on the basis of standard scales of unit costs to the United Kingdom

1.   Definition of standard scales of unit costs

| Type of operations | Indicator name | Category of costs | Measurement unit for the indicators | Amounts in GBP |
| --- | --- | --- | --- | --- |
| 1. | Apprenticeships under Priority Axis 3 of the Northern Ireland ESF Operational Programme (2014UK05SFOP004) |

Type of operations

Indicator name

Category of costs

Measurement unit for the indicators

Amounts in GBP

1.

Apprenticeships under Priority Axis 3 of the Northern Ireland ESF Operational Programme (2014UK05SFOP004)

Employed participants aged 16 years and above working towards a full formal apprenticeship.

All eligible costs of the operation.

Number of participants working towards a full formal apprenticeship.

Amounts will be calculated according to:

| | age (1) and disability status of the participant, |
| --- | --- |

age (1) and disability status of the participant,

| | the milestone and qualification level achieved, |
| --- | --- |

the milestone and qualification level achieved,

| | the funding category and level of the apprenticeship, as set out in point 3. below. |
| --- | --- |

the funding category and level of the apprenticeship, as set out in point 3. below.

| 2. | Training of and support to participants under Priority Axis 1 and 2 of the Northern Ireland ESF Operational Programme (2014UK05SFOP004) |
| --- | --- |

2.

Training of and support to participants under Priority Axis 1 and 2 of the Northern Ireland ESF Operational Programme (2014UK05SFOP004)

Months or hours worked by staff on operations supporting or training participants in the four strands:

| 1. | Access to Employment (unemployed and economically inactive); |
| --- | --- |

1.

Access to Employment (unemployed and economically inactive);

| 2. | Young people not in education, employment or training (NEET) in the 16-24 age group; |
| --- | --- |

2.

Young people not in education, employment or training (NEET) in the 16-24 age group;

| 3. | Employability amongst people with disabilities; |
| --- | --- |

3.

Employability amongst people with disabilities;

| 4. | Community Family Support Programme. |
| --- | --- |

4.

Community Family Support Programme.

All eligible costs of the operation.

Number of hours or months worked by staff member, differentiated by category:

| — | For full time staff working all contracted hours on the operation, the annual rate will be divided by 12 to establish a monthly rate. |
| --- | --- |

—

For full time staff working all contracted hours on the operation, the annual rate will be divided by 12 to establish a monthly rate.

| — | For part-time staff working a fixed number of hours on the operation, a monthly rate will be established according to this formula: [applicable hourly rate × contracted weekly hours × 45.15 weeks per year]/12 months. |
| --- | --- |

—

For part-time staff working a fixed number of hours on the operation, a monthly rate will be established according to this formula: [applicable hourly rate × contracted weekly hours × 45.15 weeks per year]/12 months.

| — | For part time staff not working all contracted hours on the operation the applicable hourly rate will be applied to the hours worked on the operation. |
| --- | --- |

—

For part time staff not working all contracted hours on the operation the applicable hourly rate will be applied to the hours worked on the operation.

| 1. | Annual rate for staff working fulltime: |
| --- | --- |

1.

Annual rate for staff working fulltime:

Support staff

27 000

Direct implementation staff

39 500

Direct specialist/management staff

61 000

| 2. | Hourly rate for staff working part-time: |
| --- | --- |

2.

Hourly rate for staff working part-time:

Support staff

15,60

Direct implementation staff

22,90

Direct specialist/management staff

35,40

2.   Adjustment of amounts

For unit cost 2, the amounts may be adjusted by applying the annual rate of inflation once every year from 1 April (https://www.ons.gov.uk/economy/inflationandpriceindices - rounded figures).

3.   Amounts (in GBP)

| | LEVEL 2 APPRENTICESHIP – Young Person. |
| --- | --- |
| | Trigger Point | Funding Categories (Note 1) | Disability Supplement |
| 1 | 2 | 3 | 4 | 5 | 6 |
| 1 | Approval of the personal training plan | 330 | 330 | 330 | 330 | 330 | 330 | 610 |
| 2 | Milestones (Note 2) | | | | | | | |
| | Achievement of 20 % - 25 % of Apprenticeship Framework Units (2) | 380 | 440 | 490 | 710 | 770 | 820 | 220 |
| | Achievement of 40 % - 45 % of Apprenticeship Framework Units | 380 | 440 | 490 | 710 | 770 | 820 | 220 |
| | Achievement of 60 % - 65 % of Apprenticeship Framework Units | 380 | 440 | 490 | 710 | 770 | 820 | 220 |
| | Achievement of 80 % - 85 % Apprenticeship Framework Units | 380 | 440 | 490 | 710 | 770 | 820 | 220 |
| 3 | Achievement of Essential Skills (Note 3) | 330 | 330 | 330 | 330 | 330 | 330 | 0 |
| 4 | Achievement of National Vocational Qualification Level 2 | 330 | 380 | 440 | 550 | 600 | 660 | 220 |
| 5 | Achievement of full Level 2 Apprenticeship Framework | 330 | 380 | 440 | 820 | 880 | 930 | 0 |
| 6 | Employer Incentive | 500 | 500 | 500 | 750 | 750 | 750 | 0 |

LEVEL 2 APPRENTICESHIP – Young Person.

Trigger Point

Funding Categories (Note 1)

Disability Supplement

1

2

3

4

5

6

1

Approval of the personal training plan

330

330

330

330

330

330

610

2

Milestones (Note 2)

Achievement of 20 % - 25 % of Apprenticeship Framework Units (2)

380

440

490

710

770

820

220

Achievement of 40 % - 45 % of Apprenticeship Framework Units

380

440

490

710

770

820

220

Achievement of 60 % - 65 % of Apprenticeship Framework Units

380

440

490

710

770

820

220

Achievement of 80 % - 85 % Apprenticeship Framework Units

380

440

490

710

770

820

220

3

Achievement of Essential Skills (Note 3)

330

330

330

330

330

330

0

4

Achievement of National Vocational Qualification Level 2

330

380

440

550

600

660

220

5

Achievement of full Level 2 Apprenticeship Framework

330

380

440

820

880

930

0

6

Employer Incentive

500

500

500

750

750

750

0

| | LEVEL 2 APPRENTICESHIP — Adult |
| --- | --- |
| | Trigger Point | Funding Categories (Note 1) | Disability Supplement |
| 1 | 2 | 3 | 4 | 5 | 6 |
| 1 | Approval of the personal training plan | 165 | 165 | 165 | 165 | 165 | 165 | 305 |
| 2 | Milestone Payments (Note 2) | | | | | | | |
| | Achievement of 20 % - 25 % of Apprenticeship Framework Units | 190 | 220 | 245 | 355 | 385 | 410 | 110 |
| | Achievement of 40 % - 45 % of Apprenticeship Framework Units | 190 | 220 | 245 | 355 | 385 | 410 | 110 |
| | Achievement of 60 % - 65 % of Apprenticeship Framework Units | 190 | 220 | 245 | 355 | 385 | 410 | 110 |
| | Achievement of 80 % - 85 % Apprenticeship Framework Units | 190 | 220 | 245 | 355 | 385 | 410 | 110 |
| 3 | Achievement of Essential Skills (Note 3) | 165 | 165 | 165 | 165 | 165 | 165 | 0 |
| 4 | Achievement of National Vocational Qualification Level 2 | 165 | 190 | 220 | 275 | 300 | 330 | 110 |
| 5 | Achievement of full Level 2 Apprenticeship Framework | 165 | 190 | 220 | 410 | 440 | 465 | 0 |
| 6 | Employer Incentive | 250 | 250 | 250 | 375 | 375 | 375 | 0 |

LEVEL 2 APPRENTICESHIP — Adult

Trigger Point

Funding Categories (Note 1)

Disability Supplement

1

2

3

4

5

6

1

Approval of the personal training plan

165

165

165

165

165

165

305

2

Milestone Payments (Note 2)

Achievement of 20 % - 25 % of Apprenticeship Framework Units

190

220

245

355

385

410

110

Achievement of 40 % - 45 % of Apprenticeship Framework Units

190

220

245

355

385

410

110

Achievement of 60 % - 65 % of Apprenticeship Framework Units

190

220

245

355

385

410

110

Achievement of 80 % - 85 % Apprenticeship Framework Units

190

220

245

355

385

410

110

3

Achievement of Essential Skills (Note 3)

165

165

165

165

165

165

0

4

Achievement of National Vocational Qualification Level 2

165

190

220

275

300

330

110

5

Achievement of full Level 2 Apprenticeship Framework

165

190

220

410

440

465

0

6

Employer Incentive

250

250

250

375

375

375

0

| | LEVEL 3 (PROGRESSION ROUTE) APPRENTICESHIP – Young Person |
| --- | --- |
| | Trigger Point | Funding Categories (Note 1) | Disability Supplement |
| 1 | 2 | 3 | 4 | 5 | 6 |
| 1 | Approval of the personal training plan | 220 | 220 | 220 | 220 | 220 | 220 | 610 |
| 2 | Milestone Payments (Note 2) | | | | | | | |
| | Achievement of 20 % - 25 % of Apprenticeship Framework Units | 380 | 440 | 490 | 710 | 770 | 820 | 220 |
| | Achievement of 40 % - 45 % of Apprenticeship Framework Units | 380 | 440 | 490 | 710 | 770 | 820 | 220 |
| | Achievement of 60 % - 65 % of Apprenticeship Framework Units | 380 | 440 | 490 | 710 | 770 | 820 | 220 |
| | Achievement of 80 % - 85 % Apprenticeship Framework Units | 380 | 440 | 490 | 710 | 770 | 820 | 220 |
| 3 | Achievement of Essential Skills (Note 3) | 330 | 330 | 330 | 330 | 330 | 330 | 0 |
| 4 | Achievement of National Vocational Qualification Level 3 | 770 | 820 | 880 | 990 | 1 040 | 1 100 | 220 |
| 5 | Achievement of full Level 3 Apprenticeship Framework | 990 | 1 150 | 1 320 | 1 870 | 2 030 | 2 200 | 0 |
| 6 | Employer Incentive | 500 | 500 | 500 | 750 | 750 | 750 | 0 |

LEVEL 3 (PROGRESSION ROUTE) APPRENTICESHIP – Young Person

Trigger Point

Funding Categories (Note 1)

Disability Supplement

1

2

3

4

5

6

1

Approval of the personal training plan

220

220

220

220

220

220

610

2

Milestone Payments (Note 2)

Achievement of 20 % - 25 % of Apprenticeship Framework Units

380

440

490

710

770

820

220

Achievement of 40 % - 45 % of Apprenticeship Framework Units

380

440

490

710

770

820

220

Achievement of 60 % - 65 % of Apprenticeship Framework Units

380

440

490

710

770

820

220

Achievement of 80 % - 85 % Apprenticeship Framework Units

380

440

490

710

770

820

220

3

Achievement of Essential Skills (Note 3)

330

330

330

330

330

330

0

4

Achievement of National Vocational Qualification Level 3

770

820

880

990

1 040

1 100

220

5

Achievement of full Level 3 Apprenticeship Framework

990

1 150

1 320

1 870

2 030

2 200

0

6

Employer Incentive

500

500

500

750

750

750

0

| | LEVEL 3 (PROGRESSION ROUTE) APPRENTICESHIP– Adult Apprentices (ADULT) |
| --- | --- |
| | Trigger Point | Funding Categories (Note 1) | Disability Supplement |
| 1 | 2 | 3 | 4 | 5 | 6 |
| 1 | Approval of the personal training plan | 110 | 110 | 110 | 110 | 110 | 110 | 305 |
| 2 | Milestone Payments (Note 2) | | | | | | | |
| | Achievement of 20 % - 25 % of Apprenticeship Framework Units | 190 | 220 | 245 | 355 | 385 | 410 | 110 |
| | Achievement of 40 % - 45 % of Apprenticeship Framework Units | 190 | 220 | 245 | 355 | 385 | 410 | 110 |
| | Achievement of 60 % - 65 % of Apprenticeship Framework Units | 190 | 220 | 245 | 355 | 385 | 410 | 110 |
| | Achievement of 80 % - 85 % Apprenticeship Framework Units | 190 | 220 | 245 | 355 | 385 | 410 | 110 |
| 3 | Achievement of Essential Skills (Note 3) | 165 | 165 | 165 | 165 | 165 | 165 | 0 |
| 4 | Achievement of National Vocational Qualification Level 3 | 385 | 410 | 440 | 495 | 520 | 550 | 110 |
| 5 | Achievement of full Level 3 Apprenticeship Framework | 495 | 575 | 660 | 935 | 1 015 | 1 100 | 0 |
| 6 | Employer Incentive | 250 | 250 | 250 | 375 | 375 | 375 | 0 |

LEVEL 3 (PROGRESSION ROUTE) APPRENTICESHIP– Adult Apprentices (ADULT)

Trigger Point

Funding Categories (Note 1)

Disability Supplement

1

2

3

4

5

6

1

Approval of the personal training plan

110

110

110

110

110

110

305

2

Milestone Payments (Note 2)

Achievement of 20 % - 25 % of Apprenticeship Framework Units

190

220

245

355

385

410

110

Achievement of 40 % - 45 % of Apprenticeship Framework Units

190

220

245

355

385

410

110

Achievement of 60 % - 65 % of Apprenticeship Framework Units

190

220

245

355

385

410

110

Achievement of 80 % - 85 % Apprenticeship Framework Units

190

220

245

355

385

410

110

3

Achievement of Essential Skills (Note 3)

165

165

165

165

165

165

0

4

Achievement of National Vocational Qualification Level 3

385

410

440

495

520

550

110

5

Achievement of full Level 3 Apprenticeship Framework

495

575

660

935

1 015

1 100

0

6

Employer Incentive

250

250

250

375

375

375

0

| | LEVEL 3 (LEVEL 2 EN ROUTE) APPRENTICESHIP (Note 4) – Young Person) |
| --- | --- |
| | Trigger Point | Funding Categories (Note 1) | Disability Supplement |
| 1 | 2 | 3 | 4 | 5 | 6 |
| 1 | Approval of the personal training plan | 330 | 330 | 330 | 330 | 330 | 330 | 610 |
| 2 | Milestone Payments (Note 2) | | | | | | | |
| | Achievement of 20 % - 25 % of Apprenticeship Framework Units | 380 | 440 | 490 | 710 | 770 | 820 | 220 |
| | Achievement of 40 % - 45 % of Apprenticeship Framework Units | 380 | 440 | 490 | 710 | 770 | 820 | 220 |
| | Achievement of 60 % - 65 % of Apprenticeship Framework Units | 380 | 440 | 490 | 710 | 770 | 820 | 220 |
| | Achievement of 80 % - 85 % Apprenticeship Framework Units | 380 | 440 | 490 | 710 | 770 | 820 | 220 |
| 4 | Achievement of National Vocational Qualification Level 2 | 660 | 710 | 770 | 990 | 1 040 | 1 100 | 220 |
| | | | | | | | | |
| | Retention/Start Payment (Note 5) | 220 | 220 | 220 | 220 | 220 | 220 | 610 |
| 2 | Milestone Payments (Note 2) | | | | | | | |
| | Achievement of 20 % - 25 % of Apprenticeship Framework Units | 380 | 440 | 490 | 710 | 770 | 820 | 220 |
| | Achievement of 40 % - 45 % of Apprenticeship Framework Units | 380 | 440 | 490 | 710 | 770 | 820 | 220 |
| | Achievement of 60 % - 65 % of Apprenticeship Framework Units | 380 | 440 | 490 | 710 | 770 | 820 | 220 |
| | Achievement of 80 % -85 % Apprenticeship Framework Units | 380 | 440 | 490 | 710 | 770 | 820 | 220 |
| 3 | Achievement of Essential Skills (Note 2) | 330 | 330 | 330 | 330 | 330 | 330 | 0 |
| 4 | Achievement of National Vocational Qualification Level 3 | 770 | 820 | 880 | 990 | 1 040 | 1 100 | 220 |
| 5 | Achievement of full Level 3 Apprenticeship Framework | 990 | 1 150 | 1 320 | 1 870 | 2 030 | 2 200 | 0 |
| 6 | Employer Incentive | 1 000 | 1 000 | 1 000 | 1 500 | 1 500 | 1 500 | 0 |

LEVEL 3 (LEVEL 2 EN ROUTE) APPRENTICESHIP (Note 4) – Young Person)

Trigger Point

Funding Categories (Note 1)

Disability Supplement

1

2

3

4

5

6

1

Approval of the personal training plan

330

330

330

330

330

330

610

2

Milestone Payments (Note 2)

Achievement of 20 % - 25 % of Apprenticeship Framework Units

380

440

490

710

770

820

220

Achievement of 40 % - 45 % of Apprenticeship Framework Units

380

440

490

710

770

820

220

Achievement of 60 % - 65 % of Apprenticeship Framework Units

380

440

490

710

770

820

220

Achievement of 80 % - 85 % Apprenticeship Framework Units

380

440

490

710

770

820

220

4

Achievement of National Vocational Qualification Level 2

660

710

770

990

1 040

1 100

220

Retention/Start Payment (Note 5)

220

220

220

220

220

220

610

2

Milestone Payments (Note 2)

Achievement of 20 % - 25 % of Apprenticeship Framework Units

380

440

490

710

770

820

220

Achievement of 40 % - 45 % of Apprenticeship Framework Units

380

440

490

710

770

820

220

Achievement of 60 % - 65 % of Apprenticeship Framework Units

380

440

490

710

770

820

220

Achievement of 80 % -85 % Apprenticeship Framework Units

380

440

490

710

770

820

220

3

Achievement of Essential Skills (Note 2)

330

330

330

330

330

330

0

4

Achievement of National Vocational Qualification Level 3

770

820

880

990

1 040

1 100

220

5

Achievement of full Level 3 Apprenticeship Framework

990

1 150

1 320

1 870

2 030

2 200

0

6

Employer Incentive

1 000

1 000

1 000

1 500

1 500

1 500

0

| | LEVEL 3 (LEVEL 2 EN ROUTE) APPRENTICESHIP (Note 4) – Adult Apprentices (ADULT) |
| --- | --- |
| | Trigger Point | Funding Categories (Note 1) | Disability Supplement |
| 1 | 2 | 3 | 4 | 5 | 6 |
| 1 | Approval of the personal training plan | 165 | 165 | 165 | 165 | 165 | 165 | 305 |
| 2 | Milestone Payments (Note 2) | | | | | | | |
| | Achievement of 20 % - 25 % of Apprenticeship Framework Units | 190 | 220 | 245 | 355 | 385 | 410 | 110 |
| | Achievement of 40 % - 45 % of Apprenticeship Framework Units | 190 | 220 | 245 | 355 | 385 | 410 | 110 |
| | Achievement of 60 % - 65 % of Apprenticeship Framework Units | 190 | 220 | 245 | 355 | 385 | 410 | 110 |
| | Achievement of 80 % - 85 % Apprenticeship Framework Units | 190 | 220 | 245 | 355 | 385 | 410 | 110 |
| 4 | Achievement of National Vocational Qualification Level 2 | 330 | 355 | 385 | 495 | 520 | 550 | 110 |
| | | | | | | | | |
| | Retention/Start Payment (Note 5) | 110 | 110 | 110 | 110 | 110 | 110 | 305 |
| 2 | Milestone Payments (Note 2) | | | | | | | |
| | Achievement of 20 % - 25 % of Apprenticeship Framework Units | 190 | 220 | 245 | 355 | 385 | 410 | 110 |
| | Achievement of 40 % - 45 % of Apprenticeship Framework Units | 190 | 220 | 245 | 355 | 385 | 410 | 110 |
| | Achievement of 60 % - 65 % of Apprenticeship Framework Units | 190 | 220 | 245 | 355 | 385 | 410 | 110 |
| | Achievement of 80 % -85 % Apprenticeship Framework Units | 190 | 220 | 245 | 355 | 385 | 410 | 110 |
| 3 | Achievement of Essential Skills (Note 3) | 165 | 165 | 165 | 165 | 165 | 165 | 0 |
| 4 | Achievement of National Vocational Qualification Level 3 | 385 | 410 | 440 | 495 | 520 | 550 | 110 |
| 5 | Achievement of full Level 3 Apprenticeship Framework | 495 | 575 | 660 | 935 | 1 015 | 1 100 | 0 |
| 6 | Employer Incentive | 500 | 500 | 500 | 750 | 750 | 750 | 0 |

LEVEL 3 (LEVEL 2 EN ROUTE) APPRENTICESHIP (Note 4) – Adult Apprentices (ADULT)

Trigger Point

Funding Categories (Note 1)

Disability Supplement

1

2

3

4

5

6

1

Approval of the personal training plan

165

165

165

165

165

165

305

2

Milestone Payments (Note 2)

Achievement of 20 % - 25 % of Apprenticeship Framework Units

190

220

245

355

385

410

110

Achievement of 40 % - 45 % of Apprenticeship Framework Units

190

220

245

355

385

410

110

Achievement of 60 % - 65 % of Apprenticeship Framework Units

190

220

245

355

385

410

110

Achievement of 80 % - 85 % Apprenticeship Framework Units

190

220

245

355

385

410

110

4

Achievement of National Vocational Qualification Level 2

330

355

385

495

520

550

110

Retention/Start Payment (Note 5)

110

110

110

110

110

110

305

2

Milestone Payments (Note 2)

Achievement of 20 % - 25 % of Apprenticeship Framework Units

190

220

245

355

385

410

110

Achievement of 40 % - 45 % of Apprenticeship Framework Units

190

220

245

355

385

410

110

Achievement of 60 % - 65 % of Apprenticeship Framework Units

190

220

245

355

385

410

110

Achievement of 80 % -85 % Apprenticeship Framework Units

190

220

245

355

385

410

110

3

Achievement of Essential Skills (Note 3)

165

165

165

165

165

165

0

4

Achievement of National Vocational Qualification Level 3

385

410

440

495

520

550

110

5

Achievement of full Level 3 Apprenticeship Framework

495

575

660

935

1 015

1 100

0

6

Employer Incentive

500

500

500

750

750

750

0

Notes

| 1. | The full list of apprenticeship frameworks and the funding categories to which they belong are set out in Annexes 1 and 2 of the “ApprenticeshipsNI 2017 Operational Requirements”, available at https://www.economy-ni.gov.uk/publications/apprenticeship-guidelines |
| --- | --- |

1.

| 2. | Milestone payments will be paid on completion of milestones/units of the agreed overall framework. To calculate the percentage of achievement, the completion of whole units or parts of units within the framework shall be considered in accordance with the “ApprenticeshipsNI 2017 Operational Requirements”, available at https://www.economy-ni.gov.uk/publications/apprenticeship-guidelines |
| --- | --- |

2.

| 3. | Essential Skills consist of Communication, Application of Number and ICT. The amount for essential skills is limited to one payment per participant of GBP 55 per Adult/GBP 110 per young person in respect of each Essential Skill of Communication, Application of Number and ICT. |
| --- | --- |

3.

| 4. | In a Level 3 (Level 2 en route) apprenticeship, an apprentice with previous experience of study at Level 2 can undertake a Level 3 framework taking their prior learning and achievement into consideration. This may make it possible for the apprentice to progress to Level 3 without completing the full Level 2 framework. |
| --- | --- |

4.

| 5. | Applicable when a participant has completed and achieved all components of the Level 2 qualification en route to the Level 3 apprenticeship. |
| --- | --- |

5.

---

(1)  A young person is defined as a person aged between 16 and 24 years, while an adult is defined as person aged 25 years and above.

1

(2)  Apprenticeship Framework Units are the elements of the specified/required learning (i.e. modules) that make up qualifications. The qualifications for Level 2 apprenticeships can be found at https://www.nidirect.gov.uk/articles/level-2-frameworks-apprenticeships and for Level 3 apprenticeships at https://www.nidirect.gov.uk/articles/level-3-frameworks-apprenticeships

2

---

| 7.5.2019 | EN | Official Journal of the European Union | L 119/66 |
| --- | --- | --- | --- |

7.5.2019

EN

Official Journal of the European Union

L 119/66

---

COMMISSION REGULATION (EU) 2019/698

of 30 April 2019

amending Annexes III and V to Regulation (EC) No 1223/2009 of the European Parliament and of the Council on cosmetic products

(Text with EEA relevance)

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EC) No 1223/2009 of the European Parliament and of the Council of 30 November 2009 on cosmetic products (1), and in particular Article 31(1) thereof,

Whereas:

| (1) | The substance 1-(4-Chlorophenoxy)-1-(imidazol-1-yl)-3,3-dimethylbutan-2-one, which has been assigned the name Climbazole under the International Nomenclature of Cosmetic Ingredients (INCI), is currently allowed as a preservative in cosmetic products at a maximum concentration of 0,5 % in ready for use preparation. It is listed in entry 32 of Annex V to Regulation (EC) No 1223/2009. In accordance with Article 14(1)(d)(ii) of Regulation (EC) No 1223/2009, Climbazole may also be contained in cosmetic products for an intended use other than as preservative, only within the concentration limit laid down in entry 32 of Annex V. |
| --- | --- |

(1)

The substance 1-(4-Chlorophenoxy)-1-(imidazol-1-yl)-3,3-dimethylbutan-2-one, which has been assigned the name Climbazole under the International Nomenclature of Cosmetic Ingredients (INCI), is currently allowed as a preservative in cosmetic products at a maximum concentration of 0,5 % in ready for use preparation. It is listed in entry 32 of Annex V to Regulation (EC) No 1223/2009. In accordance with Article 14(1)(d)(ii) of Regulation (EC) No 1223/2009, Climbazole may also be contained in cosmetic products for an intended use other than as preservative, only within the concentration limit laid down in entry 32 of Annex V.

| (2) | The Scientific Committee on Consumer Safety (SCCS) concluded at its plenary meeting on 21-22 June 2018, in an addendum to its earlier opinions on Climbazole (2), that, under an aggregate exposure scenario, Climbazole is safe when used as a preservative in face cream, hair lotion and foot care products at a maximum concentration of 0,2 % and when used as a preservative in rinse-off shampoo at a maximum concentration of 0,5 %. |
| --- | --- |

(2)

The Scientific Committee on Consumer Safety (SCCS) concluded at its plenary meeting on 21-22 June 2018, in an addendum to its earlier opinions on Climbazole (2), that, under an aggregate exposure scenario, Climbazole is safe when used as a preservative in face cream, hair lotion and foot care products at a maximum concentration of 0,2 % and when used as a preservative in rinse-off shampoo at a maximum concentration of 0,5 %.

| (3) | The SCCS also concluded that, under an aggregate exposure scenario, Climbazole is safe when used as an anti-dandruff agent in rinse-off shampoo at a maximum concentration of 2 %. |
| --- | --- |

(3)

The SCCS also concluded that, under an aggregate exposure scenario, Climbazole is safe when used as an anti-dandruff agent in rinse-off shampoo at a maximum concentration of 2 %.

| (4) | In light of the addendum, there is a potential risk to human health arising from the use of Climbazole as a preservative or as a non-preservative at the currently allowed maximum concentration of 0,5 % in all cosmetic products. The use of Climbazole as a preservative should therefore only be allowed in face cream, hair lotion, foot care products and rinse-off shampoo. The maximum concentration should be 0,2 % for face cream, hair lotion and foot care products and 0,5 % for rinse-off shampoo. |
| --- | --- |

(4)

In light of the addendum, there is a potential risk to human health arising from the use of Climbazole as a preservative or as a non-preservative at the currently allowed maximum concentration of 0,5 % in all cosmetic products. The use of Climbazole as a preservative should therefore only be allowed in face cream, hair lotion, foot care products and rinse-off shampoo. The maximum concentration should be 0,2 % for face cream, hair lotion and foot care products and 0,5 % for rinse-off shampoo.

| (5) | The use of Climbazole as a non-preservative should be restricted to rinse-off shampoo, when the substance is used as an anti-dandruff agent. For such use, the maximum concentration should be 2 %. |
| --- | --- |

(5)

The use of Climbazole as a non-preservative should be restricted to rinse-off shampoo, when the substance is used as an anti-dandruff agent. For such use, the maximum concentration should be 2 %.

| (6) | Regulation (EC) No 1223/2009 should therefore be amended accordingly. |
| --- | --- |

(6)

Regulation (EC) No 1223/2009 should therefore be amended accordingly.

| (7) | The industry should be allowed a reasonable period of time to adapt to the new requirements by making the necessary adjustments to product formulations to ensure that only products complying with the new requirements are placed on the market. The industry should also be allowed a reasonable period of time to withdraw products which do not comply with the new requirements from the market. |
| --- | --- |

(7)

The industry should be allowed a reasonable period of time to adapt to the new requirements by making the necessary adjustments to product formulations to ensure that only products complying with the new requirements are placed on the market. The industry should also be allowed a reasonable period of time to withdraw products which do not comply with the new requirements from the market.

| (8) | The measures provided for in this Regulation are in accordance with the opinion of the Standing Committee on Cosmetic Products, |
| --- | --- |

(8)

The measures provided for in this Regulation are in accordance with the opinion of the Standing Committee on Cosmetic Products,

HAS ADOPTED THIS REGULATION:

Article 1

Annex III to Regulation (EC) No 1223/2009 is amended in accordance with Annex I to this Regulation.

Article 2

In Annex V to Regulation (EC) No 1223/2009, entry 32 is replaced by the text set out in Annex II to this Regulation.

Article 3

1.   From 27 November 2019 cosmetic products containing 1-(4-Chlorophenoxy)-1-(imidazol-1-yl)-3,3-dimethylbutan-2-one for other than preservation purposes and not complying with the restrictions laid down in this Regulation shall not be placed on the Union market.

From 27 February 2020 cosmetic products containing 1-(4-Chlorophenoxy)-1-(imidazol-1-yl)-3,3-dimethylbutan-2-one for other than preservation purposes and not complying with the restrictions laid down in this Regulation shall not be made available on the Union market.

2.   From 27 November 2019 cosmetic products containing 1-(4-Chlorophenoxy)-1-(imidazol-1-yl)-3,3-dimethylbutan-2-one for preservation purposes and not complying with the conditions laid down in this Regulation shall not be placed on the Union market.

From 27 February 2020 cosmetic products containing 1-(4-Chlorophenoxy)-1-(imidazol-1-yl)-3,3-dimethylbutan-2-one for preservation purposes and not complying with the conditions laid down in this Regulation shall not be made available on the Union market.

Article 4

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

Article 2 shall apply from 27 November 2019.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 30 April 2019.

For the Commission

The President

Jean-Claude JUNCKER

---

(1)  
  OJ L 342, 22.12.2009, p. 59.

1

(2)  Addendum to the scientific Opinions on climbazole (P64) ref. SCCS/1506/13 and SCCS/1590/17, final version adopted on 21-22 June 2018, SCCS/1600/18.

2

---

ANNEX I

In Annex III to Regulation (EC) No 1223/2009, the following entry is added:

| Reference number | Substance identification | Restrictions | Wording of conditions of use and warnings |
| --- | --- | --- | --- |
| Chemical name/INN | Name of Common Ingredients Glossary | CAS number | EC number | Product type, body parts | Maximum concentration in ready for use preparation | Other |
| a | b | c | d | e | f | g | h | i |
| ‘310 | 1-(4-Chlorophenoxy)- 1-(imidazol-1-yl)-3,3- dimethylbutan-2-one (*1) | Climbazole | 38083-17-9 | 253-775-4 | Rinse-off anti-dandruff shampoo (*2) | 2,0 % (*2) | For purposes other than inhibiting the development of micro-organisms in the product. This purpose has to be apparent from the presentation of the product. (*2) | |

Reference number

Substance identification

Restrictions

Wording of conditions of use and warnings

Chemical name/INN

Name of Common Ingredients Glossary

CAS number

EC number

Product type, body parts

Maximum concentration in ready for use preparation

Other

a

b

c

d

e

f

g

h

i

‘310

1-(4-Chlorophenoxy)- 1-(imidazol-1-yl)-3,3- dimethylbutan-2-one (*1)

Climbazole

38083-17-9

253-775-4

Rinse-off anti-dandruff shampoo (*2)

2,0 % (*2)

For purposes other than inhibiting the development of micro-organisms in the product. This purpose has to be apparent from the presentation of the product. (*2)

---

(*1)  For use as a preservative, see Annex V, entry 32.

*1

(*2)  From 27 November 2019 cosmetic products containing 1-(4-Chlorophenoxy)-1-(imidazol-1-yl)-3,3-dimethylbutan-2-one and not complying with those restrictions shall not be placed on the Union market.

*2

From 27 February 2020 cosmetic products containing 1-(4-Chlorophenoxy)-1-(imidazol-1-yl)-3,3-dimethylbutan-2-one and not complying with those restrictions shall not be made available on the Union market.’

---

ANNEX II

| Reference number | Substance Identification | Conditions | Wording of conditions of use and warnings |
| --- | --- | --- | --- |
| Chemical name/INN | Name of Common Ingredients Glossary | CAS number | EC number | Product type, Body parts | Maximum concentration in ready for use preparation | Other | |
| a | b | c | d | e | f | g | h | i |
| ‘32 | 1-(4-Chlorophenoxy)-1-(imidazol-1-yl)-3,3-dimethylbutan-2-one (*1) | Climbazole | 38083-17-9 | 253-775-4 | (a) | Hair lotions (*2) |

Reference number

Substance Identification

Conditions

Wording of conditions of use and warnings

Chemical name/INN

Name of Common Ingredients Glossary

CAS number

EC number

Product type, Body parts

Maximum concentration in ready for use preparation

Other

a

b

c

d

e

f

g

h

i

‘32

1-(4-Chlorophenoxy)-1-(imidazol-1-yl)-3,3-dimethylbutan-2-one (*1)

Climbazole

38083-17-9

253-775-4

(a)

Hair lotions (*2)

| (b) | Face creams (*2) |
| --- | --- |

(b)

Face creams (*2)

| (c) | Foot care products (*2) |
| --- | --- |

(c)

Foot care products (*2)

| (d) | Rinse-off shampoo (*2) |
| --- | --- |

(d)

Rinse-off shampoo (*2)

| (a) | 0,2 % (*2) |
| --- | --- |

(a)

0,2 % (*2)

| (b) | 0,2 % (*2) |
| --- | --- |

(b)

0,2 % (*2)

| (c) | 0,2 % (*2) |
| --- | --- |

(c)

0,2 % (*2)

| (d) | 0,5 % (*2) |
| --- | --- |

(d)

0,5 % (*2)

---

(*1)  For use other than as a preservative, see Annex III, entry 310.

*1

(*2)  From 27 November 2019 cosmetic products containing 1-(4-Chlorophenoxy)-1-(imidazol-1-yl)-3,3-dimethylbutan-2-one and not complying with those conditions shall not be placed on the Union market.

*2

From 27 February 2020 cosmetic products containing 1-(4-Chlorophenoxy)-1-(imidazol-1-yl)-3,3-dimethylbutan-2-one and not complying with those conditions shall not be made available on the Union market.’

---

| 7.5.2019 | EN | Official Journal of the European Union | L 119/70 |
| --- | --- | --- | --- |

7.5.2019

EN

Official Journal of the European Union

L 119/70

---

COMMISSION IMPLEMENTING REGULATION (EU) 2019/699

of 6 May 2019

laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2019 until 29 June 2019 in accordance with Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance

(Text with EEA relevance)

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (1), and in particular the third subparagraph of Article 77e(2) thereof,

Whereas:

| (1) | In order to ensure uniform conditions for the calculation of technical provisions and basic own funds by insurance and reinsurance undertakings for the purposes of Directive 2009/138/EC, technical information on relevant risk-free interest rate term structures, fundamental spreads for the calculation of the matching adjustment and volatility adjustments should be laid down for every reference date. |
| --- | --- |

(1)

In order to ensure uniform conditions for the calculation of technical provisions and basic own funds by insurance and reinsurance undertakings for the purposes of Directive 2009/138/EC, technical information on relevant risk-free interest rate term structures, fundamental spreads for the calculation of the matching adjustment and volatility adjustments should be laid down for every reference date.

| (2) | Insurance and reinsurance undertakings should use the technical information, which is based on market data related to the end of the last month preceding the first reporting reference date to which this Regulation applies. On 4 April 2019, the European Insurance and Occupational Pensions Authority provided the Commission with the technical information related to end of March 2019 market data. That information was published on 4 April 2019 in accordance with Article 77e(1) of Directive 2009/138/EC. |
| --- | --- |

(2)

Insurance and reinsurance undertakings should use the technical information, which is based on market data related to the end of the last month preceding the first reporting reference date to which this Regulation applies. On 4 April 2019, the European Insurance and Occupational Pensions Authority provided the Commission with the technical information related to end of March 2019 market data. That information was published on 4 April 2019 in accordance with Article 77e(1) of Directive 2009/138/EC.

| (3) | Given the need for the immediate availability of the technical information, it is important that this Regulation enters into force as a matter of urgency. |
| --- | --- |

(3)

Given the need for the immediate availability of the technical information, it is important that this Regulation enters into force as a matter of urgency.

| (4) | For prudential reasons it is necessary that insurance and reinsurance undertakings use the same technical information for calculating technical provisions and basic own funds irrespective of the date on which they report to their competent authorities. This Regulation should therefore apply from the first reporting reference date to which this Regulation applies. |
| --- | --- |

(4)

For prudential reasons it is necessary that insurance and reinsurance undertakings use the same technical information for calculating technical provisions and basic own funds irrespective of the date on which they report to their competent authorities. This Regulation should therefore apply from the first reporting reference date to which this Regulation applies.

| (5) | To provide legal certainty as soon as possible, it is duly justified on imperative grounds of urgency related to the availability of the relevant risk-free interest rate term structure that measures provided for in this Regulation be adopted in accordance with Article 8, in conjunction with Article 4, of Regulation (EU) No 182/2011 of the European Parliament and of the Council (2), |
| --- | --- |

(5)

To provide legal certainty as soon as possible, it is duly justified on imperative grounds of urgency related to the availability of the relevant risk-free interest rate term structure that measures provided for in this Regulation be adopted in accordance with Article 8, in conjunction with Article 4, of Regulation (EU) No 182/2011 of the European Parliament and of the Council (2),

HAS ADOPTED THIS REGULATION:

Article 1

1.   Insurance and reinsurance undertakings shall use the technical information referred to in paragraph 2 when calculating technical provisions and basic own funds for reporting with reference dates from 31 March 2019 until 29 June 2019.

2.   For each relevant currency, the technical information used to calculate the best estimate in accordance with Article 77 of Directive 2009/138/EC, the matching adjustment in accordance with Article 77c of that Directive and the volatility adjustment in accordance with Article 77d of that Directive shall be the following:

| (a) | the relevant risk-free rate term structures set out in Annex I; |
| --- | --- |

(a)

the relevant risk-free rate term structures set out in Annex I;

| (b) | the fundamental spreads for the calculation of the matching adjustment set out in Annex II; |
| --- | --- |

(b)

the fundamental spreads for the calculation of the matching adjustment set out in Annex II;

| (c) | for each relevant national insurance market, the volatility adjustments set out in Annex III. |
| --- | --- |

(c)

for each relevant national insurance market, the volatility adjustments set out in Annex III.

Article 2

This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union.

It shall apply from 31 March 2019.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 6 May 2019.

For the Commission

The President

Jean-Claude JUNCKER

---

(1)  
  OJ L 335, 17.12.2009, p. 1.

1

(2)  Regulation (EU) No 182/2011 of the European Parliament and of the Council of 16 February 2011 laying down the rules and general principles concerning mechanisms for control by Member States of the Commission's exercise of implementing powers (OJ L 55, 28.2.2011, p. 13).

2

---

ANNEX I

Relevant risk-free interest rate term structures to calculate the best estimate, without any matching adjustment or volatility adjustment

| Term to maturity (in years) | Euro | Czech koruna | Danish krone | Forint | Krona | Kuna |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | – 0,330 % | 1,993 % | – 0,340 % | 0,288 % | – 0,055 % | – 0,033 % |
| 2 | – 0,290 % | 1,904 % | – 0,300 % | 0,917 % | 0,003 % | 0,050 % |
| 3 | – 0,240 % | 1,833 % | – 0,250 % | 1,129 % | 0,081 % | 0,208 % |
| 4 | – 0,168 % | 1,765 % | – 0,178 % | 1,417 % | 0,171 % | 0,442 % |
| 5 | – 0,088 % | 1,711 % | – 0,098 % | 1,691 % | 0,273 % | 0,721 % |
| 6 | 0,001 % | 1,670 % | – 0,009 % | 1,954 % | 0,371 % | 1,001 % |
| 7 | 0,095 % | 1,651 % | 0,085 % | 2,229 % | 0,471 % | 1,256 % |
| 8 | 0,191 % | 1,652 % | 0,181 % | 2,437 % | 0,568 % | 1,476 % |
| 9 | 0,290 % | 1,664 % | 0,280 % | 2,600 % | 0,658 % | 1,658 % |
| 10 | 0,378 % | 1,678 % | 0,367 % | 2,730 % | 0,746 % | 1,811 % |
| 11 | 0,460 % | 1,681 % | 0,450 % | 2,847 % | 0,891 % | 1,941 % |
| 12 | 0,541 % | 1,684 % | 0,531 % | 2,956 % | 1,064 % | 2,054 % |
| 13 | 0,619 % | 1,697 % | 0,609 % | 3,055 % | 1,239 % | 2,154 % |
| 14 | 0,687 % | 1,721 % | 0,677 % | 3,146 % | 1,405 % | 2,243 % |
| 15 | 0,741 % | 1,754 % | 0,731 % | 3,227 % | 1,557 % | 2,323 % |
| 16 | 0,779 % | 1,794 % | 0,769 % | 3,298 % | 1,695 % | 2,395 % |
| 17 | 0,809 % | 1,840 % | 0,798 % | 3,362 % | 1,820 % | 2,460 % |
| 18 | 0,838 % | 1,889 % | 0,827 % | 3,419 % | 1,932 % | 2,521 % |
| 19 | 0,871 % | 1,940 % | 0,860 % | 3,470 % | 2,033 % | 2,576 % |
| 20 | 0,911 % | 1,992 % | 0,901 % | 3,516 % | 2,125 % | 2,627 % |
| 21 | 0,962 % | 2,043 % | 0,951 % | 3,559 % | 2,209 % | 2,674 % |
| 22 | 1,019 % | 2,094 % | 1,009 % | 3,597 % | 2,285 % | 2,718 % |
| 23 | 1,081 % | 2,144 % | 1,071 % | 3,633 % | 2,354 % | 2,760 % |
| 24 | 1,146 % | 2,192 % | 1,136 % | 3,666 % | 2,418 % | 2,798 % |
| 25 | 1,212 % | 2,240 % | 1,203 % | 3,696 % | 2,477 % | 2,834 % |
| 26 | 1,278 % | 2,285 % | 1,269 % | 3,724 % | 2,531 % | 2,868 % |
| 27 | 1,344 % | 2,330 % | 1,335 % | 3,750 % | 2,582 % | 2,900 % |
| 28 | 1,409 % | 2,372 % | 1,400 % | 3,775 % | 2,629 % | 2,930 % |
| 29 | 1,473 % | 2,413 % | 1,464 % | 3,798 % | 2,672 % | 2,959 % |
| 30 | 1,535 % | 2,453 % | 1,526 % | 3,819 % | 2,713 % | 2,986 % |
| 31 | 1,595 % | 2,491 % | 1,587 % | 3,839 % | 2,751 % | 3,011 % |
| 32 | 1,653 % | 2,527 % | 1,645 % | 3,858 % | 2,787 % | 3,036 % |
| 33 | 1,709 % | 2,562 % | 1,702 % | 3,876 % | 2,820 % | 3,059 % |
| 34 | 1,764 % | 2,596 % | 1,757 % | 3,893 % | 2,852 % | 3,081 % |
| 35 | 1,816 % | 2,628 % | 1,809 % | 3,909 % | 2,882 % | 3,102 % |
| 36 | 1,867 % | 2,659 % | 1,860 % | 3,925 % | 2,910 % | 3,122 % |
| 37 | 1,915 % | 2,689 % | 1,909 % | 3,939 % | 2,936 % | 3,141 % |
| 38 | 1,962 % | 2,717 % | 1,956 % | 3,953 % | 2,962 % | 3,159 % |
| 39 | 2,007 % | 2,745 % | 2,001 % | 3,966 % | 2,986 % | 3,176 % |
| 40 | 2,050 % | 2,771 % | 2,044 % | 3,978 % | 3,008 % | 3,193 % |
| 41 | 2,092 % | 2,796 % | 2,086 % | 3,990 % | 3,030 % | 3,209 % |
| 42 | 2,132 % | 2,820 % | 2,126 % | 4,002 % | 3,051 % | 3,224 % |
| 43 | 2,171 % | 2,844 % | 2,165 % | 4,013 % | 3,070 % | 3,239 % |
| 44 | 2,208 % | 2,866 % | 2,202 % | 4,023 % | 3,089 % | 3,253 % |
| 45 | 2,243 % | 2,888 % | 2,238 % | 4,033 % | 3,107 % | 3,266 % |
| 46 | 2,278 % | 2,909 % | 2,272 % | 4,043 % | 3,124 % | 3,279 % |
| 47 | 2,311 % | 2,929 % | 2,305 % | 4,052 % | 3,141 % | 3,292 % |
| 48 | 2,342 % | 2,948 % | 2,337 % | 4,061 % | 3,156 % | 3,304 % |
| 49 | 2,373 % | 2,967 % | 2,368 % | 4,070 % | 3,172 % | 3,315 % |
| 50 | 2,402 % | 2,985 % | 2,397 % | 4,078 % | 3,186 % | 3,327 % |
| 51 | 2,431 % | 3,002 % | 2,426 % | 4,086 % | 3,200 % | 3,337 % |
| 52 | 2,458 % | 3,019 % | 2,453 % | 4,093 % | 3,213 % | 3,348 % |
| 53 | 2,485 % | 3,035 % | 2,480 % | 4,101 % | 3,226 % | 3,358 % |
| 54 | 2,510 % | 3,050 % | 2,506 % | 4,108 % | 3,239 % | 3,367 % |
| 55 | 2,535 % | 3,065 % | 2,531 % | 4,115 % | 3,251 % | 3,377 % |
| 56 | 2,559 % | 3,080 % | 2,555 % | 4,121 % | 3,262 % | 3,386 % |
| 57 | 2,582 % | 3,094 % | 2,578 % | 4,128 % | 3,273 % | 3,395 % |
| 58 | 2,605 % | 3,108 % | 2,600 % | 4,134 % | 3,284 % | 3,403 % |
| 59 | 2,626 % | 3,121 % | 2,622 % | 4,140 % | 3,295 % | 3,411 % |
| 60 | 2,647 % | 3,133 % | 2,643 % | 4,146 % | 3,305 % | 3,419 % |
| 61 | 2,667 % | 3,146 % | 2,663 % | 4,151 % | 3,314 % | 3,427 % |
| 62 | 2,687 % | 3,158 % | 2,683 % | 4,157 % | 3,324 % | 3,434 % |
| 63 | 2,706 % | 3,169 % | 2,702 % | 4,162 % | 3,333 % | 3,442 % |
| 64 | 2,724 % | 3,181 % | 2,720 % | 4,167 % | 3,342 % | 3,449 % |
| 65 | 2,742 % | 3,192 % | 2,738 % | 4,172 % | 3,350 % | 3,456 % |
| 66 | 2,760 % | 3,202 % | 2,756 % | 4,177 % | 3,359 % | 3,462 % |
| 67 | 2,777 % | 3,213 % | 2,773 % | 4,182 % | 3,367 % | 3,469 % |
| 68 | 2,793 % | 3,223 % | 2,789 % | 4,186 % | 3,375 % | 3,475 % |
| 69 | 2,809 % | 3,232 % | 2,805 % | 4,191 % | 3,382 % | 3,481 % |
| 70 | 2,824 % | 3,242 % | 2,821 % | 4,195 % | 3,390 % | 3,487 % |
| 71 | 2,839 % | 3,251 % | 2,836 % | 4,199 % | 3,397 % | 3,493 % |
| 72 | 2,854 % | 3,260 % | 2,850 % | 4,203 % | 3,404 % | 3,498 % |
| 73 | 2,868 % | 3,269 % | 2,865 % | 4,207 % | 3,410 % | 3,504 % |
| 74 | 2,882 % | 3,277 % | 2,879 % | 4,211 % | 3,417 % | 3,509 % |
| 75 | 2,896 % | 3,285 % | 2,892 % | 4,215 % | 3,423 % | 3,514 % |
| 76 | 2,909 % | 3,293 % | 2,905 % | 4,219 % | 3,430 % | 3,519 % |
| 77 | 2,921 % | 3,301 % | 2,918 % | 4,222 % | 3,436 % | 3,524 % |
| 78 | 2,934 % | 3,309 % | 2,931 % | 4,226 % | 3,442 % | 3,529 % |
| 79 | 2,946 % | 3,316 % | 2,943 % | 4,229 % | 3,448 % | 3,533 % |
| 80 | 2,958 % | 3,323 % | 2,955 % | 4,233 % | 3,453 % | 3,538 % |
| 81 | 2,970 % | 3,331 % | 2,966 % | 4,236 % | 3,459 % | 3,542 % |
| 82 | 2,981 % | 3,337 % | 2,978 % | 4,239 % | 3,464 % | 3,547 % |
| 83 | 2,992 % | 3,344 % | 2,989 % | 4,242 % | 3,469 % | 3,551 % |
| 84 | 3,003 % | 3,351 % | 3,000 % | 4,245 % | 3,474 % | 3,555 % |
| 85 | 3,013 % | 3,357 % | 3,010 % | 4,248 % | 3,479 % | 3,559 % |
| 86 | 3,023 % | 3,364 % | 3,020 % | 4,251 % | 3,484 % | 3,563 % |
| 87 | 3,033 % | 3,370 % | 3,030 % | 4,254 % | 3,489 % | 3,567 % |
| 88 | 3,043 % | 3,376 % | 3,040 % | 4,257 % | 3,494 % | 3,571 % |
| 89 | 3,053 % | 3,382 % | 3,050 % | 4,259 % | 3,498 % | 3,574 % |
| 90 | 3,062 % | 3,387 % | 3,059 % | 4,262 % | 3,503 % | 3,578 % |
| 91 | 3,071 % | 3,393 % | 3,068 % | 4,265 % | 3,507 % | 3,582 % |
| 92 | 3,080 % | 3,398 % | 3,077 % | 4,267 % | 3,511 % | 3,585 % |
| 93 | 3,089 % | 3,404 % | 3,086 % | 4,270 % | 3,516 % | 3,588 % |
| 94 | 3,098 % | 3,409 % | 3,095 % | 4,272 % | 3,520 % | 3,592 % |
| 95 | 3,106 % | 3,414 % | 3,103 % | 4,274 % | 3,524 % | 3,595 % |
| 96 | 3,114 % | 3,419 % | 3,112 % | 4,277 % | 3,528 % | 3,598 % |
| 97 | 3,122 % | 3,424 % | 3,120 % | 4,279 % | 3,531 % | 3,601 % |
| 98 | 3,130 % | 3,429 % | 3,128 % | 4,281 % | 3,535 % | 3,604 % |
| 99 | 3,138 % | 3,434 % | 3,135 % | 4,283 % | 3,539 % | 3,607 % |
| 100 | 3,146 % | 3,438 % | 3,143 % | 4,286 % | 3,542 % | 3,610 % |
| 101 | 3,153 % | 3,443 % | 3,150 % | 4,288 % | 3,546 % | 3,613 % |
| 102 | 3,160 % | 3,447 % | 3,158 % | 4,290 % | 3,549 % | 3,616 % |
| 103 | 3,168 % | 3,452 % | 3,165 % | 4,292 % | 3,553 % | 3,619 % |
| 104 | 3,175 % | 3,456 % | 3,172 % | 4,294 % | 3,556 % | 3,621 % |
| 105 | 3,181 % | 3,460 % | 3,179 % | 4,296 % | 3,559 % | 3,624 % |
| 106 | 3,188 % | 3,465 % | 3,186 % | 4,298 % | 3,563 % | 3,626 % |
| 107 | 3,195 % | 3,469 % | 3,192 % | 4,300 % | 3,566 % | 3,629 % |
| 108 | 3,201 % | 3,473 % | 3,199 % | 4,301 % | 3,569 % | 3,632 % |
| 109 | 3,208 % | 3,476 % | 3,205 % | 4,303 % | 3,572 % | 3,634 % |
| 110 | 3,214 % | 3,480 % | 3,212 % | 4,305 % | 3,575 % | 3,636 % |
| 111 | 3,220 % | 3,484 % | 3,218 % | 4,307 % | 3,578 % | 3,639 % |
| 112 | 3,226 % | 3,488 % | 3,224 % | 4,308 % | 3,581 % | 3,641 % |
| 113 | 3,232 % | 3,491 % | 3,230 % | 4,310 % | 3,583 % | 3,643 % |
| 114 | 3,238 % | 3,495 % | 3,236 % | 4,312 % | 3,586 % | 3,646 % |
| 115 | 3,244 % | 3,499 % | 3,241 % | 4,313 % | 3,589 % | 3,648 % |
| 116 | 3,249 % | 3,502 % | 3,247 % | 4,315 % | 3,592 % | 3,650 % |
| 117 | 3,255 % | 3,505 % | 3,253 % | 4,317 % | 3,594 % | 3,652 % |
| 118 | 3,260 % | 3,509 % | 3,258 % | 4,318 % | 3,597 % | 3,654 % |
| 119 | 3,266 % | 3,512 % | 3,264 % | 4,320 % | 3,599 % | 3,656 % |
| 120 | 3,271 % | 3,515 % | 3,269 % | 4,321 % | 3,602 % | 3,658 % |
| 121 | 3,276 % | 3,518 % | 3,274 % | 4,323 % | 3,604 % | 3,660 % |
| 122 | 3,281 % | 3,522 % | 3,279 % | 4,324 % | 3,607 % | 3,662 % |
| 123 | 3,286 % | 3,525 % | 3,284 % | 4,326 % | 3,609 % | 3,664 % |
| 124 | 3,291 % | 3,528 % | 3,289 % | 4,327 % | 3,612 % | 3,666 % |
| 125 | 3,296 % | 3,531 % | 3,294 % | 4,328 % | 3,614 % | 3,668 % |
| 126 | 3,301 % | 3,534 % | 3,299 % | 4,330 % | 3,616 % | 3,670 % |
| 127 | 3,306 % | 3,536 % | 3,303 % | 4,331 % | 3,618 % | 3,672 % |
| 128 | 3,310 % | 3,539 % | 3,308 % | 4,332 % | 3,621 % | 3,673 % |
| 129 | 3,315 % | 3,542 % | 3,313 % | 4,334 % | 3,623 % | 3,675 % |
| 130 | 3,319 % | 3,545 % | 3,317 % | 4,335 % | 3,625 % | 3,677 % |
| 131 | 3,324 % | 3,547 % | 3,322 % | 4,336 % | 3,627 % | 3,679 % |
| 132 | 3,328 % | 3,550 % | 3,326 % | 4,337 % | 3,629 % | 3,680 % |
| 133 | 3,332 % | 3,553 % | 3,330 % | 4,339 % | 3,631 % | 3,682 % |
| 134 | 3,336 % | 3,555 % | 3,335 % | 4,340 % | 3,633 % | 3,684 % |
| 135 | 3,341 % | 3,558 % | 3,339 % | 4,341 % | 3,635 % | 3,685 % |
| 136 | 3,345 % | 3,560 % | 3,343 % | 4,342 % | 3,637 % | 3,687 % |
| 137 | 3,349 % | 3,563 % | 3,347 % | 4,343 % | 3,639 % | 3,688 % |
| 138 | 3,353 % | 3,565 % | 3,351 % | 4,344 % | 3,641 % | 3,690 % |
| 139 | 3,357 % | 3,568 % | 3,355 % | 4,346 % | 3,643 % | 3,691 % |
| 140 | 3,361 % | 3,570 % | 3,359 % | 4,347 % | 3,644 % | 3,693 % |
| 141 | 3,364 % | 3,572 % | 3,363 % | 4,348 % | 3,646 % | 3,694 % |
| 142 | 3,368 % | 3,575 % | 3,366 % | 4,349 % | 3,648 % | 3,696 % |
| 143 | 3,372 % | 3,577 % | 3,370 % | 4,350 % | 3,650 % | 3,697 % |
| 144 | 3,376 % | 3,579 % | 3,374 % | 4,351 % | 3,652 % | 3,699 % |
| 145 | 3,379 % | 3,581 % | 3,377 % | 4,352 % | 3,653 % | 3,700 % |
| 146 | 3,383 % | 3,584 % | 3,381 % | 4,353 % | 3,655 % | 3,701 % |
| 147 | 3,386 % | 3,586 % | 3,384 % | 4,354 % | 3,657 % | 3,703 % |
| 148 | 3,390 % | 3,588 % | 3,388 % | 4,355 % | 3,658 % | 3,704 % |
| 149 | 3,393 % | 3,590 % | 3,391 % | 4,356 % | 3,660 % | 3,705 % |
| 150 | 3,396 % | 3,592 % | 3,395 % | 4,357 % | 3,661 % | 3,707 % |

Term to maturity (in years)

Euro

Czech koruna

Danish krone

Forint

Krona

Kuna

1

– 0,330 %

1,993 %

– 0,340 %

0,288 %

– 0,055 %

– 0,033 %

2

– 0,290 %

1,904 %

– 0,300 %

0,917 %

0,003 %

0,050 %

3

– 0,240 %

1,833 %

– 0,250 %

1,129 %

0,081 %

0,208 %

4

– 0,168 %

1,765 %

– 0,178 %

1,417 %

0,171 %

0,442 %

5

– 0,088 %

1,711 %

– 0,098 %

1,691 %

0,273 %

0,721 %

6

0,001 %

1,670 %

– 0,009 %

1,954 %

0,371 %

1,001 %

7

0,095 %

1,651 %

0,085 %

2,229 %

0,471 %

1,256 %

8

0,191 %

1,652 %

0,181 %

2,437 %

0,568 %

1,476 %

9

0,290 %

1,664 %

0,280 %

2,600 %

0,658 %

1,658 %

10

0,378 %

1,678 %

0,367 %

2,730 %

0,746 %

1,811 %

11

0,460 %

1,681 %

0,450 %

2,847 %

0,891 %

1,941 %

12

0,541 %

1,684 %

0,531 %

2,956 %

1,064 %

2,054 %

13

0,619 %

1,697 %

0,609 %

3,055 %

1,239 %

2,154 %

14

0,687 %

1,721 %

0,677 %

3,146 %

1,405 %

2,243 %

15

0,741 %

1,754 %

0,731 %

3,227 %

1,557 %

2,323 %

16

0,779 %

1,794 %

0,769 %

3,298 %

1,695 %

2,395 %

17

0,809 %

1,840 %

0,798 %

3,362 %

1,820 %

2,460 %

18

0,838 %

1,889 %

0,827 %

3,419 %

1,932 %

2,521 %

19

0,871 %

1,940 %

0,860 %

3,470 %

2,033 %

2,576 %

20

0,911 %

1,992 %

0,901 %

3,516 %

2,125 %

2,627 %

21

0,962 %

2,043 %

0,951 %

3,559 %

2,209 %

2,674 %

22

1,019 %

2,094 %

1,009 %

3,597 %

2,285 %

2,718 %

23

1,081 %

2,144 %

1,071 %

3,633 %

2,354 %

2,760 %

24

1,146 %

2,192 %

1,136 %

3,666 %

2,418 %

2,798 %

25

1,212 %

2,240 %

1,203 %

3,696 %

2,477 %

2,834 %

26

1,278 %

2,285 %

1,269 %

3,724 %

2,531 %

2,868 %

27

1,344 %

2,330 %

1,335 %

3,750 %

2,582 %

2,900 %

28

1,409 %

2,372 %

1,400 %

3,775 %

2,629 %

2,930 %

29

1,473 %

2,413 %

1,464 %

3,798 %

2,672 %

2,959 %

30

1,535 %

2,453 %

1,526 %

3,819 %

2,713 %

2,986 %

31

1,595 %

2,491 %

1,587 %

3,839 %

2,751 %

3,011 %

32

1,653 %

2,527 %

1,645 %

3,858 %

2,787 %

3,036 %

33

1,709 %

2,562 %

1,702 %

3,876 %

2,820 %

3,059 %

34

1,764 %

2,596 %

1,757 %

3,893 %

2,852 %

3,081 %

35

1,816 %

2,628 %

1,809 %

3,909 %

2,882 %

3,102 %

36

1,867 %

2,659 %

1,860 %

3,925 %

2,910 %

3,122 %

37

1,915 %

2,689 %

1,909 %

3,939 %

2,936 %

3,141 %

38

1,962 %

2,717 %

1,956 %

3,953 %

2,962 %

3,159 %

39

2,007 %

2,745 %

2,001 %

3,966 %

2,986 %

3,176 %

40

2,050 %

2,771 %

2,044 %

3,978 %

3,008 %

3,193 %

41

2,092 %

2,796 %

2,086 %

3,990 %

3,030 %

3,209 %

42

2,132 %

2,820 %

2,126 %

4,002 %

3,051 %

3,224 %

43

2,171 %

2,844 %

2,165 %

4,013 %

3,070 %

3,239 %

44

2,208 %

2,866 %

2,202 %

4,023 %

3,089 %

3,253 %

45

2,243 %

2,888 %

2,238 %

4,033 %

3,107 %

3,266 %

46

2,278 %

2,909 %

2,272 %

4,043 %

3,124 %

3,279 %

47

2,311 %

2,929 %

2,305 %

4,052 %

3,141 %

3,292 %

48

2,342 %

2,948 %

2,337 %

4,061 %

3,156 %

3,304 %

49

2,373 %

2,967 %

2,368 %

4,070 %

3,172 %

3,315 %

50

2,402 %

2,985 %

2,397 %

4,078 %

3,186 %

3,327 %

51

2,431 %

3,002 %

2,426 %

4,086 %

3,200 %

3,337 %

52

2,458 %

3,019 %

2,453 %

4,093 %

3,213 %

3,348 %

53

2,485 %

3,035 %

2,480 %

4,101 %

3,226 %

3,358 %

54

2,510 %

3,050 %

2,506 %

4,108 %

3,239 %

3,367 %

55

2,535 %

3,065 %

2,531 %

4,115 %

3,251 %

3,377 %

56

2,559 %

3,080 %

2,555 %

4,121 %

3,262 %

3,386 %

57

2,582 %

3,094 %

2,578 %

4,128 %

3,273 %

3,395 %

58

2,605 %

3,108 %

2,600 %

4,134 %

3,284 %

3,403 %

59

2,626 %

3,121 %

2,622 %

4,140 %

3,295 %

3,411 %

60

2,647 %

3,133 %

2,643 %

4,146 %

3,305 %

3,419 %

61

2,667 %

3,146 %

2,663 %

4,151 %

3,314 %

3,427 %

62

2,687 %

3,158 %

2,683 %

4,157 %

3,324 %

3,434 %

63

2,706 %

3,169 %

2,702 %

4,162 %

3,333 %

3,442 %

64

2,724 %

3,181 %

2,720 %

4,167 %

3,342 %

3,449 %

65

2,742 %

3,192 %

2,738 %

4,172 %

3,350 %

3,456 %

66

2,760 %

3,202 %

2,756 %

4,177 %

3,359 %

3,462 %

67

2,777 %

3,213 %

2,773 %

4,182 %

3,367 %

3,469 %

68

2,793 %

3,223 %

2,789 %

4,186 %

3,375 %

3,475 %

69

2,809 %

3,232 %

2,805 %

4,191 %

3,382 %

3,481 %

70

2,824 %

3,242 %

2,821 %

4,195 %

3,390 %

3,487 %

71

2,839 %

3,251 %

2,836 %

4,199 %

3,397 %

3,493 %

72

2,854 %

3,260 %

2,850 %

4,203 %

3,404 %

3,498 %

73

2,868 %

3,269 %

2,865 %

4,207 %

3,410 %

3,504 %

74

2,882 %

3,277 %

2,879 %

4,211 %

3,417 %

3,509 %

75

2,896 %

3,285 %

2,892 %

4,215 %

3,423 %

3,514 %

76

2,909 %

3,293 %

2,905 %

4,219 %

3,430 %

3,519 %

77

2,921 %

3,301 %

2,918 %

4,222 %

3,436 %

3,524 %

78

2,934 %

3,309 %

2,931 %

4,226 %

3,442 %

3,529 %

79

2,946 %

3,316 %

2,943 %

4,229 %

3,448 %

3,533 %

80

2,958 %

3,323 %

2,955 %

4,233 %

3,453 %

3,538 %

81

2,970 %

3,331 %

2,966 %

4,236 %

3,459 %

3,542 %

82

2,981 %

3,337 %

2,978 %

4,239 %

3,464 %

3,547 %

83

2,992 %

3,344 %

2,989 %

4,242 %

3,469 %

3,551 %

84

3,003 %

3,351 %

3,000 %

4,245 %

3,474 %

3,555 %

85

3,013 %

3,357 %

3,010 %

4,248 %

3,479 %

3,559 %

86

3,023 %

3,364 %

3,020 %

4,251 %

3,484 %

3,563 %

87

3,033 %

3,370 %

3,030 %

4,254 %

3,489 %

3,567 %

88

3,043 %

3,376 %

3,040 %

4,257 %

3,494 %

3,571 %

89

3,053 %

3,382 %

3,050 %

4,259 %

3,498 %

3,574 %

90

3,062 %

3,387 %

3,059 %

4,262 %

3,503 %

3,578 %

91

3,071 %

3,393 %

3,068 %

4,265 %

3,507 %

3,582 %

92

3,080 %

3,398 %

3,077 %

4,267 %

3,511 %

3,585 %

93

3,089 %

3,404 %

3,086 %

4,270 %

3,516 %

3,588 %

94

3,098 %

3,409 %

3,095 %

4,272 %

3,520 %

3,592 %

95

3,106 %

3,414 %

3,103 %

4,274 %

3,524 %

3,595 %

96

3,114 %

3,419 %

3,112 %

4,277 %

3,528 %

3,598 %

97

3,122 %

3,424 %

3,120 %

4,279 %

3,531 %

3,601 %

98

3,130 %

3,429 %

3,128 %

4,281 %

3,535 %

3,604 %

99

3,138 %

3,434 %

3,135 %

4,283 %

3,539 %

3,607 %

100

3,146 %

3,438 %

3,143 %

4,286 %

3,542 %

3,610 %

101

3,153 %

3,443 %

3,150 %

4,288 %

3,546 %

3,613 %

102

3,160 %

3,447 %

3,158 %

4,290 %

3,549 %

3,616 %

103

3,168 %

3,452 %

3,165 %

4,292 %

3,553 %

3,619 %

104

3,175 %

3,456 %

3,172 %

4,294 %

3,556 %

3,621 %

105

3,181 %

3,460 %

3,179 %

4,296 %

3,559 %

3,624 %

106

3,188 %

3,465 %

3,186 %

4,298 %

3,563 %

3,626 %

107

3,195 %

3,469 %

3,192 %

4,300 %

3,566 %

3,629 %

108

3,201 %

3,473 %

3,199 %

4,301 %

3,569 %

3,632 %

109

3,208 %

3,476 %

3,205 %

4,303 %

3,572 %

3,634 %

110

3,214 %

3,480 %

3,212 %

4,305 %

3,575 %

3,636 %

111

3,220 %

3,484 %

3,218 %

4,307 %

3,578 %

3,639 %

112

3,226 %

3,488 %

3,224 %

4,308 %

3,581 %

3,641 %

113

3,232 %

3,491 %

3,230 %

4,310 %

3,583 %

3,643 %

114

3,238 %

3,495 %

3,236 %

4,312 %

3,586 %

3,646 %

115

3,244 %

3,499 %

3,241 %

4,313 %

3,589 %

3,648 %

116

3,249 %

3,502 %

3,247 %

4,315 %

3,592 %

3,650 %

117

3,255 %

3,505 %

3,253 %

4,317 %

3,594 %

3,652 %

118

3,260 %

3,509 %

3,258 %

4,318 %

3,597 %

3,654 %

119

3,266 %

3,512 %

3,264 %

4,320 %

3,599 %

3,656 %

120

3,271 %

3,515 %

3,269 %

4,321 %

3,602 %

3,658 %

121

3,276 %

3,518 %

3,274 %

4,323 %

3,604 %

3,660 %

122

3,281 %

3,522 %

3,279 %

4,324 %

3,607 %

3,662 %

123

3,286 %

3,525 %

3,284 %

4,326 %

3,609 %

3,664 %

124

3,291 %

3,528 %

3,289 %

4,327 %

3,612 %

3,666 %

125

3,296 %

3,531 %

3,294 %

4,328 %

3,614 %

3,668 %

126

3,301 %

3,534 %

3,299 %

4,330 %

3,616 %

3,670 %

127

3,306 %

3,536 %

3,303 %

4,331 %

3,618 %

3,672 %

128

3,310 %

3,539 %

3,308 %

4,332 %

3,621 %

3,673 %

129

3,315 %

3,542 %

3,313 %

4,334 %

3,623 %

3,675 %

130

3,319 %

3,545 %

3,317 %

4,335 %

3,625 %

3,677 %

131

3,324 %

3,547 %

3,322 %

4,336 %

3,627 %

3,679 %

132

3,328 %

3,550 %

3,326 %

4,337 %

3,629 %

3,680 %

133

3,332 %

3,553 %

3,330 %

4,339 %

3,631 %

3,682 %

134

3,336 %

3,555 %

3,335 %

4,340 %

3,633 %

3,684 %

135

3,341 %

3,558 %

3,339 %

4,341 %

3,635 %

3,685 %

136

3,345 %

3,560 %

3,343 %

4,342 %

3,637 %

3,687 %

137

3,349 %

3,563 %

3,347 %

4,343 %

3,639 %

3,688 %

138

3,353 %

3,565 %

3,351 %

4,344 %

3,641 %

3,690 %

139

3,357 %

3,568 %

3,355 %

4,346 %

3,643 %

3,691 %

140

3,361 %

3,570 %

3,359 %

4,347 %

3,644 %

3,693 %

141

3,364 %

3,572 %

3,363 %

4,348 %

3,646 %

3,694 %

142

3,368 %

3,575 %

3,366 %

4,349 %

3,648 %

3,696 %

143

3,372 %

3,577 %

3,370 %

4,350 %

3,650 %

3,697 %

144

3,376 %

3,579 %

3,374 %

4,351 %

3,652 %

3,699 %

145

3,379 %

3,581 %

3,377 %

4,352 %

3,653 %

3,700 %

146

3,383 %

3,584 %

3,381 %

4,353 %

3,655 %

3,701 %

147

3,386 %

3,586 %

3,384 %

4,354 %

3,657 %

3,703 %

148

3,390 %

3,588 %

3,388 %

4,355 %

3,658 %

3,704 %

149

3,393 %

3,590 %

3,391 %

4,356 %

3,660 %

3,705 %

150

3,396 %

3,592 %

3,395 %

4,357 %

3,661 %

3,707 %

| Term to maturity (in years) | Lev | Pound sterling | Romanian leu | Zloty | Króna | Norwegian krone |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | – 0,380 % | 0,839 % | 3,019 % | 1,412 % | 4,368 % | 1,404 % |
| 2 | – 0,340 % | 0,830 % | 3,322 % | 1,565 % | 4,380 % | 1,574 % |
| 3 | – 0,290 % | 0,872 % | 3,619 % | 1,737 % | 4,395 % | 1,627 % |
| 4 | – 0,218 % | 0,914 % | 3,890 % | 1,924 % | 4,404 % | 1,667 % |
| 5 | – 0,139 % | 0,951 % | 4,103 % | 2,094 % | 4,410 % | 1,703 % |
| 6 | – 0,049 % | 0,984 % | 4,266 % | 2,253 % | 4,417 % | 1,737 % |
| 7 | 0,044 % | 1,014 % | 4,407 % | 2,421 % | 4,425 % | 1,770 % |
| 8 | 0,140 % | 1,044 % | 4,543 % | 2,563 % | 4,430 % | 1,804 % |
| 9 | 0,240 % | 1,065 % | 4,678 % | 2,680 % | 4,430 % | 1,836 % |
| 10 | 0,327 % | 1,103 % | 4,831 % | 2,746 % | 4,427 % | 1,871 % |
| 11 | 0,409 % | 1,130 % | 4,951 % | 2,798 % | 4,421 % | 1,914 % |
| 12 | 0,490 % | 1,155 % | 5,034 % | 2,844 % | 4,413 % | 1,964 % |
| 13 | 0,568 % | 1,167 % | 5,090 % | 2,887 % | 4,404 % | 2,017 % |
| 14 | 0,636 % | 1,195 % | 5,126 % | 2,927 % | 4,394 % | 2,072 % |
| 15 | 0,689 % | 1,210 % | 5,147 % | 2,964 % | 4,384 % | 2,127 % |
| 16 | 0,727 % | 1,224 % | 5,156 % | 2,998 % | 4,374 % | 2,181 % |
| 17 | 0,757 % | 1,235 % | 5,156 % | 3,030 % | 4,363 % | 2,235 % |
| 18 | 0,785 % | 1,233 % | 5,149 % | 3,060 % | 4,353 % | 2,287 % |
| 19 | 0,818 % | 1,251 % | 5,137 % | 3,089 % | 4,342 % | 2,337 % |
| 20 | 0,859 % | 1,258 % | 5,122 % | 3,115 % | 4,332 % | 2,385 % |
| 21 | 0,911 % | 1,261 % | 5,103 % | 3,141 % | 4,322 % | 2,432 % |
| 22 | 0,969 % | 1,264 % | 5,083 % | 3,165 % | 4,312 % | 2,477 % |
| 23 | 1,032 % | 1,266 % | 5,060 % | 3,187 % | 4,302 % | 2,520 % |
| 24 | 1,098 % | 1,268 % | 5,037 % | 3,208 % | 4,292 % | 2,561 % |
| 25 | 1,165 % | 1,268 % | 5,013 % | 3,229 % | 4,283 % | 2,600 % |
| 26 | 1,233 % | 1,266 % | 4,989 % | 3,248 % | 4,274 % | 2,638 % |
| 27 | 1,300 % | 1,263 % | 4,965 % | 3,266 % | 4,265 % | 2,673 % |
| 28 | 1,366 % | 1,260 % | 4,941 % | 3,284 % | 4,257 % | 2,708 % |
| 29 | 1,431 % | 1,257 % | 4,917 % | 3,301 % | 4,249 % | 2,741 % |
| 30 | 1,494 % | 1,255 % | 4,894 % | 3,316 % | 4,241 % | 2,772 % |
| 31 | 1,555 % | 1,253 % | 4,871 % | 3,332 % | 4,233 % | 2,802 % |
| 32 | 1,614 % | 1,251 % | 4,848 % | 3,346 % | 4,225 % | 2,831 % |
| 33 | 1,672 % | 1,250 % | 4,826 % | 3,360 % | 4,218 % | 2,858 % |
| 34 | 1,727 % | 1,250 % | 4,805 % | 3,373 % | 4,211 % | 2,885 % |
| 35 | 1,780 % | 1,250 % | 4,784 % | 3,386 % | 4,204 % | 2,910 % |
| 36 | 1,832 % | 1,250 % | 4,764 % | 3,398 % | 4,198 % | 2,934 % |
| 37 | 1,881 % | 1,249 % | 4,745 % | 3,410 % | 4,192 % | 2,957 % |
| 38 | 1,929 % | 1,246 % | 4,726 % | 3,421 % | 4,185 % | 2,979 % |
| 39 | 1,975 % | 1,241 % | 4,707 % | 3,432 % | 4,179 % | 3,001 % |
| 40 | 2,019 % | 1,234 % | 4,690 % | 3,442 % | 4,174 % | 3,021 % |
| 41 | 2,061 % | 1,223 % | 4,673 % | 3,452 % | 4,168 % | 3,041 % |
| 42 | 2,102 % | 1,212 % | 4,656 % | 3,462 % | 4,163 % | 3,060 % |
| 43 | 2,141 % | 1,200 % | 4,640 % | 3,471 % | 4,158 % | 3,078 % |
| 44 | 2,179 % | 1,190 % | 4,625 % | 3,480 % | 4,153 % | 3,095 % |
| 45 | 2,215 % | 1,183 % | 4,610 % | 3,488 % | 4,148 % | 3,112 % |
| 46 | 2,250 % | 1,178 % | 4,596 % | 3,496 % | 4,143 % | 3,128 % |
| 47 | 2,283 % | 1,178 % | 4,582 % | 3,504 % | 4,139 % | 3,144 % |
| 48 | 2,316 % | 1,181 % | 4,569 % | 3,512 % | 4,134 % | 3,159 % |
| 49 | 2,347 % | 1,189 % | 4,556 % | 3,519 % | 4,130 % | 3,173 % |
| 50 | 2,377 % | 1,201 % | 4,543 % | 3,526 % | 4,126 % | 3,187 % |
| 51 | 2,406 % | 1,218 % | 4,531 % | 3,533 % | 4,122 % | 3,200 % |
| 52 | 2,434 % | 1,239 % | 4,520 % | 3,540 % | 4,118 % | 3,213 % |
| 53 | 2,461 % | 1,264 % | 4,508 % | 3,546 % | 4,114 % | 3,226 % |
| 54 | 2,487 % | 1,290 % | 4,497 % | 3,553 % | 4,110 % | 3,238 % |
| 55 | 2,512 % | 1,319 % | 4,487 % | 3,559 % | 4,107 % | 3,249 % |
| 56 | 2,536 % | 1,348 % | 4,477 % | 3,564 % | 4,104 % | 3,261 % |
| 57 | 2,560 % | 1,379 % | 4,467 % | 3,570 % | 4,100 % | 3,272 % |
| 58 | 2,582 % | 1,410 % | 4,457 % | 3,576 % | 4,097 % | 3,282 % |
| 59 | 2,604 % | 1,442 % | 4,448 % | 3,581 % | 4,094 % | 3,293 % |
| 60 | 2,626 % | 1,474 % | 4,439 % | 3,586 % | 4,091 % | 3,302 % |
| 61 | 2,646 % | 1,506 % | 4,430 % | 3,591 % | 4,088 % | 3,312 % |
| 62 | 2,666 % | 1,537 % | 4,422 % | 3,596 % | 4,085 % | 3,321 % |
| 63 | 2,686 % | 1,569 % | 4,414 % | 3,600 % | 4,082 % | 3,330 % |
| 64 | 2,704 % | 1,600 % | 4,406 % | 3,605 % | 4,079 % | 3,339 % |
| 65 | 2,723 % | 1,631 % | 4,398 % | 3,609 % | 4,077 % | 3,348 % |
| 66 | 2,740 % | 1,661 % | 4,391 % | 3,614 % | 4,074 % | 3,356 % |
| 67 | 2,757 % | 1,691 % | 4,383 % | 3,618 % | 4,072 % | 3,364 % |
| 68 | 2,774 % | 1,721 % | 4,376 % | 3,622 % | 4,069 % | 3,372 % |
| 69 | 2,790 % | 1,750 % | 4,369 % | 3,626 % | 4,067 % | 3,379 % |
| 70 | 2,806 % | 1,778 % | 4,363 % | 3,630 % | 4,065 % | 3,387 % |
| 71 | 2,821 % | 1,806 % | 4,356 % | 3,633 % | 4,062 % | 3,394 % |
| 72 | 2,836 % | 1,833 % | 4,350 % | 3,637 % | 4,060 % | 3,401 % |
| 73 | 2,851 % | 1,860 % | 4,344 % | 3,641 % | 4,058 % | 3,408 % |
| 74 | 2,865 % | 1,886 % | 4,338 % | 3,644 % | 4,056 % | 3,414 % |
| 75 | 2,878 % | 1,912 % | 4,332 % | 3,647 % | 4,054 % | 3,421 % |
| 76 | 2,892 % | 1,937 % | 4,326 % | 3,651 % | 4,052 % | 3,427 % |
| 77 | 2,905 % | 1,961 % | 4,321 % | 3,654 % | 4,050 % | 3,433 % |
| 78 | 2,917 % | 1,985 % | 4,315 % | 3,657 % | 4,048 % | 3,439 % |
| 79 | 2,930 % | 2,009 % | 4,310 % | 3,660 % | 4,046 % | 3,445 % |
| 80 | 2,942 % | 2,032 % | 4,305 % | 3,663 % | 4,044 % | 3,450 % |
| 81 | 2,954 % | 2,054 % | 4,300 % | 3,666 % | 4,043 % | 3,456 % |
| 82 | 2,965 % | 2,076 % | 4,295 % | 3,669 % | 4,041 % | 3,461 % |
| 83 | 2,976 % | 2,098 % | 4,290 % | 3,672 % | 4,039 % | 3,467 % |
| 84 | 2,987 % | 2,119 % | 4,286 % | 3,674 % | 4,038 % | 3,472 % |
| 85 | 2,998 % | 2,139 % | 4,281 % | 3,677 % | 4,036 % | 3,477 % |
| 86 | 3,008 % | 2,159 % | 4,277 % | 3,679 % | 4,034 % | 3,482 % |
| 87 | 3,019 % | 2,179 % | 4,272 % | 3,682 % | 4,033 % | 3,486 % |
| 88 | 3,029 % | 2,198 % | 4,268 % | 3,684 % | 4,031 % | 3,491 % |
| 89 | 3,038 % | 2,217 % | 4,264 % | 3,687 % | 4,030 % | 3,496 % |
| 90 | 3,048 % | 2,235 % | 4,260 % | 3,689 % | 4,028 % | 3,500 % |
| 91 | 3,057 % | 2,253 % | 4,256 % | 3,692 % | 4,027 % | 3,505 % |
| 92 | 3,066 % | 2,271 % | 4,252 % | 3,694 % | 4,026 % | 3,509 % |
| 93 | 3,075 % | 2,288 % | 4,248 % | 3,696 % | 4,024 % | 3,513 % |
| 94 | 3,084 % | 2,305 % | 4,245 % | 3,698 % | 4,023 % | 3,517 % |
| 95 | 3,092 % | 2,322 % | 4,241 % | 3,700 % | 4,022 % | 3,521 % |
| 96 | 3,101 % | 2,338 % | 4,237 % | 3,702 % | 4,020 % | 3,525 % |
| 97 | 3,109 % | 2,354 % | 4,234 % | 3,704 % | 4,019 % | 3,529 % |
| 98 | 3,117 % | 2,370 % | 4,231 % | 3,706 % | 4,018 % | 3,533 % |
| 99 | 3,125 % | 2,385 % | 4,227 % | 3,708 % | 4,017 % | 3,536 % |
| 100 | 3,133 % | 2,400 % | 4,224 % | 3,710 % | 4,016 % | 3,540 % |
| 101 | 3,140 % | 2,415 % | 4,221 % | 3,712 % | 4,015 % | 3,544 % |
| 102 | 3,148 % | 2,429 % | 4,218 % | 3,714 % | 4,013 % | 3,547 % |
| 103 | 3,155 % | 2,443 % | 4,215 % | 3,716 % | 4,012 % | 3,550 % |
| 104 | 3,162 % | 2,457 % | 4,211 % | 3,717 % | 4,011 % | 3,554 % |
| 105 | 3,169 % | 2,471 % | 4,209 % | 3,719 % | 4,010 % | 3,557 % |
| 106 | 3,176 % | 2,484 % | 4,206 % | 3,721 % | 4,009 % | 3,560 % |
| 107 | 3,183 % | 2,497 % | 4,203 % | 3,723 % | 4,008 % | 3,564 % |
| 108 | 3,189 % | 2,510 % | 4,200 % | 3,724 % | 4,007 % | 3,567 % |
| 109 | 3,196 % | 2,523 % | 4,197 % | 3,726 % | 4,006 % | 3,570 % |
| 110 | 3,202 % | 2,535 % | 4,194 % | 3,727 % | 4,005 % | 3,573 % |
| 111 | 3,208 % | 2,548 % | 4,192 % | 3,729 % | 4,004 % | 3,576 % |
| 112 | 3,215 % | 2,559 % | 4,189 % | 3,730 % | 4,003 % | 3,579 % |
| 113 | 3,221 % | 2,571 % | 4,187 % | 3,732 % | 4,002 % | 3,581 % |
| 114 | 3,227 % | 2,583 % | 4,184 % | 3,733 % | 4,002 % | 3,584 % |
| 115 | 3,232 % | 2,594 % | 4,182 % | 3,735 % | 4,001 % | 3,587 % |
| 116 | 3,238 % | 2,605 % | 4,179 % | 3,736 % | 4,000 % | 3,590 % |
| 117 | 3,244 % | 2,616 % | 4,177 % | 3,738 % | 3,999 % | 3,592 % |
| 118 | 3,249 % | 2,627 % | 4,174 % | 3,739 % | 3,998 % | 3,595 % |
| 119 | 3,255 % | 2,638 % | 4,172 % | 3,740 % | 3,997 % | 3,597 % |
| 120 | 3,260 % | 2,648 % | 4,170 % | 3,742 % | 3,996 % | 3,600 % |
| 121 | 3,265 % | 2,659 % | 4,168 % | 3,743 % | 3,996 % | 3,602 % |
| 122 | 3,271 % | 2,669 % | 4,165 % | 3,744 % | 3,995 % | 3,605 % |
| 123 | 3,276 % | 2,679 % | 4,163 % | 3,746 % | 3,994 % | 3,607 % |
| 124 | 3,281 % | 2,688 % | 4,161 % | 3,747 % | 3,993 % | 3,610 % |
| 125 | 3,286 % | 2,698 % | 4,159 % | 3,748 % | 3,993 % | 3,612 % |
| 126 | 3,291 % | 2,708 % | 4,157 % | 3,749 % | 3,992 % | 3,614 % |
| 127 | 3,295 % | 2,717 % | 4,155 % | 3,750 % | 3,991 % | 3,616 % |
| 128 | 3,300 % | 2,726 % | 4,153 % | 3,752 % | 3,990 % | 3,619 % |
| 129 | 3,305 % | 2,735 % | 4,151 % | 3,753 % | 3,990 % | 3,621 % |
| 130 | 3,309 % | 2,744 % | 4,149 % | 3,754 % | 3,989 % | 3,623 % |
| 131 | 3,314 % | 2,753 % | 4,147 % | 3,755 % | 3,988 % | 3,625 % |
| 132 | 3,318 % | 2,761 % | 4,145 % | 3,756 % | 3,988 % | 3,627 % |
| 133 | 3,323 % | 2,770 % | 4,143 % | 3,757 % | 3,987 % | 3,629 % |
| 134 | 3,327 % | 2,778 % | 4,142 % | 3,758 % | 3,986 % | 3,631 % |
| 135 | 3,331 % | 2,787 % | 4,140 % | 3,759 % | 3,986 % | 3,633 % |
| 136 | 3,335 % | 2,795 % | 4,138 % | 3,760 % | 3,985 % | 3,635 % |
| 137 | 3,339 % | 2,803 % | 4,136 % | 3,761 % | 3,984 % | 3,637 % |
| 138 | 3,343 % | 2,811 % | 4,135 % | 3,762 % | 3,984 % | 3,639 % |
| 139 | 3,347 % | 2,818 % | 4,133 % | 3,763 % | 3,983 % | 3,641 % |
| 140 | 3,351 % | 2,826 % | 4,131 % | 3,764 % | 3,983 % | 3,643 % |
| 141 | 3,355 % | 2,834 % | 4,130 % | 3,765 % | 3,982 % | 3,645 % |
| 142 | 3,359 % | 2,841 % | 4,128 % | 3,766 % | 3,981 % | 3,646 % |
| 143 | 3,363 % | 2,849 % | 4,126 % | 3,767 % | 3,981 % | 3,648 % |
| 144 | 3,367 % | 2,856 % | 4,125 % | 3,768 % | 3,980 % | 3,650 % |
| 145 | 3,370 % | 2,863 % | 4,123 % | 3,769 % | 3,980 % | 3,652 % |
| 146 | 3,374 % | 2,870 % | 4,122 % | 3,770 % | 3,979 % | 3,653 % |
| 147 | 3,377 % | 2,877 % | 4,120 % | 3,771 % | 3,979 % | 3,655 % |
| 148 | 3,381 % | 2,884 % | 4,119 % | 3,772 % | 3,978 % | 3,657 % |
| 149 | 3,384 % | 2,891 % | 4,117 % | 3,773 % | 3,978 % | 3,658 % |
| 150 | 3,388 % | 2,897 % | 4,116 % | 3,773 % | 3,977 % | 3,660 % |

Term to maturity (in years)

Lev

Pound sterling

Romanian leu

Zloty

Króna

Norwegian krone

1

– 0,380 %

0,839 %

3,019 %

1,412 %

4,368 %

1,404 %

2

– 0,340 %

0,830 %

3,322 %

1,565 %

4,380 %

1,574 %

3

– 0,290 %

0,872 %

3,619 %

1,737 %

4,395 %

1,627 %

4

– 0,218 %

0,914 %

3,890 %

1,924 %

4,404 %

1,667 %

5

– 0,139 %

0,951 %

4,103 %

2,094 %

4,410 %

1,703 %

6

– 0,049 %

0,984 %

4,266 %

2,253 %

4,417 %

1,737 %

7

0,044 %

1,014 %

4,407 %

2,421 %

4,425 %

1,770 %

8

0,140 %

1,044 %

4,543 %

2,563 %

4,430 %

1,804 %

9

0,240 %

1,065 %

4,678 %

2,680 %

4,430 %

1,836 %

10

0,327 %

1,103 %

4,831 %

2,746 %

4,427 %

1,871 %

11

0,409 %

1,130 %

4,951 %

2,798 %

4,421 %

1,914 %

12

0,490 %

1,155 %

5,034 %

2,844 %

4,413 %

1,964 %

13

0,568 %

1,167 %

5,090 %

2,887 %

4,404 %

2,017 %

14

0,636 %

1,195 %

5,126 %

2,927 %

4,394 %

2,072 %

15

0,689 %

1,210 %

5,147 %

2,964 %

4,384 %

2,127 %

16

0,727 %

1,224 %

5,156 %

2,998 %

4,374 %

2,181 %

17

0,757 %

1,235 %

5,156 %

3,030 %

4,363 %

2,235 %

18

0,785 %

1,233 %

5,149 %

3,060 %

4,353 %

2,287 %

19

0,818 %

1,251 %

5,137 %

3,089 %

4,342 %

2,337 %

20

0,859 %

1,258 %

5,122 %

3,115 %

4,332 %

2,385 %

21

0,911 %

1,261 %

5,103 %

3,141 %

4,322 %

2,432 %

22

0,969 %

1,264 %

5,083 %

3,165 %

4,312 %

2,477 %

23

1,032 %

1,266 %

5,060 %

3,187 %

4,302 %

2,520 %

24

1,098 %

1,268 %

5,037 %

3,208 %

4,292 %

2,561 %

25

1,165 %

1,268 %

5,013 %

3,229 %

4,283 %

2,600 %

26

1,233 %

1,266 %

4,989 %

3,248 %

4,274 %

2,638 %

27

1,300 %

1,263 %

4,965 %

3,266 %

4,265 %

2,673 %

28

1,366 %

1,260 %

4,941 %

3,284 %

4,257 %

2,708 %

29

1,431 %

1,257 %

4,917 %

3,301 %

4,249 %

2,741 %

30

1,494 %

1,255 %

4,894 %

3,316 %

4,241 %

2,772 %

31

1,555 %

1,253 %

4,871 %

3,332 %

4,233 %

2,802 %

32

1,614 %

1,251 %

4,848 %

3,346 %

4,225 %

2,831 %

33

1,672 %

1,250 %

4,826 %

3,360 %

4,218 %

2,858 %

34

1,727 %

1,250 %

4,805 %

3,373 %

4,211 %

2,885 %

35

1,780 %

1,250 %

4,784 %

3,386 %

4,204 %

2,910 %

36

1,832 %

1,250 %

4,764 %

3,398 %

4,198 %

2,934 %

37

1,881 %

1,249 %

4,745 %

3,410 %

4,192 %

2,957 %

38

1,929 %

1,246 %

4,726 %

3,421 %

4,185 %

2,979 %

39

1,975 %

1,241 %

4,707 %

3,432 %

4,179 %

3,001 %

40

2,019 %

1,234 %

4,690 %

3,442 %

4,174 %

3,021 %

41

2,061 %

1,223 %

4,673 %

3,452 %

4,168 %

3,041 %

42

2,102 %

1,212 %

4,656 %

3,462 %

4,163 %

3,060 %

43

2,141 %

1,200 %

4,640 %

3,471 %

4,158 %

3,078 %

44

2,179 %

1,190 %

4,625 %

3,480 %

4,153 %

3,095 %

45

2,215 %

1,183 %

4,610 %

3,488 %

4,148 %

3,112 %

46

2,250 %

1,178 %

4,596 %

3,496 %

4,143 %

3,128 %

47

2,283 %

1,178 %

4,582 %

3,504 %

4,139 %

3,144 %

48

2,316 %

1,181 %

4,569 %

3,512 %

4,134 %

3,159 %

49

2,347 %

1,189 %

4,556 %

3,519 %

4,130 %

3,173 %

50

2,377 %

1,201 %

4,543 %

3,526 %

4,126 %

3,187 %

51

2,406 %

1,218 %

4,531 %

3,533 %

4,122 %

3,200 %

52

2,434 %

1,239 %

4,520 %

3,540 %

4,118 %

3,213 %

53

2,461 %

1,264 %

4,508 %

3,546 %

4,114 %

3,226 %

54

2,487 %

1,290 %

4,497 %

3,553 %

4,110 %

3,238 %

55

2,512 %

1,319 %

4,487 %

3,559 %

4,107 %

3,249 %

56

2,536 %

1,348 %

4,477 %

3,564 %

4,104 %

3,261 %

57

2,560 %

1,379 %

4,467 %

3,570 %

4,100 %

3,272 %

58

2,582 %

1,410 %

4,457 %

3,576 %

4,097 %

3,282 %

59

2,604 %

1,442 %

4,448 %

3,581 %

4,094 %

3,293 %

60

2,626 %

1,474 %

4,439 %

3,586 %

4,091 %

3,302 %

61

2,646 %

1,506 %

4,430 %

3,591 %

4,088 %

3,312 %

62

2,666 %

1,537 %

4,422 %

3,596 %

4,085 %

3,321 %

63

2,686 %

1,569 %

4,414 %

3,600 %

4,082 %

3,330 %

64

2,704 %

1,600 %

4,406 %

3,605 %

4,079 %

3,339 %

65

2,723 %

1,631 %

4,398 %

3,609 %

4,077 %

3,348 %

66

2,740 %

1,661 %

4,391 %

3,614 %

4,074 %

3,356 %

67

2,757 %

1,691 %

4,383 %

3,618 %

4,072 %

3,364 %

68

2,774 %

1,721 %

4,376 %

3,622 %

4,069 %

3,372 %

69

2,790 %

1,750 %

4,369 %

3,626 %

4,067 %

3,379 %

70

2,806 %

1,778 %

4,363 %

3,630 %

4,065 %

3,387 %

71

2,821 %

1,806 %

4,356 %

3,633 %

4,062 %

3,394 %

72

2,836 %

1,833 %

4,350 %

3,637 %

4,060 %

3,401 %

73

2,851 %

1,860 %

4,344 %

3,641 %

4,058 %

3,408 %

74

2,865 %

1,886 %

4,338 %

3,644 %

4,056 %

3,414 %

75

2,878 %

1,912 %

4,332 %

3,647 %

4,054 %

3,421 %

76

2,892 %

1,937 %

4,326 %

3,651 %

4,052 %

3,427 %

77

2,905 %

1,961 %

4,321 %

3,654 %

4,050 %

3,433 %

78

2,917 %

1,985 %

4,315 %

3,657 %

4,048 %

3,439 %

79

2,930 %

2,009 %

4,310 %

3,660 %

4,046 %

3,445 %

80

2,942 %

2,032 %

4,305 %

3,663 %

4,044 %

3,450 %

81

2,954 %

2,054 %

4,300 %

3,666 %

4,043 %

3,456 %

82

2,965 %

2,076 %

4,295 %

3,669 %

4,041 %

3,461 %

83

2,976 %

2,098 %

4,290 %

3,672 %

4,039 %

3,467 %

84

2,987 %

2,119 %

4,286 %

3,674 %

4,038 %

3,472 %

85

2,998 %

2,139 %

4,281 %

3,677 %

4,036 %

3,477 %

86

3,008 %

2,159 %

4,277 %

3,679 %

4,034 %

3,482 %

87

3,019 %

2,179 %

4,272 %

3,682 %

4,033 %

3,486 %

88

3,029 %

2,198 %

4,268 %

3,684 %

4,031 %

3,491 %

89

3,038 %

2,217 %

4,264 %

3,687 %

4,030 %

3,496 %

90

3,048 %

2,235 %

4,260 %

3,689 %

4,028 %

3,500 %

91

3,057 %

2,253 %

4,256 %

3,692 %

4,027 %

3,505 %

92

3,066 %

2,271 %

4,252 %

3,694 %

4,026 %

3,509 %

93

3,075 %

2,288 %

4,248 %

3,696 %

4,024 %

3,513 %

94

3,084 %

2,305 %

4,245 %

3,698 %

4,023 %

3,517 %

95

3,092 %

2,322 %

4,241 %

3,700 %

4,022 %

3,521 %

96

3,101 %

2,338 %

4,237 %

3,702 %

4,020 %

3,525 %

97

3,109 %

2,354 %

4,234 %

3,704 %

4,019 %

3,529 %

98

3,117 %

2,370 %

4,231 %

3,706 %

4,018 %

3,533 %

99

3,125 %

2,385 %

4,227 %

3,708 %

4,017 %

3,536 %

100

3,133 %

2,400 %

4,224 %

3,710 %

4,016 %

3,540 %

101

3,140 %

2,415 %

4,221 %

3,712 %

4,015 %

3,544 %

102

3,148 %

2,429 %

4,218 %

3,714 %

4,013 %

3,547 %

103

3,155 %

2,443 %

4,215 %

3,716 %

4,012 %

3,550 %

104

3,162 %

2,457 %

4,211 %

3,717 %

4,011 %

3,554 %

105

3,169 %

2,471 %

4,209 %

3,719 %

4,010 %

3,557 %

106

3,176 %

2,484 %

4,206 %

3,721 %

4,009 %

3,560 %

107

3,183 %

2,497 %

4,203 %

3,723 %

4,008 %

3,564 %

108

3,189 %

2,510 %

4,200 %

3,724 %

4,007 %

3,567 %

109

3,196 %

2,523 %

4,197 %

3,726 %

4,006 %

3,570 %

110

3,202 %

2,535 %

4,194 %

3,727 %

4,005 %

3,573 %

111

3,208 %

2,548 %

4,192 %

3,729 %

4,004 %

3,576 %

112

3,215 %

2,559 %

4,189 %

3,730 %

4,003 %

3,579 %

113

3,221 %

2,571 %

4,187 %

3,732 %

4,002 %

3,581 %

114

3,227 %

2,583 %

4,184 %

3,733 %

4,002 %

3,584 %

115

3,232 %

2,594 %

4,182 %

3,735 %

4,001 %

3,587 %

116

3,238 %

2,605 %

4,179 %

3,736 %

4,000 %

3,590 %

117

3,244 %

2,616 %

4,177 %

3,738 %

3,999 %

3,592 %

118

3,249 %

2,627 %

4,174 %

3,739 %

3,998 %

3,595 %

119

3,255 %

2,638 %

4,172 %

3,740 %

3,997 %

3,597 %

120

3,260 %

2,648 %

4,170 %

3,742 %

3,996 %

3,600 %

121

3,265 %

2,659 %

4,168 %

3,743 %

3,996 %

3,602 %

122

3,271 %

2,669 %

4,165 %

3,744 %

3,995 %

3,605 %

123

3,276 %

2,679 %

4,163 %

3,746 %

3,994 %

3,607 %

124

3,281 %

2,688 %

4,161 %

3,747 %

3,993 %

3,610 %

125

3,286 %

2,698 %

4,159 %

3,748 %

3,993 %

3,612 %

126

3,291 %

2,708 %

4,157 %

3,749 %

3,992 %

3,614 %

127

3,295 %

2,717 %

4,155 %

3,750 %

3,991 %

3,616 %

128

3,300 %

2,726 %

4,153 %

3,752 %

3,990 %

3,619 %

129

3,305 %

2,735 %

4,151 %

3,753 %

3,990 %

3,621 %

130

3,309 %

2,744 %

4,149 %

3,754 %

3,989 %

3,623 %

131

3,314 %

2,753 %

4,147 %

3,755 %

3,988 %

3,625 %

132

3,318 %

2,761 %

4,145 %

3,756 %

3,988 %

3,627 %

133

3,323 %

2,770 %

4,143 %

3,757 %

3,987 %

3,629 %

134

3,327 %

2,778 %

4,142 %

3,758 %

3,986 %

3,631 %

135

3,331 %

2,787 %

4,140 %

3,759 %

3,986 %

3,633 %

136

3,335 %

2,795 %

4,138 %

3,760 %

3,985 %

3,635 %

137

3,339 %

2,803 %

4,136 %

3,761 %

3,984 %

3,637 %

138

3,343 %

2,811 %

4,135 %

3,762 %

3,984 %

3,639 %

139

3,347 %

2,818 %

4,133 %

3,763 %

3,983 %

3,641 %

140

3,351 %

2,826 %

4,131 %

3,764 %

3,983 %

3,643 %

141

3,355 %

2,834 %

4,130 %

3,765 %

3,982 %

3,645 %

142

3,359 %

2,841 %

4,128 %

3,766 %

3,981 %

3,646 %

143

3,363 %

2,849 %

4,126 %

3,767 %

3,981 %

3,648 %

144

3,367 %

2,856 %

4,125 %

3,768 %

3,980 %

3,650 %

145

3,370 %

2,863 %

4,123 %

3,769 %

3,980 %

3,652 %

146

3,374 %

2,870 %

4,122 %

3,770 %

3,979 %

3,653 %

147

3,377 %

2,877 %

4,120 %

3,771 %

3,979 %

3,655 %

148

3,381 %

2,884 %

4,119 %

3,772 %

3,978 %

3,657 %

149

3,384 %

2,891 %

4,117 %

3,773 %

3,978 %

3,658 %

150

3,388 %

2,897 %

4,116 %

3,773 %

3,977 %

3,660 %

| Term to maturity (in years) | Swiss franc | Australian dollar | Baht | Canadian dollar | Chilean peso | Colombian peso |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | – 0,757 % | 1,421 % | 1,606 % | 1,812 % | 2,881 % | 4,181 % |
| 2 | – 0,740 % | 1,320 % | 1,647 % | 1,731 % | 2,932 % | 4,625 % |
| 3 | – 0,678 % | 1,309 % | 1,688 % | 1,704 % | 3,010 % | 4,914 % |
| 4 | – 0,603 % | 1,343 % | 1,724 % | 1,709 % | 3,116 % | 5,231 % |
| 5 | – 0,524 % | 1,403 % | 1,755 % | 1,729 % | 3,234 % | 5,438 % |
| 6 | – 0,435 % | 1,477 % | 1,799 % | 1,760 % | 3,340 % | 5,661 % |
| 7 | – 0,347 % | 1,553 % | 1,855 % | 1,793 % | 3,436 % | 5,849 % |
| 8 | – 0,257 % | 1,626 % | 1,916 % | 1,829 % | 3,528 % | 6,033 % |
| 9 | – 0,175 % | 1,692 % | 1,969 % | 1,851 % | 3,612 % | 6,207 % |
| 10 | – 0,083 % | 1,753 % | 2,005 % | 1,922 % | 3,686 % | 6,359 % |
| 11 | – 0,028 % | 1,812 % | 2,025 % | 1,978 % | 3,747 % | 6,465 % |
| 12 | 0,066 % | 1,866 % | 2,042 % | 2,016 % | 3,799 % | 6,531 % |
| 13 | 0,112 % | 1,914 % | 2,067 % | 2,046 % | 3,843 % | 6,567 % |
| 14 | 0,187 % | 1,955 % | 2,100 % | 2,074 % | 3,881 % | 6,582 % |
| 15 | 0,241 % | 1,991 % | 2,138 % | 2,105 % | 3,915 % | 6,580 % |
| 16 | 0,285 % | 2,021 % | 2,179 % | 2,138 % | 3,945 % | 6,566 % |
| 17 | 0,323 % | 2,048 % | 2,222 % | 2,170 % | 3,972 % | 6,543 % |
| 18 | 0,354 % | 2,072 % | 2,266 % | 2,198 % | 3,996 % | 6,513 % |
| 19 | 0,378 % | 2,092 % | 2,310 % | 2,217 % | 4,017 % | 6,478 % |
| 20 | 0,392 % | 2,110 % | 2,354 % | 2,227 % | 4,037 % | 6,440 % |
| 21 | 0,398 % | 2,125 % | 2,398 % | 2,226 % | 4,055 % | 6,399 % |
| 22 | 0,401 % | 2,136 % | 2,440 % | 2,218 % | 4,072 % | 6,357 % |
| 23 | 0,406 % | 2,144 % | 2,481 % | 2,207 % | 4,087 % | 6,314 % |
| 24 | 0,415 % | 2,146 % | 2,521 % | 2,194 % | 4,102 % | 6,270 % |
| 25 | 0,431 % | 2,144 % | 2,559 % | 2,182 % | 4,115 % | 6,227 % |
| 26 | 0,457 % | 2,137 % | 2,596 % | 2,173 % | 4,127 % | 6,184 % |
| 27 | 0,489 % | 2,128 % | 2,632 % | 2,167 % | 4,139 % | 6,142 % |
| 28 | 0,526 % | 2,121 % | 2,666 % | 2,165 % | 4,150 % | 6,101 % |
| 29 | 0,567 % | 2,117 % | 2,700 % | 2,168 % | 4,160 % | 6,061 % |
| 30 | 0,610 % | 2,119 % | 2,731 % | 2,175 % | 4,170 % | 6,022 % |
| 31 | 0,655 % | 2,128 % | 2,762 % | 2,189 % | 4,179 % | 5,983 % |
| 32 | 0,700 % | 2,142 % | 2,791 % | 2,206 % | 4,187 % | 5,947 % |
| 33 | 0,746 % | 2,160 % | 2,819 % | 2,226 % | 4,195 % | 5,911 % |
| 34 | 0,791 % | 2,182 % | 2,846 % | 2,249 % | 4,203 % | 5,876 % |
| 35 | 0,836 % | 2,205 % | 2,872 % | 2,274 % | 4,211 % | 5,843 % |
| 36 | 0,880 % | 2,231 % | 2,897 % | 2,300 % | 4,218 % | 5,811 % |
| 37 | 0,923 % | 2,257 % | 2,921 % | 2,326 % | 4,224 % | 5,780 % |
| 38 | 0,966 % | 2,285 % | 2,944 % | 2,353 % | 4,231 % | 5,750 % |
| 39 | 1,007 % | 2,313 % | 2,966 % | 2,381 % | 4,237 % | 5,722 % |
| 40 | 1,047 % | 2,340 % | 2,987 % | 2,408 % | 4,242 % | 5,694 % |
| 41 | 1,086 % | 2,368 % | 3,007 % | 2,435 % | 4,248 % | 5,667 % |
| 42 | 1,124 % | 2,396 % | 3,027 % | 2,462 % | 4,253 % | 5,642 % |
| 43 | 1,161 % | 2,424 % | 3,045 % | 2,489 % | 4,259 % | 5,617 % |
| 44 | 1,196 % | 2,451 % | 3,063 % | 2,515 % | 4,263 % | 5,593 % |
| 45 | 1,231 % | 2,477 % | 3,081 % | 2,540 % | 4,268 % | 5,570 % |
| 46 | 1,264 % | 2,503 % | 3,097 % | 2,566 % | 4,273 % | 5,548 % |
| 47 | 1,296 % | 2,529 % | 3,114 % | 2,590 % | 4,277 % | 5,527 % |
| 48 | 1,328 % | 2,554 % | 3,129 % | 2,614 % | 4,281 % | 5,506 % |
| 49 | 1,358 % | 2,578 % | 3,144 % | 2,637 % | 4,285 % | 5,487 % |
| 50 | 1,387 % | 2,602 % | 3,159 % | 2,660 % | 4,289 % | 5,467 % |
| 51 | 1,415 % | 2,625 % | 3,173 % | 2,682 % | 4,293 % | 5,449 % |
| 52 | 1,442 % | 2,647 % | 3,186 % | 2,703 % | 4,297 % | 5,431 % |
| 53 | 1,469 % | 2,669 % | 3,199 % | 2,724 % | 4,300 % | 5,414 % |
| 54 | 1,494 % | 2,690 % | 3,212 % | 2,744 % | 4,304 % | 5,398 % |
| 55 | 1,519 % | 2,711 % | 3,224 % | 2,764 % | 4,307 % | 5,382 % |
| 56 | 1,543 % | 2,731 % | 3,235 % | 2,783 % | 4,310 % | 5,366 % |
| 57 | 1,566 % | 2,750 % | 3,247 % | 2,802 % | 4,313 % | 5,351 % |
| 58 | 1,588 % | 2,769 % | 3,258 % | 2,820 % | 4,316 % | 5,337 % |
| 59 | 1,610 % | 2,787 % | 3,268 % | 2,837 % | 4,319 % | 5,323 % |
| 60 | 1,631 % | 2,805 % | 3,279 % | 2,854 % | 4,322 % | 5,309 % |
| 61 | 1,651 % | 2,823 % | 3,289 % | 2,871 % | 4,325 % | 5,296 % |
| 62 | 1,671 % | 2,839 % | 3,298 % | 2,887 % | 4,328 % | 5,283 % |
| 63 | 1,690 % | 2,856 % | 3,308 % | 2,903 % | 4,330 % | 5,271 % |
| 64 | 1,709 % | 2,872 % | 3,317 % | 2,918 % | 4,333 % | 5,259 % |
| 65 | 1,727 % | 2,887 % | 3,326 % | 2,932 % | 4,335 % | 5,247 % |
| 66 | 1,744 % | 2,902 % | 3,334 % | 2,947 % | 4,337 % | 5,236 % |
| 67 | 1,761 % | 2,917 % | 3,343 % | 2,961 % | 4,340 % | 5,225 % |
| 68 | 1,778 % | 2,931 % | 3,351 % | 2,974 % | 4,342 % | 5,214 % |
| 69 | 1,794 % | 2,945 % | 3,359 % | 2,987 % | 4,344 % | 5,204 % |
| 70 | 1,810 % | 2,958 % | 3,366 % | 3,000 % | 4,346 % | 5,194 % |
| 71 | 1,825 % | 2,971 % | 3,374 % | 3,013 % | 4,348 % | 5,184 % |
| 72 | 1,840 % | 2,984 % | 3,381 % | 3,025 % | 4,350 % | 5,175 % |
| 73 | 1,854 % | 2,996 % | 3,388 % | 3,037 % | 4,352 % | 5,165 % |
| 74 | 1,868 % | 3,008 % | 3,395 % | 3,048 % | 4,354 % | 5,156 % |
| 75 | 1,882 % | 3,020 % | 3,402 % | 3,060 % | 4,356 % | 5,148 % |
| 76 | 1,895 % | 3,031 % | 3,408 % | 3,070 % | 4,358 % | 5,139 % |
| 77 | 1,908 % | 3,043 % | 3,415 % | 3,081 % | 4,360 % | 5,131 % |
| 78 | 1,921 % | 3,054 % | 3,421 % | 3,092 % | 4,362 % | 5,123 % |
| 79 | 1,933 % | 3,064 % | 3,427 % | 3,102 % | 4,363 % | 5,115 % |
| 80 | 1,945 % | 3,075 % | 3,433 % | 3,112 % | 4,365 % | 5,107 % |
| 81 | 1,957 % | 3,085 % | 3,438 % | 3,121 % | 4,367 % | 5,100 % |
| 82 | 1,968 % | 3,095 % | 3,444 % | 3,131 % | 4,368 % | 5,092 % |
| 83 | 1,979 % | 3,104 % | 3,449 % | 3,140 % | 4,370 % | 5,085 % |
| 84 | 1,990 % | 3,114 % | 3,455 % | 3,149 % | 4,371 % | 5,078 % |
| 85 | 2,001 % | 3,123 % | 3,460 % | 3,158 % | 4,373 % | 5,071 % |
| 86 | 2,011 % | 3,132 % | 3,465 % | 3,166 % | 4,374 % | 5,065 % |
| 87 | 2,021 % | 3,141 % | 3,470 % | 3,175 % | 4,376 % | 5,058 % |
| 88 | 2,031 % | 3,149 % | 3,475 % | 3,183 % | 4,377 % | 5,052 % |
| 89 | 2,041 % | 3,158 % | 3,480 % | 3,191 % | 4,378 % | 5,046 % |
| 90 | 2,051 % | 3,166 % | 3,484 % | 3,199 % | 4,380 % | 5,040 % |
| 91 | 2,060 % | 3,174 % | 3,489 % | 3,206 % | 4,381 % | 5,034 % |
| 92 | 2,069 % | 3,182 % | 3,493 % | 3,214 % | 4,382 % | 5,028 % |
| 93 | 2,078 % | 3,189 % | 3,498 % | 3,221 % | 4,383 % | 5,022 % |
| 94 | 2,087 % | 3,197 % | 3,502 % | 3,228 % | 4,385 % | 5,017 % |
| 95 | 2,095 % | 3,204 % | 3,506 % | 3,235 % | 4,386 % | 5,011 % |
| 96 | 2,103 % | 3,211 % | 3,510 % | 3,242 % | 4,387 % | 5,006 % |
| 97 | 2,112 % | 3,219 % | 3,514 % | 3,249 % | 4,388 % | 5,001 % |
| 98 | 2,120 % | 3,225 % | 3,518 % | 3,256 % | 4,389 % | 4,995 % |
| 99 | 2,127 % | 3,232 % | 3,522 % | 3,262 % | 4,390 % | 4,990 % |
| 100 | 2,135 % | 3,239 % | 3,526 % | 3,269 % | 4,391 % | 4,986 % |
| 101 | 2,143 % | 3,245 % | 3,530 % | 3,275 % | 4,393 % | 4,981 % |
| 102 | 2,150 % | 3,252 % | 3,533 % | 3,281 % | 4,394 % | 4,976 % |
| 103 | 2,157 % | 3,258 % | 3,537 % | 3,287 % | 4,395 % | 4,971 % |
| 104 | 2,164 % | 3,264 % | 3,540 % | 3,293 % | 4,396 % | 4,967 % |
| 105 | 2,171 % | 3,270 % | 3,544 % | 3,299 % | 4,397 % | 4,962 % |
| 106 | 2,178 % | 3,276 % | 3,547 % | 3,304 % | 4,398 % | 4,958 % |
| 107 | 2,185 % | 3,282 % | 3,550 % | 3,310 % | 4,399 % | 4,954 % |
| 108 | 2,192 % | 3,288 % | 3,553 % | 3,315 % | 4,399 % | 4,949 % |
| 109 | 2,198 % | 3,293 % | 3,557 % | 3,321 % | 4,400 % | 4,945 % |
| 110 | 2,204 % | 3,299 % | 3,560 % | 3,326 % | 4,401 % | 4,941 % |
| 111 | 2,211 % | 3,304 % | 3,563 % | 3,331 % | 4,402 % | 4,937 % |
| 112 | 2,217 % | 3,309 % | 3,566 % | 3,336 % | 4,403 % | 4,933 % |
| 113 | 2,223 % | 3,315 % | 3,569 % | 3,341 % | 4,404 % | 4,930 % |
| 114 | 2,229 % | 3,320 % | 3,572 % | 3,346 % | 4,405 % | 4,926 % |
| 115 | 2,235 % | 3,325 % | 3,575 % | 3,351 % | 4,406 % | 4,922 % |
| 116 | 2,240 % | 3,330 % | 3,577 % | 3,355 % | 4,406 % | 4,918 % |
| 117 | 2,246 % | 3,335 % | 3,580 % | 3,360 % | 4,407 % | 4,915 % |
| 118 | 2,251 % | 3,339 % | 3,583 % | 3,365 % | 4,408 % | 4,911 % |
| 119 | 2,257 % | 3,344 % | 3,585 % | 3,369 % | 4,409 % | 4,908 % |
| 120 | 2,262 % | 3,349 % | 3,588 % | 3,373 % | 4,409 % | 4,904 % |
| 121 | 2,267 % | 3,353 % | 3,591 % | 3,378 % | 4,410 % | 4,901 % |
| 122 | 2,273 % | 3,358 % | 3,593 % | 3,382 % | 4,411 % | 4,898 % |
| 123 | 2,278 % | 3,362 % | 3,596 % | 3,386 % | 4,412 % | 4,895 % |
| 124 | 2,283 % | 3,366 % | 3,598 % | 3,390 % | 4,412 % | 4,891 % |
| 125 | 2,288 % | 3,371 % | 3,601 % | 3,395 % | 4,413 % | 4,888 % |
| 126 | 2,293 % | 3,375 % | 3,603 % | 3,399 % | 4,414 % | 4,885 % |
| 127 | 2,297 % | 3,379 % | 3,605 % | 3,402 % | 4,414 % | 4,882 % |
| 128 | 2,302 % | 3,383 % | 3,608 % | 3,406 % | 4,415 % | 4,879 % |
| 129 | 2,307 % | 3,387 % | 3,610 % | 3,410 % | 4,416 % | 4,876 % |
| 130 | 2,311 % | 3,391 % | 3,612 % | 3,414 % | 4,416 % | 4,873 % |
| 131 | 2,316 % | 3,395 % | 3,614 % | 3,418 % | 4,417 % | 4,870 % |
| 132 | 2,320 % | 3,399 % | 3,616 % | 3,421 % | 4,418 % | 4,868 % |
| 133 | 2,324 % | 3,403 % | 3,619 % | 3,425 % | 4,418 % | 4,865 % |
| 134 | 2,329 % | 3,406 % | 3,621 % | 3,428 % | 4,419 % | 4,862 % |
| 135 | 2,333 % | 3,410 % | 3,623 % | 3,432 % | 4,419 % | 4,859 % |
| 136 | 2,337 % | 3,413 % | 3,625 % | 3,435 % | 4,420 % | 4,857 % |
| 137 | 2,341 % | 3,417 % | 3,627 % | 3,439 % | 4,421 % | 4,854 % |
| 138 | 2,345 % | 3,420 % | 3,629 % | 3,442 % | 4,421 % | 4,852 % |
| 139 | 2,349 % | 3,424 % | 3,631 % | 3,445 % | 4,422 % | 4,849 % |
| 140 | 2,353 % | 3,427 % | 3,633 % | 3,449 % | 4,422 % | 4,847 % |
| 141 | 2,357 % | 3,431 % | 3,634 % | 3,452 % | 4,423 % | 4,844 % |
| 142 | 2,361 % | 3,434 % | 3,636 % | 3,455 % | 4,423 % | 4,842 % |
| 143 | 2,365 % | 3,437 % | 3,638 % | 3,458 % | 4,424 % | 4,839 % |
| 144 | 2,368 % | 3,440 % | 3,640 % | 3,461 % | 4,424 % | 4,837 % |
| 145 | 2,372 % | 3,444 % | 3,642 % | 3,464 % | 4,425 % | 4,835 % |
| 146 | 2,376 % | 3,447 % | 3,644 % | 3,467 % | 4,426 % | 4,832 % |
| 147 | 2,379 % | 3,450 % | 3,645 % | 3,470 % | 4,426 % | 4,830 % |
| 148 | 2,383 % | 3,453 % | 3,647 % | 3,473 % | 4,427 % | 4,828 % |
| 149 | 2,386 % | 3,456 % | 3,649 % | 3,476 % | 4,427 % | 4,826 % |
| 150 | 2,389 % | 3,459 % | 3,650 % | 3,479 % | 4,427 % | 4,823 % |

Term to maturity (in years)

Swiss franc

Australian dollar

Baht

Canadian dollar

Chilean peso

Colombian peso

1

– 0,757 %

1,421 %

1,606 %

1,812 %

2,881 %

4,181 %

2

– 0,740 %

1,320 %

1,647 %

1,731 %

2,932 %

4,625 %

3

– 0,678 %

1,309 %

1,688 %

1,704 %

3,010 %

4,914 %

4

– 0,603 %

1,343 %

1,724 %

1,709 %

3,116 %

5,231 %

5

– 0,524 %

1,403 %

1,755 %

1,729 %

3,234 %

5,438 %

6

– 0,435 %

1,477 %

1,799 %

1,760 %

3,340 %

5,661 %

7

– 0,347 %

1,553 %

1,855 %

1,793 %

3,436 %

5,849 %

8

– 0,257 %

1,626 %

1,916 %

1,829 %

3,528 %

6,033 %

9

– 0,175 %

1,692 %

1,969 %

1,851 %

3,612 %

6,207 %

10

– 0,083 %

1,753 %

2,005 %

1,922 %

3,686 %

6,359 %

11

– 0,028 %

1,812 %

2,025 %

1,978 %

3,747 %

6,465 %

12

0,066 %

1,866 %

2,042 %

2,016 %

3,799 %

6,531 %

13

0,112 %

1,914 %

2,067 %

2,046 %

3,843 %

6,567 %

14

0,187 %

1,955 %

2,100 %

2,074 %

3,881 %

6,582 %

15

0,241 %

1,991 %

2,138 %

2,105 %

3,915 %

6,580 %

16

0,285 %

2,021 %

2,179 %

2,138 %

3,945 %

6,566 %

17

0,323 %

2,048 %

2,222 %

2,170 %

3,972 %

6,543 %

18

0,354 %

2,072 %

2,266 %

2,198 %

3,996 %

6,513 %

19

0,378 %

2,092 %

2,310 %

2,217 %

4,017 %

6,478 %

20

0,392 %

2,110 %

2,354 %

2,227 %

4,037 %

6,440 %

21

0,398 %

2,125 %

2,398 %

2,226 %

4,055 %

6,399 %

22

0,401 %

2,136 %

2,440 %

2,218 %

4,072 %

6,357 %

23

0,406 %

2,144 %

2,481 %

2,207 %

4,087 %

6,314 %

24

0,415 %

2,146 %

2,521 %

2,194 %

4,102 %

6,270 %

25

0,431 %

2,144 %

2,559 %

2,182 %

4,115 %

6,227 %

26

0,457 %

2,137 %

2,596 %

2,173 %

4,127 %

6,184 %

27

0,489 %

2,128 %

2,632 %

2,167 %

4,139 %

6,142 %

28

0,526 %

2,121 %

2,666 %

2,165 %

4,150 %

6,101 %

29

0,567 %

2,117 %

2,700 %

2,168 %

4,160 %

6,061 %

30

0,610 %

2,119 %

2,731 %

2,175 %

4,170 %

6,022 %

31

0,655 %

2,128 %

2,762 %

2,189 %

4,179 %

5,983 %

32

0,700 %

2,142 %

2,791 %

2,206 %

4,187 %

5,947 %

33

0,746 %

2,160 %

2,819 %

2,226 %

4,195 %

5,911 %

34

0,791 %

2,182 %

2,846 %

2,249 %

4,203 %

5,876 %

35

0,836 %

2,205 %

2,872 %

2,274 %

4,211 %

5,843 %

36

0,880 %

2,231 %

2,897 %

2,300 %

4,218 %

5,811 %

37

0,923 %

2,257 %

2,921 %

2,326 %

4,224 %

5,780 %

38

0,966 %

2,285 %

2,944 %

2,353 %

4,231 %

5,750 %

39

1,007 %

2,313 %

2,966 %

2,381 %

4,237 %

5,722 %

40

1,047 %

2,340 %

2,987 %

2,408 %

4,242 %

5,694 %

41

1,086 %

2,368 %

3,007 %

2,435 %

4,248 %

5,667 %

42

1,124 %

2,396 %

3,027 %

2,462 %

4,253 %

5,642 %

43

1,161 %

2,424 %

3,045 %

2,489 %

4,259 %

5,617 %

44

1,196 %

2,451 %

3,063 %

2,515 %

4,263 %

5,593 %

45

1,231 %

2,477 %

3,081 %

2,540 %

4,268 %

5,570 %

46

1,264 %

2,503 %

3,097 %

2,566 %

4,273 %

5,548 %

47

1,296 %

2,529 %

3,114 %

2,590 %

4,277 %

5,527 %

48

1,328 %

2,554 %

3,129 %

2,614 %

4,281 %

5,506 %

49

1,358 %

2,578 %

3,144 %

2,637 %

4,285 %

5,487 %

50

1,387 %

2,602 %

3,159 %

2,660 %

4,289 %

5,467 %

51

1,415 %

2,625 %

3,173 %

2,682 %

4,293 %

5,449 %

52

1,442 %

2,647 %

3,186 %

2,703 %

4,297 %

5,431 %

53

1,469 %

2,669 %

3,199 %

2,724 %

4,300 %

5,414 %

54

1,494 %

2,690 %

3,212 %

2,744 %

4,304 %

5,398 %

55

1,519 %

2,711 %

3,224 %

2,764 %

4,307 %

5,382 %

56

1,543 %

2,731 %

3,235 %

2,783 %

4,310 %

5,366 %

57

1,566 %

2,750 %

3,247 %

2,802 %

4,313 %

5,351 %

58

1,588 %

2,769 %

3,258 %

2,820 %

4,316 %

5,337 %

59

1,610 %

2,787 %

3,268 %

2,837 %

4,319 %

5,323 %

60

1,631 %

2,805 %

3,279 %

2,854 %

4,322 %

5,309 %

61

1,651 %

2,823 %

3,289 %

2,871 %

4,325 %

5,296 %

62

1,671 %

2,839 %

3,298 %

2,887 %

4,328 %

5,283 %

63

1,690 %

2,856 %

3,308 %

2,903 %

4,330 %

5,271 %

64

1,709 %

2,872 %

3,317 %

2,918 %

4,333 %

5,259 %

65

1,727 %

2,887 %

3,326 %

2,932 %

4,335 %

5,247 %

66

1,744 %

2,902 %

3,334 %

2,947 %

4,337 %

5,236 %

67

1,761 %

2,917 %

3,343 %

2,961 %

4,340 %

5,225 %

68

1,778 %

2,931 %

3,351 %

2,974 %

4,342 %

5,214 %

69

1,794 %

2,945 %

3,359 %

2,987 %

4,344 %

5,204 %

70

1,810 %

2,958 %

3,366 %

3,000 %

4,346 %

5,194 %

71

1,825 %

2,971 %

3,374 %

3,013 %

4,348 %

5,184 %

72

1,840 %

2,984 %

3,381 %

3,025 %

4,350 %

5,175 %

73

1,854 %

2,996 %

3,388 %

3,037 %

4,352 %

5,165 %

74

1,868 %

3,008 %

3,395 %

3,048 %

4,354 %

5,156 %

75

1,882 %

3,020 %

3,402 %

3,060 %

4,356 %

5,148 %

76

1,895 %

3,031 %

3,408 %

3,070 %

4,358 %

5,139 %

77

1,908 %

3,043 %

3,415 %

3,081 %

4,360 %

5,131 %

78

1,921 %

3,054 %

3,421 %

3,092 %

4,362 %

5,123 %

79

1,933 %

3,064 %

3,427 %

3,102 %

4,363 %

5,115 %

80

1,945 %

3,075 %

3,433 %

3,112 %

4,365 %

5,107 %

81

1,957 %

3,085 %

3,438 %

3,121 %

4,367 %

5,100 %

82

1,968 %

3,095 %

3,444 %

3,131 %

4,368 %

5,092 %

83

1,979 %

3,104 %

3,449 %

3,140 %

4,370 %

5,085 %

84

1,990 %

3,114 %

3,455 %

3,149 %

4,371 %

5,078 %

85

2,001 %

3,123 %

3,460 %

3,158 %

4,373 %

5,071 %

86

2,011 %

3,132 %

3,465 %

3,166 %

4,374 %

5,065 %

87

2,021 %

3,141 %

3,470 %

3,175 %

4,376 %

5,058 %

88

2,031 %

3,149 %

3,475 %

3,183 %

4,377 %

5,052 %

89

2,041 %

3,158 %

3,480 %

3,191 %

4,378 %

5,046 %

90

2,051 %

3,166 %

3,484 %

3,199 %

4,380 %

5,040 %

91

2,060 %

3,174 %

3,489 %

3,206 %

4,381 %

5,034 %

92

2,069 %

3,182 %

3,493 %

3,214 %

4,382 %

5,028 %

93

2,078 %

3,189 %

3,498 %

3,221 %

4,383 %

5,022 %

94

2,087 %

3,197 %

3,502 %

3,228 %

4,385 %

5,017 %

95

2,095 %

3,204 %

3,506 %

3,235 %

4,386 %

5,011 %

96

2,103 %

3,211 %

3,510 %

3,242 %

4,387 %

5,006 %

97

2,112 %

3,219 %

3,514 %

3,249 %

4,388 %

5,001 %

98

2,120 %

3,225 %

3,518 %

3,256 %

4,389 %

4,995 %

99

2,127 %

3,232 %

3,522 %

3,262 %

4,390 %

4,990 %

100

2,135 %

3,239 %

3,526 %

3,269 %

4,391 %

4,986 %

101

2,143 %

3,245 %

3,530 %

3,275 %

4,393 %

4,981 %

102

2,150 %

3,252 %

3,533 %

3,281 %

4,394 %

4,976 %

103

2,157 %

3,258 %

3,537 %

3,287 %

4,395 %

4,971 %

104

2,164 %

3,264 %

3,540 %

3,293 %

4,396 %

4,967 %

105

2,171 %

3,270 %

3,544 %

3,299 %

4,397 %

4,962 %

106

2,178 %

3,276 %

3,547 %

3,304 %

4,398 %

4,958 %

107

2,185 %

3,282 %

3,550 %

3,310 %

4,399 %

4,954 %

108

2,192 %

3,288 %

3,553 %

3,315 %

4,399 %

4,949 %

109

2,198 %

3,293 %

3,557 %

3,321 %

4,400 %

4,945 %

110

2,204 %

3,299 %

3,560 %

3,326 %

4,401 %

4,941 %

111

2,211 %

3,304 %

3,563 %

3,331 %

4,402 %

4,937 %

112

2,217 %

3,309 %

3,566 %

3,336 %

4,403 %

4,933 %

113

2,223 %

3,315 %

3,569 %

3,341 %

4,404 %

4,930 %

114

2,229 %

3,320 %

3,572 %

3,346 %

4,405 %

4,926 %

115

2,235 %

3,325 %

3,575 %

3,351 %

4,406 %

4,922 %

116

2,240 %

3,330 %

3,577 %

3,355 %

4,406 %

4,918 %

117

2,246 %

3,335 %

3,580 %

3,360 %

4,407 %

4,915 %

118

2,251 %

3,339 %

3,583 %

3,365 %

4,408 %

4,911 %

119

2,257 %

3,344 %

3,585 %

3,369 %

4,409 %

4,908 %

120

2,262 %

3,349 %

3,588 %

3,373 %

4,409 %

4,904 %

121

2,267 %

3,353 %

3,591 %

3,378 %

4,410 %

4,901 %

122

2,273 %

3,358 %

3,593 %

3,382 %

4,411 %

4,898 %

123

2,278 %

3,362 %

3,596 %

3,386 %

4,412 %

4,895 %

124

2,283 %

3,366 %

3,598 %

3,390 %

4,412 %

4,891 %

125

2,288 %

3,371 %

3,601 %

3,395 %

4,413 %

4,888 %

126

2,293 %

3,375 %

3,603 %

3,399 %

4,414 %

4,885 %

127

2,297 %

3,379 %

3,605 %

3,402 %

4,414 %

4,882 %

128

2,302 %

3,383 %

3,608 %

3,406 %

4,415 %

4,879 %

129

2,307 %

3,387 %

3,610 %

3,410 %

4,416 %

4,876 %

130

2,311 %

3,391 %

3,612 %

3,414 %

4,416 %

4,873 %

131

2,316 %

3,395 %

3,614 %

3,418 %

4,417 %

4,870 %

132

2,320 %

3,399 %

3,616 %

3,421 %

4,418 %

4,868 %

133

2,324 %

3,403 %

3,619 %

3,425 %

4,418 %

4,865 %

134

2,329 %

3,406 %

3,621 %

3,428 %

4,419 %

4,862 %

135

2,333 %

3,410 %

3,623 %

3,432 %

4,419 %

4,859 %

136

2,337 %

3,413 %

3,625 %

3,435 %

4,420 %

4,857 %

137

2,341 %

3,417 %

3,627 %

3,439 %

4,421 %

4,854 %

138

2,345 %

3,420 %

3,629 %

3,442 %

4,421 %

4,852 %

139

2,349 %

3,424 %

3,631 %

3,445 %

4,422 %

4,849 %

140

2,353 %

3,427 %

3,633 %

3,449 %

4,422 %

4,847 %

141

2,357 %

3,431 %

3,634 %

3,452 %

4,423 %

4,844 %

142

2,361 %

3,434 %

3,636 %

3,455 %

4,423 %

4,842 %

143

2,365 %

3,437 %

3,638 %

3,458 %

4,424 %

4,839 %

144

2,368 %

3,440 %

3,640 %

3,461 %

4,424 %

4,837 %

145

2,372 %

3,444 %

3,642 %

3,464 %

4,425 %

4,835 %

146

2,376 %

3,447 %

3,644 %

3,467 %

4,426 %

4,832 %

147

2,379 %

3,450 %

3,645 %

3,470 %

4,426 %

4,830 %

148

2,383 %

3,453 %

3,647 %

3,473 %

4,427 %

4,828 %

149

2,386 %

3,456 %

3,649 %

3,476 %

4,427 %

4,826 %

150

2,389 %

3,459 %

3,650 %

3,479 %

4,427 %

4,823 %

| Term to maturity (in years) | Hong Kong dollar | Indian rupee | Mexican peso | New Taiwan dollar | New Zealand dollar | Rand |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | 1,521 % | 6,284 % | 8,278 % | 0,387 % | 1,567 % | 6,929 % |
| 2 | 1,529 % | 6,425 % | 7,931 % | 0,435 % | 1,501 % | 6,962 % |
| 3 | 1,560 % | 6,571 % | 7,752 % | 0,483 % | 1,518 % | 7,063 % |
| 4 | 1,596 % | 6,721 % | 7,698 % | 0,528 % | 1,571 % | 7,172 % |
| 5 | 1,622 % | 6,871 % | 7,703 % | 0,555 % | 1,650 % | 7,331 % |
| 6 | 1,652 % | 7,043 % | 7,761 % | 0,580 % | 1,732 % | 7,463 % |
| 7 | 1,686 % | 7,166 % | 7,848 % | 0,597 % | 1,819 % | 7,616 % |
| 8 | 1,721 % | 7,296 % | 7,945 % | 0,624 % | 1,903 % | 7,760 % |
| 9 | 1,759 % | 7,404 % | 8,045 % | 0,656 % | 1,985 % | 7,896 % |
| 10 | 1,803 % | 7,493 % | 8,144 % | 0,686 % | 2,062 % | 8,007 % |
| 11 | 1,850 % | 7,549 % | 8,239 % | 0,737 % | 2,136 % | 8,121 % |
| 12 | 1,891 % | 7,576 % | 8,329 % | 0,807 % | 2,206 % | 8,229 % |
| 13 | 1,917 % | 7,583 % | 8,412 % | 0,887 % | 2,266 % | 8,313 % |
| 14 | 1,938 % | 7,574 % | 8,489 % | 0,973 % | 2,317 % | 8,371 % |
| 15 | 1,962 % | 7,554 % | 8,559 % | 1,061 % | 2,361 % | 8,404 % |
| 16 | 1,993 % | 7,526 % | 8,621 % | 1,150 % | 2,398 % | 8,414 % |
| 17 | 2,030 % | 7,492 % | 8,672 % | 1,237 % | 2,431 % | 8,404 % |
| 18 | 2,071 % | 7,454 % | 8,710 % | 1,323 % | 2,461 % | 8,379 % |
| 19 | 2,115 % | 7,413 % | 8,732 % | 1,405 % | 2,490 % | 8,343 % |
| 20 | 2,159 % | 7,370 % | 8,735 % | 1,486 % | 2,520 % | 8,299 % |
| 21 | 2,204 % | 7,326 % | 8,717 % | 1,563 % | 2,551 % | 8,249 % |
| 22 | 2,248 % | 7,282 % | 8,683 % | 1,636 % | 2,583 % | 8,194 % |
| 23 | 2,292 % | 7,237 % | 8,636 % | 1,707 % | 2,614 % | 8,136 % |
| 24 | 2,336 % | 7,193 % | 8,579 % | 1,775 % | 2,646 % | 8,077 % |
| 25 | 2,378 % | 7,150 % | 8,514 % | 1,839 % | 2,677 % | 8,017 % |
| 26 | 2,419 % | 7,108 % | 8,444 % | 1,901 % | 2,708 % | 7,956 % |
| 27 | 2,459 % | 7,066 % | 8,371 % | 1,960 % | 2,738 % | 7,896 % |
| 28 | 2,497 % | 7,026 % | 8,295 % | 2,016 % | 2,768 % | 7,837 % |
| 29 | 2,534 % | 6,986 % | 8,219 % | 2,070 % | 2,796 % | 7,778 % |
| 30 | 2,570 % | 6,948 % | 8,142 % | 2,121 % | 2,824 % | 7,721 % |
| 31 | 2,604 % | 6,912 % | 8,065 % | 2,169 % | 2,851 % | 7,665 % |
| 32 | 2,637 % | 6,876 % | 7,990 % | 2,216 % | 2,877 % | 7,611 % |
| 33 | 2,669 % | 6,842 % | 7,916 % | 2,261 % | 2,902 % | 7,559 % |
| 34 | 2,700 % | 6,809 % | 7,843 % | 2,303 % | 2,926 % | 7,508 % |
| 35 | 2,729 % | 6,777 % | 7,772 % | 2,344 % | 2,949 % | 7,459 % |
| 36 | 2,757 % | 6,746 % | 7,704 % | 2,383 % | 2,971 % | 7,412 % |
| 37 | 2,785 % | 6,717 % | 7,637 % | 2,420 % | 2,993 % | 7,366 % |
| 38 | 2,811 % | 6,688 % | 7,573 % | 2,455 % | 3,014 % | 7,322 % |
| 39 | 2,836 % | 6,661 % | 7,511 % | 2,489 % | 3,034 % | 7,279 % |
| 40 | 2,860 % | 6,635 % | 7,451 % | 2,522 % | 3,053 % | 7,239 % |
| 41 | 2,883 % | 6,609 % | 7,393 % | 2,553 % | 3,072 % | 7,199 % |
| 42 | 2,905 % | 6,585 % | 7,337 % | 2,584 % | 3,090 % | 7,161 % |
| 43 | 2,927 % | 6,561 % | 7,283 % | 2,612 % | 3,107 % | 7,125 % |
| 44 | 2,947 % | 6,539 % | 7,232 % | 2,640 % | 3,123 % | 7,090 % |
| 45 | 2,967 % | 6,517 % | 7,182 % | 2,667 % | 3,139 % | 7,056 % |
| 46 | 2,986 % | 6,496 % | 7,134 % | 2,692 % | 3,155 % | 7,024 % |
| 47 | 3,005 % | 6,476 % | 7,088 % | 2,717 % | 3,170 % | 6,992 % |
| 48 | 3,022 % | 6,456 % | 7,043 % | 2,741 % | 3,184 % | 6,962 % |
| 49 | 3,039 % | 6,438 % | 7,000 % | 2,763 % | 3,198 % | 6,933 % |
| 50 | 3,056 % | 6,419 % | 6,959 % | 2,785 % | 3,211 % | 6,905 % |
| 51 | 3,072 % | 6,402 % | 6,919 % | 2,806 % | 3,224 % | 6,878 % |
| 52 | 3,087 % | 6,385 % | 6,880 % | 2,827 % | 3,237 % | 6,852 % |
| 53 | 3,102 % | 6,369 % | 6,843 % | 2,847 % | 3,249 % | 6,827 % |
| 54 | 3,116 % | 6,353 % | 6,808 % | 2,866 % | 3,260 % | 6,803 % |
| 55 | 3,130 % | 6,338 % | 6,773 % | 2,884 % | 3,272 % | 6,779 % |
| 56 | 3,144 % | 6,323 % | 6,740 % | 2,902 % | 3,282 % | 6,757 % |
| 57 | 3,157 % | 6,309 % | 6,707 % | 2,919 % | 3,293 % | 6,735 % |
| 58 | 3,169 % | 6,295 % | 6,676 % | 2,936 % | 3,303 % | 6,714 % |
| 59 | 3,181 % | 6,282 % | 6,646 % | 2,952 % | 3,313 % | 6,693 % |
| 60 | 3,193 % | 6,269 % | 6,617 % | 2,967 % | 3,323 % | 6,673 % |
| 61 | 3,204 % | 6,256 % | 6,589 % | 2,982 % | 3,332 % | 6,654 % |
| 62 | 3,215 % | 6,244 % | 6,561 % | 2,997 % | 3,341 % | 6,636 % |
| 63 | 3,226 % | 6,233 % | 6,535 % | 3,011 % | 3,350 % | 6,618 % |
| 64 | 3,237 % | 6,221 % | 6,509 % | 3,025 % | 3,358 % | 6,600 % |
| 65 | 3,247 % | 6,210 % | 6,485 % | 3,038 % | 3,366 % | 6,583 % |
| 66 | 3,256 % | 6,200 % | 6,460 % | 3,051 % | 3,374 % | 6,567 % |
| 67 | 3,266 % | 6,189 % | 6,437 % | 3,063 % | 3,382 % | 6,551 % |
| 68 | 3,275 % | 6,179 % | 6,414 % | 3,076 % | 3,390 % | 6,536 % |
| 69 | 3,284 % | 6,169 % | 6,392 % | 3,088 % | 3,397 % | 6,520 % |
| 70 | 3,293 % | 6,160 % | 6,371 % | 3,099 % | 3,404 % | 6,506 % |
| 71 | 3,301 % | 6,150 % | 6,350 % | 3,110 % | 3,411 % | 6,492 % |
| 72 | 3,310 % | 6,141 % | 6,330 % | 3,121 % | 3,418 % | 6,478 % |
| 73 | 3,318 % | 6,133 % | 6,310 % | 3,132 % | 3,424 % | 6,464 % |
| 74 | 3,325 % | 6,124 % | 6,291 % | 3,142 % | 3,431 % | 6,451 % |
| 75 | 3,333 % | 6,116 % | 6,272 % | 3,152 % | 3,437 % | 6,439 % |
| 76 | 3,340 % | 6,108 % | 6,254 % | 3,162 % | 3,443 % | 6,426 % |
| 77 | 3,348 % | 6,100 % | 6,236 % | 3,171 % | 3,449 % | 6,414 % |
| 78 | 3,355 % | 6,092 % | 6,219 % | 3,181 % | 3,455 % | 6,402 % |
| 79 | 3,362 % | 6,085 % | 6,202 % | 3,190 % | 3,460 % | 6,391 % |
| 80 | 3,368 % | 6,077 % | 6,186 % | 3,199 % | 3,466 % | 6,380 % |
| 81 | 3,375 % | 6,070 % | 6,170 % | 3,207 % | 3,471 % | 6,369 % |
| 82 | 3,381 % | 6,063 % | 6,154 % | 3,216 % | 3,476 % | 6,358 % |
| 83 | 3,387 % | 6,056 % | 6,139 % | 3,224 % | 3,481 % | 6,348 % |
| 84 | 3,393 % | 6,050 % | 6,124 % | 3,232 % | 3,486 % | 6,338 % |
| 85 | 3,399 % | 6,043 % | 6,110 % | 3,240 % | 3,491 % | 6,328 % |
| 86 | 3,405 % | 6,037 % | 6,096 % | 3,247 % | 3,496 % | 6,318 % |
| 87 | 3,411 % | 6,031 % | 6,082 % | 3,255 % | 3,500 % | 6,309 % |
| 88 | 3,416 % | 6,025 % | 6,068 % | 3,262 % | 3,505 % | 6,300 % |
| 89 | 3,422 % | 6,019 % | 6,055 % | 3,269 % | 3,509 % | 6,291 % |
| 90 | 3,427 % | 6,013 % | 6,042 % | 3,276 % | 3,514 % | 6,282 % |
| 91 | 3,432 % | 6,007 % | 6,030 % | 3,283 % | 3,518 % | 6,273 % |
| 92 | 3,437 % | 6,002 % | 6,017 % | 3,290 % | 3,522 % | 6,265 % |
| 93 | 3,442 % | 5,996 % | 6,005 % | 3,296 % | 3,526 % | 6,256 % |
| 94 | 3,447 % | 5,991 % | 5,993 % | 3,303 % | 3,530 % | 6,248 % |
| 95 | 3,452 % | 5,986 % | 5,982 % | 3,309 % | 3,534 % | 6,240 % |
| 96 | 3,457 % | 5,981 % | 5,971 % | 3,315 % | 3,538 % | 6,233 % |
| 97 | 3,461 % | 5,976 % | 5,959 % | 3,321 % | 3,542 % | 6,225 % |
| 98 | 3,466 % | 5,971 % | 5,949 % | 3,327 % | 3,545 % | 6,218 % |
| 99 | 3,470 % | 5,966 % | 5,938 % | 3,333 % | 3,549 % | 6,210 % |
| 100 | 3,474 % | 5,962 % | 5,928 % | 3,338 % | 3,552 % | 6,203 % |
| 101 | 3,479 % | 5,957 % | 5,917 % | 3,344 % | 3,556 % | 6,196 % |
| 102 | 3,483 % | 5,953 % | 5,907 % | 3,349 % | 3,559 % | 6,189 % |
| 103 | 3,487 % | 5,948 % | 5,897 % | 3,355 % | 3,562 % | 6,183 % |
| 104 | 3,491 % | 5,944 % | 5,888 % | 3,360 % | 3,566 % | 6,176 % |
| 105 | 3,495 % | 5,940 % | 5,878 % | 3,365 % | 3,569 % | 6,170 % |
| 106 | 3,498 % | 5,935 % | 5,869 % | 3,370 % | 3,572 % | 6,163 % |
| 107 | 3,502 % | 5,931 % | 5,860 % | 3,375 % | 3,575 % | 6,157 % |
| 108 | 3,506 % | 5,927 % | 5,851 % | 3,380 % | 3,578 % | 6,151 % |
| 109 | 3,509 % | 5,923 % | 5,842 % | 3,385 % | 3,581 % | 6,145 % |
| 110 | 3,513 % | 5,920 % | 5,834 % | 3,389 % | 3,584 % | 6,139 % |
| 111 | 3,516 % | 5,916 % | 5,825 % | 3,394 % | 3,587 % | 6,133 % |
| 112 | 3,520 % | 5,912 % | 5,817 % | 3,398 % | 3,589 % | 6,128 % |
| 113 | 3,523 % | 5,908 % | 5,809 % | 3,403 % | 3,592 % | 6,122 % |
| 114 | 3,526 % | 5,905 % | 5,801 % | 3,407 % | 3,595 % | 6,117 % |
| 115 | 3,530 % | 5,901 % | 5,793 % | 3,411 % | 3,598 % | 6,111 % |
| 116 | 3,533 % | 5,898 % | 5,785 % | 3,416 % | 3,600 % | 6,106 % |
| 117 | 3,536 % | 5,894 % | 5,778 % | 3,420 % | 3,603 % | 6,101 % |
| 118 | 3,539 % | 5,891 % | 5,770 % | 3,424 % | 3,605 % | 6,096 % |
| 119 | 3,542 % | 5,888 % | 5,763 % | 3,428 % | 3,608 % | 6,091 % |
| 120 | 3,545 % | 5,885 % | 5,756 % | 3,432 % | 3,610 % | 6,086 % |
| 121 | 3,548 % | 5,881 % | 5,749 % | 3,436 % | 3,612 % | 6,081 % |
| 122 | 3,551 % | 5,878 % | 5,742 % | 3,439 % | 3,615 % | 6,076 % |
| 123 | 3,554 % | 5,875 % | 5,735 % | 3,443 % | 3,617 % | 6,071 % |
| 124 | 3,557 % | 5,872 % | 5,728 % | 3,447 % | 3,619 % | 6,067 % |
| 125 | 3,559 % | 5,869 % | 5,721 % | 3,450 % | 3,622 % | 6,062 % |
| 126 | 3,562 % | 5,866 % | 5,715 % | 3,454 % | 3,624 % | 6,058 % |
| 127 | 3,565 % | 5,863 % | 5,708 % | 3,457 % | 3,626 % | 6,053 % |
| 128 | 3,567 % | 5,860 % | 5,702 % | 3,461 % | 3,628 % | 6,049 % |
| 129 | 3,570 % | 5,858 % | 5,696 % | 3,464 % | 3,630 % | 6,045 % |
| 130 | 3,572 % | 5,855 % | 5,690 % | 3,468 % | 3,632 % | 6,041 % |
| 131 | 3,575 % | 5,852 % | 5,683 % | 3,471 % | 3,634 % | 6,036 % |
| 132 | 3,577 % | 5,850 % | 5,678 % | 3,474 % | 3,636 % | 6,032 % |
| 133 | 3,580 % | 5,847 % | 5,672 % | 3,477 % | 3,638 % | 6,028 % |
| 134 | 3,582 % | 5,844 % | 5,666 % | 3,481 % | 3,640 % | 6,024 % |
| 135 | 3,584 % | 5,842 % | 5,660 % | 3,484 % | 3,642 % | 6,021 % |
| 136 | 3,587 % | 5,839 % | 5,655 % | 3,487 % | 3,644 % | 6,017 % |
| 137 | 3,589 % | 5,837 % | 5,649 % | 3,490 % | 3,646 % | 6,013 % |
| 138 | 3,591 % | 5,834 % | 5,644 % | 3,493 % | 3,648 % | 6,009 % |
| 139 | 3,594 % | 5,832 % | 5,638 % | 3,496 % | 3,650 % | 6,006 % |
| 140 | 3,596 % | 5,830 % | 5,633 % | 3,498 % | 3,651 % | 6,002 % |
| 141 | 3,598 % | 5,827 % | 5,628 % | 3,501 % | 3,653 % | 5,998 % |
| 142 | 3,600 % | 5,825 % | 5,623 % | 3,504 % | 3,655 % | 5,995 % |
| 143 | 3,602 % | 5,823 % | 5,618 % | 3,507 % | 3,657 % | 5,991 % |
| 144 | 3,604 % | 5,820 % | 5,613 % | 3,510 % | 3,658 % | 5,988 % |
| 145 | 3,606 % | 5,818 % | 5,608 % | 3,512 % | 3,660 % | 5,985 % |
| 146 | 3,608 % | 5,816 % | 5,603 % | 3,515 % | 3,662 % | 5,981 % |
| 147 | 3,610 % | 5,814 % | 5,598 % | 3,518 % | 3,663 % | 5,978 % |
| 148 | 3,612 % | 5,812 % | 5,593 % | 3,520 % | 3,665 % | 5,975 % |
| 149 | 3,614 % | 5,810 % | 5,589 % | 3,523 % | 3,666 % | 5,972 % |
| 150 | 3,616 % | 5,808 % | 5,584 % | 3,525 % | 3,668 % | 5,968 % |

Term to maturity (in years)

Hong Kong dollar

Indian rupee

Mexican peso

New Taiwan dollar

New Zealand dollar

Rand

1

1,521 %

6,284 %

8,278 %

0,387 %

1,567 %

6,929 %

2

1,529 %

6,425 %

7,931 %

0,435 %

1,501 %

6,962 %

3

1,560 %

6,571 %

7,752 %

0,483 %

1,518 %

7,063 %

4

1,596 %

6,721 %

7,698 %

0,528 %

1,571 %

7,172 %

5

1,622 %

6,871 %

7,703 %

0,555 %

1,650 %

7,331 %

6

1,652 %

7,043 %

7,761 %

0,580 %

1,732 %

7,463 %

7

1,686 %

7,166 %

7,848 %

0,597 %

1,819 %

7,616 %

8

1,721 %

7,296 %

7,945 %

0,624 %

1,903 %

7,760 %

9

1,759 %

7,404 %

8,045 %

0,656 %

1,985 %

7,896 %

10

1,803 %

7,493 %

8,144 %

0,686 %

2,062 %

8,007 %

11

1,850 %

7,549 %

8,239 %

0,737 %

2,136 %

8,121 %

12

1,891 %

7,576 %

8,329 %

0,807 %

2,206 %

8,229 %

13

1,917 %

7,583 %

8,412 %

0,887 %

2,266 %

8,313 %

14

1,938 %

7,574 %

8,489 %

0,973 %

2,317 %

8,371 %

15

1,962 %

7,554 %

8,559 %

1,061 %

2,361 %

8,404 %

16

1,993 %

7,526 %

8,621 %

1,150 %

2,398 %

8,414 %

17

2,030 %

7,492 %

8,672 %

1,237 %

2,431 %

8,404 %

18

2,071 %

7,454 %

8,710 %

1,323 %

2,461 %

8,379 %

19

2,115 %

7,413 %

8,732 %

1,405 %

2,490 %

8,343 %

20

2,159 %

7,370 %

8,735 %

1,486 %

2,520 %

8,299 %

21

2,204 %

7,326 %

8,717 %

1,563 %

2,551 %

8,249 %

22

2,248 %

7,282 %

8,683 %

1,636 %

2,583 %

8,194 %

23

2,292 %

7,237 %

8,636 %

1,707 %

2,614 %

8,136 %

24

2,336 %

7,193 %

8,579 %

1,775 %

2,646 %

8,077 %

25

2,378 %

7,150 %

8,514 %

1,839 %

2,677 %

8,017 %

26

2,419 %

7,108 %

8,444 %

1,901 %

2,708 %

7,956 %

27

2,459 %

7,066 %

8,371 %

1,960 %

2,738 %

7,896 %

28

2,497 %

7,026 %

8,295 %

2,016 %

2,768 %

7,837 %

29

2,534 %

6,986 %

8,219 %

2,070 %

2,796 %

7,778 %

30

2,570 %

6,948 %

8,142 %

2,121 %

2,824 %

7,721 %

31

2,604 %

6,912 %

8,065 %

2,169 %

2,851 %

7,665 %

32

2,637 %

6,876 %

7,990 %

2,216 %

2,877 %

7,611 %

33

2,669 %

6,842 %

7,916 %

2,261 %

2,902 %

7,559 %

34

2,700 %

6,809 %

7,843 %

2,303 %

2,926 %

7,508 %

35

2,729 %

6,777 %

7,772 %

2,344 %

2,949 %

7,459 %

36

2,757 %

6,746 %

7,704 %

2,383 %

2,971 %

7,412 %

37

2,785 %

6,717 %

7,637 %

2,420 %

2,993 %

7,366 %

38

2,811 %

6,688 %

7,573 %

2,455 %

3,014 %

7,322 %

39

2,836 %

6,661 %

7,511 %

2,489 %

3,034 %

7,279 %

40

2,860 %

6,635 %

7,451 %

2,522 %

3,053 %

7,239 %

41

2,883 %

6,609 %

7,393 %

2,553 %

3,072 %

7,199 %

42

2,905 %

6,585 %

7,337 %

2,584 %

3,090 %

7,161 %

43

2,927 %

6,561 %

7,283 %

2,612 %

3,107 %

7,125 %

44

2,947 %

6,539 %

7,232 %

2,640 %

3,123 %

7,090 %

45

2,967 %

6,517 %

7,182 %

2,667 %

3,139 %

7,056 %

46

2,986 %

6,496 %

7,134 %

2,692 %

3,155 %

7,024 %

47

3,005 %

6,476 %

7,088 %

2,717 %

3,170 %

6,992 %

48

3,022 %

6,456 %

7,043 %

2,741 %

3,184 %

6,962 %

49

3,039 %

6,438 %

7,000 %

2,763 %

3,198 %

6,933 %

50

3,056 %

6,419 %

6,959 %

2,785 %

3,211 %

6,905 %

51

3,072 %

6,402 %

6,919 %

2,806 %

3,224 %

6,878 %

52

3,087 %

6,385 %

6,880 %

2,827 %

3,237 %

6,852 %

53

3,102 %

6,369 %

6,843 %

2,847 %

3,249 %

6,827 %

54

3,116 %

6,353 %

6,808 %

2,866 %

3,260 %

6,803 %

55

3,130 %

6,338 %

6,773 %

2,884 %

3,272 %

6,779 %

56

3,144 %

6,323 %

6,740 %

2,902 %

3,282 %

6,757 %

57

3,157 %

6,309 %

6,707 %

2,919 %

3,293 %

6,735 %

58

3,169 %

6,295 %

6,676 %

2,936 %

3,303 %

6,714 %

59

3,181 %

6,282 %

6,646 %

2,952 %

3,313 %

6,693 %

60

3,193 %

6,269 %

6,617 %

2,967 %

3,323 %

6,673 %

61

3,204 %

6,256 %

6,589 %

2,982 %

3,332 %

6,654 %

62

3,215 %

6,244 %

6,561 %

2,997 %

3,341 %

6,636 %

63

3,226 %

6,233 %

6,535 %

3,011 %

3,350 %

6,618 %

64

3,237 %

6,221 %

6,509 %

3,025 %

3,358 %

6,600 %

65

3,247 %

6,210 %

6,485 %

3,038 %

3,366 %

6,583 %

66

3,256 %

6,200 %

6,460 %

3,051 %

3,374 %

6,567 %

67

3,266 %

6,189 %

6,437 %

3,063 %

3,382 %

6,551 %

68

3,275 %

6,179 %

6,414 %

3,076 %

3,390 %

6,536 %

69

3,284 %

6,169 %

6,392 %

3,088 %

3,397 %

6,520 %

70

3,293 %

6,160 %

6,371 %

3,099 %

3,404 %

6,506 %

71

3,301 %

6,150 %

6,350 %

3,110 %

3,411 %

6,492 %

72

3,310 %

6,141 %

6,330 %

3,121 %

3,418 %

6,478 %

73

3,318 %

6,133 %

6,310 %

3,132 %

3,424 %

6,464 %

74

3,325 %

6,124 %

6,291 %

3,142 %

3,431 %

6,451 %

75

3,333 %

6,116 %

6,272 %

3,152 %

3,437 %

6,439 %

76

3,340 %

6,108 %

6,254 %

3,162 %

3,443 %

6,426 %

77

3,348 %

6,100 %

6,236 %

3,171 %

3,449 %

6,414 %

78

3,355 %

6,092 %

6,219 %

3,181 %

3,455 %

6,402 %

79

3,362 %

6,085 %

6,202 %

3,190 %

3,460 %

6,391 %

80

3,368 %

6,077 %

6,186 %

3,199 %

3,466 %

6,380 %

81

3,375 %

6,070 %

6,170 %

3,207 %

3,471 %

6,369 %

82

3,381 %

6,063 %

6,154 %

3,216 %

3,476 %

6,358 %

83

3,387 %

6,056 %

6,139 %

3,224 %

3,481 %

6,348 %

84

3,393 %

6,050 %

6,124 %

3,232 %

3,486 %

6,338 %

85

3,399 %

6,043 %

6,110 %

3,240 %

3,491 %

6,328 %

86

3,405 %

6,037 %

6,096 %

3,247 %

3,496 %

6,318 %

87

3,411 %

6,031 %

6,082 %

3,255 %

3,500 %

6,309 %

88

3,416 %

6,025 %

6,068 %

3,262 %

3,505 %

6,300 %

89

3,422 %

6,019 %

6,055 %

3,269 %

3,509 %

6,291 %

90

3,427 %

6,013 %

6,042 %

3,276 %

3,514 %

6,282 %

91

3,432 %

6,007 %

6,030 %

3,283 %

3,518 %

6,273 %

92

3,437 %

6,002 %

6,017 %

3,290 %

3,522 %

6,265 %

93

3,442 %

5,996 %

6,005 %

3,296 %

3,526 %

6,256 %

94

3,447 %

5,991 %

5,993 %

3,303 %

3,530 %

6,248 %

95

3,452 %

5,986 %

5,982 %

3,309 %

3,534 %

6,240 %

96

3,457 %

5,981 %

5,971 %

3,315 %

3,538 %

6,233 %

97

3,461 %

5,976 %

5,959 %

3,321 %

3,542 %

6,225 %

98

3,466 %

5,971 %

5,949 %

3,327 %

3,545 %

6,218 %

99

3,470 %

5,966 %

5,938 %

3,333 %

3,549 %

6,210 %

100

3,474 %

5,962 %

5,928 %

3,338 %

3,552 %

6,203 %

101

3,479 %

5,957 %

5,917 %

3,344 %

3,556 %

6,196 %

102

3,483 %

5,953 %

5,907 %

3,349 %

3,559 %

6,189 %

103

3,487 %

5,948 %

5,897 %

3,355 %

3,562 %

6,183 %

104

3,491 %

5,944 %

5,888 %

3,360 %

3,566 %

6,176 %

105

3,495 %

5,940 %

5,878 %

3,365 %

3,569 %

6,170 %

106

3,498 %

5,935 %

5,869 %

3,370 %

3,572 %

6,163 %

107

3,502 %

5,931 %

5,860 %

3,375 %

3,575 %

6,157 %

108

3,506 %

5,927 %

5,851 %

3,380 %

3,578 %

6,151 %

109

3,509 %

5,923 %

5,842 %

3,385 %

3,581 %

6,145 %

110

3,513 %

5,920 %

5,834 %

3,389 %

3,584 %

6,139 %

111

3,516 %

5,916 %

5,825 %

3,394 %

3,587 %

6,133 %

112

3,520 %

5,912 %

5,817 %

3,398 %

3,589 %

6,128 %

113

3,523 %

5,908 %

5,809 %

3,403 %

3,592 %

6,122 %

114

3,526 %

5,905 %

5,801 %

3,407 %

3,595 %

6,117 %

115

3,530 %

5,901 %

5,793 %

3,411 %

3,598 %

6,111 %

116

3,533 %

5,898 %

5,785 %

3,416 %

3,600 %

6,106 %

117

3,536 %

5,894 %

5,778 %

3,420 %

3,603 %

6,101 %

118

3,539 %

5,891 %

5,770 %

3,424 %

3,605 %

6,096 %

119

3,542 %

5,888 %

5,763 %

3,428 %

3,608 %

6,091 %

120

3,545 %

5,885 %

5,756 %

3,432 %

3,610 %

6,086 %

121

3,548 %

5,881 %

5,749 %

3,436 %

3,612 %

6,081 %

122

3,551 %

5,878 %

5,742 %

3,439 %

3,615 %

6,076 %

123

3,554 %

5,875 %

5,735 %

3,443 %

3,617 %

6,071 %

124

3,557 %

5,872 %

5,728 %

3,447 %

3,619 %

6,067 %

125

3,559 %

5,869 %

5,721 %

3,450 %

3,622 %

6,062 %

126

3,562 %

5,866 %

5,715 %

3,454 %

3,624 %

6,058 %

127

3,565 %

5,863 %

5,708 %

3,457 %

3,626 %

6,053 %

128

3,567 %

5,860 %

5,702 %

3,461 %

3,628 %

6,049 %

129

3,570 %

5,858 %

5,696 %

3,464 %

3,630 %

6,045 %

130

3,572 %

5,855 %

5,690 %

3,468 %

3,632 %

6,041 %

131

3,575 %

5,852 %

5,683 %

3,471 %

3,634 %

6,036 %

132

3,577 %

5,850 %

5,678 %

3,474 %

3,636 %

6,032 %

133

3,580 %

5,847 %

5,672 %

3,477 %

3,638 %

6,028 %

134

3,582 %

5,844 %

5,666 %

3,481 %

3,640 %

6,024 %

135

3,584 %

5,842 %

5,660 %

3,484 %

3,642 %

6,021 %

136

3,587 %

5,839 %

5,655 %

3,487 %

3,644 %

6,017 %

137

3,589 %

5,837 %

5,649 %

3,490 %

3,646 %

6,013 %

138

3,591 %

5,834 %

5,644 %

3,493 %

3,648 %

6,009 %

139

3,594 %

5,832 %

5,638 %

3,496 %

3,650 %

6,006 %

140

3,596 %

5,830 %

5,633 %

3,498 %

3,651 %

6,002 %

141

3,598 %

5,827 %

5,628 %

3,501 %

3,653 %

5,998 %

142

3,600 %

5,825 %

5,623 %

3,504 %

3,655 %

5,995 %

143

3,602 %

5,823 %

5,618 %

3,507 %

3,657 %

5,991 %

144

3,604 %

5,820 %

5,613 %

3,510 %

3,658 %

5,988 %

145

3,606 %

5,818 %

5,608 %

3,512 %

3,660 %

5,985 %

146

3,608 %

5,816 %

5,603 %

3,515 %

3,662 %

5,981 %

147

3,610 %

5,814 %

5,598 %

3,518 %

3,663 %

5,978 %

148

3,612 %

5,812 %

5,593 %

3,520 %

3,665 %

5,975 %

149

3,614 %

5,810 %

5,589 %

3,523 %

3,666 %

5,972 %

150

3,616 %

5,808 %

5,584 %

3,525 %

3,668 %

5,968 %

| Term to maturity (in years) | Real | Renminbi-yuan | Ringgit | Russian rouble | Singapore dollar | South Korean won |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | 6,262 % | 2,437 % | 3,336 % | 8,170 % | 1,800 % | 1,680 % |
| 2 | 7,003 % | 2,499 % | 3,336 % | 8,014 % | 1,757 % | 1,573 % |
| 3 | 7,545 % | 2,574 % | 3,336 % | 8,005 % | 1,760 % | 1,538 % |
| 4 | 7,948 % | 2,674 % | 3,401 % | 8,074 % | 1,768 % | 1,517 % |
| 5 | 8,223 % | 2,747 % | 3,433 % | 8,120 % | 1,798 % | 1,507 % |
| 6 | 8,415 % | 2,847 % | 3,489 % | 8,180 % | 1,849 % | 1,500 % |
| 7 | 8,585 % | 2,943 % | 3,562 % | 8,254 % | 1,905 % | 1,497 % |
| 8 | 8,695 % | 3,012 % | 3,634 % | 8,289 % | 1,958 % | 1,500 % |
| 9 | 8,727 % | 3,064 % | 3,703 % | 8,285 % | 2,010 % | 1,508 % |
| 10 | 8,753 % | 3,109 % | 3,764 % | 8,253 % | 2,067 % | 1,519 % |
| 11 | 8,755 % | 3,153 % | 3,818 % | 8,200 % | 2,128 % | 1,532 % |
| 12 | 8,732 % | 3,197 % | 3,865 % | 8,131 % | 2,187 % | 1,543 % |
| 13 | 8,692 % | 3,240 % | 3,907 % | 8,053 % | 2,237 % | 1,551 % |
| 14 | 8,639 % | 3,281 % | 3,947 % | 7,968 % | 2,278 % | 1,552 % |
| 15 | 8,578 % | 3,321 % | 3,989 % | 7,880 % | 2,309 % | 1,546 % |
| 16 | 8,510 % | 3,360 % | 4,033 % | 7,789 % | 2,331 % | 1,533 % |
| 17 | 8,439 % | 3,397 % | 4,078 % | 7,698 % | 2,347 % | 1,520 % |
| 18 | 8,366 % | 3,432 % | 4,120 % | 7,607 % | 2,362 % | 1,511 % |
| 19 | 8,291 % | 3,466 % | 4,158 % | 7,517 % | 2,378 % | 1,512 % |
| 20 | 8,216 % | 3,498 % | 4,190 % | 7,428 % | 2,397 % | 1,523 % |
| 21 | 8,142 % | 3,529 % | 4,215 % | 7,342 % | 2,420 % | 1,547 % |
| 22 | 8,069 % | 3,558 % | 4,234 % | 7,258 % | 2,446 % | 1,580 % |
| 23 | 7,998 % | 3,586 % | 4,248 % | 7,177 % | 2,474 % | 1,619 % |
| 24 | 7,928 % | 3,613 % | 4,259 % | 7,099 % | 2,504 % | 1,662 % |
| 25 | 7,860 % | 3,639 % | 4,266 % | 7,023 % | 2,535 % | 1,709 % |
| 26 | 7,794 % | 3,663 % | 4,270 % | 6,950 % | 2,566 % | 1,757 % |
| 27 | 7,731 % | 3,686 % | 4,272 % | 6,880 % | 2,597 % | 1,806 % |
| 28 | 7,669 % | 3,709 % | 4,273 % | 6,813 % | 2,627 % | 1,855 % |
| 29 | 7,610 % | 3,730 % | 4,272 % | 6,748 % | 2,658 % | 1,904 % |
| 30 | 7,553 % | 3,750 % | 4,270 % | 6,686 % | 2,687 % | 1,952 % |
| 31 | 7,499 % | 3,770 % | 4,267 % | 6,627 % | 2,717 % | 1,999 % |
| 32 | 7,446 % | 3,789 % | 4,263 % | 6,570 % | 2,745 % | 2,045 % |
| 33 | 7,395 % | 3,806 % | 4,259 % | 6,515 % | 2,772 % | 2,090 % |
| 34 | 7,347 % | 3,824 % | 4,254 % | 6,463 % | 2,799 % | 2,134 % |
| 35 | 7,300 % | 3,840 % | 4,249 % | 6,413 % | 2,825 % | 2,176 % |
| 36 | 7,256 % | 3,856 % | 4,244 % | 6,365 % | 2,850 % | 2,217 % |
| 37 | 7,213 % | 3,871 % | 4,239 % | 6,319 % | 2,874 % | 2,256 % |
| 38 | 7,172 % | 3,885 % | 4,233 % | 6,275 % | 2,897 % | 2,294 % |
| 39 | 7,132 % | 3,899 % | 4,228 % | 6,233 % | 2,920 % | 2,331 % |
| 40 | 7,094 % | 3,913 % | 4,222 % | 6,192 % | 2,941 % | 2,366 % |
| 41 | 7,058 % | 3,925 % | 4,216 % | 6,153 % | 2,962 % | 2,400 % |
| 42 | 7,023 % | 3,938 % | 4,211 % | 6,116 % | 2,982 % | 2,433 % |
| 43 | 6,989 % | 3,950 % | 4,205 % | 6,080 % | 3,002 % | 2,464 % |
| 44 | 6,957 % | 3,961 % | 4,200 % | 6,046 % | 3,021 % | 2,495 % |
| 45 | 6,926 % | 3,972 % | 4,194 % | 6,013 % | 3,039 % | 2,524 % |
| 46 | 6,896 % | 3,983 % | 4,189 % | 5,981 % | 3,056 % | 2,553 % |
| 47 | 6,867 % | 3,993 % | 4,184 % | 5,950 % | 3,073 % | 2,580 % |
| 48 | 6,840 % | 4,003 % | 4,179 % | 5,921 % | 3,089 % | 2,606 % |
| 49 | 6,813 % | 4,013 % | 4,174 % | 5,892 % | 3,105 % | 2,631 % |
| 50 | 6,788 % | 4,022 % | 4,169 % | 5,865 % | 3,120 % | 2,656 % |
| 51 | 6,763 % | 4,031 % | 4,165 % | 5,839 % | 3,135 % | 2,679 % |
| 52 | 6,739 % | 4,039 % | 4,160 % | 5,814 % | 3,149 % | 2,702 % |
| 53 | 6,716 % | 4,047 % | 4,156 % | 5,789 % | 3,163 % | 2,724 % |
| 54 | 6,694 % | 4,055 % | 4,151 % | 5,766 % | 3,176 % | 2,745 % |
| 55 | 6,672 % | 4,063 % | 4,147 % | 5,743 % | 3,189 % | 2,766 % |
| 56 | 6,652 % | 4,071 % | 4,143 % | 5,721 % | 3,201 % | 2,786 % |
| 57 | 6,632 % | 4,078 % | 4,139 % | 5,699 % | 3,213 % | 2,805 % |
| 58 | 6,612 % | 4,085 % | 4,135 % | 5,679 % | 3,225 % | 2,823 % |
| 59 | 6,593 % | 4,092 % | 4,131 % | 5,659 % | 3,236 % | 2,841 % |
| 60 | 6,575 % | 4,098 % | 4,128 % | 5,640 % | 3,247 % | 2,859 % |
| 61 | 6,558 % | 4,105 % | 4,124 % | 5,621 % | 3,257 % | 2,875 % |
| 62 | 6,541 % | 4,111 % | 4,120 % | 5,603 % | 3,267 % | 2,892 % |
| 63 | 6,524 % | 4,117 % | 4,117 % | 5,586 % | 3,277 % | 2,908 % |
| 64 | 6,508 % | 4,123 % | 4,114 % | 5,569 % | 3,287 % | 2,923 % |
| 65 | 6,493 % | 4,129 % | 4,111 % | 5,552 % | 3,296 % | 2,938 % |
| 66 | 6,478 % | 4,134 % | 4,108 % | 5,536 % | 3,305 % | 2,952 % |
| 67 | 6,463 % | 4,140 % | 4,104 % | 5,521 % | 3,314 % | 2,966 % |
| 68 | 6,449 % | 4,145 % | 4,102 % | 5,506 % | 3,322 % | 2,980 % |
| 69 | 6,435 % | 4,150 % | 4,099 % | 5,491 % | 3,331 % | 2,993 % |
| 70 | 6,422 % | 4,155 % | 4,096 % | 5,477 % | 3,339 % | 3,006 % |
| 71 | 6,409 % | 4,160 % | 4,093 % | 5,463 % | 3,347 % | 3,018 % |
| 72 | 6,396 % | 4,164 % | 4,091 % | 5,450 % | 3,354 % | 3,031 % |
| 73 | 6,384 % | 4,169 % | 4,088 % | 5,437 % | 3,362 % | 3,042 % |
| 74 | 6,372 % | 4,173 % | 4,085 % | 5,424 % | 3,369 % | 3,054 % |
| 75 | 6,360 % | 4,178 % | 4,083 % | 5,412 % | 3,376 % | 3,065 % |
| 76 | 6,349 % | 4,182 % | 4,081 % | 5,400 % | 3,383 % | 3,076 % |
| 77 | 6,338 % | 4,186 % | 4,078 % | 5,388 % | 3,389 % | 3,087 % |
| 78 | 6,327 % | 4,190 % | 4,076 % | 5,377 % | 3,396 % | 3,097 % |
| 79 | 6,317 % | 4,194 % | 4,074 % | 5,366 % | 3,402 % | 3,107 % |
| 80 | 6,306 % | 4,197 % | 4,072 % | 5,355 % | 3,409 % | 3,117 % |
| 81 | 6,296 % | 4,201 % | 4,070 % | 5,344 % | 3,415 % | 3,127 % |
| 82 | 6,287 % | 4,205 % | 4,067 % | 5,334 % | 3,420 % | 3,136 % |
| 83 | 6,277 % | 4,208 % | 4,065 % | 5,324 % | 3,426 % | 3,145 % |
| 84 | 6,268 % | 4,212 % | 4,064 % | 5,314 % | 3,432 % | 3,154 % |
| 85 | 6,259 % | 4,215 % | 4,062 % | 5,304 % | 3,437 % | 3,163 % |
| 86 | 6,250 % | 4,218 % | 4,060 % | 5,295 % | 3,443 % | 3,171 % |
| 87 | 6,241 % | 4,222 % | 4,058 % | 5,286 % | 3,448 % | 3,180 % |
| 88 | 6,233 % | 4,225 % | 4,056 % | 5,277 % | 3,453 % | 3,188 % |
| 89 | 6,225 % | 4,228 % | 4,054 % | 5,268 % | 3,458 % | 3,196 % |
| 90 | 6,217 % | 4,231 % | 4,053 % | 5,259 % | 3,463 % | 3,204 % |
| 91 | 6,209 % | 4,234 % | 4,051 % | 5,251 % | 3,468 % | 3,211 % |
| 92 | 6,201 % | 4,237 % | 4,049 % | 5,243 % | 3,472 % | 3,219 % |
| 93 | 6,193 % | 4,240 % | 4,048 % | 5,235 % | 3,477 % | 3,226 % |
| 94 | 6,186 % | 4,242 % | 4,046 % | 5,227 % | 3,482 % | 3,233 % |
| 95 | 6,179 % | 4,245 % | 4,045 % | 5,219 % | 3,486 % | 3,240 % |
| 96 | 6,172 % | 4,248 % | 4,043 % | 5,212 % | 3,490 % | 3,247 % |
| 97 | 6,165 % | 4,250 % | 4,042 % | 5,204 % | 3,494 % | 3,254 % |
| 98 | 6,158 % | 4,253 % | 4,040 % | 5,197 % | 3,499 % | 3,260 % |
| 99 | 6,151 % | 4,255 % | 4,039 % | 5,190 % | 3,503 % | 3,267 % |
| 100 | 6,145 % | 4,258 % | 4,037 % | 5,183 % | 3,507 % | 3,273 % |
| 101 | 6,138 % | 4,260 % | 4,036 % | 5,176 % | 3,510 % | 3,279 % |
| 102 | 6,132 % | 4,263 % | 4,035 % | 5,170 % | 3,514 % | 3,285 % |
| 103 | 6,126 % | 4,265 % | 4,033 % | 5,163 % | 3,518 % | 3,291 % |
| 104 | 6,120 % | 4,267 % | 4,032 % | 5,157 % | 3,522 % | 3,297 % |
| 105 | 6,114 % | 4,269 % | 4,031 % | 5,151 % | 3,525 % | 3,303 % |
| 106 | 6,108 % | 4,271 % | 4,030 % | 5,144 % | 3,529 % | 3,309 % |
| 107 | 6,102 % | 4,274 % | 4,028 % | 5,138 % | 3,532 % | 3,314 % |
| 108 | 6,097 % | 4,276 % | 4,027 % | 5,133 % | 3,536 % | 3,319 % |
| 109 | 6,091 % | 4,278 % | 4,026 % | 5,127 % | 3,539 % | 3,325 % |
| 110 | 6,086 % | 4,280 % | 4,025 % | 5,121 % | 3,542 % | 3,330 % |
| 111 | 6,081 % | 4,282 % | 4,024 % | 5,115 % | 3,545 % | 3,335 % |
| 112 | 6,075 % | 4,284 % | 4,023 % | 5,110 % | 3,549 % | 3,340 % |
| 113 | 6,070 % | 4,286 % | 4,022 % | 5,104 % | 3,552 % | 3,345 % |
| 114 | 6,065 % | 4,287 % | 4,021 % | 5,099 % | 3,555 % | 3,350 % |
| 115 | 6,060 % | 4,289 % | 4,019 % | 5,094 % | 3,558 % | 3,355 % |
| 116 | 6,056 % | 4,291 % | 4,018 % | 5,089 % | 3,561 % | 3,359 % |
| 117 | 6,051 % | 4,293 % | 4,017 % | 5,084 % | 3,564 % | 3,364 % |
| 118 | 6,046 % | 4,295 % | 4,016 % | 5,079 % | 3,566 % | 3,369 % |
| 119 | 6,042 % | 4,296 % | 4,015 % | 5,074 % | 3,569 % | 3,373 % |
| 120 | 6,037 % | 4,298 % | 4,014 % | 5,069 % | 3,572 % | 3,377 % |
| 121 | 6,033 % | 4,300 % | 4,014 % | 5,064 % | 3,575 % | 3,382 % |
| 122 | 6,028 % | 4,301 % | 4,013 % | 5,060 % | 3,577 % | 3,386 % |
| 123 | 6,024 % | 4,303 % | 4,012 % | 5,055 % | 3,580 % | 3,390 % |
| 124 | 6,020 % | 4,305 % | 4,011 % | 5,051 % | 3,583 % | 3,394 % |
| 125 | 6,015 % | 4,306 % | 4,010 % | 5,046 % | 3,585 % | 3,398 % |
| 126 | 6,011 % | 4,308 % | 4,009 % | 5,042 % | 3,588 % | 3,402 % |
| 127 | 6,007 % | 4,309 % | 4,008 % | 5,038 % | 3,590 % | 3,406 % |
| 128 | 6,003 % | 4,311 % | 4,007 % | 5,033 % | 3,592 % | 3,410 % |
| 129 | 5,999 % | 4,312 % | 4,006 % | 5,029 % | 3,595 % | 3,414 % |
| 130 | 5,996 % | 4,314 % | 4,006 % | 5,025 % | 3,597 % | 3,417 % |
| 131 | 5,992 % | 4,315 % | 4,005 % | 5,021 % | 3,600 % | 3,421 % |
| 132 | 5,988 % | 4,316 % | 4,004 % | 5,017 % | 3,602 % | 3,425 % |
| 133 | 5,984 % | 4,318 % | 4,003 % | 5,013 % | 3,604 % | 3,428 % |
| 134 | 5,981 % | 4,319 % | 4,003 % | 5,009 % | 3,606 % | 3,432 % |
| 135 | 5,977 % | 4,320 % | 4,002 % | 5,006 % | 3,608 % | 3,435 % |
| 136 | 5,974 % | 4,322 % | 4,001 % | 5,002 % | 3,611 % | 3,439 % |
| 137 | 5,970 % | 4,323 % | 4,000 % | 4,998 % | 3,613 % | 3,442 % |
| 138 | 5,967 % | 4,324 % | 4,000 % | 4,995 % | 3,615 % | 3,445 % |
| 139 | 5,963 % | 4,326 % | 3,999 % | 4,991 % | 3,617 % | 3,449 % |
| 140 | 5,960 % | 4,327 % | 3,998 % | 4,988 % | 3,619 % | 3,452 % |
| 141 | 5,957 % | 4,328 % | 3,997 % | 4,984 % | 3,621 % | 3,455 % |
| 142 | 5,954 % | 4,329 % | 3,997 % | 4,981 % | 3,623 % | 3,458 % |
| 143 | 5,950 % | 4,331 % | 3,996 % | 4,977 % | 3,625 % | 3,461 % |
| 144 | 5,947 % | 4,332 % | 3,995 % | 4,974 % | 3,627 % | 3,464 % |
| 145 | 5,944 % | 4,333 % | 3,995 % | 4,971 % | 3,628 % | 3,467 % |
| 146 | 5,941 % | 4,334 % | 3,994 % | 4,968 % | 3,630 % | 3,470 % |
| 147 | 5,938 % | 4,335 % | 3,993 % | 4,964 % | 3,632 % | 3,473 % |
| 148 | 5,935 % | 4,336 % | 3,993 % | 4,961 % | 3,634 % | 3,476 % |
| 149 | 5,932 % | 4,337 % | 3,992 % | 4,958 % | 3,636 % | 3,479 % |
| 150 | 5,929 % | 4,338 % | 3,992 % | 4,955 % | 3,638 % | 3,482 % |

Term to maturity (in years)

Real

Renminbi-yuan

Ringgit

Russian rouble

Singapore dollar

South Korean won

1

6,262 %

2,437 %

3,336 %

8,170 %

1,800 %

1,680 %

2

7,003 %

2,499 %

3,336 %

8,014 %

1,757 %

1,573 %

3

7,545 %

2,574 %

3,336 %

8,005 %

1,760 %

1,538 %

4

7,948 %

2,674 %

3,401 %

8,074 %

1,768 %

1,517 %

5

8,223 %

2,747 %

3,433 %

8,120 %

1,798 %

1,507 %

6

8,415 %

2,847 %

3,489 %

8,180 %

1,849 %

1,500 %

7

8,585 %

2,943 %

3,562 %

8,254 %

1,905 %

1,497 %

8

8,695 %

3,012 %

3,634 %

8,289 %

1,958 %

1,500 %

9

8,727 %

3,064 %

3,703 %

8,285 %

2,010 %

1,508 %

10

8,753 %

3,109 %

3,764 %

8,253 %

2,067 %

1,519 %

11

8,755 %

3,153 %

3,818 %

8,200 %

2,128 %

1,532 %

12

8,732 %

3,197 %

3,865 %

8,131 %

2,187 %

1,543 %

13

8,692 %

3,240 %

3,907 %

8,053 %

2,237 %

1,551 %

14

8,639 %

3,281 %

3,947 %

7,968 %

2,278 %

1,552 %

15

8,578 %

3,321 %

3,989 %

7,880 %

2,309 %

1,546 %

16

8,510 %

3,360 %

4,033 %

7,789 %

2,331 %

1,533 %

17

8,439 %

3,397 %

4,078 %

7,698 %

2,347 %

1,520 %

18

8,366 %

3,432 %

4,120 %

7,607 %

2,362 %

1,511 %

19

8,291 %

3,466 %

4,158 %

7,517 %

2,378 %

1,512 %

20

8,216 %

3,498 %

4,190 %

7,428 %

2,397 %

1,523 %

21

8,142 %

3,529 %

4,215 %

7,342 %

2,420 %

1,547 %

22

8,069 %

3,558 %

4,234 %

7,258 %

2,446 %

1,580 %

23

7,998 %

3,586 %

4,248 %

7,177 %

2,474 %

1,619 %

24

7,928 %

3,613 %

4,259 %

7,099 %

2,504 %

1,662 %

25

7,860 %

3,639 %

4,266 %

7,023 %

2,535 %

1,709 %

26

7,794 %

3,663 %

4,270 %

6,950 %

2,566 %

1,757 %

27

7,731 %

3,686 %

4,272 %

6,880 %

2,597 %

1,806 %

28

7,669 %

3,709 %

4,273 %

6,813 %

2,627 %

1,855 %

29

7,610 %

3,730 %

4,272 %

6,748 %

2,658 %

1,904 %

30

7,553 %

3,750 %

4,270 %

6,686 %

2,687 %

1,952 %

31

7,499 %

3,770 %

4,267 %

6,627 %

2,717 %

1,999 %

32

7,446 %

3,789 %

4,263 %

6,570 %

2,745 %

2,045 %

33

7,395 %

3,806 %

4,259 %

6,515 %

2,772 %

2,090 %

34

7,347 %

3,824 %

4,254 %

6,463 %

2,799 %

2,134 %

35

7,300 %

3,840 %

4,249 %

6,413 %

2,825 %

2,176 %

36

7,256 %

3,856 %

4,244 %

6,365 %

2,850 %

2,217 %

37

7,213 %

3,871 %

4,239 %

6,319 %

2,874 %

2,256 %

38

7,172 %

3,885 %

4,233 %

6,275 %

2,897 %

2,294 %

39

7,132 %

3,899 %

4,228 %

6,233 %

2,920 %

2,331 %

40

7,094 %

3,913 %

4,222 %

6,192 %

2,941 %

2,366 %

41

7,058 %

3,925 %

4,216 %

6,153 %

2,962 %

2,400 %

42

7,023 %

3,938 %

4,211 %

6,116 %

2,982 %

2,433 %

43

6,989 %

3,950 %

4,205 %

6,080 %

3,002 %

2,464 %

44

6,957 %

3,961 %

4,200 %

6,046 %

3,021 %

2,495 %

45

6,926 %

3,972 %

4,194 %

6,013 %

3,039 %

2,524 %

46

6,896 %

3,983 %

4,189 %

5,981 %

3,056 %

2,553 %

47

6,867 %

3,993 %

4,184 %

5,950 %

3,073 %

2,580 %

48

6,840 %

4,003 %

4,179 %

5,921 %

3,089 %

2,606 %

49

6,813 %

4,013 %

4,174 %

5,892 %

3,105 %

2,631 %

50

6,788 %

4,022 %

4,169 %

5,865 %

3,120 %

2,656 %

51

6,763 %

4,031 %

4,165 %

5,839 %

3,135 %

2,679 %

52

6,739 %

4,039 %

4,160 %

5,814 %

3,149 %

2,702 %

53

6,716 %

4,047 %

4,156 %

5,789 %

3,163 %

2,724 %

54

6,694 %

4,055 %

4,151 %

5,766 %

3,176 %

2,745 %

55

6,672 %

4,063 %

4,147 %

5,743 %

3,189 %

2,766 %

56

6,652 %

4,071 %

4,143 %

5,721 %

3,201 %

2,786 %

57

6,632 %

4,078 %

4,139 %

5,699 %

3,213 %

2,805 %

58

6,612 %

4,085 %

4,135 %

5,679 %

3,225 %

2,823 %

59

6,593 %

4,092 %

4,131 %

5,659 %

3,236 %

2,841 %

60

6,575 %

4,098 %

4,128 %

5,640 %

3,247 %

2,859 %

61

6,558 %

4,105 %

4,124 %

5,621 %

3,257 %

2,875 %

62

6,541 %

4,111 %

4,120 %

5,603 %

3,267 %

2,892 %

63

6,524 %

4,117 %

4,117 %

5,586 %

3,277 %

2,908 %

64

6,508 %

4,123 %

4,114 %

5,569 %

3,287 %

2,923 %

65

6,493 %

4,129 %

4,111 %

5,552 %

3,296 %

2,938 %

66

6,478 %

4,134 %

4,108 %

5,536 %

3,305 %

2,952 %

67

6,463 %

4,140 %

4,104 %

5,521 %

3,314 %

2,966 %

68

6,449 %

4,145 %

4,102 %

5,506 %

3,322 %

2,980 %

69

6,435 %

4,150 %

4,099 %

5,491 %

3,331 %

2,993 %

70

6,422 %

4,155 %

4,096 %

5,477 %

3,339 %

3,006 %

71

6,409 %

4,160 %

4,093 %

5,463 %

3,347 %

3,018 %

72

6,396 %

4,164 %

4,091 %

5,450 %

3,354 %

3,031 %

73

6,384 %

4,169 %

4,088 %

5,437 %

3,362 %

3,042 %

74

6,372 %

4,173 %

4,085 %

5,424 %

3,369 %

3,054 %

75

6,360 %

4,178 %

4,083 %

5,412 %

3,376 %

3,065 %

76

6,349 %

4,182 %

4,081 %

5,400 %

3,383 %

3,076 %

77

6,338 %

4,186 %

4,078 %

5,388 %

3,389 %

3,087 %

78

6,327 %

4,190 %

4,076 %

5,377 %

3,396 %

3,097 %

79

6,317 %

4,194 %

4,074 %

5,366 %

3,402 %

3,107 %

80

6,306 %

4,197 %

4,072 %

5,355 %

3,409 %

3,117 %

81

6,296 %

4,201 %

4,070 %

5,344 %

3,415 %

3,127 %

82

6,287 %

4,205 %

4,067 %

5,334 %

3,420 %

3,136 %

83

6,277 %

4,208 %

4,065 %

5,324 %

3,426 %

3,145 %

84

6,268 %

4,212 %

4,064 %

5,314 %

3,432 %

3,154 %

85

6,259 %

4,215 %

4,062 %

5,304 %

3,437 %

3,163 %

86

6,250 %

4,218 %

4,060 %

5,295 %

3,443 %

3,171 %

87

6,241 %

4,222 %

4,058 %

5,286 %

3,448 %

3,180 %

88

6,233 %

4,225 %

4,056 %

5,277 %

3,453 %

3,188 %

89

6,225 %

4,228 %

4,054 %

5,268 %

3,458 %

3,196 %

90

6,217 %

4,231 %

4,053 %

5,259 %

3,463 %

3,204 %

91

6,209 %

4,234 %

4,051 %

5,251 %

3,468 %

3,211 %

92

6,201 %

4,237 %

4,049 %

5,243 %

3,472 %

3,219 %

93

6,193 %

4,240 %

4,048 %

5,235 %

3,477 %

3,226 %

94

6,186 %

4,242 %

4,046 %

5,227 %

3,482 %

3,233 %

95

6,179 %

4,245 %

4,045 %

5,219 %

3,486 %

3,240 %

96

6,172 %

4,248 %

4,043 %

5,212 %

3,490 %

3,247 %

97

6,165 %

4,250 %

4,042 %

5,204 %

3,494 %

3,254 %

98

6,158 %

4,253 %

4,040 %

5,197 %

3,499 %

3,260 %

99

6,151 %

4,255 %

4,039 %

5,190 %

3,503 %

3,267 %

100

6,145 %

4,258 %

4,037 %

5,183 %

3,507 %

3,273 %

101

6,138 %

4,260 %

4,036 %

5,176 %

3,510 %

3,279 %

102

6,132 %

4,263 %

4,035 %

5,170 %

3,514 %

3,285 %

103

6,126 %

4,265 %

4,033 %

5,163 %

3,518 %

3,291 %

104

6,120 %

4,267 %

4,032 %

5,157 %

3,522 %

3,297 %

105

6,114 %

4,269 %

4,031 %

5,151 %

3,525 %

3,303 %

106

6,108 %

4,271 %

4,030 %

5,144 %

3,529 %

3,309 %

107

6,102 %

4,274 %

4,028 %

5,138 %

3,532 %

3,314 %

108

6,097 %

4,276 %

4,027 %

5,133 %

3,536 %

3,319 %

109

6,091 %

4,278 %

4,026 %

5,127 %

3,539 %

3,325 %

110

6,086 %

4,280 %

4,025 %

5,121 %

3,542 %

3,330 %

111

6,081 %

4,282 %

4,024 %

5,115 %

3,545 %

3,335 %

112

6,075 %

4,284 %

4,023 %

5,110 %

3,549 %

3,340 %

113

6,070 %

4,286 %

4,022 %

5,104 %

3,552 %

3,345 %

114

6,065 %

4,287 %

4,021 %

5,099 %

3,555 %

3,350 %

115

6,060 %

4,289 %

4,019 %

5,094 %

3,558 %

3,355 %

116

6,056 %

4,291 %

4,018 %

5,089 %

3,561 %

3,359 %

117

6,051 %

4,293 %

4,017 %

5,084 %

3,564 %

3,364 %

118

6,046 %

4,295 %

4,016 %

5,079 %

3,566 %

3,369 %

119

6,042 %

4,296 %

4,015 %

5,074 %

3,569 %

3,373 %

120

6,037 %

4,298 %

4,014 %

5,069 %

3,572 %

3,377 %

121

6,033 %

4,300 %

4,014 %

5,064 %

3,575 %

3,382 %

122

6,028 %

4,301 %

4,013 %

5,060 %

3,577 %

3,386 %

123

6,024 %

4,303 %

4,012 %

5,055 %

3,580 %

3,390 %

124

6,020 %

4,305 %

4,011 %

5,051 %

3,583 %

3,394 %

125

6,015 %

4,306 %

4,010 %

5,046 %

3,585 %

3,398 %

126

6,011 %

4,308 %

4,009 %

5,042 %

3,588 %

3,402 %

127

6,007 %

4,309 %

4,008 %

5,038 %

3,590 %

3,406 %

128

6,003 %

4,311 %

4,007 %

5,033 %

3,592 %

3,410 %

129

5,999 %

4,312 %

4,006 %

5,029 %

3,595 %

3,414 %

130

5,996 %

4,314 %

4,006 %

5,025 %

3,597 %

3,417 %

131

5,992 %

4,315 %

4,005 %

5,021 %

3,600 %

3,421 %

132

5,988 %

4,316 %

4,004 %

5,017 %

3,602 %

3,425 %

133

5,984 %

4,318 %

4,003 %

5,013 %

3,604 %

3,428 %

134

5,981 %

4,319 %

4,003 %

5,009 %

3,606 %

3,432 %

135

5,977 %

4,320 %

4,002 %

5,006 %

3,608 %

3,435 %

136

5,974 %

4,322 %

4,001 %

5,002 %

3,611 %

3,439 %

137

5,970 %

4,323 %

4,000 %

4,998 %

3,613 %

3,442 %

138

5,967 %

4,324 %

4,000 %

4,995 %

3,615 %

3,445 %

139

5,963 %

4,326 %

3,999 %

4,991 %

3,617 %

3,449 %

140

5,960 %

4,327 %

3,998 %

4,988 %

3,619 %

3,452 %

141

5,957 %

4,328 %

3,997 %

4,984 %

3,621 %

3,455 %

142

5,954 %

4,329 %

3,997 %

4,981 %

3,623 %

3,458 %

143

5,950 %

4,331 %

3,996 %

4,977 %

3,625 %

3,461 %

144

5,947 %

4,332 %

3,995 %

4,974 %

3,627 %

3,464 %

145

5,944 %

4,333 %

3,995 %

4,971 %

3,628 %

3,467 %

146

5,941 %

4,334 %

3,994 %

4,968 %

3,630 %

3,470 %

147

5,938 %

4,335 %

3,993 %

4,964 %

3,632 %

3,473 %

148

5,935 %

4,336 %

3,993 %

4,961 %

3,634 %

3,476 %

149

5,932 %

4,337 %

3,992 %

4,958 %

3,636 %

3,479 %

150

5,929 %

4,338 %

3,992 %

4,955 %

3,638 %

3,482 %

| Term to maturity (in years) | Turkish lira | US dollar | Yen |
| --- | --- | --- | --- |
| 1 | 28,820 % | 2,387 % | – 0,115 % |
| 2 | 24,682 % | 2,222 % | – 0,142 % |
| 3 | 22,352 % | 2,144 % | – 0,155 % |
| 4 | 20,747 % | 2,120 % | – 0,154 % |
| 5 | 19,546 % | 2,124 % | – 0,142 % |
| 6 | 18,566 % | 2,142 % | – 0,123 % |
| 7 | 17,758 % | 2,166 % | – 0,096 % |
| 8 | 17,110 % | 2,195 % | – 0,066 % |
| 9 | 16,570 % | 2,227 % | – 0,034 % |
| 10 | 16,098 % | 2,259 % | 0,001 % |
| 11 | 15,666 % | 2,290 % | 0,036 % |
| 12 | 15,264 % | 2,320 % | 0,072 % |
| 13 | 14,887 % | 2,345 % | 0,107 % |
| 14 | 14,531 % | 2,366 % | 0,142 % |
| 15 | 14,195 % | 2,383 % | 0,176 % |
| 16 | 13,874 % | 2,398 % | 0,208 % |
| 17 | 13,570 % | 2,409 % | 0,238 % |
| 18 | 13,280 % | 2,419 % | 0,266 % |
| 19 | 13,004 % | 2,427 % | 0,293 % |
| 20 | 12,741 % | 2,433 % | 0,319 % |
| 21 | 12,490 % | 2,438 % | 0,343 % |
| 22 | 12,252 % | 2,441 % | 0,365 % |
| 23 | 12,025 % | 2,443 % | 0,383 % |
| 24 | 11,809 % | 2,445 % | 0,397 % |
| 25 | 11,603 % | 2,446 % | 0,407 % |
| 26 | 11,408 % | 2,447 % | 0,412 % |
| 27 | 11,222 % | 2,448 % | 0,416 % |
| 28 | 11,045 % | 2,448 % | 0,423 % |
| 29 | 10,877 % | 2,448 % | 0,437 % |
| 30 | 10,716 % | 2,447 % | 0,458 % |
| 31 | 10,564 % | 2,447 % | 0,488 % |
| 32 | 10,419 % | 2,446 % | 0,525 % |
| 33 | 10,281 % | 2,444 % | 0,568 % |
| 34 | 10,149 % | 2,442 % | 0,614 % |
| 35 | 10,024 % | 2,440 % | 0,662 % |
| 36 | 9,904 % | 2,436 % | 0,712 % |
| 37 | 9,790 % | 2,432 % | 0,763 % |
| 38 | 9,682 % | 2,427 % | 0,814 % |
| 39 | 9,578 % | 2,420 % | 0,865 % |
| 40 | 9,478 % | 2,412 % | 0,916 % |
| 41 | 9,383 % | 2,403 % | 0,966 % |
| 42 | 9,293 % | 2,393 % | 1,015 % |
| 43 | 9,206 % | 2,383 % | 1,064 % |
| 44 | 9,122 % | 2,374 % | 1,111 % |
| 45 | 9,043 % | 2,367 % | 1,157 % |
| 46 | 8,966 % | 2,362 % | 1,201 % |
| 47 | 8,893 % | 2,358 % | 1,245 % |
| 48 | 8,822 % | 2,357 % | 1,287 % |
| 49 | 8,754 % | 2,359 % | 1,329 % |
| 50 | 8,689 % | 2,363 % | 1,369 % |
| 51 | 8,627 % | 2,371 % | 1,407 % |
| 52 | 8,566 % | 2,380 % | 1,445 % |
| 53 | 8,508 % | 2,392 % | 1,481 % |
| 54 | 8,452 % | 2,405 % | 1,517 % |
| 55 | 8,398 % | 2,419 % | 1,551 % |
| 56 | 8,346 % | 2,434 % | 1,584 % |
| 57 | 8,296 % | 2,450 % | 1,617 % |
| 58 | 8,247 % | 2,467 % | 1,648 % |
| 59 | 8,200 % | 2,484 % | 1,678 % |
| 60 | 8,155 % | 2,501 % | 1,708 % |
| 61 | 8,111 % | 2,518 % | 1,736 % |
| 62 | 8,069 % | 2,536 % | 1,764 % |
| 63 | 8,027 % | 2,553 % | 1,791 % |
| 64 | 7,988 % | 2,570 % | 1,817 % |
| 65 | 7,949 % | 2,587 % | 1,842 % |
| 66 | 7,912 % | 2,604 % | 1,867 % |
| 67 | 7,875 % | 2,621 % | 1,891 % |
| 68 | 7,840 % | 2,638 % | 1,914 % |
| 69 | 7,806 % | 2,654 % | 1,937 % |
| 70 | 7,772 % | 2,670 % | 1,959 % |
| 71 | 7,740 % | 2,686 % | 1,980 % |
| 72 | 7,709 % | 2,701 % | 2,001 % |
| 73 | 7,678 % | 2,716 % | 2,021 % |
| 74 | 7,648 % | 2,731 % | 2,041 % |
| 75 | 7,620 % | 2,746 % | 2,060 % |
| 76 | 7,591 % | 2,760 % | 2,079 % |
| 77 | 7,564 % | 2,774 % | 2,097 % |
| 78 | 7,537 % | 2,788 % | 2,115 % |
| 79 | 7,511 % | 2,802 % | 2,133 % |
| 80 | 7,486 % | 2,815 % | 2,149 % |
| 81 | 7,461 % | 2,828 % | 2,166 % |
| 82 | 7,437 % | 2,841 % | 2,182 % |
| 83 | 7,414 % | 2,853 % | 2,198 % |
| 84 | 7,391 % | 2,865 % | 2,213 % |
| 85 | 7,368 % | 2,877 % | 2,228 % |
| 86 | 7,346 % | 2,889 % | 2,243 % |
| 87 | 7,325 % | 2,900 % | 2,257 % |
| 88 | 7,304 % | 2,911 % | 2,271 % |
| 89 | 7,283 % | 2,922 % | 2,285 % |
| 90 | 7,263 % | 2,933 % | 2,298 % |
| 91 | 7,244 % | 2,943 % | 2,312 % |
| 92 | 7,225 % | 2,953 % | 2,324 % |
| 93 | 7,206 % | 2,964 % | 2,337 % |
| 94 | 7,188 % | 2,973 % | 2,349 % |
| 95 | 7,170 % | 2,983 % | 2,361 % |
| 96 | 7,152 % | 2,992 % | 2,373 % |
| 97 | 7,135 % | 3,002 % | 2,385 % |
| 98 | 7,118 % | 3,011 % | 2,396 % |
| 99 | 7,102 % | 3,020 % | 2,407 % |
| 100 | 7,086 % | 3,028 % | 2,418 % |
| 101 | 7,070 % | 3,037 % | 2,429 % |
| 102 | 7,054 % | 3,045 % | 2,439 % |
| 103 | 7,039 % | 3,054 % | 2,449 % |
| 104 | 7,024 % | 3,062 % | 2,459 % |
| 105 | 7,010 % | 3,070 % | 2,469 % |
| 106 | 6,995 % | 3,077 % | 2,479 % |
| 107 | 6,981 % | 3,085 % | 2,488 % |
| 108 | 6,968 % | 3,093 % | 2,498 % |
| 109 | 6,954 % | 3,100 % | 2,507 % |
| 110 | 6,941 % | 3,107 % | 2,516 % |
| 111 | 6,928 % | 3,114 % | 2,525 % |
| 112 | 6,915 % | 3,121 % | 2,533 % |
| 113 | 6,902 % | 3,128 % | 2,542 % |
| 114 | 6,890 % | 3,135 % | 2,550 % |
| 115 | 6,878 % | 3,142 % | 2,558 % |
| 116 | 6,866 % | 3,148 % | 2,567 % |
| 117 | 6,854 % | 3,154 % | 2,574 % |
| 118 | 6,842 % | 3,161 % | 2,582 % |
| 119 | 6,831 % | 3,167 % | 2,590 % |
| 120 | 6,820 % | 3,173 % | 2,597 % |
| 121 | 6,809 % | 3,179 % | 2,605 % |
| 122 | 6,798 % | 3,185 % | 2,612 % |
| 123 | 6,787 % | 3,191 % | 2,619 % |
| 124 | 6,777 % | 3,196 % | 2,626 % |
| 125 | 6,767 % | 3,202 % | 2,633 % |
| 126 | 6,757 % | 3,207 % | 2,640 % |
| 127 | 6,747 % | 3,213 % | 2,647 % |
| 128 | 6,737 % | 3,218 % | 2,654 % |
| 129 | 6,727 % | 3,224 % | 2,660 % |
| 130 | 6,718 % | 3,229 % | 2,667 % |
| 131 | 6,708 % | 3,234 % | 2,673 % |
| 132 | 6,699 % | 3,239 % | 2,679 % |
| 133 | 6,690 % | 3,244 % | 2,685 % |
| 134 | 6,681 % | 3,249 % | 2,691 % |
| 135 | 6,672 % | 3,254 % | 2,697 % |
| 136 | 6,664 % | 3,258 % | 2,703 % |
| 137 | 6,655 % | 3,263 % | 2,709 % |
| 138 | 6,647 % | 3,268 % | 2,715 % |
| 139 | 6,638 % | 3,272 % | 2,720 % |
| 140 | 6,630 % | 3,277 % | 2,726 % |
| 141 | 6,622 % | 3,281 % | 2,731 % |
| 142 | 6,614 % | 3,285 % | 2,737 % |
| 143 | 6,606 % | 3,290 % | 2,742 % |
| 144 | 6,599 % | 3,294 % | 2,747 % |
| 145 | 6,591 % | 3,298 % | 2,753 % |
| 146 | 6,584 % | 3,302 % | 2,758 % |
| 147 | 6,576 % | 3,306 % | 2,763 % |
| 148 | 6,569 % | 3,310 % | 2,768 % |
| 149 | 6,562 % | 3,314 % | 2,773 % |
| 150 | 6,555 % | 3,318 % | 2,777 % |

Term to maturity (in years)

Turkish lira

US dollar

Yen

1

28,820 %

2,387 %

– 0,115 %

2

24,682 %

2,222 %

– 0,142 %

3

22,352 %

2,144 %

– 0,155 %

4

20,747 %

2,120 %

– 0,154 %

5

19,546 %

2,124 %

– 0,142 %

6

18,566 %

2,142 %

– 0,123 %

7

17,758 %

2,166 %

– 0,096 %

8

17,110 %

2,195 %

– 0,066 %

9

16,570 %

2,227 %

– 0,034 %

10

16,098 %

2,259 %

0,001 %

11

15,666 %

2,290 %

0,036 %

12

15,264 %

2,320 %

0,072 %

13

14,887 %

2,345 %

0,107 %

14

14,531 %

2,366 %

0,142 %

15

14,195 %

2,383 %

0,176 %

16

13,874 %

2,398 %

0,208 %

17

13,570 %

2,409 %

0,238 %

18

13,280 %

2,419 %

0,266 %

19

13,004 %

2,427 %

0,293 %

20

12,741 %

2,433 %

0,319 %

21

12,490 %

2,438 %

0,343 %

22

12,252 %

2,441 %

0,365 %

23

12,025 %

2,443 %

0,383 %

24

11,809 %

2,445 %

0,397 %

25

11,603 %

2,446 %

0,407 %

26

11,408 %

2,447 %

0,412 %

27

11,222 %

2,448 %

0,416 %

28

11,045 %

2,448 %

0,423 %

29

10,877 %

2,448 %

0,437 %

30

10,716 %

2,447 %

0,458 %

31

10,564 %

2,447 %

0,488 %

32

10,419 %

2,446 %

0,525 %

33

10,281 %

2,444 %

0,568 %

34

10,149 %

2,442 %

0,614 %

35

10,024 %

2,440 %

0,662 %

36

9,904 %

2,436 %

0,712 %

37

9,790 %

2,432 %

0,763 %

38

9,682 %

2,427 %

0,814 %

39

9,578 %

2,420 %

0,865 %

40

9,478 %

2,412 %

0,916 %

41

9,383 %

2,403 %

0,966 %

42

9,293 %

2,393 %

1,015 %

43

9,206 %

2,383 %

1,064 %

44

9,122 %

2,374 %

1,111 %

45

9,043 %

2,367 %

1,157 %

46

8,966 %

2,362 %

1,201 %

47

8,893 %

2,358 %

1,245 %

48

8,822 %

2,357 %

1,287 %

49

8,754 %

2,359 %

1,329 %

50

8,689 %

2,363 %

1,369 %

51

8,627 %

2,371 %

1,407 %

52

8,566 %

2,380 %

1,445 %

53

8,508 %

2,392 %

1,481 %

54

8,452 %

2,405 %

1,517 %

55

8,398 %

2,419 %

1,551 %

56

8,346 %

2,434 %

1,584 %

57

8,296 %

2,450 %

1,617 %

58

8,247 %

2,467 %

1,648 %

59

8,200 %

2,484 %

1,678 %

60

8,155 %

2,501 %

1,708 %

61

8,111 %

2,518 %

1,736 %

62

8,069 %

2,536 %

1,764 %

63

8,027 %

2,553 %

1,791 %

64

7,988 %

2,570 %

1,817 %

65

7,949 %

2,587 %

1,842 %

66

7,912 %

2,604 %

1,867 %

67

7,875 %

2,621 %

1,891 %

68

7,840 %

2,638 %

1,914 %

69

7,806 %

2,654 %

1,937 %

70

7,772 %

2,670 %

1,959 %

71

7,740 %

2,686 %

1,980 %

72

7,709 %

2,701 %

2,001 %

73

7,678 %

2,716 %

2,021 %

74

7,648 %

2,731 %

2,041 %

75

7,620 %

2,746 %

2,060 %

76

7,591 %

2,760 %

2,079 %

77

7,564 %

2,774 %

2,097 %

78

7,537 %

2,788 %

2,115 %

79

7,511 %

2,802 %

2,133 %

80

7,486 %

2,815 %

2,149 %

81

7,461 %

2,828 %

2,166 %

82

7,437 %

2,841 %

2,182 %

83

7,414 %

2,853 %

2,198 %

84

7,391 %

2,865 %

2,213 %

85

7,368 %

2,877 %

2,228 %

86

7,346 %

2,889 %

2,243 %

87

7,325 %

2,900 %

2,257 %

88

7,304 %

2,911 %

2,271 %

89

7,283 %

2,922 %

2,285 %

90

7,263 %

2,933 %

2,298 %

91

7,244 %

2,943 %

2,312 %

92

7,225 %

2,953 %

2,324 %

93

7,206 %

2,964 %

2,337 %

94

7,188 %

2,973 %

2,349 %

95

7,170 %

2,983 %

2,361 %

96

7,152 %

2,992 %

2,373 %

97

7,135 %

3,002 %

2,385 %

98

7,118 %

3,011 %

2,396 %

99

7,102 %

3,020 %

2,407 %

100

7,086 %

3,028 %

2,418 %

101

7,070 %

3,037 %

2,429 %

102

7,054 %

3,045 %

2,439 %

103

7,039 %

3,054 %

2,449 %

104

7,024 %

3,062 %

2,459 %

105

7,010 %

3,070 %

2,469 %

106

6,995 %

3,077 %

2,479 %

107

6,981 %

3,085 %

2,488 %

108

6,968 %

3,093 %

2,498 %

109

6,954 %

3,100 %

2,507 %

110

6,941 %

3,107 %

2,516 %

111

6,928 %

3,114 %

2,525 %

112

6,915 %

3,121 %

2,533 %

113

6,902 %

3,128 %

2,542 %

114

6,890 %

3,135 %

2,550 %

115

6,878 %

3,142 %

2,558 %

116

6,866 %

3,148 %

2,567 %

117

6,854 %

3,154 %

2,574 %

118

6,842 %

3,161 %

2,582 %

119

6,831 %

3,167 %

2,590 %

120

6,820 %

3,173 %

2,597 %

121

6,809 %

3,179 %

2,605 %

122

6,798 %

3,185 %

2,612 %

123

6,787 %

3,191 %

2,619 %

124

6,777 %

3,196 %

2,626 %

125

6,767 %

3,202 %

2,633 %

126

6,757 %

3,207 %

2,640 %

127

6,747 %

3,213 %

2,647 %

128

6,737 %

3,218 %

2,654 %

129

6,727 %

3,224 %

2,660 %

130

6,718 %

3,229 %

2,667 %

131

6,708 %

3,234 %

2,673 %

132

6,699 %

3,239 %

2,679 %

133

6,690 %

3,244 %

2,685 %

134

6,681 %

3,249 %

2,691 %

135

6,672 %

3,254 %

2,697 %

136

6,664 %

3,258 %

2,703 %

137

6,655 %

3,263 %

2,709 %

138

6,647 %

3,268 %

2,715 %

139

6,638 %

3,272 %

2,720 %

140

6,630 %

3,277 %

2,726 %

141

6,622 %

3,281 %

2,731 %

142

6,614 %

3,285 %

2,737 %

143

6,606 %

3,290 %

2,742 %

144

6,599 %

3,294 %

2,747 %

145

6,591 %

3,298 %

2,753 %

146

6,584 %

3,302 %

2,758 %

147

6,576 %

3,306 %

2,763 %

148

6,569 %

3,310 %

2,768 %

149

6,562 %

3,314 %

2,773 %

150

6,555 %

3,318 %

2,777 %

---

ANNEX II

Fundamental spreads for the calculation of the matching adjustment

The fundamental spreads set out in this Annex are expressed in basis points and do not include any increase in accordance with Article 77c(1)(c) of Directive 2009/138/EC.

1.   Exposures to central governments and central banks

The fundamental spreads apply to exposures denominated in all currencies.

The fundamental spreads for durations from 11 to 30 years are equal to the fundamental spreads for duration 10 years.

| Duration (in years) | Austria | Belgium | Bulgaria | Croatia | Czech Republic | Cyprus | Denmark |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 0 | 0 | 32 | 5 | 0 | 26 | 1 |
| 2 | 0 | 0 | 40 | 5 | 0 | 43 | 0 |
| 3 | 0 | 1 | 45 | 5 | 2 | 48 | 0 |
| 4 | 0 | 2 | 48 | 5 | 3 | 49 | 0 |
| 5 | 0 | 4 | 52 | 5 | 5 | 52 | 0 |
| 6 | 1 | 5 | 55 | 5 | 7 | 55 | 0 |
| 7 | 2 | 6 | 58 | 5 | 9 | 55 | 0 |
| 8 | 3 | 7 | 60 | 5 | 11 | 55 | 0 |
| 9 | 3 | 8 | 62 | 5 | 13 | 52 | 0 |
| 10 | 3 | 8 | 64 | 5 | 14 | 51 | 0 |

Duration (in years)

Austria

Belgium

Bulgaria

Croatia

Czech Republic

Cyprus

Denmark

1

0

0

32

5

0

26

1

2

0

0

40

5

0

43

0

3

0

1

45

5

2

48

0

4

0

2

48

5

3

49

0

5

0

4

52

5

5

52

0

6

1

5

55

5

7

55

0

7

2

6

58

5

9

55

0

8

3

7

60

5

11

55

0

9

3

8

62

5

13

52

0

10

3

8

64

5

14

51

0

| Duration (in years) | Estonia | Finland | France | Germany | Greece | Hungary | Ireland |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 0 | 0 | 0 | 0 | 405 | 4 | 17 |
| 2 | 0 | 0 | 0 | 0 | 250 | 4 | 23 |
| 3 | 1 | 0 | 0 | 0 | 221 | 4 | 26 |
| 4 | 2 | 0 | 0 | 0 | 193 | 4 | 27 |
| 5 | 4 | 0 | 0 | 0 | 176 | 4 | 28 |
| 6 | 5 | 0 | 0 | 0 | 173 | 4 | 29 |
| 7 | 6 | 0 | 0 | 0 | 170 | 4 | 30 |
| 8 | 7 | 0 | 1 | 0 | 174 | 2 | 31 |
| 9 | 8 | 1 | 2 | 0 | 176 | 1 | 32 |
| 10 | 8 | 0 | 3 | 0 | 178 | 4 | 32 |

Duration (in years)

Estonia

Finland

France

Germany

Greece

Hungary

Ireland

1

0

0

0

0

405

4

17

2

0

0

0

0

250

4

23

3

1

0

0

0

221

4

26

4

2

0

0

0

193

4

27

5

4

0

0

0

176

4

28

6

5

0

0

0

173

4

29

7

6

0

0

0

170

4

30

8

7

0

1

0

174

2

31

9

8

1

2

0

176

1

32

10

8

0

3

0

178

4

32

| Duration (in years) | Italy | Latvia | Lithuania | Luxembourg | Malta | Netherlands | Poland |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 6 | 5 | 5 | 0 | 17 | 0 | 4 |
| 2 | 14 | 11 | 12 | 0 | 23 | 0 | 4 |
| 3 | 18 | 15 | 15 | 0 | 26 | 0 | 4 |
| 4 | 21 | 17 | 17 | 0 | 27 | 0 | 4 |
| 5 | 23 | 19 | 19 | 0 | 28 | 0 | 4 |
| 6 | 24 | 20 | 21 | 0 | 29 | 0 | 4 |
| 7 | 26 | 21 | 22 | 0 | 30 | 0 | 4 |
| 8 | 27 | 23 | 24 | 1 | 31 | 0 | 4 |
| 9 | 29 | 24 | 25 | 2 | 32 | 0 | 4 |
| 10 | 30 | 24 | 25 | 3 | 32 | 0 | 4 |

Duration (in years)

Italy

Latvia

Lithuania

Luxembourg

Malta

Netherlands

Poland

1

6

5

5

0

17

0

4

2

14

11

12

0

23

0

4

3

18

15

15

0

26

0

4

4

21

17

17

0

27

0

4

5

23

19

19

0

28

0

4

6

24

20

21

0

29

0

4

7

26

21

22

0

30

0

4

8

27

23

24

1

31

0

4

9

29

24

25

2

32

0

4

10

30

24

25

3

32

0

4

| Duration (in years) | Portugal | Romania | Slovakia | Slovenia | Spain | Sweden | United Kingdom |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 26 | 9 | 12 | 19 | 5 | 0 | 0 |
| 2 | 43 | 17 | 16 | 22 | 12 | 0 | 0 |
| 3 | 48 | 20 | 18 | 27 | 15 | 0 | 0 |
| 4 | 49 | 21 | 20 | 31 | 17 | 0 | 0 |
| 5 | 52 | 22 | 21 | 35 | 19 | 0 | 0 |
| 6 | 55 | 24 | 23 | 38 | 21 | 0 | 0 |
| 7 | 55 | 25 | 24 | 39 | 22 | 0 | 0 |
| 8 | 55 | 27 | 25 | 41 | 24 | 0 | 0 |
| 9 | 52 | 28 | 26 | 41 | 25 | 0 | 0 |
| 10 | 51 | 26 | 26 | 41 | 25 | 0 | 0 |

Duration (in years)

Portugal

Romania

Slovakia

Slovenia

Spain

Sweden

United Kingdom

1

26

9

12

19

5

0

0

2

43

17

16

22

12

0

0

3

48

20

18

27

15

0

0

4

49

21

20

31

17

0

0

5

52

22

21

35

19

0

0

6

55

24

23

38

21

0

0

7

55

25

24

39

22

0

0

8

55

27

25

41

24

0

0

9

52

28

26

41

25

0

0

10

51

26

26

41

25

0

0

| Duration (in years) | Liechtenstein | Norway | Switzerland | Australia | Brazil | Canada | Chile |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 0 | 0 | 0 | 0 | 12 | 0 | 17 |
| 2 | 0 | 0 | 0 | 0 | 12 | 0 | 19 |
| 3 | 0 | 0 | 0 | 0 | 12 | 0 | 18 |
| 4 | 0 | 0 | 0 | 0 | 12 | 0 | 17 |
| 5 | 0 | 0 | 0 | 0 | 12 | 0 | 16 |
| 6 | 0 | 0 | 0 | 0 | 12 | 0 | 15 |
| 7 | 0 | 0 | 0 | 0 | 12 | 0 | 14 |
| 8 | 0 | 0 | 0 | 0 | 12 | 0 | 15 |
| 9 | 0 | 0 | 0 | 0 | 12 | 0 | 16 |
| 10 | 0 | 0 | 0 | 0 | 12 | 0 | 13 |

Duration (in years)

Liechtenstein

Norway

Switzerland

Australia

Brazil

Canada

Chile

1

0

0

0

0

12

0

17

2

0

0

0

0

12

0

19

3

0

0

0

0

12

0

18

4

0

0

0

0

12

0

17

5

0

0

0

0

12

0

16

6

0

0

0

0

12

0

15

7

0

0

0

0

12

0

14

8

0

0

0

0

12

0

15

9

0

0

0

0

12

0

16

10

0

0

0

0

12

0

13

| Duration (in years) | China | Colombia | Hong Kong | India | Japan | Malaysia | Mexico |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 0 | 11 | 0 | 10 | 0 | 0 | 9 |
| 2 | 0 | 18 | 0 | 10 | 0 | 0 | 9 |
| 3 | 1 | 29 | 0 | 10 | 0 | 0 | 9 |
| 4 | 2 | 37 | 0 | 10 | 0 | 0 | 10 |
| 5 | 2 | 39 | 0 | 10 | 0 | 0 | 10 |
| 6 | 3 | 42 | 0 | 10 | 0 | 0 | 10 |
| 7 | 4 | 44 | 0 | 10 | 0 | 0 | 10 |
| 8 | 7 | 42 | 0 | 10 | 0 | 0 | 10 |
| 9 | 5 | 39 | 0 | 10 | 1 | 0 | 9 |
| 10 | 5 | 42 | 0 | 10 | 1 | 0 | 9 |

Duration (in years)

China

Colombia

Hong Kong

India

Japan

Malaysia

Mexico

1

0

11

0

10

0

0

9

2

0

18

0

10

0

0

9

3

1

29

0

10

0

0

9

4

2

37

0

10

0

0

10

5

2

39

0

10

0

0

10

6

3

42

0

10

0

0

10

7

4

44

0

10

0

0

10

8

7

42

0

10

0

0

10

9

5

39

0

10

1

0

9

10

5

42

0

10

1

0

9

| Duration (in years) | New Zealand | Russia | Singapore | South Africa | South Korea | Thailand | Taiwan |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 0 | 0 | 0 | 5 | 10 | 0 | 4 |
| 2 | 0 | 0 | 0 | 7 | 12 | 0 | 4 |
| 3 | 0 | 0 | 0 | 7 | 12 | 0 | 4 |
| 4 | 0 | 0 | 0 | 7 | 14 | 0 | 4 |
| 5 | 0 | 1 | 0 | 6 | 15 | 0 | 4 |
| 6 | 0 | 5 | 0 | 7 | 15 | 0 | 4 |
| 7 | 0 | 8 | 0 | 8 | 15 | 0 | 4 |
| 8 | 0 | 12 | 0 | 9 | 15 | 0 | 4 |
| 9 | 0 | 18 | 0 | 10 | 15 | 0 | 4 |
| 10 | 0 | 18 | 0 | 11 | 15 | 0 | 4 |

Duration (in years)

New Zealand

Russia

Singapore

South Africa

South Korea

Thailand

Taiwan

1

0

0

0

5

10

0

4

2

0

0

0

7

12

0

4

3

0

0

0

7

12

0

4

4

0

0

0

7

14

0

4

5

0

1

0

6

15

0

4

6

0

5

0

7

15

0

4

7

0

8

0

8

15

0

4

8

0

12

0

9

15

0

4

9

0

18

0

10

15

0

4

10

0

18

0

11

15

0

4

| Duration (in years) | United States |
| --- | --- |
| 1 | 0 |
| 2 | 0 |
| 3 | 0 |
| 4 | 0 |
| 5 | 0 |
| 6 | 0 |
| 7 | 0 |
| 8 | 0 |
| 9 | 0 |
| 10 | 0 |

Duration (in years)

United States

1

0

2

0

3

0

4

0

5

0

6

0

7

0

8

0

9

0

10

0

2.   Exposures to financial institutions

2.1   Euro

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 6 | 20 | 46 | 122 | 236 | 563 | 1 244 |
| 2 | 6 | 20 | 46 | 122 | 236 | 563 | 1 003 |
| 3 | 7 | 23 | 47 | 115 | 232 | 559 | 818 |
| 4 | 8 | 25 | 49 | 117 | 231 | 558 | 678 |
| 5 | 10 | 28 | 55 | 120 | 231 | 558 | 570 |
| 6 | 11 | 30 | 58 | 124 | 231 | 558 | 558 |
| 7 | 12 | 32 | 60 | 127 | 231 | 558 | 558 |
| 8 | 12 | 33 | 59 | 125 | 231 | 558 | 558 |
| 9 | 12 | 34 | 59 | 125 | 231 | 558 | 558 |
| 10 | 13 | 35 | 60 | 124 | 231 | 558 | 558 |
| 11 | 13 | 36 | 60 | 124 | 231 | 558 | 558 |
| 12 | 14 | 37 | 60 | 124 | 231 | 558 | 558 |
| 13 | 14 | 38 | 60 | 124 | 231 | 558 | 558 |
| 14 | 14 | 38 | 60 | 124 | 231 | 558 | 558 |
| 15 | 14 | 38 | 60 | 124 | 231 | 558 | 558 |
| 16 | 14 | 38 | 60 | 124 | 231 | 558 | 558 |
| 17 | 14 | 38 | 60 | 124 | 231 | 558 | 558 |
| 18 | 14 | 38 | 60 | 124 | 231 | 558 | 558 |
| 19 | 15 | 38 | 60 | 124 | 231 | 558 | 558 |
| 20 | 16 | 38 | 60 | 124 | 231 | 558 | 558 |
| 21 | 16 | 38 | 60 | 124 | 231 | 558 | 558 |
| 22 | 17 | 38 | 60 | 124 | 231 | 558 | 558 |
| 23 | 17 | 38 | 60 | 124 | 231 | 558 | 558 |
| 24 | 19 | 38 | 60 | 124 | 231 | 558 | 558 |
| 25 | 19 | 38 | 60 | 124 | 231 | 558 | 558 |
| 26 | 20 | 38 | 60 | 124 | 231 | 558 | 558 |
| 27 | 20 | 38 | 60 | 124 | 231 | 558 | 558 |
| 28 | 21 | 38 | 60 | 124 | 231 | 558 | 558 |
| 29 | 22 | 38 | 60 | 124 | 231 | 558 | 558 |
| 30 | 23 | 38 | 60 | 124 | 231 | 558 | 558 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

6

20

46

122

236

563

1 244

2

6

20

46

122

236

563

1 003

3

7

23

47

115

232

559

818

4

8

25

49

117

231

558

678

5

10

28

55

120

231

558

570

6

11

30

58

124

231

558

558

7

12

32

60

127

231

558

558

8

12

33

59

125

231

558

558

9

12

34

59

125

231

558

558

10

13

35

60

124

231

558

558

11

13

36

60

124

231

558

558

12

14

37

60

124

231

558

558

13

14

38

60

124

231

558

558

14

14

38

60

124

231

558

558

15

14

38

60

124

231

558

558

16

14

38

60

124

231

558

558

17

14

38

60

124

231

558

558

18

14

38

60

124

231

558

558

19

15

38

60

124

231

558

558

20

16

38

60

124

231

558

558

21

16

38

60

124

231

558

558

22

17

38

60

124

231

558

558

23

17

38

60

124

231

558

558

24

19

38

60

124

231

558

558

25

19

38

60

124

231

558

558

26

20

38

60

124

231

558

558

27

20

38

60

124

231

558

558

28

21

38

60

124

231

558

558

29

22

38

60

124

231

558

558

30

23

38

60

124

231

558

558

2.2   Czech koruna

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 12 | 26 | 51 | 127 | 241 | 569 | 1 290 |
| 2 | 14 | 28 | 53 | 130 | 243 | 571 | 1 038 |
| 3 | 15 | 31 | 55 | 123 | 240 | 567 | 846 |
| 4 | 16 | 33 | 57 | 125 | 239 | 566 | 700 |
| 5 | 17 | 36 | 62 | 127 | 238 | 566 | 587 |
| 6 | 18 | 37 | 65 | 131 | 238 | 565 | 565 |
| 7 | 19 | 39 | 66 | 133 | 237 | 564 | 564 |
| 8 | 18 | 39 | 65 | 131 | 236 | 564 | 564 |
| 9 | 18 | 39 | 65 | 130 | 236 | 563 | 563 |
| 10 | 18 | 40 | 64 | 129 | 235 | 563 | 563 |
| 11 | 18 | 41 | 64 | 129 | 235 | 562 | 562 |
| 12 | 18 | 41 | 64 | 128 | 234 | 562 | 562 |
| 13 | 17 | 41 | 63 | 128 | 234 | 561 | 561 |
| 14 | 17 | 41 | 62 | 127 | 233 | 561 | 561 |
| 15 | 17 | 40 | 62 | 127 | 233 | 560 | 560 |
| 16 | 16 | 40 | 61 | 126 | 232 | 560 | 560 |
| 17 | 16 | 39 | 61 | 126 | 232 | 559 | 559 |
| 18 | 16 | 39 | 61 | 126 | 232 | 559 | 559 |
| 19 | 16 | 39 | 61 | 126 | 232 | 559 | 559 |
| 20 | 16 | 40 | 61 | 126 | 232 | 560 | 560 |
| 21 | 16 | 40 | 62 | 126 | 233 | 560 | 560 |
| 22 | 17 | 40 | 62 | 127 | 233 | 560 | 560 |
| 23 | 18 | 40 | 62 | 127 | 233 | 560 | 560 |
| 24 | 19 | 40 | 62 | 127 | 233 | 560 | 560 |
| 25 | 19 | 40 | 62 | 127 | 233 | 560 | 560 |
| 26 | 20 | 41 | 62 | 127 | 233 | 561 | 561 |
| 27 | 20 | 41 | 62 | 127 | 233 | 560 | 560 |
| 28 | 21 | 41 | 62 | 127 | 233 | 560 | 560 |
| 29 | 22 | 40 | 62 | 127 | 233 | 560 | 560 |
| 30 | 23 | 40 | 62 | 127 | 233 | 560 | 560 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

12

26

51

127

241

569

1 290

2

14

28

53

130

243

571

1 038

3

15

31

55

123

240

567

846

4

16

33

57

125

239

566

700

5

17

36

62

127

238

566

587

6

18

37

65

131

238

565

565

7

19

39

66

133

237

564

564

8

18

39

65

131

236

564

564

9

18

39

65

130

236

563

563

10

18

40

64

129

235

563

563

11

18

41

64

129

235

562

562

12

18

41

64

128

234

562

562

13

17

41

63

128

234

561

561

14

17

41

62

127

233

561

561

15

17

40

62

127

233

560

560

16

16

40

61

126

232

560

560

17

16

39

61

126

232

559

559

18

16

39

61

126

232

559

559

19

16

39

61

126

232

559

559

20

16

40

61

126

232

560

560

21

16

40

62

126

233

560

560

22

17

40

62

127

233

560

560

23

18

40

62

127

233

560

560

24

19

40

62

127

233

560

560

25

19

40

62

127

233

560

560

26

20

41

62

127

233

561

561

27

20

41

62

127

233

560

560

28

21

41

62

127

233

560

560

29

22

40

62

127

233

560

560

30

23

40

62

127

233

560

560

2.3   Danish krone

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 6 | 20 | 45 | 122 | 235 | 563 | 1 244 |
| 2 | 6 | 20 | 45 | 122 | 235 | 563 | 1 003 |
| 3 | 7 | 22 | 46 | 114 | 232 | 559 | 818 |
| 4 | 8 | 25 | 49 | 116 | 230 | 558 | 678 |
| 5 | 10 | 28 | 54 | 119 | 230 | 558 | 569 |
| 6 | 11 | 30 | 58 | 124 | 230 | 558 | 558 |
| 7 | 12 | 32 | 60 | 127 | 230 | 558 | 558 |
| 8 | 12 | 33 | 59 | 125 | 230 | 558 | 558 |
| 9 | 12 | 34 | 59 | 124 | 230 | 558 | 558 |
| 10 | 13 | 35 | 59 | 124 | 230 | 558 | 558 |
| 11 | 13 | 36 | 60 | 124 | 230 | 558 | 558 |
| 12 | 14 | 37 | 60 | 124 | 230 | 558 | 558 |
| 13 | 14 | 37 | 60 | 124 | 230 | 558 | 558 |
| 14 | 14 | 38 | 60 | 124 | 230 | 558 | 558 |
| 15 | 14 | 38 | 60 | 124 | 230 | 558 | 558 |
| 16 | 14 | 38 | 60 | 124 | 230 | 558 | 558 |
| 17 | 14 | 38 | 60 | 124 | 230 | 558 | 558 |
| 18 | 14 | 38 | 60 | 124 | 230 | 558 | 558 |
| 19 | 15 | 38 | 60 | 124 | 230 | 558 | 558 |
| 20 | 16 | 38 | 60 | 124 | 230 | 558 | 558 |
| 21 | 16 | 38 | 60 | 124 | 230 | 558 | 558 |
| 22 | 17 | 38 | 60 | 124 | 230 | 558 | 558 |
| 23 | 17 | 38 | 60 | 124 | 230 | 558 | 558 |
| 24 | 19 | 38 | 60 | 124 | 230 | 558 | 558 |
| 25 | 19 | 38 | 60 | 124 | 230 | 558 | 558 |
| 26 | 20 | 38 | 60 | 124 | 230 | 558 | 558 |
| 27 | 20 | 38 | 60 | 124 | 230 | 558 | 558 |
| 28 | 21 | 38 | 60 | 124 | 230 | 558 | 558 |
| 29 | 22 | 38 | 60 | 124 | 230 | 558 | 558 |
| 30 | 23 | 38 | 60 | 124 | 230 | 558 | 558 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

6

20

45

122

235

563

1 244

2

6

20

45

122

235

563

1 003

3

7

22

46

114

232

559

818

4

8

25

49

116

230

558

678

5

10

28

54

119

230

558

569

6

11

30

58

124

230

558

558

7

12

32

60

127

230

558

558

8

12

33

59

125

230

558

558

9

12

34

59

124

230

558

558

10

13

35

59

124

230

558

558

11

13

36

60

124

230

558

558

12

14

37

60

124

230

558

558

13

14

37

60

124

230

558

558

14

14

38

60

124

230

558

558

15

14

38

60

124

230

558

558

16

14

38

60

124

230

558

558

17

14

38

60

124

230

558

558

18

14

38

60

124

230

558

558

19

15

38

60

124

230

558

558

20

16

38

60

124

230

558

558

21

16

38

60

124

230

558

558

22

17

38

60

124

230

558

558

23

17

38

60

124

230

558

558

24

19

38

60

124

230

558

558

25

19

38

60

124

230

558

558

26

20

38

60

124

230

558

558

27

20

38

60

124

230

558

558

28

21

38

60

124

230

558

558

29

22

38

60

124

230

558

558

30

23

38

60

124

230

558

558

2.4   Forint

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 82 | 97 | 122 | 198 | 312 | 639 | 1 256 |
| 2 | 78 | 93 | 118 | 194 | 308 | 635 | 1 020 |
| 3 | 82 | 98 | 121 | 189 | 307 | 634 | 834 |
| 4 | 81 | 98 | 122 | 189 | 303 | 630 | 693 |
| 5 | 80 | 98 | 125 | 190 | 301 | 628 | 628 |
| 6 | 79 | 98 | 126 | 192 | 299 | 626 | 626 |
| 7 | 78 | 98 | 126 | 193 | 296 | 624 | 624 |
| 8 | 77 | 98 | 124 | 190 | 295 | 622 | 622 |
| 9 | 76 | 97 | 123 | 188 | 294 | 621 | 621 |
| 10 | 72 | 95 | 119 | 184 | 290 | 617 | 617 |
| 11 | 70 | 93 | 117 | 181 | 287 | 615 | 615 |
| 12 | 69 | 92 | 115 | 180 | 286 | 613 | 613 |
| 13 | 69 | 92 | 114 | 179 | 285 | 612 | 612 |
| 14 | 68 | 92 | 114 | 178 | 285 | 612 | 612 |
| 15 | 68 | 92 | 113 | 178 | 284 | 612 | 612 |
| 16 | 67 | 91 | 113 | 177 | 284 | 611 | 611 |
| 17 | 67 | 90 | 112 | 177 | 283 | 610 | 610 |
| 18 | 66 | 90 | 112 | 176 | 282 | 610 | 610 |
| 19 | 65 | 89 | 111 | 175 | 282 | 609 | 609 |
| 20 | 65 | 88 | 110 | 175 | 281 | 608 | 608 |
| 21 | 64 | 88 | 109 | 174 | 280 | 608 | 608 |
| 22 | 63 | 87 | 109 | 173 | 279 | 607 | 607 |
| 23 | 62 | 86 | 108 | 172 | 278 | 606 | 606 |
| 24 | 61 | 85 | 107 | 171 | 277 | 605 | 605 |
| 25 | 60 | 84 | 106 | 170 | 276 | 604 | 604 |
| 26 | 59 | 83 | 105 | 169 | 275 | 603 | 603 |
| 27 | 58 | 82 | 103 | 168 | 274 | 602 | 602 |
| 28 | 57 | 81 | 102 | 167 | 273 | 601 | 601 |
| 29 | 56 | 80 | 101 | 166 | 272 | 600 | 600 |
| 30 | 55 | 79 | 100 | 165 | 271 | 598 | 598 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

82

97

122

198

312

639

1 256

2

78

93

118

194

308

635

1 020

3

82

98

121

189

307

634

834

4

81

98

122

189

303

630

693

5

80

98

125

190

301

628

628

6

79

98

126

192

299

626

626

7

78

98

126

193

296

624

624

8

77

98

124

190

295

622

622

9

76

97

123

188

294

621

621

10

72

95

119

184

290

617

617

11

70

93

117

181

287

615

615

12

69

92

115

180

286

613

613

13

69

92

114

179

285

612

612

14

68

92

114

178

285

612

612

15

68

92

113

178

284

612

612

16

67

91

113

177

284

611

611

17

67

90

112

177

283

610

610

18

66

90

112

176

282

610

610

19

65

89

111

175

282

609

609

20

65

88

110

175

281

608

608

21

64

88

109

174

280

608

608

22

63

87

109

173

279

607

607

23

62

86

108

172

278

606

606

24

61

85

107

171

277

605

605

25

60

84

106

170

276

604

604

26

59

83

105

169

275

603

603

27

58

82

103

168

274

602

602

28

57

81

102

167

273

601

601

29

56

80

101

166

272

600

600

30

55

79

100

165

271

598

598

2.5   Krona

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 9 | 24 | 49 | 125 | 239 | 566 | 1 250 |
| 2 | 11 | 26 | 51 | 127 | 241 | 568 | 1 007 |
| 3 | 14 | 29 | 53 | 121 | 238 | 565 | 822 |
| 4 | 15 | 32 | 56 | 124 | 238 | 565 | 681 |
| 5 | 17 | 35 | 62 | 127 | 238 | 565 | 573 |
| 6 | 18 | 37 | 65 | 132 | 238 | 565 | 565 |
| 7 | 19 | 39 | 67 | 134 | 237 | 565 | 565 |
| 8 | 18 | 40 | 66 | 132 | 237 | 564 | 564 |
| 9 | 18 | 40 | 65 | 130 | 236 | 564 | 564 |
| 10 | 18 | 41 | 65 | 130 | 236 | 563 | 563 |
| 11 | 18 | 41 | 65 | 129 | 236 | 563 | 563 |
| 12 | 19 | 42 | 64 | 129 | 235 | 563 | 563 |
| 13 | 19 | 42 | 64 | 129 | 235 | 562 | 562 |
| 14 | 19 | 42 | 64 | 129 | 235 | 562 | 562 |
| 15 | 18 | 42 | 64 | 128 | 235 | 562 | 562 |
| 16 | 18 | 41 | 63 | 128 | 234 | 562 | 562 |
| 17 | 18 | 41 | 63 | 128 | 234 | 561 | 561 |
| 18 | 18 | 41 | 63 | 128 | 234 | 561 | 561 |
| 19 | 18 | 42 | 63 | 128 | 234 | 562 | 562 |
| 20 | 18 | 42 | 64 | 128 | 235 | 562 | 562 |
| 21 | 19 | 42 | 64 | 129 | 235 | 562 | 562 |
| 22 | 19 | 43 | 64 | 129 | 235 | 563 | 563 |
| 23 | 19 | 43 | 65 | 129 | 235 | 563 | 563 |
| 24 | 19 | 43 | 65 | 129 | 235 | 563 | 563 |
| 25 | 19 | 43 | 65 | 129 | 235 | 563 | 563 |
| 26 | 20 | 43 | 65 | 129 | 235 | 563 | 563 |
| 27 | 20 | 43 | 65 | 129 | 235 | 563 | 563 |
| 28 | 21 | 43 | 65 | 129 | 235 | 563 | 563 |
| 29 | 22 | 43 | 64 | 129 | 235 | 563 | 563 |
| 30 | 23 | 43 | 64 | 129 | 235 | 563 | 563 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

9

24

49

125

239

566

1 250

2

11

26

51

127

241

568

1 007

3

14

29

53

121

238

565

822

4

15

32

56

124

238

565

681

5

17

35

62

127

238

565

573

6

18

37

65

132

238

565

565

7

19

39

67

134

237

565

565

8

18

40

66

132

237

564

564

9

18

40

65

130

236

564

564

10

18

41

65

130

236

563

563

11

18

41

65

129

236

563

563

12

19

42

64

129

235

563

563

13

19

42

64

129

235

562

562

14

19

42

64

129

235

562

562

15

18

42

64

128

235

562

562

16

18

41

63

128

234

562

562

17

18

41

63

128

234

561

561

18

18

41

63

128

234

561

561

19

18

42

63

128

234

562

562

20

18

42

64

128

235

562

562

21

19

42

64

129

235

562

562

22

19

43

64

129

235

563

563

23

19

43

65

129

235

563

563

24

19

43

65

129

235

563

563

25

19

43

65

129

235

563

563

26

20

43

65

129

235

563

563

27

20

43

65

129

235

563

563

28

21

43

65

129

235

563

563

29

22

43

64

129

235

563

563

30

23

43

64

129

235

563

563

2.6   Kuna

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 50 | 65 | 90 | 166 | 280 | 607 | 1 250 |
| 2 | 54 | 69 | 94 | 170 | 284 | 611 | 1 008 |
| 3 | 60 | 75 | 99 | 167 | 284 | 611 | 824 |
| 4 | 63 | 80 | 104 | 171 | 285 | 613 | 683 |
| 5 | 65 | 83 | 110 | 175 | 286 | 614 | 614 |
| 6 | 66 | 86 | 114 | 180 | 286 | 613 | 613 |
| 7 | 67 | 87 | 115 | 182 | 285 | 613 | 613 |
| 8 | 66 | 87 | 113 | 179 | 284 | 612 | 612 |
| 9 | 65 | 86 | 112 | 177 | 283 | 610 | 610 |
| 10 | 64 | 86 | 110 | 175 | 281 | 609 | 609 |
| 11 | 63 | 86 | 109 | 174 | 280 | 607 | 607 |
| 12 | 62 | 85 | 108 | 172 | 278 | 606 | 606 |
| 13 | 61 | 84 | 106 | 171 | 277 | 604 | 604 |
| 14 | 59 | 83 | 105 | 169 | 276 | 603 | 603 |
| 15 | 58 | 82 | 104 | 168 | 274 | 602 | 602 |
| 16 | 57 | 81 | 103 | 167 | 273 | 601 | 601 |
| 17 | 56 | 80 | 102 | 166 | 272 | 600 | 600 |
| 18 | 55 | 79 | 101 | 166 | 272 | 599 | 599 |
| 19 | 55 | 78 | 100 | 165 | 271 | 598 | 598 |
| 20 | 54 | 78 | 100 | 164 | 270 | 598 | 598 |
| 21 | 54 | 77 | 99 | 164 | 270 | 597 | 597 |
| 22 | 53 | 76 | 98 | 163 | 269 | 596 | 596 |
| 23 | 52 | 76 | 97 | 162 | 268 | 596 | 596 |
| 24 | 51 | 75 | 97 | 161 | 267 | 595 | 595 |
| 25 | 50 | 74 | 96 | 160 | 267 | 594 | 594 |
| 26 | 49 | 73 | 95 | 159 | 266 | 593 | 593 |
| 27 | 49 | 72 | 94 | 159 | 265 | 592 | 592 |
| 28 | 48 | 71 | 93 | 158 | 264 | 591 | 591 |
| 29 | 47 | 71 | 92 | 157 | 263 | 591 | 591 |
| 30 | 46 | 70 | 92 | 156 | 262 | 590 | 590 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

50

65

90

166

280

607

1 250

2

54

69

94

170

284

611

1 008

3

60

75

99

167

284

611

824

4

63

80

104

171

285

613

683

5

65

83

110

175

286

614

614

6

66

86

114

180

286

613

613

7

67

87

115

182

285

613

613

8

66

87

113

179

284

612

612

9

65

86

112

177

283

610

610

10

64

86

110

175

281

609

609

11

63

86

109

174

280

607

607

12

62

85

108

172

278

606

606

13

61

84

106

171

277

604

604

14

59

83

105

169

276

603

603

15

58

82

104

168

274

602

602

16

57

81

103

167

273

601

601

17

56

80

102

166

272

600

600

18

55

79

101

166

272

599

599

19

55

78

100

165

271

598

598

20

54

78

100

164

270

598

598

21

54

77

99

164

270

597

597

22

53

76

98

163

269

596

596

23

52

76

97

162

268

596

596

24

51

75

97

161

267

595

595

25

50

74

96

160

267

594

594

26

49

73

95

159

266

593

593

27

49

72

94

159

265

592

592

28

48

71

93

158

264

591

591

29

47

71

92

157

263

591

591

30

46

70

92

156

262

590

590

2.7   Lev

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 5 | 20 | 45 | 121 | 235 | 562 | 1 243 |
| 2 | 5 | 20 | 45 | 121 | 235 | 562 | 1 002 |
| 3 | 6 | 22 | 46 | 114 | 231 | 558 | 818 |
| 4 | 7 | 24 | 48 | 116 | 230 | 557 | 677 |
| 5 | 9 | 27 | 54 | 119 | 230 | 557 | 569 |
| 6 | 10 | 29 | 57 | 123 | 230 | 557 | 557 |
| 7 | 11 | 32 | 59 | 126 | 230 | 557 | 557 |
| 8 | 11 | 32 | 59 | 125 | 230 | 557 | 557 |
| 9 | 11 | 33 | 58 | 124 | 230 | 557 | 557 |
| 10 | 12 | 34 | 59 | 123 | 230 | 557 | 557 |
| 11 | 12 | 35 | 59 | 123 | 230 | 557 | 557 |
| 12 | 13 | 36 | 59 | 123 | 230 | 557 | 557 |
| 13 | 13 | 37 | 59 | 123 | 230 | 557 | 557 |
| 14 | 13 | 37 | 59 | 123 | 230 | 557 | 557 |
| 15 | 13 | 37 | 59 | 123 | 230 | 557 | 557 |
| 16 | 13 | 37 | 59 | 123 | 230 | 557 | 557 |
| 17 | 13 | 37 | 59 | 123 | 230 | 557 | 557 |
| 18 | 14 | 37 | 59 | 123 | 230 | 557 | 557 |
| 19 | 15 | 37 | 59 | 123 | 230 | 557 | 557 |
| 20 | 16 | 37 | 59 | 123 | 230 | 557 | 557 |
| 21 | 16 | 37 | 59 | 123 | 230 | 557 | 557 |
| 22 | 17 | 37 | 59 | 123 | 230 | 557 | 557 |
| 23 | 17 | 37 | 59 | 123 | 230 | 557 | 557 |
| 24 | 19 | 37 | 59 | 123 | 230 | 557 | 557 |
| 25 | 19 | 37 | 59 | 123 | 230 | 557 | 557 |
| 26 | 20 | 37 | 59 | 124 | 230 | 557 | 557 |
| 27 | 20 | 37 | 59 | 124 | 230 | 557 | 557 |
| 28 | 21 | 37 | 59 | 124 | 230 | 557 | 557 |
| 29 | 22 | 37 | 59 | 124 | 230 | 557 | 557 |
| 30 | 23 | 37 | 59 | 124 | 230 | 557 | 557 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

5

20

45

121

235

562

1 243

2

5

20

45

121

235

562

1 002

3

6

22

46

114

231

558

818

4

7

24

48

116

230

557

677

5

9

27

54

119

230

557

569

6

10

29

57

123

230

557

557

7

11

32

59

126

230

557

557

8

11

32

59

125

230

557

557

9

11

33

58

124

230

557

557

10

12

34

59

123

230

557

557

11

12

35

59

123

230

557

557

12

13

36

59

123

230

557

557

13

13

37

59

123

230

557

557

14

13

37

59

123

230

557

557

15

13

37

59

123

230

557

557

16

13

37

59

123

230

557

557

17

13

37

59

123

230

557

557

18

14

37

59

123

230

557

557

19

15

37

59

123

230

557

557

20

16

37

59

123

230

557

557

21

16

37

59

123

230

557

557

22

17

37

59

123

230

557

557

23

17

37

59

123

230

557

557

24

19

37

59

123

230

557

557

25

19

37

59

123

230

557

557

26

20

37

59

124

230

557

557

27

20

37

59

124

230

557

557

28

21

37

59

124

230

557

557

29

22

37

59

124

230

557

557

30

23

37

59

124

230

557

557

2.8   Pound sterling

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 7 | 25 | 56 | 153 | 254 | 581 | 1 267 |
| 2 | 7 | 25 | 56 | 153 | 254 | 581 | 1 021 |
| 3 | 8 | 27 | 55 | 138 | 250 | 577 | 833 |
| 4 | 10 | 29 | 57 | 128 | 248 | 575 | 690 |
| 5 | 11 | 31 | 58 | 116 | 247 | 574 | 579 |
| 6 | 14 | 34 | 61 | 108 | 245 | 573 | 573 |
| 7 | 16 | 37 | 62 | 101 | 244 | 572 | 572 |
| 8 | 16 | 38 | 61 | 93 | 243 | 571 | 571 |
| 9 | 19 | 45 | 64 | 87 | 242 | 570 | 570 |
| 10 | 19 | 45 | 62 | 84 | 241 | 569 | 569 |
| 11 | 18 | 44 | 60 | 84 | 240 | 568 | 568 |
| 12 | 17 | 44 | 61 | 84 | 240 | 567 | 567 |
| 13 | 17 | 44 | 61 | 85 | 239 | 566 | 566 |
| 14 | 17 | 44 | 61 | 85 | 238 | 566 | 566 |
| 15 | 17 | 44 | 61 | 85 | 237 | 565 | 565 |
| 16 | 17 | 44 | 61 | 85 | 236 | 563 | 563 |
| 17 | 17 | 44 | 61 | 85 | 235 | 562 | 562 |
| 18 | 17 | 44 | 61 | 85 | 234 | 562 | 562 |
| 19 | 17 | 44 | 61 | 85 | 234 | 562 | 562 |
| 20 | 17 | 44 | 61 | 85 | 235 | 562 | 562 |
| 21 | 17 | 44 | 61 | 85 | 235 | 562 | 562 |
| 22 | 17 | 44 | 61 | 85 | 235 | 562 | 562 |
| 23 | 17 | 44 | 61 | 85 | 234 | 562 | 562 |
| 24 | 19 | 44 | 61 | 85 | 234 | 561 | 561 |
| 25 | 19 | 44 | 61 | 85 | 233 | 561 | 561 |
| 26 | 20 | 44 | 61 | 85 | 233 | 560 | 560 |
| 27 | 20 | 44 | 61 | 85 | 232 | 560 | 560 |
| 28 | 21 | 44 | 61 | 85 | 232 | 559 | 559 |
| 29 | 22 | 44 | 61 | 85 | 231 | 559 | 559 |
| 30 | 23 | 44 | 61 | 85 | 231 | 558 | 558 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

7

25

56

153

254

581

1 267

2

7

25

56

153

254

581

1 021

3

8

27

55

138

250

577

833

4

10

29

57

128

248

575

690

5

11

31

58

116

247

574

579

6

14

34

61

108

245

573

573

7

16

37

62

101

244

572

572

8

16

38

61

93

243

571

571

9

19

45

64

87

242

570

570

10

19

45

62

84

241

569

569

11

18

44

60

84

240

568

568

12

17

44

61

84

240

567

567

13

17

44

61

85

239

566

566

14

17

44

61

85

238

566

566

15

17

44

61

85

237

565

565

16

17

44

61

85

236

563

563

17

17

44

61

85

235

562

562

18

17

44

61

85

234

562

562

19

17

44

61

85

234

562

562

20

17

44

61

85

235

562

562

21

17

44

61

85

235

562

562

22

17

44

61

85

235

562

562

23

17

44

61

85

234

562

562

24

19

44

61

85

234

561

561

25

19

44

61

85

233

561

561

26

20

44

61

85

233

560

560

27

20

44

61

85

232

560

560

28

21

44

61

85

232

559

559

29

22

44

61

85

231

559

559

30

23

44

61

85

231

558

558

2.9   Romanian leu

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 86 | 101 | 126 | 202 | 316 | 643 | 1 310 |
| 2 | 84 | 99 | 124 | 200 | 314 | 641 | 1 060 |
| 3 | 83 | 99 | 123 | 191 | 308 | 635 | 868 |
| 4 | 82 | 99 | 123 | 190 | 305 | 632 | 720 |
| 5 | 81 | 99 | 126 | 191 | 302 | 629 | 629 |
| 6 | 80 | 99 | 127 | 193 | 299 | 627 | 627 |
| 7 | 78 | 99 | 126 | 193 | 297 | 624 | 624 |
| 8 | 76 | 97 | 123 | 189 | 294 | 622 | 622 |
| 9 | 74 | 95 | 121 | 186 | 292 | 619 | 619 |
| 10 | 72 | 95 | 119 | 184 | 290 | 618 | 618 |
| 11 | 71 | 94 | 118 | 182 | 289 | 616 | 616 |
| 12 | 70 | 93 | 116 | 181 | 287 | 614 | 614 |
| 13 | 69 | 92 | 114 | 179 | 285 | 613 | 613 |
| 14 | 68 | 91 | 113 | 178 | 284 | 611 | 611 |
| 15 | 66 | 90 | 112 | 176 | 282 | 610 | 610 |
| 16 | 65 | 88 | 110 | 175 | 281 | 609 | 609 |
| 17 | 64 | 87 | 109 | 174 | 280 | 607 | 607 |
| 18 | 63 | 86 | 108 | 173 | 279 | 606 | 606 |
| 19 | 62 | 85 | 107 | 172 | 278 | 606 | 606 |
| 20 | 61 | 85 | 107 | 171 | 277 | 605 | 605 |
| 21 | 60 | 84 | 106 | 170 | 276 | 604 | 604 |
| 22 | 59 | 83 | 105 | 169 | 275 | 603 | 603 |
| 23 | 58 | 82 | 104 | 168 | 274 | 602 | 602 |
| 24 | 57 | 81 | 103 | 167 | 273 | 601 | 601 |
| 25 | 56 | 80 | 102 | 166 | 272 | 600 | 600 |
| 26 | 55 | 79 | 101 | 165 | 271 | 599 | 599 |
| 27 | 54 | 78 | 100 | 164 | 270 | 598 | 598 |
| 28 | 53 | 77 | 99 | 163 | 269 | 597 | 597 |
| 29 | 52 | 76 | 98 | 162 | 268 | 596 | 596 |
| 30 | 51 | 75 | 97 | 161 | 267 | 595 | 595 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

86

101

126

202

316

643

1 310

2

84

99

124

200

314

641

1 060

3

83

99

123

191

308

635

868

4

82

99

123

190

305

632

720

5

81

99

126

191

302

629

629

6

80

99

127

193

299

627

627

7

78

99

126

193

297

624

624

8

76

97

123

189

294

622

622

9

74

95

121

186

292

619

619

10

72

95

119

184

290

618

618

11

71

94

118

182

289

616

616

12

70

93

116

181

287

614

614

13

69

92

114

179

285

613

613

14

68

91

113

178

284

611

611

15

66

90

112

176

282

610

610

16

65

88

110

175

281

609

609

17

64

87

109

174

280

607

607

18

63

86

108

173

279

606

606

19

62

85

107

172

278

606

606

20

61

85

107

171

277

605

605

21

60

84

106

170

276

604

604

22

59

83

105

169

275

603

603

23

58

82

104

168

274

602

602

24

57

81

103

167

273

601

601

25

56

80

102

166

272

600

600

26

55

79

101

165

271

599

599

27

54

78

100

164

270

598

598

28

53

77

99

163

269

597

597

29

52

76

98

162

268

596

596

30

51

75

97

161

267

595

595

2.10   Zloty

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 59 | 74 | 99 | 175 | 289 | 616 | 1 278 |
| 2 | 58 | 73 | 98 | 174 | 288 | 615 | 1 032 |
| 3 | 58 | 74 | 98 | 166 | 283 | 610 | 843 |
| 4 | 58 | 75 | 99 | 166 | 281 | 608 | 699 |
| 5 | 58 | 76 | 102 | 168 | 278 | 606 | 606 |
| 6 | 57 | 76 | 104 | 170 | 277 | 604 | 604 |
| 7 | 57 | 77 | 104 | 171 | 275 | 602 | 602 |
| 8 | 55 | 76 | 102 | 168 | 273 | 601 | 601 |
| 9 | 53 | 75 | 101 | 166 | 272 | 599 | 599 |
| 10 | 53 | 75 | 99 | 164 | 270 | 598 | 598 |
| 11 | 52 | 75 | 99 | 163 | 269 | 597 | 597 |
| 12 | 52 | 75 | 98 | 162 | 269 | 596 | 596 |
| 13 | 51 | 75 | 97 | 162 | 268 | 595 | 595 |
| 14 | 51 | 75 | 96 | 161 | 267 | 595 | 595 |
| 15 | 50 | 74 | 96 | 160 | 267 | 594 | 594 |
| 16 | 49 | 73 | 95 | 159 | 265 | 593 | 593 |
| 17 | 49 | 72 | 94 | 159 | 265 | 592 | 592 |
| 18 | 48 | 72 | 93 | 158 | 264 | 592 | 592 |
| 19 | 47 | 71 | 93 | 157 | 264 | 591 | 591 |
| 20 | 47 | 71 | 93 | 157 | 263 | 591 | 591 |
| 21 | 47 | 71 | 92 | 157 | 263 | 591 | 591 |
| 22 | 47 | 70 | 92 | 157 | 263 | 590 | 590 |
| 23 | 46 | 70 | 91 | 156 | 262 | 590 | 590 |
| 24 | 45 | 69 | 91 | 155 | 262 | 589 | 589 |
| 25 | 45 | 68 | 90 | 155 | 261 | 588 | 588 |
| 26 | 44 | 68 | 90 | 154 | 260 | 588 | 588 |
| 27 | 43 | 67 | 89 | 153 | 260 | 587 | 587 |
| 28 | 43 | 66 | 88 | 153 | 259 | 586 | 586 |
| 29 | 42 | 66 | 87 | 152 | 258 | 586 | 586 |
| 30 | 41 | 65 | 87 | 151 | 258 | 585 | 585 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

59

74

99

175

289

616

1 278

2

58

73

98

174

288

615

1 032

3

58

74

98

166

283

610

843

4

58

75

99

166

281

608

699

5

58

76

102

168

278

606

606

6

57

76

104

170

277

604

604

7

57

77

104

171

275

602

602

8

55

76

102

168

273

601

601

9

53

75

101

166

272

599

599

10

53

75

99

164

270

598

598

11

52

75

99

163

269

597

597

12

52

75

98

162

269

596

596

13

51

75

97

162

268

595

595

14

51

75

96

161

267

595

595

15

50

74

96

160

267

594

594

16

49

73

95

159

265

593

593

17

49

72

94

159

265

592

592

18

48

72

93

158

264

592

592

19

47

71

93

157

264

591

591

20

47

71

93

157

263

591

591

21

47

71

92

157

263

591

591

22

47

70

92

157

263

590

590

23

46

70

91

156

262

590

590

24

45

69

91

155

262

589

589

25

45

68

90

155

261

588

588

26

44

68

90

154

260

588

588

27

43

67

89

153

260

587

587

28

43

66

88

153

259

586

586

29

42

66

87

152

258

586

586

30

41

65

87

151

258

585

585

2.11   Norwegian krone

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 31 | 45 | 70 | 147 | 260 | 588 | 1 278 |
| 2 | 31 | 46 | 71 | 147 | 261 | 588 | 1 032 |
| 3 | 32 | 47 | 71 | 139 | 256 | 583 | 842 |
| 4 | 32 | 49 | 73 | 140 | 254 | 582 | 697 |
| 5 | 32 | 51 | 77 | 142 | 253 | 581 | 586 |
| 6 | 33 | 52 | 80 | 146 | 252 | 580 | 580 |
| 7 | 33 | 53 | 81 | 148 | 252 | 579 | 579 |
| 8 | 32 | 53 | 80 | 146 | 251 | 578 | 578 |
| 9 | 32 | 53 | 79 | 144 | 250 | 577 | 577 |
| 10 | 31 | 54 | 78 | 143 | 249 | 577 | 577 |
| 11 | 31 | 54 | 78 | 142 | 248 | 576 | 576 |
| 12 | 31 | 54 | 77 | 142 | 248 | 575 | 575 |
| 13 | 31 | 54 | 76 | 141 | 247 | 574 | 574 |
| 14 | 30 | 54 | 75 | 140 | 246 | 574 | 574 |
| 15 | 29 | 53 | 75 | 139 | 245 | 573 | 573 |
| 16 | 28 | 52 | 74 | 138 | 245 | 572 | 572 |
| 17 | 28 | 51 | 73 | 138 | 244 | 572 | 572 |
| 18 | 27 | 51 | 73 | 138 | 244 | 571 | 571 |
| 19 | 27 | 51 | 73 | 137 | 243 | 571 | 571 |
| 20 | 27 | 51 | 73 | 137 | 244 | 571 | 571 |
| 21 | 27 | 51 | 73 | 137 | 244 | 571 | 571 |
| 22 | 27 | 51 | 73 | 137 | 243 | 571 | 571 |
| 23 | 27 | 51 | 73 | 137 | 243 | 571 | 571 |
| 24 | 27 | 51 | 72 | 137 | 243 | 571 | 571 |
| 25 | 27 | 50 | 72 | 137 | 243 | 570 | 570 |
| 26 | 26 | 50 | 72 | 136 | 243 | 570 | 570 |
| 27 | 26 | 50 | 72 | 136 | 242 | 570 | 570 |
| 28 | 26 | 50 | 71 | 136 | 242 | 570 | 570 |
| 29 | 26 | 49 | 71 | 136 | 242 | 569 | 569 |
| 30 | 25 | 49 | 71 | 135 | 242 | 569 | 569 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

31

45

70

147

260

588

1 278

2

31

46

71

147

261

588

1 032

3

32

47

71

139

256

583

842

4

32

49

73

140

254

582

697

5

32

51

77

142

253

581

586

6

33

52

80

146

252

580

580

7

33

53

81

148

252

579

579

8

32

53

80

146

251

578

578

9

32

53

79

144

250

577

577

10

31

54

78

143

249

577

577

11

31

54

78

142

248

576

576

12

31

54

77

142

248

575

575

13

31

54

76

141

247

574

574

14

30

54

75

140

246

574

574

15

29

53

75

139

245

573

573

16

28

52

74

138

245

572

572

17

28

51

73

138

244

572

572

18

27

51

73

138

244

571

571

19

27

51

73

137

243

571

571

20

27

51

73

137

244

571

571

21

27

51

73

137

244

571

571

22

27

51

73

137

243

571

571

23

27

51

73

137

243

571

571

24

27

51

72

137

243

571

571

25

27

50

72

137

243

570

570

26

26

50

72

136

243

570

570

27

26

50

72

136

242

570

570

28

26

50

71

136

242

570

570

29

26

49

71

136

242

569

569

30

25

49

71

135

242

569

569

2.12   Swiss franc

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 0 | 3 | 26 | 102 | 216 | 543 | 1 236 |
| 2 | 1 | 5 | 27 | 103 | 217 | 544 | 996 |
| 3 | 2 | 5 | 28 | 96 | 213 | 540 | 813 |
| 4 | 3 | 6 | 31 | 98 | 212 | 539 | 673 |
| 5 | 4 | 9 | 36 | 101 | 212 | 539 | 566 |
| 6 | 4 | 11 | 39 | 106 | 212 | 539 | 539 |
| 7 | 5 | 14 | 41 | 108 | 212 | 539 | 539 |
| 8 | 7 | 14 | 41 | 107 | 212 | 539 | 539 |
| 9 | 7 | 15 | 40 | 106 | 212 | 539 | 539 |
| 10 | 8 | 16 | 41 | 105 | 212 | 539 | 539 |
| 11 | 8 | 18 | 42 | 107 | 213 | 540 | 540 |
| 12 | 9 | 18 | 41 | 105 | 211 | 539 | 539 |
| 13 | 11 | 19 | 42 | 106 | 212 | 540 | 540 |
| 14 | 11 | 20 | 41 | 106 | 212 | 540 | 540 |
| 15 | 12 | 18 | 40 | 105 | 211 | 538 | 538 |
| 16 | 12 | 17 | 39 | 104 | 210 | 537 | 537 |
| 17 | 13 | 17 | 39 | 104 | 210 | 537 | 537 |
| 18 | 13 | 17 | 39 | 104 | 210 | 537 | 537 |
| 19 | 15 | 18 | 40 | 104 | 210 | 538 | 538 |
| 20 | 16 | 18 | 40 | 105 | 211 | 538 | 538 |
| 21 | 16 | 20 | 41 | 105 | 211 | 539 | 539 |
| 22 | 17 | 20 | 41 | 105 | 211 | 539 | 539 |
| 23 | 17 | 21 | 41 | 105 | 211 | 539 | 539 |
| 24 | 19 | 21 | 41 | 105 | 211 | 539 | 539 |
| 25 | 19 | 22 | 40 | 105 | 211 | 539 | 539 |
| 26 | 20 | 24 | 41 | 105 | 211 | 539 | 539 |
| 27 | 20 | 24 | 42 | 105 | 211 | 538 | 538 |
| 28 | 21 | 25 | 45 | 105 | 211 | 538 | 538 |
| 29 | 21 | 25 | 46 | 105 | 211 | 538 | 538 |
| 30 | 23 | 27 | 47 | 105 | 211 | 538 | 538 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

0

3

26

102

216

543

1 236

2

1

5

27

103

217

544

996

3

2

5

28

96

213

540

813

4

3

6

31

98

212

539

673

5

4

9

36

101

212

539

566

6

4

11

39

106

212

539

539

7

5

14

41

108

212

539

539

8

7

14

41

107

212

539

539

9

7

15

40

106

212

539

539

10

8

16

41

105

212

539

539

11

8

18

42

107

213

540

540

12

9

18

41

105

211

539

539

13

11

19

42

106

212

540

540

14

11

20

41

106

212

540

540

15

12

18

40

105

211

538

538

16

12

17

39

104

210

537

537

17

13

17

39

104

210

537

537

18

13

17

39

104

210

537

537

19

15

18

40

104

210

538

538

20

16

18

40

105

211

538

538

21

16

20

41

105

211

539

539

22

17

20

41

105

211

539

539

23

17

21

41

105

211

539

539

24

19

21

41

105

211

539

539

25

19

22

40

105

211

539

539

26

20

24

41

105

211

539

539

27

20

24

42

105

211

538

538

28

21

25

45

105

211

538

538

29

21

25

46

105

211

538

538

30

23

27

47

105

211

538

538

2.13   Australian dollar

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 47 | 62 | 87 | 163 | 277 | 604 | 1 278 |
| 2 | 47 | 62 | 87 | 163 | 277 | 604 | 1 029 |
| 3 | 48 | 63 | 87 | 155 | 272 | 600 | 839 |
| 4 | 48 | 65 | 89 | 156 | 271 | 598 | 695 |
| 5 | 48 | 67 | 93 | 158 | 269 | 597 | 597 |
| 6 | 48 | 68 | 96 | 162 | 268 | 596 | 596 |
| 7 | 49 | 69 | 96 | 163 | 267 | 594 | 594 |
| 8 | 47 | 69 | 95 | 161 | 266 | 593 | 593 |
| 9 | 47 | 68 | 94 | 159 | 265 | 592 | 592 |
| 10 | 46 | 69 | 93 | 158 | 264 | 591 | 591 |
| 11 | 46 | 69 | 92 | 157 | 263 | 591 | 591 |
| 12 | 46 | 69 | 91 | 156 | 262 | 590 | 590 |
| 13 | 45 | 69 | 91 | 155 | 262 | 589 | 589 |
| 14 | 45 | 68 | 90 | 155 | 261 | 588 | 588 |
| 15 | 44 | 68 | 89 | 154 | 260 | 588 | 588 |
| 16 | 43 | 67 | 89 | 153 | 259 | 587 | 587 |
| 17 | 43 | 66 | 88 | 153 | 259 | 586 | 586 |
| 18 | 42 | 66 | 87 | 152 | 258 | 586 | 586 |
| 19 | 41 | 65 | 87 | 152 | 258 | 585 | 585 |
| 20 | 41 | 65 | 87 | 151 | 258 | 585 | 585 |
| 21 | 41 | 65 | 87 | 151 | 257 | 585 | 585 |
| 22 | 41 | 64 | 86 | 151 | 257 | 584 | 584 |
| 23 | 40 | 64 | 86 | 150 | 256 | 584 | 584 |
| 24 | 40 | 63 | 85 | 150 | 256 | 583 | 583 |
| 25 | 39 | 63 | 85 | 149 | 255 | 583 | 583 |
| 26 | 38 | 62 | 84 | 149 | 255 | 582 | 582 |
| 27 | 38 | 61 | 83 | 148 | 254 | 581 | 581 |
| 28 | 37 | 61 | 83 | 147 | 253 | 581 | 581 |
| 29 | 37 | 60 | 82 | 147 | 253 | 580 | 580 |
| 30 | 36 | 60 | 81 | 146 | 252 | 580 | 580 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

47

62

87

163

277

604

1 278

2

47

62

87

163

277

604

1 029

3

48

63

87

155

272

600

839

4

48

65

89

156

271

598

695

5

48

67

93

158

269

597

597

6

48

68

96

162

268

596

596

7

49

69

96

163

267

594

594

8

47

69

95

161

266

593

593

9

47

68

94

159

265

592

592

10

46

69

93

158

264

591

591

11

46

69

92

157

263

591

591

12

46

69

91

156

262

590

590

13

45

69

91

155

262

589

589

14

45

68

90

155

261

588

588

15

44

68

89

154

260

588

588

16

43

67

89

153

259

587

587

17

43

66

88

153

259

586

586

18

42

66

87

152

258

586

586

19

41

65

87

152

258

585

585

20

41

65

87

151

258

585

585

21

41

65

87

151

257

585

585

22

41

64

86

151

257

584

584

23

40

64

86

150

256

584

584

24

40

63

85

150

256

583

583

25

39

63

85

149

255

583

583

26

38

62

84

149

255

582

582

27

38

61

83

148

254

581

581

28

37

61

83

147

253

581

581

29

37

60

82

147

253

580

580

30

36

60

81

146

252

580

580

2.14   Baht

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 16 | 30 | 56 | 132 | 245 | 573 | 1 282 |
| 2 | 20 | 34 | 60 | 136 | 250 | 577 | 1 034 |
| 3 | 24 | 40 | 64 | 132 | 249 | 576 | 844 |
| 4 | 28 | 45 | 69 | 136 | 250 | 578 | 698 |
| 5 | 31 | 49 | 75 | 140 | 251 | 579 | 587 |
| 6 | 30 | 49 | 77 | 143 | 249 | 577 | 577 |
| 7 | 35 | 55 | 82 | 149 | 253 | 580 | 580 |
| 8 | 33 | 54 | 80 | 147 | 252 | 579 | 579 |
| 9 | 34 | 56 | 81 | 146 | 252 | 580 | 580 |
| 10 | 36 | 58 | 83 | 148 | 254 | 581 | 581 |
| 11 | 38 | 61 | 84 | 149 | 255 | 582 | 582 |
| 12 | 39 | 62 | 85 | 149 | 255 | 583 | 583 |
| 13 | 40 | 63 | 85 | 150 | 256 | 583 | 583 |
| 14 | 40 | 64 | 85 | 150 | 256 | 584 | 584 |
| 15 | 40 | 64 | 86 | 150 | 256 | 584 | 584 |
| 16 | 40 | 63 | 85 | 150 | 256 | 583 | 583 |
| 17 | 40 | 63 | 85 | 150 | 256 | 583 | 583 |
| 18 | 39 | 62 | 84 | 149 | 255 | 582 | 582 |
| 19 | 38 | 62 | 84 | 148 | 255 | 582 | 582 |
| 20 | 38 | 62 | 84 | 148 | 255 | 582 | 582 |
| 21 | 38 | 62 | 84 | 148 | 255 | 582 | 582 |
| 22 | 38 | 62 | 84 | 148 | 254 | 582 | 582 |
| 23 | 38 | 61 | 83 | 148 | 254 | 581 | 581 |
| 24 | 37 | 61 | 83 | 147 | 254 | 581 | 581 |
| 25 | 37 | 61 | 82 | 147 | 253 | 581 | 581 |
| 26 | 36 | 60 | 82 | 147 | 253 | 580 | 580 |
| 27 | 36 | 60 | 81 | 146 | 252 | 580 | 580 |
| 28 | 35 | 59 | 81 | 145 | 252 | 579 | 579 |
| 29 | 35 | 59 | 80 | 145 | 251 | 579 | 579 |
| 30 | 34 | 58 | 80 | 144 | 251 | 578 | 578 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

16

30

56

132

245

573

1 282

2

20

34

60

136

250

577

1 034

3

24

40

64

132

249

576

844

4

28

45

69

136

250

578

698

5

31

49

75

140

251

579

587

6

30

49

77

143

249

577

577

7

35

55

82

149

253

580

580

8

33

54

80

147

252

579

579

9

34

56

81

146

252

580

580

10

36

58

83

148

254

581

581

11

38

61

84

149

255

582

582

12

39

62

85

149

255

583

583

13

40

63

85

150

256

583

583

14

40

64

85

150

256

584

584

15

40

64

86

150

256

584

584

16

40

63

85

150

256

583

583

17

40

63

85

150

256

583

583

18

39

62

84

149

255

582

582

19

38

62

84

148

255

582

582

20

38

62

84

148

255

582

582

21

38

62

84

148

255

582

582

22

38

62

84

148

254

582

582

23

38

61

83

148

254

581

581

24

37

61

83

147

254

581

581

25

37

61

82

147

253

581

581

26

36

60

82

147

253

580

580

27

36

60

81

146

252

580

580

28

35

59

81

145

252

579

579

29

35

59

80

145

251

579

579

30

34

58

80

144

251

578

578

2.15   Canadian dollar

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 15 | 30 | 55 | 131 | 245 | 572 | 1 286 |
| 2 | 16 | 31 | 56 | 132 | 246 | 573 | 1 035 |
| 3 | 18 | 34 | 58 | 126 | 243 | 570 | 844 |
| 4 | 20 | 37 | 61 | 128 | 242 | 570 | 699 |
| 5 | 22 | 40 | 66 | 131 | 242 | 570 | 587 |
| 6 | 23 | 42 | 70 | 136 | 242 | 570 | 570 |
| 7 | 24 | 44 | 72 | 139 | 242 | 570 | 570 |
| 8 | 24 | 45 | 71 | 137 | 242 | 570 | 570 |
| 9 | 24 | 46 | 71 | 136 | 242 | 570 | 570 |
| 10 | 25 | 47 | 71 | 136 | 242 | 570 | 570 |
| 11 | 25 | 48 | 72 | 136 | 243 | 570 | 570 |
| 12 | 26 | 49 | 72 | 136 | 243 | 570 | 570 |
| 13 | 26 | 50 | 72 | 137 | 243 | 570 | 570 |
| 14 | 27 | 50 | 72 | 137 | 243 | 570 | 570 |
| 15 | 27 | 50 | 72 | 137 | 243 | 570 | 570 |
| 16 | 26 | 50 | 72 | 136 | 243 | 570 | 570 |
| 17 | 26 | 50 | 72 | 137 | 243 | 570 | 570 |
| 18 | 26 | 50 | 72 | 136 | 243 | 570 | 570 |
| 19 | 26 | 50 | 72 | 136 | 243 | 570 | 570 |
| 20 | 26 | 50 | 72 | 137 | 243 | 570 | 570 |
| 21 | 26 | 50 | 72 | 137 | 243 | 570 | 570 |
| 22 | 26 | 50 | 72 | 136 | 243 | 570 | 570 |
| 23 | 26 | 50 | 71 | 136 | 242 | 570 | 570 |
| 24 | 26 | 49 | 71 | 136 | 242 | 569 | 569 |
| 25 | 25 | 49 | 71 | 135 | 241 | 569 | 569 |
| 26 | 25 | 48 | 70 | 135 | 241 | 568 | 568 |
| 27 | 24 | 48 | 70 | 134 | 241 | 568 | 568 |
| 28 | 24 | 48 | 69 | 134 | 240 | 568 | 568 |
| 29 | 24 | 47 | 69 | 134 | 240 | 567 | 567 |
| 30 | 23 | 47 | 69 | 133 | 240 | 567 | 567 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

15

30

55

131

245

572

1 286

2

16

31

56

132

246

573

1 035

3

18

34

58

126

243

570

844

4

20

37

61

128

242

570

699

5

22

40

66

131

242

570

587

6

23

42

70

136

242

570

570

7

24

44

72

139

242

570

570

8

24

45

71

137

242

570

570

9

24

46

71

136

242

570

570

10

25

47

71

136

242

570

570

11

25

48

72

136

243

570

570

12

26

49

72

136

243

570

570

13

26

50

72

137

243

570

570

14

27

50

72

137

243

570

570

15

27

50

72

137

243

570

570

16

26

50

72

136

243

570

570

17

26

50

72

137

243

570

570

18

26

50

72

136

243

570

570

19

26

50

72

136

243

570

570

20

26

50

72

137

243

570

570

21

26

50

72

137

243

570

570

22

26

50

72

136

243

570

570

23

26

50

71

136

242

570

570

24

26

49

71

136

242

569

569

25

25

49

71

135

241

569

569

26

25

48

70

135

241

568

568

27

24

48

70

134

241

568

568

28

24

48

69

134

240

568

568

29

24

47

69

134

240

567

567

30

23

47

69

133

240

567

567

2.16   Chilean peso

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 50 | 65 | 90 | 166 | 280 | 607 | 1 307 |
| 2 | 53 | 68 | 93 | 169 | 283 | 610 | 1 054 |
| 3 | 57 | 73 | 97 | 165 | 282 | 609 | 861 |
| 4 | 59 | 76 | 100 | 168 | 282 | 609 | 713 |
| 5 | 61 | 79 | 106 | 171 | 282 | 609 | 609 |
| 6 | 63 | 82 | 110 | 176 | 282 | 610 | 610 |
| 7 | 64 | 84 | 111 | 179 | 282 | 610 | 610 |
| 8 | 63 | 84 | 111 | 177 | 282 | 609 | 609 |
| 9 | 63 | 85 | 110 | 175 | 281 | 609 | 609 |
| 10 | 63 | 86 | 110 | 175 | 281 | 609 | 609 |
| 11 | 64 | 87 | 110 | 175 | 281 | 608 | 608 |
| 12 | 63 | 87 | 109 | 174 | 280 | 608 | 608 |
| 13 | 63 | 86 | 108 | 173 | 279 | 607 | 607 |
| 14 | 62 | 86 | 108 | 172 | 278 | 606 | 606 |
| 15 | 61 | 85 | 107 | 171 | 277 | 605 | 605 |
| 16 | 60 | 84 | 106 | 170 | 277 | 604 | 604 |
| 17 | 60 | 83 | 105 | 170 | 276 | 603 | 603 |
| 18 | 59 | 82 | 104 | 169 | 275 | 603 | 603 |
| 19 | 58 | 82 | 104 | 168 | 274 | 602 | 602 |
| 20 | 58 | 81 | 103 | 168 | 274 | 601 | 601 |
| 21 | 57 | 80 | 102 | 167 | 273 | 600 | 600 |
| 22 | 56 | 80 | 101 | 166 | 272 | 600 | 600 |
| 23 | 55 | 79 | 101 | 165 | 271 | 599 | 599 |
| 24 | 54 | 78 | 100 | 164 | 270 | 598 | 598 |
| 25 | 53 | 77 | 99 | 163 | 269 | 597 | 597 |
| 26 | 52 | 76 | 98 | 162 | 269 | 596 | 596 |
| 27 | 51 | 75 | 97 | 161 | 268 | 595 | 595 |
| 28 | 51 | 74 | 96 | 161 | 267 | 594 | 594 |
| 29 | 50 | 73 | 95 | 160 | 266 | 593 | 593 |
| 30 | 49 | 72 | 94 | 159 | 265 | 592 | 592 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

50

65

90

166

280

607

1 307

2

53

68

93

169

283

610

1 054

3

57

73

97

165

282

609

861

4

59

76

100

168

282

609

713

5

61

79

106

171

282

609

609

6

63

82

110

176

282

610

610

7

64

84

111

179

282

610

610

8

63

84

111

177

282

609

609

9

63

85

110

175

281

609

609

10

63

86

110

175

281

609

609

11

64

87

110

175

281

608

608

12

63

87

109

174

280

608

608

13

63

86

108

173

279

607

607

14

62

86

108

172

278

606

606

15

61

85

107

171

277

605

605

16

60

84

106

170

277

604

604

17

60

83

105

170

276

603

603

18

59

82

104

169

275

603

603

19

58

82

104

168

274

602

602

20

58

81

103

168

274

601

601

21

57

80

102

167

273

600

600

22

56

80

101

166

272

600

600

23

55

79

101

165

271

599

599

24

54

78

100

164

270

598

598

25

53

77

99

163

269

597

597

26

52

76

98

162

269

596

596

27

51

75

97

161

268

595

595

28

51

74

96

161

267

594

594

29

50

73

95

160

266

593

593

30

49

72

94

159

265

592

592

2.17   Colombian peso

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 82 | 96 | 121 | 197 | 311 | 638 | 1 333 |
| 2 | 86 | 100 | 125 | 201 | 315 | 643 | 1 080 |
| 3 | 87 | 103 | 127 | 195 | 312 | 639 | 885 |
| 4 | 88 | 105 | 129 | 196 | 310 | 637 | 735 |
| 5 | 91 | 109 | 136 | 201 | 312 | 639 | 639 |
| 6 | 93 | 112 | 140 | 206 | 312 | 640 | 640 |
| 7 | 94 | 114 | 142 | 209 | 312 | 640 | 640 |
| 8 | 95 | 116 | 142 | 208 | 313 | 641 | 641 |
| 9 | 96 | 117 | 143 | 208 | 314 | 641 | 641 |
| 10 | 96 | 119 | 143 | 208 | 314 | 641 | 641 |
| 11 | 96 | 119 | 143 | 207 | 313 | 641 | 641 |
| 12 | 96 | 119 | 142 | 206 | 312 | 640 | 640 |
| 13 | 95 | 118 | 140 | 205 | 311 | 639 | 639 |
| 14 | 94 | 117 | 139 | 204 | 310 | 637 | 637 |
| 15 | 92 | 116 | 137 | 202 | 308 | 636 | 636 |
| 16 | 91 | 114 | 136 | 201 | 307 | 634 | 634 |
| 17 | 89 | 113 | 135 | 199 | 305 | 633 | 633 |
| 18 | 88 | 111 | 133 | 198 | 304 | 631 | 631 |
| 19 | 86 | 110 | 132 | 196 | 303 | 630 | 630 |
| 20 | 85 | 109 | 131 | 195 | 301 | 629 | 629 |
| 21 | 84 | 107 | 129 | 194 | 300 | 627 | 627 |
| 22 | 82 | 106 | 128 | 192 | 298 | 626 | 626 |
| 23 | 81 | 104 | 126 | 191 | 297 | 624 | 624 |
| 24 | 79 | 103 | 124 | 189 | 295 | 623 | 623 |
| 25 | 77 | 101 | 123 | 187 | 294 | 621 | 621 |
| 26 | 76 | 100 | 121 | 186 | 292 | 619 | 619 |
| 27 | 74 | 98 | 120 | 184 | 291 | 618 | 618 |
| 28 | 73 | 96 | 118 | 183 | 289 | 616 | 616 |
| 29 | 71 | 95 | 117 | 181 | 287 | 615 | 615 |
| 30 | 70 | 93 | 115 | 180 | 286 | 613 | 613 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

82

96

121

197

311

638

1 333

2

86

100

125

201

315

643

1 080

3

87

103

127

195

312

639

885

4

88

105

129

196

310

637

735

5

91

109

136

201

312

639

639

6

93

112

140

206

312

640

640

7

94

114

142

209

312

640

640

8

95

116

142

208

313

641

641

9

96

117

143

208

314

641

641

10

96

119

143

208

314

641

641

11

96

119

143

207

313

641

641

12

96

119

142

206

312

640

640

13

95

118

140

205

311

639

639

14

94

117

139

204

310

637

637

15

92

116

137

202

308

636

636

16

91

114

136

201

307

634

634

17

89

113

135

199

305

633

633

18

88

111

133

198

304

631

631

19

86

110

132

196

303

630

630

20

85

109

131

195

301

629

629

21

84

107

129

194

300

627

627

22

82

106

128

192

298

626

626

23

81

104

126

191

297

624

624

24

79

103

124

189

295

623

623

25

77

101

123

187

294

621

621

26

76

100

121

186

292

619

619

27

74

98

120

184

291

618

618

28

73

96

118

183

289

616

616

29

71

95

117

181

287

615

615

30

70

93

115

180

286

613

613

2.18   Hong Kong dollar

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 8 | 23 | 48 | 124 | 238 | 565 | 1 280 |
| 2 | 12 | 26 | 51 | 128 | 241 | 569 | 1 032 |
| 3 | 15 | 31 | 55 | 123 | 240 | 567 | 842 |
| 4 | 18 | 35 | 59 | 127 | 241 | 568 | 697 |
| 5 | 21 | 39 | 66 | 131 | 242 | 569 | 585 |
| 6 | 23 | 42 | 70 | 136 | 242 | 570 | 570 |
| 7 | 24 | 44 | 72 | 139 | 242 | 570 | 570 |
| 8 | 24 | 45 | 71 | 137 | 243 | 570 | 570 |
| 9 | 24 | 46 | 71 | 137 | 243 | 570 | 570 |
| 10 | 25 | 47 | 72 | 136 | 243 | 570 | 570 |
| 11 | 25 | 48 | 72 | 136 | 242 | 570 | 570 |
| 12 | 25 | 49 | 71 | 136 | 242 | 570 | 570 |
| 13 | 25 | 49 | 71 | 135 | 242 | 569 | 569 |
| 14 | 25 | 48 | 70 | 135 | 241 | 568 | 568 |
| 15 | 24 | 48 | 69 | 134 | 240 | 568 | 568 |
| 16 | 23 | 47 | 68 | 133 | 239 | 567 | 567 |
| 17 | 23 | 46 | 68 | 133 | 239 | 566 | 566 |
| 18 | 22 | 46 | 68 | 132 | 238 | 566 | 566 |
| 19 | 22 | 46 | 67 | 132 | 238 | 566 | 566 |
| 20 | 22 | 46 | 68 | 132 | 238 | 566 | 566 |
| 21 | 22 | 46 | 68 | 132 | 239 | 566 | 566 |
| 22 | 22 | 46 | 68 | 132 | 239 | 566 | 566 |
| 23 | 22 | 46 | 68 | 132 | 239 | 566 | 566 |
| 24 | 22 | 46 | 68 | 132 | 238 | 566 | 566 |
| 25 | 22 | 46 | 67 | 132 | 238 | 566 | 566 |
| 26 | 22 | 46 | 67 | 132 | 238 | 566 | 566 |
| 27 | 22 | 45 | 67 | 132 | 238 | 565 | 565 |
| 28 | 22 | 45 | 67 | 132 | 238 | 565 | 565 |
| 29 | 22 | 45 | 67 | 131 | 238 | 565 | 565 |
| 30 | 23 | 45 | 67 | 131 | 237 | 565 | 565 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

8

23

48

124

238

565

1 280

2

12

26

51

128

241

569

1 032

3

15

31

55

123

240

567

842

4

18

35

59

127

241

568

697

5

21

39

66

131

242

569

585

6

23

42

70

136

242

570

570

7

24

44

72

139

242

570

570

8

24

45

71

137

243

570

570

9

24

46

71

137

243

570

570

10

25

47

72

136

243

570

570

11

25

48

72

136

242

570

570

12

25

49

71

136

242

570

570

13

25

49

71

135

242

569

569

14

25

48

70

135

241

568

568

15

24

48

69

134

240

568

568

16

23

47

68

133

239

567

567

17

23

46

68

133

239

566

566

18

22

46

68

132

238

566

566

19

22

46

67

132

238

566

566

20

22

46

68

132

238

566

566

21

22

46

68

132

239

566

566

22

22

46

68

132

239

566

566

23

22

46

68

132

239

566

566

24

22

46

68

132

238

566

566

25

22

46

67

132

238

566

566

26

22

46

67

132

238

566

566

27

22

45

67

132

238

565

565

28

22

45

67

132

238

565

565

29

22

45

67

131

238

565

565

30

23

45

67

131

237

565

565

2.19   Indian rupee

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 94 | 109 | 134 | 210 | 324 | 651 | 1 376 |
| 2 | 95 | 109 | 134 | 210 | 324 | 652 | 1 111 |
| 3 | 95 | 111 | 135 | 203 | 320 | 647 | 908 |
| 4 | 96 | 113 | 137 | 205 | 319 | 646 | 753 |
| 5 | 97 | 115 | 142 | 207 | 318 | 646 | 646 |
| 6 | 98 | 117 | 145 | 211 | 317 | 645 | 645 |
| 7 | 98 | 119 | 146 | 213 | 317 | 644 | 644 |
| 8 | 98 | 119 | 145 | 211 | 316 | 644 | 644 |
| 9 | 97 | 119 | 144 | 210 | 315 | 643 | 643 |
| 10 | 96 | 119 | 143 | 208 | 314 | 641 | 641 |
| 11 | 95 | 118 | 141 | 206 | 312 | 640 | 640 |
| 12 | 94 | 117 | 139 | 204 | 310 | 638 | 638 |
| 13 | 92 | 115 | 138 | 202 | 308 | 636 | 636 |
| 14 | 90 | 114 | 136 | 200 | 306 | 634 | 634 |
| 15 | 88 | 112 | 134 | 198 | 305 | 632 | 632 |
| 16 | 86 | 110 | 132 | 196 | 303 | 630 | 630 |
| 17 | 85 | 108 | 130 | 195 | 301 | 628 | 628 |
| 18 | 83 | 107 | 129 | 193 | 299 | 627 | 627 |
| 19 | 82 | 105 | 127 | 192 | 298 | 625 | 625 |
| 20 | 81 | 104 | 126 | 191 | 297 | 624 | 624 |
| 21 | 80 | 103 | 125 | 190 | 296 | 623 | 623 |
| 22 | 79 | 102 | 124 | 189 | 295 | 622 | 622 |
| 23 | 77 | 101 | 123 | 187 | 294 | 621 | 621 |
| 24 | 76 | 100 | 122 | 186 | 292 | 620 | 620 |
| 25 | 75 | 99 | 120 | 185 | 291 | 619 | 619 |
| 26 | 74 | 98 | 119 | 184 | 290 | 617 | 617 |
| 27 | 73 | 96 | 118 | 183 | 289 | 616 | 616 |
| 28 | 72 | 95 | 117 | 182 | 288 | 615 | 615 |
| 29 | 71 | 94 | 116 | 181 | 287 | 614 | 614 |
| 30 | 70 | 93 | 115 | 180 | 286 | 613 | 613 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

94

109

134

210

324

651

1 376

2

95

109

134

210

324

652

1 111

3

95

111

135

203

320

647

908

4

96

113

137

205

319

646

753

5

97

115

142

207

318

646

646

6

98

117

145

211

317

645

645

7

98

119

146

213

317

644

644

8

98

119

145

211

316

644

644

9

97

119

144

210

315

643

643

10

96

119

143

208

314

641

641

11

95

118

141

206

312

640

640

12

94

117

139

204

310

638

638

13

92

115

138

202

308

636

636

14

90

114

136

200

306

634

634

15

88

112

134

198

305

632

632

16

86

110

132

196

303

630

630

17

85

108

130

195

301

628

628

18

83

107

129

193

299

627

627

19

82

105

127

192

298

625

625

20

81

104

126

191

297

624

624

21

80

103

125

190

296

623

623

22

79

102

124

189

295

622

622

23

77

101

123

187

294

621

621

24

76

100

122

186

292

620

620

25

75

99

120

185

291

619

619

26

74

98

119

184

290

617

617

27

73

96

118

183

289

616

616

28

72

95

117

182

288

615

615

29

71

94

116

181

287

614

614

30

70

93

115

180

286

613

613

2.20   Mexican peso

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 340 | 354 | 379 | 456 | 569 | 897 | 1 416 |
| 2 | 81 | 95 | 120 | 197 | 310 | 638 | 1 138 |
| 3 | 85 | 100 | 124 | 192 | 309 | 637 | 927 |
| 4 | 88 | 105 | 129 | 196 | 310 | 638 | 766 |
| 5 | 91 | 109 | 135 | 200 | 311 | 639 | 644 |
| 6 | 92 | 112 | 139 | 206 | 312 | 639 | 639 |
| 7 | 94 | 114 | 142 | 209 | 312 | 640 | 640 |
| 8 | 95 | 116 | 142 | 208 | 313 | 640 | 640 |
| 9 | 95 | 117 | 142 | 207 | 313 | 641 | 641 |
| 10 | 95 | 118 | 142 | 207 | 313 | 640 | 640 |
| 11 | 96 | 119 | 142 | 207 | 313 | 640 | 640 |
| 12 | 96 | 119 | 142 | 207 | 313 | 640 | 640 |
| 13 | 97 | 120 | 142 | 207 | 313 | 641 | 641 |
| 14 | 98 | 121 | 143 | 208 | 314 | 641 | 641 |
| 15 | 98 | 122 | 144 | 208 | 315 | 642 | 642 |
| 16 | 99 | 123 | 145 | 209 | 315 | 643 | 643 |
| 17 | 100 | 124 | 146 | 210 | 316 | 644 | 644 |
| 18 | 101 | 125 | 147 | 211 | 317 | 645 | 645 |
| 19 | 102 | 126 | 148 | 212 | 318 | 646 | 646 |
| 20 | 103 | 126 | 148 | 213 | 319 | 646 | 646 |
| 21 | 103 | 127 | 148 | 213 | 319 | 647 | 647 |
| 22 | 103 | 126 | 148 | 213 | 319 | 646 | 646 |
| 23 | 102 | 126 | 148 | 212 | 318 | 646 | 646 |
| 24 | 101 | 125 | 147 | 211 | 317 | 645 | 645 |
| 25 | 100 | 124 | 146 | 210 | 316 | 644 | 644 |
| 26 | 99 | 123 | 145 | 209 | 315 | 643 | 643 |
| 27 | 98 | 122 | 143 | 208 | 314 | 641 | 641 |
| 28 | 97 | 120 | 142 | 207 | 313 | 640 | 640 |
| 29 | 95 | 119 | 141 | 205 | 311 | 639 | 639 |
| 30 | 94 | 117 | 139 | 204 | 310 | 637 | 637 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

340

354

379

456

569

897

1 416

2

81

95

120

197

310

638

1 138

3

85

100

124

192

309

637

927

4

88

105

129

196

310

638

766

5

91

109

135

200

311

639

644

6

92

112

139

206

312

639

639

7

94

114

142

209

312

640

640

8

95

116

142

208

313

640

640

9

95

117

142

207

313

641

641

10

95

118

142

207

313

640

640

11

96

119

142

207

313

640

640

12

96

119

142

207

313

640

640

13

97

120

142

207

313

641

641

14

98

121

143

208

314

641

641

15

98

122

144

208

315

642

642

16

99

123

145

209

315

643

643

17

100

124

146

210

316

644

644

18

101

125

147

211

317

645

645

19

102

126

148

212

318

646

646

20

103

126

148

213

319

646

646

21

103

127

148

213

319

647

647

22

103

126

148

213

319

646

646

23

102

126

148

212

318

646

646

24

101

125

147

211

317

645

645

25

100

124

146

210

316

644

644

26

99

123

145

209

315

643

643

27

98

122

143

208

314

641

641

28

97

120

142

207

313

640

640

29

95

119

141

205

311

639

639

30

94

117

139

204

310

637

637

2.21   New Taiwan dollar

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 0 | 11 | 36 | 112 | 226 | 553 | 1 258 |
| 2 | 1 | 11 | 36 | 112 | 226 | 553 | 1 014 |
| 3 | 2 | 13 | 36 | 104 | 222 | 549 | 828 |
| 4 | 3 | 14 | 38 | 106 | 220 | 547 | 685 |
| 5 | 4 | 16 | 43 | 108 | 219 | 546 | 576 |
| 6 | 5 | 17 | 45 | 112 | 218 | 545 | 545 |
| 7 | 5 | 19 | 47 | 114 | 217 | 545 | 545 |
| 8 | 7 | 19 | 45 | 111 | 216 | 544 | 544 |
| 9 | 7 | 19 | 44 | 109 | 215 | 543 | 543 |
| 10 | 8 | 20 | 44 | 109 | 215 | 542 | 542 |
| 11 | 8 | 21 | 44 | 109 | 215 | 542 | 542 |
| 12 | 9 | 21 | 44 | 109 | 215 | 542 | 542 |
| 13 | 11 | 22 | 44 | 109 | 215 | 542 | 542 |
| 14 | 11 | 22 | 44 | 109 | 215 | 542 | 542 |
| 15 | 12 | 23 | 44 | 109 | 215 | 543 | 543 |
| 16 | 12 | 23 | 44 | 109 | 215 | 543 | 543 |
| 17 | 13 | 23 | 45 | 109 | 216 | 543 | 543 |
| 18 | 15 | 23 | 45 | 110 | 216 | 544 | 544 |
| 19 | 15 | 24 | 46 | 111 | 217 | 544 | 544 |
| 20 | 16 | 25 | 47 | 111 | 218 | 545 | 545 |
| 21 | 16 | 26 | 48 | 112 | 218 | 546 | 546 |
| 22 | 17 | 26 | 48 | 113 | 219 | 547 | 547 |
| 23 | 17 | 27 | 49 | 114 | 220 | 547 | 547 |
| 24 | 19 | 28 | 49 | 114 | 220 | 548 | 548 |
| 25 | 19 | 28 | 50 | 114 | 221 | 548 | 548 |
| 26 | 20 | 28 | 50 | 115 | 221 | 548 | 548 |
| 27 | 20 | 29 | 51 | 115 | 221 | 549 | 549 |
| 28 | 21 | 29 | 51 | 116 | 222 | 549 | 549 |
| 29 | 22 | 29 | 51 | 116 | 222 | 549 | 549 |
| 30 | 23 | 30 | 51 | 116 | 222 | 550 | 550 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

0

11

36

112

226

553

1 258

2

1

11

36

112

226

553

1 014

3

2

13

36

104

222

549

828

4

3

14

38

106

220

547

685

5

4

16

43

108

219

546

576

6

5

17

45

112

218

545

545

7

5

19

47

114

217

545

545

8

7

19

45

111

216

544

544

9

7

19

44

109

215

543

543

10

8

20

44

109

215

542

542

11

8

21

44

109

215

542

542

12

9

21

44

109

215

542

542

13

11

22

44

109

215

542

542

14

11

22

44

109

215

542

542

15

12

23

44

109

215

543

543

16

12

23

44

109

215

543

543

17

13

23

45

109

216

543

543

18

15

23

45

110

216

544

544

19

15

24

46

111

217

544

544

20

16

25

47

111

218

545

545

21

16

26

48

112

218

546

546

22

17

26

48

113

219

547

547

23

17

27

49

114

220

547

547

24

19

28

49

114

220

548

548

25

19

28

50

114

221

548

548

26

20

28

50

115

221

548

548

27

20

29

51

115

221

549

549

28

21

29

51

116

222

549

549

29

22

29

51

116

222

549

549

30

23

30

51

116

222

550

550

2.22   New Zealand dollar

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 53 | 68 | 93 | 169 | 283 | 610 | 1 281 |
| 2 | 54 | 68 | 94 | 170 | 284 | 611 | 1 032 |
| 3 | 55 | 71 | 94 | 162 | 280 | 607 | 842 |
| 4 | 55 | 72 | 96 | 164 | 278 | 605 | 697 |
| 5 | 56 | 74 | 101 | 166 | 277 | 604 | 604 |
| 6 | 57 | 76 | 104 | 170 | 276 | 604 | 604 |
| 7 | 56 | 77 | 104 | 171 | 275 | 602 | 602 |
| 8 | 56 | 77 | 103 | 169 | 274 | 602 | 602 |
| 9 | 55 | 77 | 102 | 167 | 273 | 601 | 601 |
| 10 | 54 | 77 | 101 | 166 | 272 | 599 | 599 |
| 11 | 53 | 76 | 100 | 164 | 271 | 598 | 598 |
| 12 | 52 | 75 | 98 | 163 | 269 | 596 | 596 |
| 13 | 51 | 75 | 97 | 161 | 267 | 595 | 595 |
| 14 | 50 | 73 | 95 | 160 | 266 | 593 | 593 |
| 15 | 48 | 72 | 94 | 158 | 264 | 592 | 592 |
| 16 | 47 | 70 | 92 | 157 | 263 | 590 | 590 |
| 17 | 45 | 69 | 91 | 156 | 262 | 589 | 589 |
| 18 | 44 | 68 | 90 | 154 | 261 | 588 | 588 |
| 19 | 43 | 67 | 89 | 153 | 260 | 587 | 587 |
| 20 | 43 | 66 | 88 | 153 | 259 | 587 | 587 |
| 21 | 42 | 66 | 88 | 152 | 259 | 586 | 586 |
| 22 | 42 | 65 | 87 | 152 | 258 | 585 | 585 |
| 23 | 41 | 65 | 86 | 151 | 257 | 585 | 585 |
| 24 | 40 | 64 | 86 | 150 | 257 | 584 | 584 |
| 25 | 40 | 63 | 85 | 150 | 256 | 583 | 583 |
| 26 | 39 | 63 | 84 | 149 | 255 | 583 | 583 |
| 27 | 38 | 62 | 84 | 148 | 254 | 582 | 582 |
| 28 | 38 | 61 | 83 | 148 | 254 | 581 | 581 |
| 29 | 37 | 61 | 82 | 147 | 253 | 580 | 580 |
| 30 | 36 | 60 | 82 | 146 | 252 | 580 | 580 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

53

68

93

169

283

610

1 281

2

54

68

94

170

284

611

1 032

3

55

71

94

162

280

607

842

4

55

72

96

164

278

605

697

5

56

74

101

166

277

604

604

6

57

76

104

170

276

604

604

7

56

77

104

171

275

602

602

8

56

77

103

169

274

602

602

9

55

77

102

167

273

601

601

10

54

77

101

166

272

599

599

11

53

76

100

164

271

598

598

12

52

75

98

163

269

596

596

13

51

75

97

161

267

595

595

14

50

73

95

160

266

593

593

15

48

72

94

158

264

592

592

16

47

70

92

157

263

590

590

17

45

69

91

156

262

589

589

18

44

68

90

154

261

588

588

19

43

67

89

153

260

587

587

20

43

66

88

153

259

587

587

21

42

66

88

152

259

586

586

22

42

65

87

152

258

585

585

23

41

65

86

151

257

585

585

24

40

64

86

150

257

584

584

25

40

63

85

150

256

583

583

26

39

63

84

149

255

583

583

27

38

62

84

148

254

582

582

28

38

61

83

148

254

581

581

29

37

61

82

147

253

580

580

30

36

60

82

146

252

580

580

2.23   Rand

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 116 | 130 | 155 | 231 | 345 | 672 | 1 389 |
| 2 | 117 | 131 | 156 | 232 | 346 | 674 | 1 120 |
| 3 | 119 | 135 | 158 | 226 | 344 | 671 | 915 |
| 4 | 121 | 138 | 162 | 229 | 343 | 670 | 758 |
| 5 | 122 | 141 | 167 | 232 | 343 | 671 | 671 |
| 6 | 123 | 143 | 170 | 237 | 343 | 670 | 670 |
| 7 | 124 | 144 | 172 | 239 | 342 | 670 | 670 |
| 8 | 123 | 144 | 170 | 236 | 341 | 669 | 669 |
| 9 | 122 | 144 | 169 | 235 | 341 | 668 | 668 |
| 10 | 122 | 144 | 168 | 233 | 339 | 667 | 667 |
| 11 | 121 | 144 | 167 | 232 | 338 | 665 | 665 |
| 12 | 119 | 143 | 165 | 230 | 336 | 664 | 664 |
| 13 | 118 | 141 | 163 | 228 | 334 | 662 | 662 |
| 14 | 116 | 139 | 161 | 226 | 332 | 659 | 659 |
| 15 | 114 | 137 | 159 | 224 | 330 | 657 | 657 |
| 16 | 111 | 135 | 156 | 221 | 327 | 655 | 655 |
| 17 | 109 | 132 | 154 | 219 | 325 | 652 | 652 |
| 18 | 107 | 130 | 152 | 217 | 323 | 650 | 650 |
| 19 | 104 | 128 | 150 | 215 | 321 | 648 | 648 |
| 20 | 103 | 126 | 148 | 213 | 319 | 646 | 646 |
| 21 | 101 | 125 | 147 | 211 | 317 | 645 | 645 |
| 22 | 99 | 123 | 145 | 209 | 315 | 643 | 643 |
| 23 | 97 | 121 | 143 | 207 | 314 | 641 | 641 |
| 24 | 96 | 119 | 141 | 206 | 312 | 639 | 639 |
| 25 | 94 | 117 | 139 | 204 | 310 | 637 | 637 |
| 26 | 92 | 116 | 137 | 202 | 308 | 636 | 636 |
| 27 | 90 | 114 | 136 | 200 | 307 | 634 | 634 |
| 28 | 89 | 112 | 134 | 199 | 305 | 632 | 632 |
| 29 | 87 | 111 | 133 | 197 | 303 | 631 | 631 |
| 30 | 86 | 109 | 131 | 196 | 302 | 629 | 629 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

116

130

155

231

345

672

1 389

2

117

131

156

232

346

674

1 120

3

119

135

158

226

344

671

915

4

121

138

162

229

343

670

758

5

122

141

167

232

343

671

671

6

123

143

170

237

343

670

670

7

124

144

172

239

342

670

670

8

123

144

170

236

341

669

669

9

122

144

169

235

341

668

668

10

122

144

168

233

339

667

667

11

121

144

167

232

338

665

665

12

119

143

165

230

336

664

664

13

118

141

163

228

334

662

662

14

116

139

161

226

332

659

659

15

114

137

159

224

330

657

657

16

111

135

156

221

327

655

655

17

109

132

154

219

325

652

652

18

107

130

152

217

323

650

650

19

104

128

150

215

321

648

648

20

103

126

148

213

319

646

646

21

101

125

147

211

317

645

645

22

99

123

145

209

315

643

643

23

97

121

143

207

314

641

641

24

96

119

141

206

312

639

639

25

94

117

139

204

310

637

637

26

92

116

137

202

308

636

636

27

90

114

136

200

307

634

634

28

89

112

134

199

305

632

632

29

87

111

133

197

303

631

631

30

86

109

131

196

302

629

629

2.24   Real

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 172 | 186 | 212 | 288 | 402 | 729 | 1 375 |
| 2 | 181 | 196 | 221 | 297 | 411 | 738 | 1 118 |
| 3 | 187 | 202 | 226 | 294 | 411 | 739 | 918 |
| 4 | 189 | 206 | 230 | 297 | 411 | 739 | 764 |
| 5 | 190 | 208 | 235 | 300 | 411 | 738 | 738 |
| 6 | 190 | 209 | 237 | 304 | 410 | 737 | 737 |
| 7 | 190 | 210 | 237 | 305 | 408 | 736 | 736 |
| 8 | 188 | 209 | 236 | 302 | 407 | 734 | 734 |
| 9 | 187 | 209 | 234 | 299 | 405 | 733 | 733 |
| 10 | 186 | 208 | 233 | 298 | 404 | 731 | 731 |
| 11 | 185 | 207 | 231 | 296 | 402 | 729 | 729 |
| 12 | 182 | 206 | 228 | 293 | 399 | 727 | 727 |
| 13 | 180 | 203 | 225 | 290 | 396 | 724 | 724 |
| 14 | 177 | 201 | 222 | 287 | 393 | 721 | 721 |
| 15 | 174 | 197 | 219 | 284 | 390 | 717 | 717 |
| 16 | 171 | 194 | 216 | 281 | 387 | 714 | 714 |
| 17 | 167 | 191 | 213 | 277 | 384 | 711 | 711 |
| 18 | 164 | 188 | 210 | 274 | 380 | 708 | 708 |
| 19 | 161 | 185 | 207 | 271 | 377 | 705 | 705 |
| 20 | 158 | 182 | 204 | 268 | 374 | 702 | 702 |
| 21 | 155 | 179 | 200 | 265 | 371 | 699 | 699 |
| 22 | 152 | 175 | 197 | 262 | 368 | 695 | 695 |
| 23 | 149 | 172 | 194 | 259 | 365 | 692 | 692 |
| 24 | 146 | 169 | 191 | 256 | 362 | 689 | 689 |
| 25 | 142 | 166 | 188 | 252 | 359 | 686 | 686 |
| 26 | 139 | 163 | 185 | 249 | 356 | 683 | 683 |
| 27 | 136 | 160 | 182 | 246 | 353 | 680 | 680 |
| 28 | 134 | 157 | 179 | 244 | 350 | 677 | 677 |
| 29 | 131 | 154 | 176 | 241 | 347 | 674 | 674 |
| 30 | 128 | 152 | 173 | 238 | 344 | 672 | 672 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

172

186

212

288

402

729

1 375

2

181

196

221

297

411

738

1 118

3

187

202

226

294

411

739

918

4

189

206

230

297

411

739

764

5

190

208

235

300

411

738

738

6

190

209

237

304

410

737

737

7

190

210

237

305

408

736

736

8

188

209

236

302

407

734

734

9

187

209

234

299

405

733

733

10

186

208

233

298

404

731

731

11

185

207

231

296

402

729

729

12

182

206

228

293

399

727

727

13

180

203

225

290

396

724

724

14

177

201

222

287

393

721

721

15

174

197

219

284

390

717

717

16

171

194

216

281

387

714

714

17

167

191

213

277

384

711

711

18

164

188

210

274

380

708

708

19

161

185

207

271

377

705

705

20

158

182

204

268

374

702

702

21

155

179

200

265

371

699

699

22

152

175

197

262

368

695

695

23

149

172

194

259

365

692

692

24

146

169

191

256

362

689

689

25

142

166

188

252

359

686

686

26

139

163

185

249

356

683

683

27

136

160

182

246

353

680

680

28

134

157

179

244

350

677

677

29

131

154

176

241

347

674

674

30

128

152

173

238

344

672

672

2.25   Renminbi-yuan

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 29 | 44 | 69 | 145 | 259 | 586 | 1 299 |
| 2 | 30 | 44 | 70 | 146 | 259 | 587 | 1 047 |
| 3 | 31 | 47 | 71 | 139 | 256 | 583 | 855 |
| 4 | 32 | 49 | 73 | 140 | 254 | 582 | 708 |
| 5 | 33 | 51 | 78 | 143 | 254 | 581 | 595 |
| 6 | 33 | 53 | 80 | 147 | 253 | 580 | 580 |
| 7 | 34 | 54 | 81 | 148 | 252 | 579 | 579 |
| 8 | 32 | 54 | 80 | 146 | 251 | 578 | 578 |
| 9 | 32 | 53 | 79 | 144 | 250 | 577 | 577 |
| 10 | 31 | 54 | 78 | 143 | 249 | 577 | 577 |
| 11 | 31 | 54 | 78 | 142 | 248 | 576 | 576 |
| 12 | 31 | 54 | 77 | 142 | 248 | 575 | 575 |
| 13 | 31 | 54 | 76 | 141 | 247 | 575 | 575 |
| 14 | 31 | 54 | 76 | 141 | 247 | 574 | 574 |
| 15 | 30 | 54 | 76 | 140 | 246 | 574 | 574 |
| 16 | 30 | 54 | 75 | 140 | 246 | 574 | 574 |
| 17 | 30 | 53 | 75 | 140 | 246 | 574 | 574 |
| 18 | 30 | 54 | 75 | 140 | 246 | 574 | 574 |
| 19 | 30 | 54 | 75 | 140 | 246 | 574 | 574 |
| 20 | 30 | 54 | 76 | 140 | 246 | 574 | 574 |
| 21 | 30 | 54 | 76 | 140 | 246 | 574 | 574 |
| 22 | 30 | 54 | 76 | 140 | 246 | 574 | 574 |
| 23 | 30 | 54 | 75 | 140 | 246 | 574 | 574 |
| 24 | 30 | 53 | 75 | 140 | 246 | 573 | 573 |
| 25 | 30 | 53 | 75 | 140 | 246 | 573 | 573 |
| 26 | 29 | 53 | 75 | 139 | 245 | 573 | 573 |
| 27 | 29 | 53 | 74 | 139 | 245 | 573 | 573 |
| 28 | 29 | 52 | 74 | 139 | 245 | 572 | 572 |
| 29 | 28 | 52 | 74 | 138 | 245 | 572 | 572 |
| 30 | 28 | 52 | 74 | 138 | 244 | 572 | 572 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

29

44

69

145

259

586

1 299

2

30

44

70

146

259

587

1 047

3

31

47

71

139

256

583

855

4

32

49

73

140

254

582

708

5

33

51

78

143

254

581

595

6

33

53

80

147

253

580

580

7

34

54

81

148

252

579

579

8

32

54

80

146

251

578

578

9

32

53

79

144

250

577

577

10

31

54

78

143

249

577

577

11

31

54

78

142

248

576

576

12

31

54

77

142

248

575

575

13

31

54

76

141

247

575

575

14

31

54

76

141

247

574

574

15

30

54

76

140

246

574

574

16

30

54

75

140

246

574

574

17

30

53

75

140

246

574

574

18

30

54

75

140

246

574

574

19

30

54

75

140

246

574

574

20

30

54

76

140

246

574

574

21

30

54

76

140

246

574

574

22

30

54

76

140

246

574

574

23

30

54

75

140

246

574

574

24

30

53

75

140

246

573

573

25

30

53

75

140

246

573

573

26

29

53

75

139

245

573

573

27

29

53

74

139

245

573

573

28

29

52

74

139

245

572

572

29

28

52

74

138

245

572

572

30

28

52

74

138

244

572

572

2.26   Ringgit

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 26 | 40 | 65 | 141 | 255 | 583 | 1 316 |
| 2 | 27 | 42 | 67 | 143 | 257 | 584 | 1 061 |
| 3 | 30 | 46 | 70 | 138 | 255 | 582 | 866 |
| 4 | 32 | 49 | 74 | 141 | 255 | 582 | 717 |
| 5 | 35 | 53 | 79 | 145 | 255 | 583 | 602 |
| 6 | 36 | 55 | 83 | 150 | 256 | 583 | 583 |
| 7 | 38 | 58 | 85 | 153 | 256 | 584 | 584 |
| 8 | 38 | 59 | 85 | 151 | 256 | 584 | 584 |
| 9 | 38 | 60 | 85 | 150 | 256 | 584 | 584 |
| 10 | 39 | 61 | 86 | 150 | 257 | 584 | 584 |
| 11 | 40 | 63 | 86 | 151 | 257 | 584 | 584 |
| 12 | 40 | 64 | 86 | 151 | 257 | 584 | 584 |
| 13 | 41 | 64 | 86 | 151 | 257 | 584 | 584 |
| 14 | 41 | 64 | 86 | 151 | 257 | 584 | 584 |
| 15 | 40 | 64 | 86 | 150 | 257 | 584 | 584 |
| 16 | 40 | 64 | 85 | 150 | 256 | 584 | 584 |
| 17 | 40 | 64 | 85 | 150 | 256 | 584 | 584 |
| 18 | 40 | 64 | 85 | 150 | 256 | 584 | 584 |
| 19 | 40 | 64 | 85 | 150 | 256 | 584 | 584 |
| 20 | 40 | 64 | 86 | 150 | 257 | 584 | 584 |
| 21 | 40 | 64 | 86 | 151 | 257 | 584 | 584 |
| 22 | 40 | 64 | 86 | 150 | 257 | 584 | 584 |
| 23 | 40 | 64 | 86 | 150 | 256 | 584 | 584 |
| 24 | 40 | 64 | 85 | 150 | 256 | 584 | 584 |
| 25 | 40 | 63 | 85 | 150 | 256 | 583 | 583 |
| 26 | 39 | 63 | 85 | 149 | 255 | 583 | 583 |
| 27 | 39 | 62 | 84 | 149 | 255 | 582 | 582 |
| 28 | 38 | 62 | 84 | 148 | 254 | 582 | 582 |
| 29 | 38 | 61 | 83 | 148 | 254 | 581 | 581 |
| 30 | 37 | 61 | 83 | 147 | 253 | 581 | 581 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

26

40

65

141

255

583

1 316

2

27

42

67

143

257

584

1 061

3

30

46

70

138

255

582

866

4

32

49

74

141

255

582

717

5

35

53

79

145

255

583

602

6

36

55

83

150

256

583

583

7

38

58

85

153

256

584

584

8

38

59

85

151

256

584

584

9

38

60

85

150

256

584

584

10

39

61

86

150

257

584

584

11

40

63

86

151

257

584

584

12

40

64

86

151

257

584

584

13

41

64

86

151

257

584

584

14

41

64

86

151

257

584

584

15

40

64

86

150

257

584

584

16

40

64

85

150

256

584

584

17

40

64

85

150

256

584

584

18

40

64

85

150

256

584

584

19

40

64

85

150

256

584

584

20

40

64

86

150

257

584

584

21

40

64

86

151

257

584

584

22

40

64

86

150

257

584

584

23

40

64

86

150

256

584

584

24

40

64

85

150

256

584

584

25

40

63

85

150

256

583

583

26

39

63

85

149

255

583

583

27

39

62

84

149

255

582

582

28

38

62

84

148

254

582

582

29

38

61

83

148

254

581

581

30

37

61

83

147

253

581

581

2.27   Russian rouble

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 126 | 140 | 165 | 241 | 355 | 683 | 1 414 |
| 2 | 124 | 139 | 164 | 240 | 354 | 681 | 1 139 |
| 3 | 124 | 140 | 164 | 232 | 349 | 676 | 929 |
| 4 | 125 | 141 | 166 | 233 | 347 | 674 | 769 |
| 5 | 125 | 143 | 170 | 235 | 346 | 673 | 673 |
| 6 | 125 | 144 | 172 | 238 | 344 | 672 | 672 |
| 7 | 125 | 145 | 172 | 240 | 343 | 671 | 671 |
| 8 | 124 | 145 | 171 | 237 | 342 | 670 | 670 |
| 9 | 123 | 144 | 170 | 235 | 341 | 668 | 668 |
| 10 | 123 | 145 | 169 | 234 | 340 | 668 | 668 |
| 11 | 122 | 145 | 169 | 233 | 339 | 667 | 667 |
| 12 | 122 | 145 | 167 | 232 | 338 | 666 | 666 |
| 13 | 121 | 144 | 166 | 231 | 337 | 664 | 664 |
| 14 | 119 | 143 | 165 | 229 | 336 | 663 | 663 |
| 15 | 117 | 141 | 163 | 227 | 333 | 661 | 661 |
| 16 | 115 | 139 | 160 | 225 | 331 | 659 | 659 |
| 17 | 112 | 136 | 158 | 222 | 328 | 656 | 656 |
| 18 | 110 | 134 | 155 | 220 | 326 | 654 | 654 |
| 19 | 108 | 131 | 153 | 218 | 324 | 652 | 652 |
| 20 | 106 | 129 | 151 | 216 | 322 | 649 | 649 |
| 21 | 103 | 127 | 149 | 213 | 320 | 647 | 647 |
| 22 | 101 | 125 | 147 | 211 | 317 | 645 | 645 |
| 23 | 99 | 123 | 144 | 209 | 315 | 643 | 643 |
| 24 | 97 | 120 | 142 | 207 | 313 | 640 | 640 |
| 25 | 95 | 118 | 140 | 205 | 311 | 638 | 638 |
| 26 | 92 | 116 | 138 | 203 | 309 | 636 | 636 |
| 27 | 90 | 114 | 136 | 200 | 307 | 634 | 634 |
| 28 | 88 | 112 | 134 | 198 | 305 | 632 | 632 |
| 29 | 86 | 110 | 132 | 196 | 303 | 630 | 630 |
| 30 | 85 | 108 | 130 | 195 | 301 | 628 | 628 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

126

140

165

241

355

683

1 414

2

124

139

164

240

354

681

1 139

3

124

140

164

232

349

676

929

4

125

141

166

233

347

674

769

5

125

143

170

235

346

673

673

6

125

144

172

238

344

672

672

7

125

145

172

240

343

671

671

8

124

145

171

237

342

670

670

9

123

144

170

235

341

668

668

10

123

145

169

234

340

668

668

11

122

145

169

233

339

667

667

12

122

145

167

232

338

666

666

13

121

144

166

231

337

664

664

14

119

143

165

229

336

663

663

15

117

141

163

227

333

661

661

16

115

139

160

225

331

659

659

17

112

136

158

222

328

656

656

18

110

134

155

220

326

654

654

19

108

131

153

218

324

652

652

20

106

129

151

216

322

649

649

21

103

127

149

213

320

647

647

22

101

125

147

211

317

645

645

23

99

123

144

209

315

643

643

24

97

120

142

207

313

640

640

25

95

118

140

205

311

638

638

26

92

116

138

203

309

636

636

27

90

114

136

200

307

634

634

28

88

112

134

198

305

632

632

29

86

110

132

196

303

630

630

30

85

108

130

195

301

628

628

2.28   Singapore dollar

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 0 | 11 | 36 | 112 | 226 | 553 | 1 286 |
| 2 | 1 | 13 | 38 | 114 | 228 | 555 | 1 036 |
| 3 | 2 | 17 | 40 | 108 | 226 | 553 | 845 |
| 4 | 3 | 20 | 44 | 112 | 226 | 553 | 699 |
| 5 | 6 | 24 | 50 | 115 | 226 | 554 | 587 |
| 6 | 7 | 26 | 54 | 121 | 227 | 554 | 554 |
| 7 | 9 | 29 | 56 | 123 | 227 | 554 | 554 |
| 8 | 9 | 30 | 56 | 122 | 227 | 555 | 555 |
| 9 | 9 | 30 | 56 | 121 | 227 | 554 | 554 |
| 10 | 9 | 31 | 56 | 121 | 227 | 554 | 554 |
| 11 | 9 | 32 | 56 | 120 | 227 | 554 | 554 |
| 12 | 10 | 33 | 56 | 120 | 226 | 554 | 554 |
| 13 | 11 | 33 | 55 | 120 | 226 | 554 | 554 |
| 14 | 11 | 33 | 55 | 120 | 226 | 553 | 553 |
| 15 | 12 | 33 | 55 | 120 | 226 | 553 | 553 |
| 16 | 13 | 33 | 55 | 119 | 225 | 553 | 553 |
| 17 | 13 | 33 | 55 | 119 | 225 | 553 | 553 |
| 18 | 15 | 33 | 55 | 119 | 225 | 553 | 553 |
| 19 | 15 | 33 | 55 | 119 | 226 | 553 | 553 |
| 20 | 16 | 34 | 55 | 120 | 226 | 554 | 554 |
| 21 | 16 | 34 | 56 | 120 | 227 | 554 | 554 |
| 22 | 17 | 34 | 56 | 121 | 227 | 554 | 554 |
| 23 | 18 | 35 | 57 | 121 | 227 | 555 | 555 |
| 24 | 19 | 35 | 57 | 121 | 228 | 555 | 555 |
| 25 | 19 | 35 | 57 | 122 | 228 | 555 | 555 |
| 26 | 20 | 35 | 57 | 122 | 228 | 555 | 555 |
| 27 | 20 | 35 | 57 | 122 | 228 | 555 | 555 |
| 28 | 21 | 36 | 57 | 122 | 228 | 556 | 556 |
| 29 | 23 | 36 | 57 | 122 | 228 | 556 | 556 |
| 30 | 23 | 36 | 58 | 122 | 228 | 556 | 556 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

0

11

36

112

226

553

1 286

2

1

13

38

114

228

555

1 036

3

2

17

40

108

226

553

845

4

3

20

44

112

226

553

699

5

6

24

50

115

226

554

587

6

7

26

54

121

227

554

554

7

9

29

56

123

227

554

554

8

9

30

56

122

227

555

555

9

9

30

56

121

227

554

554

10

9

31

56

121

227

554

554

11

9

32

56

120

227

554

554

12

10

33

56

120

226

554

554

13

11

33

55

120

226

554

554

14

11

33

55

120

226

553

553

15

12

33

55

120

226

553

553

16

13

33

55

119

225

553

553

17

13

33

55

119

225

553

553

18

15

33

55

119

225

553

553

19

15

33

55

119

226

553

553

20

16

34

55

120

226

554

554

21

16

34

56

120

227

554

554

22

17

34

56

121

227

554

554

23

18

35

57

121

227

555

555

24

19

35

57

121

228

555

555

25

19

35

57

122

228

555

555

26

20

35

57

122

228

555

555

27

20

35

57

122

228

555

555

28

21

36

57

122

228

556

556

29

23

36

57

122

228

556

556

30

23

36

58

122

228

556

556

2.29   South Korean won

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 35 | 50 | 75 | 151 | 265 | 592 | 1 284 |
| 2 | 36 | 50 | 75 | 152 | 265 | 593 | 1 033 |
| 3 | 36 | 51 | 75 | 143 | 261 | 588 | 842 |
| 4 | 36 | 53 | 77 | 144 | 258 | 586 | 697 |
| 5 | 36 | 54 | 81 | 146 | 257 | 585 | 585 |
| 6 | 39 | 58 | 86 | 152 | 258 | 586 | 586 |
| 7 | 36 | 57 | 84 | 151 | 255 | 582 | 582 |
| 8 | 40 | 61 | 87 | 153 | 258 | 586 | 586 |
| 9 | 39 | 61 | 86 | 151 | 257 | 585 | 585 |
| 10 | 34 | 56 | 81 | 145 | 252 | 579 | 579 |
| 11 | 30 | 53 | 76 | 141 | 247 | 574 | 574 |
| 12 | 27 | 50 | 73 | 137 | 243 | 571 | 571 |
| 13 | 25 | 48 | 70 | 135 | 241 | 568 | 568 |
| 14 | 23 | 46 | 68 | 133 | 239 | 566 | 566 |
| 15 | 21 | 45 | 67 | 131 | 237 | 565 | 565 |
| 16 | 20 | 43 | 65 | 130 | 236 | 563 | 563 |
| 17 | 19 | 42 | 64 | 129 | 235 | 562 | 562 |
| 18 | 18 | 42 | 64 | 128 | 234 | 562 | 562 |
| 19 | 18 | 41 | 63 | 128 | 234 | 561 | 561 |
| 20 | 18 | 41 | 63 | 128 | 234 | 561 | 561 |
| 21 | 18 | 41 | 63 | 128 | 234 | 561 | 561 |
| 22 | 18 | 41 | 63 | 128 | 234 | 561 | 561 |
| 23 | 18 | 41 | 63 | 128 | 234 | 561 | 561 |
| 24 | 19 | 41 | 63 | 128 | 234 | 561 | 561 |
| 25 | 19 | 41 | 63 | 128 | 234 | 561 | 561 |
| 26 | 20 | 41 | 63 | 128 | 234 | 561 | 561 |
| 27 | 20 | 41 | 63 | 127 | 234 | 561 | 561 |
| 28 | 21 | 41 | 63 | 127 | 233 | 561 | 561 |
| 29 | 22 | 41 | 63 | 127 | 233 | 561 | 561 |
| 30 | 23 | 41 | 62 | 127 | 233 | 561 | 561 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

35

50

75

151

265

592

1 284

2

36

50

75

152

265

593

1 033

3

36

51

75

143

261

588

842

4

36

53

77

144

258

586

697

5

36

54

81

146

257

585

585

6

39

58

86

152

258

586

586

7

36

57

84

151

255

582

582

8

40

61

87

153

258

586

586

9

39

61

86

151

257

585

585

10

34

56

81

145

252

579

579

11

30

53

76

141

247

574

574

12

27

50

73

137

243

571

571

13

25

48

70

135

241

568

568

14

23

46

68

133

239

566

566

15

21

45

67

131

237

565

565

16

20

43

65

130

236

563

563

17

19

42

64

129

235

562

562

18

18

42

64

128

234

562

562

19

18

41

63

128

234

561

561

20

18

41

63

128

234

561

561

21

18

41

63

128

234

561

561

22

18

41

63

128

234

561

561

23

18

41

63

128

234

561

561

24

19

41

63

128

234

561

561

25

19

41

63

128

234

561

561

26

20

41

63

128

234

561

561

27

20

41

63

127

234

561

561

28

21

41

63

127

233

561

561

29

22

41

63

127

233

561

561

30

23

41

62

127

233

561

561

2.30   Turkish lira

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 196 | 211 | 236 | 312 | 426 | 753 | 1 860 |
| 2 | 193 | 207 | 232 | 308 | 422 | 749 | 1 445 |
| 3 | 189 | 204 | 228 | 296 | 414 | 741 | 1 153 |
| 4 | 185 | 202 | 226 | 294 | 408 | 735 | 940 |
| 5 | 182 | 200 | 227 | 292 | 403 | 730 | 779 |
| 6 | 178 | 197 | 225 | 292 | 398 | 725 | 725 |
| 7 | 175 | 195 | 222 | 290 | 393 | 720 | 720 |
| 8 | 170 | 191 | 218 | 284 | 389 | 716 | 716 |
| 9 | 166 | 188 | 213 | 278 | 384 | 712 | 712 |
| 10 | 162 | 185 | 209 | 274 | 380 | 708 | 708 |
| 11 | 159 | 182 | 205 | 270 | 376 | 704 | 704 |
| 12 | 155 | 179 | 201 | 266 | 372 | 699 | 699 |
| 13 | 152 | 175 | 197 | 262 | 368 | 696 | 696 |
| 14 | 148 | 172 | 194 | 258 | 364 | 692 | 692 |
| 15 | 145 | 168 | 190 | 255 | 361 | 688 | 688 |
| 16 | 141 | 165 | 187 | 251 | 357 | 685 | 685 |
| 17 | 138 | 162 | 183 | 248 | 354 | 682 | 682 |
| 18 | 135 | 159 | 180 | 245 | 351 | 679 | 679 |
| 19 | 132 | 156 | 178 | 242 | 348 | 676 | 676 |
| 20 | 129 | 153 | 175 | 240 | 346 | 673 | 673 |
| 21 | 127 | 150 | 172 | 237 | 343 | 670 | 670 |
| 22 | 124 | 148 | 170 | 234 | 340 | 668 | 668 |
| 23 | 122 | 145 | 167 | 232 | 338 | 665 | 665 |
| 24 | 119 | 143 | 164 | 229 | 335 | 663 | 663 |
| 25 | 117 | 140 | 162 | 227 | 333 | 660 | 660 |
| 26 | 114 | 138 | 160 | 224 | 330 | 658 | 658 |
| 27 | 112 | 135 | 157 | 222 | 328 | 655 | 655 |
| 28 | 110 | 133 | 155 | 220 | 326 | 653 | 653 |
| 29 | 107 | 131 | 153 | 217 | 324 | 651 | 651 |
| 30 | 105 | 129 | 151 | 215 | 322 | 649 | 649 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

196

211

236

312

426

753

1 860

2

193

207

232

308

422

749

1 445

3

189

204

228

296

414

741

1 153

4

185

202

226

294

408

735

940

5

182

200

227

292

403

730

779

6

178

197

225

292

398

725

725

7

175

195

222

290

393

720

720

8

170

191

218

284

389

716

716

9

166

188

213

278

384

712

712

10

162

185

209

274

380

708

708

11

159

182

205

270

376

704

704

12

155

179

201

266

372

699

699

13

152

175

197

262

368

696

696

14

148

172

194

258

364

692

692

15

145

168

190

255

361

688

688

16

141

165

187

251

357

685

685

17

138

162

183

248

354

682

682

18

135

159

180

245

351

679

679

19

132

156

178

242

348

676

676

20

129

153

175

240

346

673

673

21

127

150

172

237

343

670

670

22

124

148

170

234

340

668

668

23

122

145

167

232

338

665

665

24

119

143

164

229

335

663

663

25

117

140

162

227

333

660

660

26

114

138

160

224

330

658

658

27

112

135

157

222

328

655

655

28

110

133

155

220

326

653

653

29

107

131

153

217

324

651

651

30

105

129

151

215

322

649

649

2.31   US dollar

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 8 | 26 | 51 | 107 | 244 | 571 | 1 298 |
| 2 | 8 | 26 | 51 | 107 | 244 | 571 | 1 044 |
| 3 | 9 | 29 | 52 | 102 | 242 | 569 | 850 |
| 4 | 12 | 34 | 56 | 99 | 242 | 569 | 704 |
| 5 | 16 | 40 | 61 | 102 | 243 | 570 | 591 |
| 6 | 18 | 43 | 65 | 99 | 244 | 571 | 571 |
| 7 | 19 | 45 | 64 | 92 | 244 | 571 | 571 |
| 8 | 17 | 44 | 64 | 91 | 244 | 571 | 571 |
| 9 | 18 | 45 | 66 | 95 | 244 | 572 | 572 |
| 10 | 19 | 48 | 68 | 99 | 244 | 572 | 572 |
| 11 | 21 | 50 | 70 | 102 | 244 | 572 | 572 |
| 12 | 23 | 53 | 71 | 103 | 244 | 572 | 572 |
| 13 | 24 | 54 | 72 | 103 | 244 | 572 | 572 |
| 14 | 24 | 55 | 72 | 103 | 244 | 572 | 572 |
| 15 | 24 | 55 | 72 | 103 | 244 | 572 | 572 |
| 16 | 24 | 55 | 72 | 103 | 244 | 571 | 571 |
| 17 | 24 | 55 | 72 | 103 | 244 | 571 | 571 |
| 18 | 24 | 55 | 72 | 103 | 244 | 571 | 571 |
| 19 | 24 | 55 | 72 | 103 | 244 | 571 | 571 |
| 20 | 24 | 55 | 72 | 103 | 244 | 572 | 572 |
| 21 | 24 | 55 | 72 | 103 | 245 | 572 | 572 |
| 22 | 24 | 55 | 72 | 103 | 245 | 572 | 572 |
| 23 | 24 | 55 | 72 | 103 | 245 | 572 | 572 |
| 24 | 24 | 55 | 72 | 103 | 245 | 572 | 572 |
| 25 | 24 | 55 | 72 | 103 | 245 | 572 | 572 |
| 26 | 24 | 55 | 72 | 103 | 245 | 572 | 572 |
| 27 | 24 | 55 | 72 | 103 | 245 | 572 | 572 |
| 28 | 24 | 55 | 72 | 103 | 244 | 572 | 572 |
| 29 | 24 | 55 | 72 | 103 | 244 | 572 | 572 |
| 30 | 24 | 55 | 72 | 103 | 244 | 571 | 571 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

8

26

51

107

244

571

1 298

2

8

26

51

107

244

571

1 044

3

9

29

52

102

242

569

850

4

12

34

56

99

242

569

704

5

16

40

61

102

243

570

591

6

18

43

65

99

244

571

571

7

19

45

64

92

244

571

571

8

17

44

64

91

244

571

571

9

18

45

66

95

244

572

572

10

19

48

68

99

244

572

572

11

21

50

70

102

244

572

572

12

23

53

71

103

244

572

572

13

24

54

72

103

244

572

572

14

24

55

72

103

244

572

572

15

24

55

72

103

244

572

572

16

24

55

72

103

244

571

571

17

24

55

72

103

244

571

571

18

24

55

72

103

244

571

571

19

24

55

72

103

244

571

571

20

24

55

72

103

244

572

572

21

24

55

72

103

245

572

572

22

24

55

72

103

245

572

572

23

24

55

72

103

245

572

572

24

24

55

72

103

245

572

572

25

24

55

72

103

245

572

572

26

24

55

72

103

245

572

572

27

24

55

72

103

245

572

572

28

24

55

72

103

244

572

572

29

24

55

72

103

244

572

572

30

24

55

72

103

244

571

571

2.32   Yen

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 0 | 3 | 14 | 90 | 204 | 531 | 1 248 |
| 2 | 1 | 5 | 12 | 88 | 202 | 530 | 1 005 |
| 3 | 2 | 5 | 12 | 80 | 197 | 524 | 820 |
| 4 | 3 | 6 | 14 | 81 | 195 | 522 | 678 |
| 5 | 4 | 6 | 18 | 83 | 194 | 521 | 570 |
| 6 | 5 | 8 | 21 | 87 | 193 | 521 | 521 |
| 7 | 5 | 9 | 22 | 90 | 193 | 521 | 521 |
| 8 | 7 | 9 | 22 | 88 | 193 | 521 | 521 |
| 9 | 7 | 10 | 22 | 87 | 193 | 521 | 521 |
| 10 | 8 | 11 | 22 | 87 | 193 | 521 | 521 |
| 11 | 8 | 12 | 23 | 87 | 193 | 521 | 521 |
| 12 | 9 | 12 | 24 | 87 | 194 | 521 | 521 |
| 13 | 11 | 13 | 25 | 88 | 194 | 521 | 521 |
| 14 | 11 | 14 | 26 | 88 | 194 | 522 | 522 |
| 15 | 12 | 15 | 28 | 88 | 194 | 522 | 522 |
| 16 | 12 | 15 | 29 | 88 | 195 | 522 | 522 |
| 17 | 13 | 16 | 30 | 89 | 195 | 522 | 522 |
| 18 | 13 | 17 | 32 | 89 | 195 | 523 | 523 |
| 19 | 15 | 18 | 33 | 90 | 196 | 523 | 523 |
| 20 | 16 | 18 | 34 | 91 | 197 | 524 | 524 |
| 21 | 16 | 20 | 35 | 91 | 197 | 525 | 525 |
| 22 | 17 | 20 | 37 | 92 | 198 | 525 | 525 |
| 23 | 17 | 21 | 38 | 92 | 198 | 526 | 526 |
| 24 | 19 | 22 | 39 | 92 | 198 | 526 | 526 |
| 25 | 19 | 22 | 40 | 92 | 199 | 526 | 526 |
| 26 | 20 | 24 | 41 | 93 | 199 | 526 | 526 |
| 27 | 20 | 24 | 42 | 93 | 199 | 526 | 526 |
| 28 | 21 | 25 | 45 | 93 | 199 | 526 | 526 |
| 29 | 21 | 25 | 46 | 93 | 199 | 526 | 526 |
| 30 | 23 | 26 | 47 | 93 | 199 | 526 | 526 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

0

3

14

90

204

531

1 248

2

1

5

12

88

202

530

1 005

3

2

5

12

80

197

524

820

4

3

6

14

81

195

522

678

5

4

6

18

83

194

521

570

6

5

8

21

87

193

521

521

7

5

9

22

90

193

521

521

8

7

9

22

88

193

521

521

9

7

10

22

87

193

521

521

10

8

11

22

87

193

521

521

11

8

12

23

87

193

521

521

12

9

12

24

87

194

521

521

13

11

13

25

88

194

521

521

14

11

14

26

88

194

522

522

15

12

15

28

88

194

522

522

16

12

15

29

88

195

522

522

17

13

16

30

89

195

522

522

18

13

17

32

89

195

523

523

19

15

18

33

90

196

523

523

20

16

18

34

91

197

524

524

21

16

20

35

91

197

525

525

22

17

20

37

92

198

525

525

23

17

21

38

92

198

526

526

24

19

22

39

92

198

526

526

25

19

22

40

92

199

526

526

26

20

24

41

93

199

526

526

27

20

24

42

93

199

526

526

28

21

25

45

93

199

526

526

29

21

25

46

93

199

526

526

30

23

26

47

93

199

526

526

3.   Other exposures

3.1   Euro

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 1 | 15 | 21 | 44 | 165 | 298 | 3 050 |
| 2 | 1 | 15 | 21 | 44 | 165 | 336 | 2 263 |
| 3 | 1 | 15 | 24 | 49 | 159 | 349 | 1 704 |
| 4 | 1 | 16 | 27 | 52 | 157 | 348 | 1 315 |
| 5 | 1 | 18 | 30 | 54 | 157 | 339 | 1 042 |
| 6 | 3 | 21 | 32 | 58 | 157 | 326 | 845 |
| 7 | 5 | 23 | 34 | 60 | 157 | 310 | 699 |
| 8 | 5 | 24 | 36 | 62 | 157 | 294 | 587 |
| 9 | 5 | 25 | 37 | 66 | 157 | 277 | 501 |
| 10 | 5 | 26 | 39 | 68 | 157 | 261 | 431 |
| 11 | 6 | 26 | 39 | 68 | 157 | 250 | 375 |
| 12 | 6 | 26 | 39 | 69 | 157 | 250 | 328 |
| 13 | 6 | 26 | 39 | 69 | 157 | 250 | 289 |
| 14 | 6 | 26 | 39 | 69 | 157 | 250 | 256 |
| 15 | 6 | 26 | 39 | 69 | 157 | 250 | 250 |
| 16 | 6 | 26 | 42 | 69 | 157 | 250 | 250 |
| 17 | 6 | 26 | 45 | 69 | 157 | 250 | 250 |
| 18 | 6 | 26 | 46 | 69 | 157 | 250 | 250 |
| 19 | 7 | 26 | 49 | 69 | 157 | 250 | 250 |
| 20 | 7 | 26 | 52 | 69 | 157 | 250 | 250 |
| 21 | 7 | 26 | 54 | 69 | 157 | 250 | 250 |
| 22 | 8 | 26 | 56 | 69 | 157 | 250 | 250 |
| 23 | 8 | 26 | 59 | 69 | 157 | 250 | 250 |
| 24 | 8 | 26 | 61 | 69 | 157 | 250 | 250 |
| 25 | 9 | 26 | 64 | 69 | 157 | 250 | 250 |
| 26 | 9 | 26 | 66 | 69 | 157 | 250 | 250 |
| 27 | 9 | 26 | 68 | 70 | 157 | 250 | 250 |
| 28 | 10 | 26 | 71 | 72 | 157 | 250 | 250 |
| 29 | 10 | 26 | 73 | 74 | 157 | 250 | 250 |
| 30 | 11 | 26 | 76 | 77 | 157 | 250 | 250 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

1

15

21

44

165

298

3 050

2

1

15

21

44

165

336

2 263

3

1

15

24

49

159

349

1 704

4

1

16

27

52

157

348

1 315

5

1

18

30

54

157

339

1 042

6

3

21

32

58

157

326

845

7

5

23

34

60

157

310

699

8

5

24

36

62

157

294

587

9

5

25

37

66

157

277

501

10

5

26

39

68

157

261

431

11

6

26

39

68

157

250

375

12

6

26

39

69

157

250

328

13

6

26

39

69

157

250

289

14

6

26

39

69

157

250

256

15

6

26

39

69

157

250

250

16

6

26

42

69

157

250

250

17

6

26

45

69

157

250

250

18

6

26

46

69

157

250

250

19

7

26

49

69

157

250

250

20

7

26

52

69

157

250

250

21

7

26

54

69

157

250

250

22

8

26

56

69

157

250

250

23

8

26

59

69

157

250

250

24

8

26

61

69

157

250

250

25

9

26

64

69

157

250

250

26

9

26

66

69

157

250

250

27

9

26

68

70

157

250

250

28

10

26

71

72

157

250

250

29

10

26

73

74

157

250

250

30

11

26

76

77

157

250

250

3.2   Czech koruna

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 7 | 20 | 27 | 50 | 171 | 308 | 3 169 |
| 2 | 9 | 23 | 29 | 52 | 173 | 347 | 2 349 |
| 3 | 9 | 23 | 32 | 57 | 168 | 360 | 1 767 |
| 4 | 9 | 24 | 35 | 61 | 165 | 359 | 1 361 |
| 5 | 9 | 26 | 38 | 62 | 164 | 349 | 1 076 |
| 6 | 10 | 28 | 40 | 65 | 164 | 335 | 871 |
| 7 | 11 | 30 | 41 | 66 | 163 | 318 | 720 |
| 8 | 11 | 30 | 42 | 68 | 163 | 301 | 604 |
| 9 | 10 | 31 | 43 | 71 | 162 | 284 | 514 |
| 10 | 10 | 31 | 44 | 73 | 162 | 267 | 442 |
| 11 | 10 | 31 | 44 | 73 | 161 | 254 | 384 |
| 12 | 9 | 30 | 43 | 72 | 161 | 254 | 336 |
| 13 | 9 | 29 | 42 | 72 | 160 | 253 | 296 |
| 14 | 8 | 29 | 42 | 71 | 159 | 252 | 262 |
| 15 | 8 | 29 | 42 | 71 | 159 | 252 | 252 |
| 16 | 7 | 28 | 43 | 70 | 158 | 251 | 251 |
| 17 | 7 | 28 | 45 | 70 | 158 | 251 | 251 |
| 18 | 7 | 28 | 48 | 70 | 158 | 251 | 251 |
| 19 | 7 | 28 | 50 | 70 | 158 | 251 | 251 |
| 20 | 7 | 28 | 53 | 70 | 158 | 251 | 251 |
| 21 | 8 | 28 | 55 | 71 | 159 | 252 | 252 |
| 22 | 8 | 29 | 57 | 71 | 159 | 252 | 252 |
| 23 | 8 | 29 | 60 | 71 | 159 | 252 | 252 |
| 24 | 8 | 29 | 62 | 71 | 159 | 252 | 252 |
| 25 | 9 | 29 | 65 | 71 | 159 | 252 | 252 |
| 26 | 9 | 29 | 67 | 71 | 159 | 252 | 252 |
| 27 | 10 | 29 | 70 | 72 | 159 | 252 | 252 |
| 28 | 10 | 29 | 72 | 74 | 159 | 252 | 252 |
| 29 | 10 | 29 | 75 | 75 | 159 | 252 | 252 |
| 30 | 11 | 29 | 77 | 77 | 159 | 252 | 252 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

7

20

27

50

171

308

3 169

2

9

23

29

52

173

347

2 349

3

9

23

32

57

168

360

1 767

4

9

24

35

61

165

359

1 361

5

9

26

38

62

164

349

1 076

6

10

28

40

65

164

335

871

7

11

30

41

66

163

318

720

8

11

30

42

68

163

301

604

9

10

31

43

71

162

284

514

10

10

31

44

73

162

267

442

11

10

31

44

73

161

254

384

12

9

30

43

72

161

254

336

13

9

29

42

72

160

253

296

14

8

29

42

71

159

252

262

15

8

29

42

71

159

252

252

16

7

28

43

70

158

251

251

17

7

28

45

70

158

251

251

18

7

28

48

70

158

251

251

19

7

28

50

70

158

251

251

20

7

28

53

70

158

251

251

21

8

28

55

71

159

252

252

22

8

29

57

71

159

252

252

23

8

29

60

71

159

252

252

24

8

29

62

71

159

252

252

25

9

29

65

71

159

252

252

26

9

29

67

71

159

252

252

27

10

29

70

72

159

252

252

28

10

29

72

74

159

252

252

29

10

29

75

75

159

252

252

30

11

29

77

77

159

252

252

3.3   Danish krone

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 1 | 14 | 21 | 44 | 165 | 298 | 3 050 |
| 2 | 1 | 14 | 21 | 44 | 165 | 336 | 2 263 |
| 3 | 1 | 15 | 23 | 48 | 159 | 349 | 1 704 |
| 4 | 1 | 16 | 26 | 52 | 157 | 348 | 1 315 |
| 5 | 1 | 18 | 30 | 54 | 157 | 339 | 1 041 |
| 6 | 3 | 21 | 32 | 57 | 157 | 326 | 845 |
| 7 | 4 | 23 | 34 | 60 | 157 | 310 | 699 |
| 8 | 4 | 24 | 35 | 62 | 157 | 294 | 587 |
| 9 | 5 | 25 | 37 | 65 | 157 | 277 | 500 |
| 10 | 5 | 26 | 39 | 67 | 157 | 261 | 431 |
| 11 | 5 | 26 | 39 | 68 | 157 | 250 | 375 |
| 12 | 5 | 26 | 39 | 68 | 157 | 250 | 328 |
| 13 | 5 | 26 | 39 | 68 | 157 | 250 | 289 |
| 14 | 5 | 26 | 39 | 68 | 157 | 250 | 256 |
| 15 | 5 | 26 | 39 | 68 | 157 | 250 | 250 |
| 16 | 5 | 26 | 42 | 68 | 157 | 250 | 250 |
| 17 | 6 | 26 | 45 | 68 | 157 | 250 | 250 |
| 18 | 6 | 26 | 46 | 68 | 157 | 250 | 250 |
| 19 | 7 | 26 | 49 | 68 | 157 | 250 | 250 |
| 20 | 7 | 26 | 52 | 68 | 157 | 250 | 250 |
| 21 | 7 | 26 | 54 | 68 | 157 | 250 | 250 |
| 22 | 8 | 26 | 56 | 68 | 157 | 250 | 250 |
| 23 | 8 | 26 | 59 | 68 | 157 | 250 | 250 |
| 24 | 8 | 26 | 61 | 68 | 157 | 250 | 250 |
| 25 | 9 | 26 | 64 | 68 | 157 | 250 | 250 |
| 26 | 9 | 26 | 66 | 68 | 157 | 250 | 250 |
| 27 | 9 | 26 | 68 | 70 | 157 | 250 | 250 |
| 28 | 10 | 26 | 71 | 72 | 157 | 250 | 250 |
| 29 | 10 | 26 | 73 | 74 | 157 | 250 | 250 |
| 30 | 11 | 26 | 76 | 77 | 157 | 250 | 250 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

1

14

21

44

165

298

3 050

2

1

14

21

44

165

336

2 263

3

1

15

23

48

159

349

1 704

4

1

16

26

52

157

348

1 315

5

1

18

30

54

157

339

1 041

6

3

21

32

57

157

326

845

7

4

23

34

60

157

310

699

8

4

24

35

62

157

294

587

9

5

25

37

65

157

277

500

10

5

26

39

67

157

261

431

11

5

26

39

68

157

250

375

12

5

26

39

68

157

250

328

13

5

26

39

68

157

250

289

14

5

26

39

68

157

250

256

15

5

26

39

68

157

250

250

16

5

26

42

68

157

250

250

17

6

26

45

68

157

250

250

18

6

26

46

68

157

250

250

19

7

26

49

68

157

250

250

20

7

26

52

68

157

250

250

21

7

26

54

68

157

250

250

22

8

26

56

68

157

250

250

23

8

26

59

68

157

250

250

24

8

26

61

68

157

250

250

25

9

26

64

68

157

250

250

26

9

26

66

68

157

250

250

27

9

26

68

70

157

250

250

28

10

26

71

72

157

250

250

29

10

26

73

74

157

250

250

30

11

26

76

77

157

250

250

3.4   Forint

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 77 | 91 | 97 | 120 | 241 | 336 | 3 082 |
| 2 | 73 | 87 | 93 | 116 | 237 | 341 | 2 304 |
| 3 | 75 | 90 | 98 | 124 | 234 | 356 | 1 738 |
| 4 | 73 | 88 | 99 | 125 | 229 | 356 | 1 345 |
| 5 | 71 | 88 | 100 | 124 | 227 | 347 | 1 068 |
| 6 | 71 | 89 | 100 | 126 | 225 | 335 | 867 |
| 7 | 70 | 89 | 100 | 126 | 222 | 320 | 719 |
| 8 | 69 | 89 | 100 | 127 | 221 | 314 | 605 |
| 9 | 68 | 88 | 101 | 129 | 220 | 313 | 516 |
| 10 | 65 | 85 | 98 | 127 | 216 | 309 | 445 |
| 11 | 62 | 83 | 96 | 125 | 214 | 307 | 387 |
| 12 | 61 | 82 | 95 | 124 | 212 | 305 | 339 |
| 13 | 60 | 81 | 94 | 123 | 211 | 304 | 304 |
| 14 | 60 | 80 | 93 | 123 | 211 | 304 | 304 |
| 15 | 59 | 80 | 93 | 122 | 210 | 303 | 303 |
| 16 | 59 | 79 | 92 | 122 | 210 | 303 | 303 |
| 17 | 58 | 79 | 92 | 121 | 209 | 302 | 302 |
| 18 | 57 | 78 | 91 | 120 | 209 | 302 | 302 |
| 19 | 57 | 77 | 90 | 120 | 208 | 301 | 301 |
| 20 | 56 | 77 | 90 | 119 | 207 | 300 | 300 |
| 21 | 55 | 76 | 89 | 118 | 206 | 299 | 299 |
| 22 | 54 | 75 | 88 | 117 | 206 | 299 | 299 |
| 23 | 54 | 74 | 87 | 117 | 205 | 298 | 298 |
| 24 | 52 | 73 | 86 | 116 | 204 | 297 | 297 |
| 25 | 51 | 72 | 85 | 114 | 203 | 296 | 296 |
| 26 | 50 | 71 | 84 | 113 | 202 | 295 | 295 |
| 27 | 49 | 70 | 83 | 112 | 200 | 293 | 293 |
| 28 | 48 | 69 | 82 | 111 | 199 | 292 | 292 |
| 29 | 47 | 68 | 81 | 110 | 198 | 291 | 291 |
| 30 | 46 | 67 | 80 | 109 | 197 | 290 | 290 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

77

91

97

120

241

336

3 082

2

73

87

93

116

237

341

2 304

3

75

90

98

124

234

356

1 738

4

73

88

99

125

229

356

1 345

5

71

88

100

124

227

347

1 068

6

71

89

100

126

225

335

867

7

70

89

100

126

222

320

719

8

69

89

100

127

221

314

605

9

68

88

101

129

220

313

516

10

65

85

98

127

216

309

445

11

62

83

96

125

214

307

387

12

61

82

95

124

212

305

339

13

60

81

94

123

211

304

304

14

60

80

93

123

211

304

304

15

59

80

93

122

210

303

303

16

59

79

92

122

210

303

303

17

58

79

92

121

209

302

302

18

57

78

91

120

209

302

302

19

57

77

90

120

208

301

301

20

56

77

90

119

207

300

300

21

55

76

89

118

206

299

299

22

54

75

88

117

206

299

299

23

54

74

87

117

205

298

298

24

52

73

86

116

204

297

297

25

51

72

85

114

203

296

296

26

50

71

84

113

202

295

295

27

49

70

83

112

200

293

293

28

48

69

82

111

199

292

292

29

47

68

81

110

198

291

291

30

46

67

80

109

197

290

290

3.5   Krona

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 5 | 18 | 25 | 47 | 168 | 299 | 3 064 |
| 2 | 7 | 20 | 27 | 49 | 170 | 337 | 2 274 |
| 3 | 7 | 22 | 30 | 55 | 166 | 350 | 1 713 |
| 4 | 8 | 23 | 34 | 60 | 164 | 350 | 1 322 |
| 5 | 9 | 25 | 37 | 62 | 164 | 341 | 1 048 |
| 6 | 10 | 28 | 40 | 65 | 164 | 327 | 850 |
| 7 | 11 | 30 | 41 | 67 | 164 | 312 | 703 |
| 8 | 11 | 31 | 42 | 69 | 163 | 295 | 591 |
| 9 | 11 | 31 | 43 | 71 | 163 | 279 | 503 |
| 10 | 11 | 31 | 44 | 73 | 162 | 262 | 434 |
| 11 | 11 | 31 | 44 | 74 | 162 | 255 | 377 |
| 12 | 10 | 31 | 44 | 73 | 161 | 254 | 330 |
| 13 | 10 | 31 | 44 | 73 | 161 | 254 | 292 |
| 14 | 10 | 30 | 43 | 73 | 161 | 254 | 259 |
| 15 | 10 | 30 | 43 | 73 | 161 | 254 | 254 |
| 16 | 9 | 30 | 43 | 72 | 160 | 253 | 253 |
| 17 | 9 | 30 | 45 | 72 | 160 | 253 | 253 |
| 18 | 9 | 30 | 48 | 72 | 160 | 253 | 253 |
| 19 | 9 | 30 | 49 | 72 | 160 | 253 | 253 |
| 20 | 10 | 30 | 52 | 73 | 161 | 254 | 254 |
| 21 | 10 | 31 | 55 | 73 | 161 | 254 | 254 |
| 22 | 10 | 31 | 57 | 73 | 161 | 254 | 254 |
| 23 | 10 | 31 | 60 | 73 | 162 | 255 | 255 |
| 24 | 10 | 31 | 62 | 74 | 162 | 255 | 255 |
| 25 | 10 | 31 | 65 | 74 | 162 | 255 | 255 |
| 26 | 10 | 31 | 67 | 74 | 162 | 255 | 255 |
| 27 | 10 | 31 | 70 | 73 | 162 | 255 | 255 |
| 28 | 10 | 31 | 72 | 74 | 161 | 254 | 254 |
| 29 | 10 | 31 | 75 | 75 | 161 | 254 | 254 |
| 30 | 11 | 31 | 77 | 77 | 161 | 254 | 254 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

5

18

25

47

168

299

3 064

2

7

20

27

49

170

337

2 274

3

7

22

30

55

166

350

1 713

4

8

23

34

60

164

350

1 322

5

9

25

37

62

164

341

1 048

6

10

28

40

65

164

327

850

7

11

30

41

67

164

312

703

8

11

31

42

69

163

295

591

9

11

31

43

71

163

279

503

10

11

31

44

73

162

262

434

11

11

31

44

74

162

255

377

12

10

31

44

73

161

254

330

13

10

31

44

73

161

254

292

14

10

30

43

73

161

254

259

15

10

30

43

73

161

254

254

16

9

30

43

72

160

253

253

17

9

30

45

72

160

253

253

18

9

30

48

72

160

253

253

19

9

30

49

72

160

253

253

20

10

30

52

73

161

254

254

21

10

31

55

73

161

254

254

22

10

31

57

73

161

254

254

23

10

31

60

73

162

255

255

24

10

31

62

74

162

255

255

25

10

31

65

74

162

255

255

26

10

31

67

74

162

255

255

27

10

31

70

73

162

255

255

28

10

31

72

74

161

254

254

29

10

31

75

75

161

254

254

30

11

31

77

77

161

254

254

3.6   Kuna

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 45 | 59 | 66 | 88 | 209 | 304 | 3 065 |
| 2 | 49 | 63 | 69 | 92 | 213 | 337 | 2 276 |
| 3 | 53 | 68 | 76 | 101 | 212 | 351 | 1 716 |
| 4 | 55 | 71 | 81 | 107 | 212 | 351 | 1 326 |
| 5 | 57 | 74 | 86 | 110 | 212 | 343 | 1 053 |
| 6 | 59 | 76 | 88 | 113 | 212 | 330 | 855 |
| 7 | 59 | 78 | 89 | 115 | 212 | 315 | 709 |
| 8 | 58 | 78 | 89 | 116 | 211 | 304 | 597 |
| 9 | 57 | 78 | 90 | 118 | 209 | 302 | 509 |
| 10 | 56 | 77 | 90 | 119 | 208 | 301 | 439 |
| 11 | 55 | 76 | 89 | 118 | 206 | 299 | 382 |
| 12 | 53 | 74 | 87 | 117 | 205 | 298 | 334 |
| 13 | 52 | 73 | 86 | 115 | 203 | 296 | 296 |
| 14 | 51 | 71 | 84 | 114 | 202 | 295 | 295 |
| 15 | 49 | 70 | 83 | 113 | 201 | 294 | 294 |
| 16 | 48 | 69 | 82 | 112 | 200 | 293 | 293 |
| 17 | 48 | 68 | 81 | 111 | 199 | 292 | 292 |
| 18 | 47 | 67 | 80 | 110 | 198 | 291 | 291 |
| 19 | 46 | 67 | 80 | 109 | 197 | 290 | 290 |
| 20 | 46 | 66 | 79 | 109 | 197 | 290 | 290 |
| 21 | 45 | 65 | 78 | 108 | 196 | 289 | 289 |
| 22 | 44 | 65 | 78 | 107 | 195 | 288 | 288 |
| 23 | 43 | 64 | 77 | 106 | 194 | 287 | 287 |
| 24 | 42 | 63 | 76 | 105 | 194 | 287 | 287 |
| 25 | 42 | 62 | 75 | 105 | 193 | 286 | 286 |
| 26 | 41 | 61 | 74 | 104 | 192 | 285 | 285 |
| 27 | 40 | 61 | 74 | 103 | 191 | 284 | 284 |
| 28 | 39 | 60 | 73 | 102 | 190 | 283 | 283 |
| 29 | 38 | 59 | 75 | 101 | 189 | 282 | 282 |
| 30 | 37 | 58 | 77 | 100 | 189 | 282 | 282 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

45

59

66

88

209

304

3 065

2

49

63

69

92

213

337

2 276

3

53

68

76

101

212

351

1 716

4

55

71

81

107

212

351

1 326

5

57

74

86

110

212

343

1 053

6

59

76

88

113

212

330

855

7

59

78

89

115

212

315

709

8

58

78

89

116

211

304

597

9

57

78

90

118

209

302

509

10

56

77

90

119

208

301

439

11

55

76

89

118

206

299

382

12

53

74

87

117

205

298

334

13

52

73

86

115

203

296

296

14

51

71

84

114

202

295

295

15

49

70

83

113

201

294

294

16

48

69

82

112

200

293

293

17

48

68

81

111

199

292

292

18

47

67

80

110

198

291

291

19

46

67

80

109

197

290

290

20

46

66

79

109

197

290

290

21

45

65

78

108

196

289

289

22

44

65

78

107

195

288

288

23

43

64

77

106

194

287

287

24

42

63

76

105

194

287

287

25

42

62

75

105

193

286

286

26

41

61

74

104

192

285

285

27

40

61

74

103

191

284

284

28

39

60

73

102

190

283

283

29

38

59

75

101

189

282

282

30

37

58

77

100

189

282

282

3.7   Lev

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 0 | 14 | 20 | 43 | 164 | 297 | 3 048 |
| 2 | 0 | 14 | 20 | 43 | 164 | 335 | 2 261 |
| 3 | 1 | 14 | 23 | 48 | 158 | 348 | 1 703 |
| 4 | 1 | 15 | 26 | 52 | 156 | 347 | 1 314 |
| 5 | 1 | 17 | 29 | 54 | 156 | 339 | 1 041 |
| 6 | 2 | 20 | 32 | 57 | 156 | 325 | 844 |
| 7 | 4 | 23 | 34 | 59 | 156 | 310 | 698 |
| 8 | 4 | 23 | 35 | 62 | 156 | 294 | 587 |
| 9 | 4 | 24 | 36 | 65 | 156 | 277 | 500 |
| 10 | 4 | 25 | 38 | 67 | 156 | 261 | 431 |
| 11 | 5 | 25 | 38 | 68 | 156 | 249 | 374 |
| 12 | 5 | 25 | 38 | 68 | 156 | 249 | 328 |
| 13 | 5 | 25 | 38 | 68 | 156 | 249 | 289 |
| 14 | 5 | 25 | 38 | 68 | 156 | 249 | 256 |
| 15 | 5 | 25 | 39 | 68 | 156 | 249 | 249 |
| 16 | 5 | 25 | 42 | 68 | 156 | 249 | 249 |
| 17 | 6 | 25 | 45 | 68 | 156 | 249 | 249 |
| 18 | 6 | 25 | 46 | 68 | 156 | 249 | 249 |
| 19 | 7 | 25 | 49 | 68 | 156 | 249 | 249 |
| 20 | 7 | 25 | 52 | 68 | 156 | 249 | 249 |
| 21 | 7 | 25 | 54 | 68 | 156 | 249 | 249 |
| 22 | 8 | 25 | 56 | 68 | 156 | 249 | 249 |
| 23 | 8 | 25 | 59 | 68 | 156 | 249 | 249 |
| 24 | 8 | 25 | 61 | 68 | 156 | 249 | 249 |
| 25 | 9 | 25 | 64 | 68 | 156 | 249 | 249 |
| 26 | 9 | 25 | 66 | 68 | 156 | 249 | 249 |
| 27 | 9 | 25 | 68 | 70 | 156 | 249 | 249 |
| 28 | 10 | 25 | 71 | 72 | 156 | 249 | 249 |
| 29 | 10 | 25 | 73 | 74 | 156 | 249 | 249 |
| 30 | 11 | 25 | 76 | 77 | 156 | 249 | 249 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

0

14

20

43

164

297

3 048

2

0

14

20

43

164

335

2 261

3

1

14

23

48

158

348

1 703

4

1

15

26

52

156

347

1 314

5

1

17

29

54

156

339

1 041

6

2

20

32

57

156

325

844

7

4

23

34

59

156

310

698

8

4

23

35

62

156

294

587

9

4

24

36

65

156

277

500

10

4

25

38

67

156

261

431

11

5

25

38

68

156

249

374

12

5

25

38

68

156

249

328

13

5

25

38

68

156

249

289

14

5

25

38

68

156

249

256

15

5

25

39

68

156

249

249

16

5

25

42

68

156

249

249

17

6

25

45

68

156

249

249

18

6

25

46

68

156

249

249

19

7

25

49

68

156

249

249

20

7

25

52

68

156

249

249

21

7

25

54

68

156

249

249

22

8

25

56

68

156

249

249

23

8

25

59

68

156

249

249

24

8

25

61

68

156

249

249

25

9

25

64

68

156

249

249

26

9

25

66

68

156

249

249

27

9

25

68

70

156

249

249

28

10

25

71

72

156

249

249

29

10

25

73

74

156

249

249

30

11

25

76

77

156

249

249

3.8   Pound sterling

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 0 | 11 | 22 | 45 | 183 | 303 | 3 110 |
| 2 | 0 | 11 | 22 | 45 | 183 | 341 | 2 307 |
| 3 | 1 | 11 | 24 | 50 | 177 | 355 | 1 737 |
| 4 | 1 | 13 | 26 | 56 | 174 | 354 | 1 340 |
| 5 | 1 | 16 | 29 | 59 | 173 | 344 | 1 061 |
| 6 | 2 | 18 | 33 | 60 | 172 | 331 | 859 |
| 7 | 2 | 21 | 36 | 60 | 171 | 315 | 710 |
| 8 | 4 | 24 | 37 | 60 | 169 | 298 | 597 |
| 9 | 7 | 31 | 42 | 59 | 168 | 281 | 508 |
| 10 | 10 | 34 | 41 | 57 | 168 | 264 | 437 |
| 11 | 8 | 33 | 41 | 56 | 167 | 260 | 380 |
| 12 | 7 | 32 | 41 | 56 | 166 | 259 | 332 |
| 13 | 6 | 31 | 41 | 56 | 165 | 258 | 293 |
| 14 | 6 | 31 | 42 | 56 | 164 | 257 | 259 |
| 15 | 6 | 31 | 42 | 56 | 164 | 257 | 257 |
| 16 | 6 | 31 | 42 | 56 | 162 | 255 | 255 |
| 17 | 6 | 31 | 45 | 56 | 161 | 254 | 254 |
| 18 | 6 | 31 | 48 | 56 | 161 | 254 | 254 |
| 19 | 7 | 31 | 49 | 56 | 161 | 254 | 254 |
| 20 | 7 | 31 | 52 | 56 | 161 | 254 | 254 |
| 21 | 7 | 31 | 54 | 59 | 161 | 254 | 254 |
| 22 | 8 | 31 | 57 | 61 | 161 | 254 | 254 |
| 23 | 8 | 31 | 60 | 63 | 161 | 253 | 253 |
| 24 | 8 | 31 | 61 | 65 | 160 | 253 | 253 |
| 25 | 9 | 31 | 64 | 66 | 159 | 252 | 252 |
| 26 | 9 | 31 | 66 | 68 | 159 | 252 | 252 |
| 27 | 9 | 31 | 69 | 70 | 159 | 251 | 251 |
| 28 | 10 | 31 | 71 | 72 | 158 | 251 | 251 |
| 29 | 10 | 31 | 73 | 75 | 158 | 251 | 251 |
| 30 | 11 | 31 | 76 | 77 | 157 | 250 | 250 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

0

11

22

45

183

303

3 110

2

0

11

22

45

183

341

2 307

3

1

11

24

50

177

355

1 737

4

1

13

26

56

174

354

1 340

5

1

16

29

59

173

344

1 061

6

2

18

33

60

172

331

859

7

2

21

36

60

171

315

710

8

4

24

37

60

169

298

597

9

7

31

42

59

168

281

508

10

10

34

41

57

168

264

437

11

8

33

41

56

167

260

380

12

7

32

41

56

166

259

332

13

6

31

41

56

165

258

293

14

6

31

42

56

164

257

259

15

6

31

42

56

164

257

257

16

6

31

42

56

162

255

255

17

6

31

45

56

161

254

254

18

6

31

48

56

161

254

254

19

7

31

49

56

161

254

254

20

7

31

52

56

161

254

254

21

7

31

54

59

161

254

254

22

8

31

57

61

161

254

254

23

8

31

60

63

161

253

253

24

8

31

61

65

160

253

253

25

9

31

64

66

159

252

252

26

9

31

66

68

159

252

252

27

9

31

69

70

159

251

251

28

10

31

71

72

158

251

251

29

10

31

73

75

158

251

251

30

11

31

76

77

157

250

250

3.9   Romanian leu

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 81 | 95 | 101 | 124 | 245 | 340 | 3 222 |
| 2 | 79 | 93 | 99 | 122 | 243 | 354 | 2 400 |
| 3 | 77 | 91 | 100 | 125 | 235 | 369 | 1 813 |
| 4 | 74 | 90 | 100 | 126 | 231 | 369 | 1 402 |
| 5 | 72 | 89 | 101 | 125 | 228 | 361 | 1 112 |
| 6 | 72 | 90 | 101 | 127 | 226 | 347 | 902 |
| 7 | 71 | 90 | 101 | 126 | 223 | 331 | 746 |
| 8 | 68 | 88 | 99 | 126 | 220 | 314 | 628 |
| 9 | 66 | 87 | 99 | 127 | 218 | 311 | 535 |
| 10 | 65 | 86 | 98 | 127 | 216 | 309 | 461 |
| 11 | 64 | 84 | 97 | 126 | 215 | 308 | 401 |
| 12 | 62 | 83 | 96 | 125 | 213 | 306 | 351 |
| 13 | 60 | 81 | 94 | 123 | 211 | 304 | 309 |
| 14 | 59 | 79 | 92 | 122 | 210 | 303 | 303 |
| 15 | 57 | 78 | 91 | 120 | 209 | 302 | 302 |
| 16 | 56 | 77 | 90 | 119 | 207 | 300 | 300 |
| 17 | 55 | 76 | 89 | 118 | 206 | 299 | 299 |
| 18 | 54 | 75 | 88 | 117 | 205 | 298 | 298 |
| 19 | 53 | 74 | 87 | 116 | 204 | 297 | 297 |
| 20 | 52 | 73 | 86 | 115 | 204 | 297 | 297 |
| 21 | 52 | 72 | 85 | 115 | 203 | 296 | 296 |
| 22 | 51 | 71 | 84 | 114 | 202 | 295 | 295 |
| 23 | 50 | 70 | 83 | 113 | 201 | 294 | 294 |
| 24 | 49 | 69 | 82 | 112 | 200 | 293 | 293 |
| 25 | 47 | 68 | 81 | 111 | 199 | 292 | 292 |
| 26 | 46 | 67 | 80 | 109 | 198 | 291 | 291 |
| 27 | 45 | 66 | 79 | 108 | 197 | 290 | 290 |
| 28 | 44 | 65 | 78 | 107 | 196 | 289 | 289 |
| 29 | 43 | 64 | 77 | 106 | 195 | 288 | 288 |
| 30 | 42 | 63 | 81 | 106 | 194 | 287 | 287 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

81

95

101

124

245

340

3 222

2

79

93

99

122

243

354

2 400

3

77

91

100

125

235

369

1 813

4

74

90

100

126

231

369

1 402

5

72

89

101

125

228

361

1 112

6

72

90

101

127

226

347

902

7

71

90

101

126

223

331

746

8

68

88

99

126

220

314

628

9

66

87

99

127

218

311

535

10

65

86

98

127

216

309

461

11

64

84

97

126

215

308

401

12

62

83

96

125

213

306

351

13

60

81

94

123

211

304

309

14

59

79

92

122

210

303

303

15

57

78

91

120

209

302

302

16

56

77

90

119

207

300

300

17

55

76

89

118

206

299

299

18

54

75

88

117

205

298

298

19

53

74

87

116

204

297

297

20

52

73

86

115

204

297

297

21

52

72

85

115

203

296

296

22

51

71

84

114

202

295

295

23

50

70

83

113

201

294

294

24

49

69

82

112

200

293

293

25

47

68

81

111

199

292

292

26

46

67

80

109

198

291

291

27

45

66

79

108

197

290

290

28

44

65

78

107

196

289

289

29

43

64

77

106

195

288

288

30

42

63

81

106

194

287

287

3.10   Zloty

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 55 | 68 | 75 | 97 | 218 | 313 | 3 139 |
| 2 | 53 | 67 | 73 | 96 | 217 | 345 | 2 334 |
| 3 | 52 | 66 | 75 | 100 | 210 | 359 | 1 760 |
| 4 | 50 | 66 | 76 | 102 | 207 | 359 | 1 360 |
| 5 | 49 | 66 | 78 | 102 | 205 | 350 | 1 078 |
| 6 | 49 | 67 | 79 | 104 | 203 | 337 | 875 |
| 7 | 49 | 68 | 79 | 104 | 201 | 321 | 724 |
| 8 | 48 | 67 | 79 | 105 | 200 | 304 | 609 |
| 9 | 46 | 66 | 78 | 107 | 198 | 291 | 519 |
| 10 | 45 | 66 | 79 | 108 | 197 | 290 | 447 |
| 11 | 45 | 65 | 78 | 107 | 196 | 289 | 388 |
| 12 | 44 | 64 | 77 | 107 | 195 | 288 | 340 |
| 13 | 43 | 64 | 77 | 106 | 194 | 287 | 299 |
| 14 | 42 | 63 | 76 | 105 | 193 | 286 | 286 |
| 15 | 42 | 62 | 75 | 105 | 193 | 286 | 286 |
| 16 | 41 | 61 | 74 | 104 | 192 | 285 | 285 |
| 17 | 40 | 61 | 74 | 103 | 191 | 284 | 284 |
| 18 | 39 | 60 | 73 | 102 | 190 | 283 | 283 |
| 19 | 39 | 59 | 72 | 102 | 190 | 283 | 283 |
| 20 | 39 | 59 | 72 | 102 | 190 | 283 | 283 |
| 21 | 38 | 59 | 72 | 101 | 189 | 282 | 282 |
| 22 | 38 | 59 | 71 | 101 | 189 | 282 | 282 |
| 23 | 37 | 58 | 71 | 100 | 188 | 281 | 281 |
| 24 | 37 | 57 | 70 | 100 | 188 | 281 | 281 |
| 25 | 36 | 57 | 70 | 99 | 187 | 280 | 280 |
| 26 | 35 | 56 | 69 | 98 | 187 | 280 | 280 |
| 27 | 35 | 55 | 71 | 98 | 186 | 279 | 279 |
| 28 | 34 | 55 | 74 | 97 | 185 | 278 | 278 |
| 29 | 33 | 54 | 76 | 96 | 184 | 277 | 277 |
| 30 | 33 | 53 | 78 | 96 | 184 | 277 | 277 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

55

68

75

97

218

313

3 139

2

53

67

73

96

217

345

2 334

3

52

66

75

100

210

359

1 760

4

50

66

76

102

207

359

1 360

5

49

66

78

102

205

350

1 078

6

49

67

79

104

203

337

875

7

49

68

79

104

201

321

724

8

48

67

79

105

200

304

609

9

46

66

78

107

198

291

519

10

45

66

79

108

197

290

447

11

45

65

78

107

196

289

388

12

44

64

77

107

195

288

340

13

43

64

77

106

194

287

299

14

42

63

76

105

193

286

286

15

42

62

75

105

193

286

286

16

41

61

74

104

192

285

285

17

40

61

74

103

191

284

284

18

39

60

73

102

190

283

283

19

39

59

72

102

190

283

283

20

39

59

72

102

190

283

283

21

38

59

72

101

189

282

282

22

38

59

71

101

189

282

282

23

37

58

71

100

188

281

281

24

37

57

70

100

188

281

281

25

36

57

70

99

187

280

280

26

35

56

69

98

187

280

280

27

35

55

71

98

186

279

279

28

34

55

74

97

185

278

278

29

33

54

76

96

184

277

277

30

33

53

78

96

184

277

277

3.11   Norwegian krone

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 26 | 39 | 46 | 69 | 190 | 306 | 3 138 |
| 2 | 27 | 40 | 47 | 69 | 190 | 345 | 2 334 |
| 3 | 25 | 40 | 48 | 73 | 184 | 359 | 1 758 |
| 4 | 24 | 40 | 50 | 76 | 180 | 358 | 1 356 |
| 5 | 24 | 41 | 53 | 77 | 179 | 348 | 1 073 |
| 6 | 25 | 43 | 54 | 80 | 179 | 335 | 870 |
| 7 | 26 | 44 | 55 | 81 | 178 | 319 | 719 |
| 8 | 25 | 44 | 56 | 83 | 177 | 302 | 604 |
| 9 | 24 | 45 | 57 | 85 | 176 | 284 | 514 |
| 10 | 24 | 45 | 58 | 86 | 175 | 268 | 442 |
| 11 | 24 | 44 | 57 | 86 | 175 | 268 | 384 |
| 12 | 23 | 43 | 56 | 86 | 174 | 267 | 336 |
| 13 | 22 | 43 | 56 | 85 | 173 | 266 | 296 |
| 14 | 21 | 42 | 55 | 84 | 172 | 265 | 265 |
| 15 | 21 | 41 | 54 | 84 | 172 | 265 | 265 |
| 16 | 20 | 40 | 53 | 83 | 171 | 264 | 264 |
| 17 | 19 | 40 | 53 | 82 | 170 | 263 | 263 |
| 18 | 19 | 39 | 52 | 82 | 170 | 263 | 263 |
| 19 | 19 | 39 | 52 | 82 | 170 | 263 | 263 |
| 20 | 19 | 39 | 53 | 82 | 170 | 263 | 263 |
| 21 | 19 | 39 | 55 | 82 | 170 | 263 | 263 |
| 22 | 19 | 39 | 57 | 82 | 170 | 263 | 263 |
| 23 | 18 | 39 | 60 | 81 | 170 | 263 | 263 |
| 24 | 18 | 39 | 62 | 81 | 169 | 262 | 262 |
| 25 | 18 | 39 | 65 | 81 | 169 | 262 | 262 |
| 26 | 18 | 38 | 67 | 81 | 169 | 262 | 262 |
| 27 | 17 | 38 | 70 | 81 | 169 | 262 | 262 |
| 28 | 17 | 38 | 72 | 80 | 168 | 261 | 261 |
| 29 | 17 | 38 | 75 | 80 | 168 | 261 | 261 |
| 30 | 17 | 37 | 78 | 80 | 168 | 261 | 261 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

26

39

46

69

190

306

3 138

2

27

40

47

69

190

345

2 334

3

25

40

48

73

184

359

1 758

4

24

40

50

76

180

358

1 356

5

24

41

53

77

179

348

1 073

6

25

43

54

80

179

335

870

7

26

44

55

81

178

319

719

8

25

44

56

83

177

302

604

9

24

45

57

85

176

284

514

10

24

45

58

86

175

268

442

11

24

44

57

86

175

268

384

12

23

43

56

86

174

267

336

13

22

43

56

85

173

266

296

14

21

42

55

84

172

265

265

15

21

41

54

84

172

265

265

16

20

40

53

83

171

264

264

17

19

40

53

82

170

263

263

18

19

39

52

82

170

263

263

19

19

39

52

82

170

263

263

20

19

39

53

82

170

263

263

21

19

39

55

82

170

263

263

22

19

39

57

82

170

263

263

23

18

39

60

81

170

263

263

24

18

39

62

81

169

262

262

25

18

39

65

81

169

262

262

26

18

38

67

81

169

262

262

27

17

38

70

81

169

262

262

28

17

38

72

80

168

261

261

29

17

38

75

80

168

261

261

30

17

37

78

80

168

261

261

3.12   Swiss franc

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 0 | 0 | 3 | 24 | 145 | 296 | 3 029 |
| 2 | 0 | 1 | 6 | 25 | 146 | 333 | 2 246 |
| 3 | 1 | 1 | 9 | 30 | 141 | 346 | 1 692 |
| 4 | 1 | 3 | 11 | 34 | 138 | 345 | 1 305 |
| 5 | 1 | 4 | 14 | 36 | 138 | 337 | 1 034 |
| 6 | 2 | 4 | 16 | 39 | 138 | 323 | 839 |
| 7 | 2 | 6 | 19 | 41 | 138 | 308 | 694 |
| 8 | 2 | 6 | 22 | 44 | 138 | 292 | 583 |
| 9 | 2 | 7 | 25 | 47 | 138 | 275 | 497 |
| 10 | 4 | 8 | 27 | 49 | 138 | 259 | 428 |
| 11 | 4 | 9 | 29 | 51 | 139 | 243 | 372 |
| 12 | 4 | 10 | 32 | 49 | 138 | 231 | 326 |
| 13 | 4 | 10 | 35 | 51 | 139 | 232 | 287 |
| 14 | 4 | 11 | 36 | 50 | 138 | 231 | 254 |
| 15 | 5 | 12 | 39 | 49 | 137 | 230 | 230 |
| 16 | 5 | 13 | 42 | 48 | 136 | 229 | 229 |
| 17 | 6 | 14 | 44 | 49 | 136 | 229 | 229 |
| 18 | 6 | 15 | 46 | 52 | 136 | 229 | 229 |
| 19 | 7 | 15 | 49 | 54 | 137 | 230 | 230 |
| 20 | 7 | 17 | 52 | 56 | 137 | 230 | 230 |
| 21 | 7 | 17 | 53 | 58 | 138 | 231 | 231 |
| 22 | 8 | 18 | 56 | 60 | 138 | 231 | 231 |
| 23 | 8 | 18 | 58 | 62 | 138 | 231 | 231 |
| 24 | 8 | 20 | 61 | 64 | 138 | 231 | 231 |
| 25 | 9 | 20 | 63 | 66 | 137 | 230 | 230 |
| 26 | 9 | 21 | 66 | 68 | 137 | 230 | 230 |
| 27 | 9 | 22 | 68 | 70 | 137 | 230 | 230 |
| 28 | 10 | 23 | 71 | 72 | 137 | 230 | 230 |
| 29 | 10 | 23 | 73 | 73 | 137 | 230 | 230 |
| 30 | 11 | 25 | 75 | 75 | 137 | 230 | 230 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

0

0

3

24

145

296

3 029

2

0

1

6

25

146

333

2 246

3

1

1

9

30

141

346

1 692

4

1

3

11

34

138

345

1 305

5

1

4

14

36

138

337

1 034

6

2

4

16

39

138

323

839

7

2

6

19

41

138

308

694

8

2

6

22

44

138

292

583

9

2

7

25

47

138

275

497

10

4

8

27

49

138

259

428

11

4

9

29

51

139

243

372

12

4

10

32

49

138

231

326

13

4

10

35

51

139

232

287

14

4

11

36

50

138

231

254

15

5

12

39

49

137

230

230

16

5

13

42

48

136

229

229

17

6

14

44

49

136

229

229

18

6

15

46

52

136

229

229

19

7

15

49

54

137

230

230

20

7

17

52

56

137

230

230

21

7

17

53

58

138

231

231

22

8

18

56

60

138

231

231

23

8

18

58

62

138

231

231

24

8

20

61

64

138

231

231

25

9

20

63

66

137

230

230

26

9

21

66

68

137

230

230

27

9

22

68

70

137

230

230

28

10

23

71

72

137

230

230

29

10

23

73

73

137

230

230

30

11

25

75

75

137

230

230

3.13   Australian dollar

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 42 | 56 | 62 | 85 | 206 | 306 | 3 139 |
| 2 | 42 | 56 | 62 | 85 | 206 | 344 | 2 327 |
| 3 | 41 | 56 | 64 | 89 | 200 | 357 | 1 751 |
| 4 | 40 | 56 | 66 | 92 | 197 | 356 | 1 350 |
| 5 | 40 | 57 | 69 | 93 | 195 | 347 | 1 069 |
| 6 | 41 | 58 | 70 | 95 | 194 | 333 | 867 |
| 7 | 41 | 60 | 71 | 96 | 193 | 317 | 717 |
| 8 | 40 | 60 | 71 | 98 | 192 | 301 | 602 |
| 9 | 39 | 60 | 72 | 100 | 191 | 284 | 513 |
| 10 | 39 | 59 | 72 | 101 | 190 | 283 | 442 |
| 11 | 38 | 59 | 72 | 101 | 189 | 282 | 384 |
| 12 | 37 | 58 | 71 | 100 | 189 | 282 | 336 |
| 13 | 37 | 57 | 70 | 100 | 188 | 281 | 296 |
| 14 | 36 | 57 | 70 | 99 | 187 | 280 | 280 |
| 15 | 35 | 56 | 69 | 98 | 186 | 279 | 279 |
| 16 | 34 | 55 | 68 | 97 | 186 | 279 | 279 |
| 17 | 34 | 54 | 67 | 97 | 185 | 278 | 278 |
| 18 | 33 | 54 | 67 | 96 | 184 | 277 | 277 |
| 19 | 33 | 53 | 66 | 96 | 184 | 277 | 277 |
| 20 | 33 | 53 | 66 | 96 | 184 | 277 | 277 |
| 21 | 32 | 53 | 66 | 95 | 184 | 277 | 277 |
| 22 | 32 | 53 | 66 | 95 | 183 | 276 | 276 |
| 23 | 32 | 52 | 65 | 95 | 183 | 276 | 276 |
| 24 | 31 | 52 | 65 | 94 | 182 | 275 | 275 |
| 25 | 30 | 51 | 65 | 93 | 182 | 275 | 275 |
| 26 | 30 | 50 | 67 | 93 | 181 | 274 | 274 |
| 27 | 29 | 50 | 70 | 92 | 180 | 273 | 273 |
| 28 | 28 | 49 | 72 | 92 | 180 | 273 | 273 |
| 29 | 28 | 48 | 75 | 91 | 179 | 272 | 272 |
| 30 | 27 | 48 | 77 | 90 | 178 | 271 | 271 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

42

56

62

85

206

306

3 139

2

42

56

62

85

206

344

2 327

3

41

56

64

89

200

357

1 751

4

40

56

66

92

197

356

1 350

5

40

57

69

93

195

347

1 069

6

41

58

70

95

194

333

867

7

41

60

71

96

193

317

717

8

40

60

71

98

192

301

602

9

39

60

72

100

191

284

513

10

39

59

72

101

190

283

442

11

38

59

72

101

189

282

384

12

37

58

71

100

189

282

336

13

37

57

70

100

188

281

296

14

36

57

70

99

187

280

280

15

35

56

69

98

186

279

279

16

34

55

68

97

186

279

279

17

34

54

67

97

185

278

278

18

33

54

67

96

184

277

277

19

33

53

66

96

184

277

277

20

33

53

66

96

184

277

277

21

32

53

66

95

184

277

277

22

32

53

66

95

183

276

276

23

32

52

65

95

183

276

276

24

31

52

65

94

182

275

275

25

30

51

65

93

182

275

275

26

30

50

67

93

181

274

274

27

29

50

70

92

180

273

273

28

28

49

72

92

180

273

273

29

28

48

75

91

179

272

272

30

27

48

77

90

178

271

271

3.14   Baht

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 11 | 25 | 31 | 54 | 175 | 307 | 3 149 |
| 2 | 15 | 29 | 35 | 58 | 179 | 346 | 2 338 |
| 3 | 18 | 32 | 41 | 66 | 176 | 359 | 1 760 |
| 4 | 20 | 36 | 46 | 72 | 176 | 358 | 1 358 |
| 5 | 22 | 39 | 51 | 75 | 178 | 349 | 1 075 |
| 6 | 22 | 39 | 51 | 76 | 175 | 335 | 871 |
| 7 | 27 | 46 | 57 | 82 | 179 | 319 | 720 |
| 8 | 26 | 45 | 57 | 84 | 178 | 302 | 605 |
| 9 | 27 | 47 | 59 | 87 | 179 | 285 | 515 |
| 10 | 29 | 49 | 62 | 91 | 180 | 273 | 443 |
| 11 | 30 | 51 | 64 | 93 | 181 | 274 | 385 |
| 12 | 31 | 51 | 64 | 94 | 182 | 275 | 337 |
| 13 | 31 | 52 | 65 | 94 | 182 | 275 | 297 |
| 14 | 31 | 52 | 65 | 94 | 182 | 275 | 275 |
| 15 | 31 | 52 | 65 | 94 | 183 | 276 | 276 |
| 16 | 31 | 52 | 64 | 94 | 182 | 275 | 275 |
| 17 | 31 | 52 | 65 | 94 | 182 | 275 | 275 |
| 18 | 30 | 51 | 64 | 93 | 181 | 274 | 274 |
| 19 | 30 | 50 | 63 | 93 | 181 | 274 | 274 |
| 20 | 30 | 50 | 63 | 93 | 181 | 274 | 274 |
| 21 | 30 | 50 | 63 | 93 | 181 | 274 | 274 |
| 22 | 29 | 50 | 63 | 93 | 181 | 274 | 274 |
| 23 | 29 | 50 | 63 | 92 | 180 | 273 | 273 |
| 24 | 29 | 49 | 62 | 92 | 180 | 273 | 273 |
| 25 | 28 | 49 | 65 | 91 | 179 | 272 | 272 |
| 26 | 28 | 48 | 67 | 91 | 179 | 272 | 272 |
| 27 | 27 | 48 | 70 | 90 | 178 | 271 | 271 |
| 28 | 27 | 47 | 72 | 90 | 178 | 271 | 271 |
| 29 | 26 | 47 | 75 | 89 | 177 | 270 | 270 |
| 30 | 26 | 46 | 78 | 89 | 177 | 270 | 270 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

11

25

31

54

175

307

3 149

2

15

29

35

58

179

346

2 338

3

18

32

41

66

176

359

1 760

4

20

36

46

72

176

358

1 358

5

22

39

51

75

178

349

1 075

6

22

39

51

76

175

335

871

7

27

46

57

82

179

319

720

8

26

45

57

84

178

302

605

9

27

47

59

87

179

285

515

10

29

49

62

91

180

273

443

11

30

51

64

93

181

274

385

12

31

51

64

94

182

275

337

13

31

52

65

94

182

275

297

14

31

52

65

94

182

275

275

15

31

52

65

94

183

276

276

16

31

52

64

94

182

275

275

17

31

52

65

94

182

275

275

18

30

51

64

93

181

274

274

19

30

50

63

93

181

274

274

20

30

50

63

93

181

274

274

21

30

50

63

93

181

274

274

22

29

50

63

93

181

274

274

23

29

50

63

92

180

273

273

24

29

49

62

92

180

273

273

25

28

49

65

91

179

272

272

26

28

48

67

91

179

272

272

27

27

48

70

90

178

271

271

28

27

47

72

90

178

271

271

29

26

47

75

89

177

270

270

30

26

46

78

89

177

270

270

3.15   Canadian dollar

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 10 | 24 | 30 | 53 | 174 | 307 | 3 159 |
| 2 | 12 | 25 | 32 | 54 | 175 | 346 | 2 342 |
| 3 | 12 | 26 | 35 | 60 | 171 | 359 | 1 762 |
| 4 | 12 | 28 | 38 | 64 | 169 | 358 | 1 359 |
| 5 | 13 | 30 | 42 | 66 | 169 | 349 | 1 075 |
| 6 | 15 | 33 | 44 | 69 | 169 | 335 | 871 |
| 7 | 16 | 35 | 46 | 72 | 168 | 319 | 720 |
| 8 | 16 | 36 | 47 | 74 | 168 | 302 | 605 |
| 9 | 17 | 37 | 49 | 77 | 168 | 284 | 515 |
| 10 | 17 | 38 | 51 | 79 | 169 | 268 | 443 |
| 11 | 18 | 38 | 51 | 80 | 169 | 262 | 385 |
| 12 | 18 | 38 | 51 | 81 | 169 | 262 | 337 |
| 13 | 18 | 38 | 51 | 81 | 169 | 262 | 297 |
| 14 | 18 | 39 | 52 | 81 | 169 | 262 | 263 |
| 15 | 18 | 39 | 52 | 81 | 169 | 262 | 262 |
| 16 | 18 | 38 | 51 | 81 | 169 | 262 | 262 |
| 17 | 18 | 38 | 51 | 81 | 169 | 262 | 262 |
| 18 | 18 | 38 | 51 | 81 | 169 | 262 | 262 |
| 19 | 18 | 38 | 51 | 81 | 169 | 262 | 262 |
| 20 | 18 | 38 | 53 | 81 | 169 | 262 | 262 |
| 21 | 18 | 38 | 55 | 81 | 169 | 262 | 262 |
| 22 | 18 | 38 | 57 | 81 | 169 | 262 | 262 |
| 23 | 17 | 38 | 60 | 80 | 168 | 261 | 261 |
| 24 | 17 | 38 | 62 | 80 | 168 | 261 | 261 |
| 25 | 16 | 37 | 65 | 80 | 168 | 261 | 261 |
| 26 | 16 | 37 | 67 | 79 | 167 | 260 | 260 |
| 27 | 16 | 36 | 70 | 79 | 167 | 260 | 260 |
| 28 | 15 | 36 | 72 | 78 | 166 | 259 | 259 |
| 29 | 15 | 36 | 75 | 78 | 166 | 259 | 259 |
| 30 | 15 | 35 | 77 | 78 | 166 | 259 | 259 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

10

24

30

53

174

307

3 159

2

12

25

32

54

175

346

2 342

3

12

26

35

60

171

359

1 762

4

12

28

38

64

169

358

1 359

5

13

30

42

66

169

349

1 075

6

15

33

44

69

169

335

871

7

16

35

46

72

168

319

720

8

16

36

47

74

168

302

605

9

17

37

49

77

168

284

515

10

17

38

51

79

169

268

443

11

18

38

51

80

169

262

385

12

18

38

51

81

169

262

337

13

18

38

51

81

169

262

297

14

18

39

52

81

169

262

263

15

18

39

52

81

169

262

262

16

18

38

51

81

169

262

262

17

18

38

51

81

169

262

262

18

18

38

51

81

169

262

262

19

18

38

51

81

169

262

262

20

18

38

53

81

169

262

262

21

18

38

55

81

169

262

262

22

18

38

57

81

169

262

262

23

17

38

60

80

168

261

261

24

17

38

62

80

168

261

261

25

16

37

65

80

168

261

261

26

16

37

67

79

167

260

260

27

16

36

70

79

167

260

260

28

15

36

72

78

166

259

259

29

15

36

75

78

166

259

259

30

15

35

77

78

166

259

259

3.16   Chilean peso

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 46 | 59 | 66 | 88 | 209 | 312 | 3 215 |
| 2 | 48 | 62 | 69 | 91 | 212 | 352 | 2 388 |
| 3 | 51 | 65 | 74 | 99 | 209 | 366 | 1 799 |
| 4 | 52 | 67 | 78 | 104 | 208 | 366 | 1 389 |
| 5 | 53 | 70 | 82 | 106 | 208 | 356 | 1 100 |
| 6 | 55 | 73 | 84 | 110 | 209 | 343 | 892 |
| 7 | 56 | 75 | 86 | 111 | 208 | 326 | 737 |
| 8 | 56 | 75 | 87 | 114 | 208 | 309 | 620 |
| 9 | 56 | 76 | 88 | 116 | 208 | 301 | 528 |
| 10 | 56 | 77 | 90 | 118 | 207 | 300 | 454 |
| 11 | 56 | 77 | 90 | 119 | 207 | 300 | 395 |
| 12 | 55 | 76 | 89 | 118 | 206 | 299 | 346 |
| 13 | 54 | 75 | 88 | 117 | 205 | 298 | 304 |
| 14 | 53 | 74 | 87 | 117 | 205 | 298 | 298 |
| 15 | 53 | 73 | 86 | 116 | 204 | 297 | 297 |
| 16 | 52 | 72 | 85 | 115 | 203 | 296 | 296 |
| 17 | 51 | 72 | 85 | 114 | 202 | 295 | 295 |
| 18 | 50 | 71 | 84 | 113 | 201 | 294 | 294 |
| 19 | 50 | 70 | 83 | 113 | 201 | 294 | 294 |
| 20 | 49 | 69 | 82 | 112 | 200 | 293 | 293 |
| 21 | 48 | 69 | 82 | 111 | 199 | 292 | 292 |
| 22 | 47 | 68 | 81 | 110 | 198 | 291 | 291 |
| 23 | 46 | 67 | 80 | 109 | 198 | 291 | 291 |
| 24 | 45 | 66 | 79 | 109 | 197 | 290 | 290 |
| 25 | 45 | 65 | 78 | 108 | 196 | 289 | 289 |
| 26 | 44 | 64 | 77 | 107 | 195 | 288 | 288 |
| 27 | 43 | 63 | 76 | 106 | 194 | 287 | 287 |
| 28 | 42 | 62 | 75 | 105 | 193 | 286 | 286 |
| 29 | 41 | 62 | 77 | 104 | 192 | 285 | 285 |
| 30 | 40 | 61 | 80 | 103 | 191 | 284 | 284 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

46

59

66

88

209

312

3 215

2

48

62

69

91

212

352

2 388

3

51

65

74

99

209

366

1 799

4

52

67

78

104

208

366

1 389

5

53

70

82

106

208

356

1 100

6

55

73

84

110

209

343

892

7

56

75

86

111

208

326

737

8

56

75

87

114

208

309

620

9

56

76

88

116

208

301

528

10

56

77

90

118

207

300

454

11

56

77

90

119

207

300

395

12

55

76

89

118

206

299

346

13

54

75

88

117

205

298

304

14

53

74

87

117

205

298

298

15

53

73

86

116

204

297

297

16

52

72

85

115

203

296

296

17

51

72

85

114

202

295

295

18

50

71

84

113

201

294

294

19

50

70

83

113

201

294

294

20

49

69

82

112

200

293

293

21

48

69

82

111

199

292

292

22

47

68

81

110

198

291

291

23

46

67

80

109

198

291

291

24

45

66

79

109

197

290

290

25

45

65

78

108

196

289

289

26

44

64

77

107

195

288

288

27

43

63

76

106

194

287

287

28

42

62

75

105

193

286

286

29

41

62

77

104

192

285

285

30

40

61

80

103

191

284

284

3.17   Colombian peso

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 77 | 90 | 97 | 119 | 240 | 335 | 3 282 |
| 2 | 81 | 94 | 101 | 123 | 245 | 361 | 2 450 |
| 3 | 81 | 95 | 104 | 129 | 239 | 376 | 1 851 |
| 4 | 80 | 95 | 106 | 132 | 236 | 377 | 1 432 |
| 5 | 83 | 99 | 111 | 136 | 238 | 368 | 1 135 |
| 6 | 85 | 102 | 114 | 139 | 238 | 354 | 922 |
| 7 | 87 | 105 | 116 | 142 | 239 | 338 | 763 |
| 8 | 87 | 107 | 118 | 145 | 240 | 333 | 642 |
| 9 | 88 | 109 | 121 | 149 | 240 | 333 | 547 |
| 10 | 89 | 109 | 122 | 151 | 240 | 333 | 471 |
| 11 | 88 | 109 | 122 | 151 | 240 | 333 | 410 |
| 12 | 88 | 108 | 121 | 151 | 239 | 332 | 358 |
| 13 | 86 | 107 | 120 | 149 | 237 | 330 | 330 |
| 14 | 85 | 105 | 118 | 148 | 236 | 329 | 329 |
| 15 | 83 | 104 | 117 | 146 | 234 | 327 | 327 |
| 16 | 82 | 103 | 116 | 145 | 233 | 326 | 326 |
| 17 | 80 | 101 | 114 | 144 | 232 | 325 | 325 |
| 18 | 79 | 100 | 113 | 142 | 230 | 323 | 323 |
| 19 | 78 | 98 | 111 | 141 | 229 | 322 | 322 |
| 20 | 76 | 97 | 110 | 139 | 228 | 321 | 321 |
| 21 | 75 | 96 | 109 | 138 | 226 | 319 | 319 |
| 22 | 74 | 94 | 107 | 137 | 225 | 318 | 318 |
| 23 | 72 | 93 | 106 | 135 | 223 | 316 | 316 |
| 24 | 70 | 91 | 104 | 133 | 221 | 314 | 314 |
| 25 | 69 | 89 | 102 | 132 | 220 | 313 | 313 |
| 26 | 67 | 88 | 101 | 130 | 218 | 311 | 311 |
| 27 | 66 | 86 | 99 | 129 | 217 | 310 | 310 |
| 28 | 64 | 85 | 98 | 127 | 215 | 308 | 308 |
| 29 | 63 | 83 | 96 | 126 | 214 | 307 | 307 |
| 30 | 61 | 82 | 95 | 124 | 212 | 305 | 305 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

77

90

97

119

240

335

3 282

2

81

94

101

123

245

361

2 450

3

81

95

104

129

239

376

1 851

4

80

95

106

132

236

377

1 432

5

83

99

111

136

238

368

1 135

6

85

102

114

139

238

354

922

7

87

105

116

142

239

338

763

8

87

107

118

145

240

333

642

9

88

109

121

149

240

333

547

10

89

109

122

151

240

333

471

11

88

109

122

151

240

333

410

12

88

108

121

151

239

332

358

13

86

107

120

149

237

330

330

14

85

105

118

148

236

329

329

15

83

104

117

146

234

327

327

16

82

103

116

145

233

326

326

17

80

101

114

144

232

325

325

18

79

100

113

142

230

323

323

19

78

98

111

141

229

322

322

20

76

97

110

139

228

321

321

21

75

96

109

138

226

319

319

22

74

94

107

137

225

318

318

23

72

93

106

135

223

316

316

24

70

91

104

133

221

314

314

25

69

89

102

132

220

313

313

26

67

88

101

130

218

311

311

27

66

86

99

129

217

310

310

28

64

85

98

127

215

308

308

29

63

83

96

126

214

307

307

30

61

82

95

124

212

305

305

3.18   Hong Kong dollar

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 4 | 17 | 24 | 46 | 167 | 306 | 3 144 |
| 2 | 7 | 20 | 27 | 50 | 171 | 345 | 2 334 |
| 3 | 9 | 23 | 32 | 57 | 168 | 358 | 1 757 |
| 4 | 11 | 26 | 37 | 62 | 167 | 357 | 1 355 |
| 5 | 13 | 29 | 41 | 66 | 168 | 348 | 1 073 |
| 6 | 15 | 32 | 44 | 69 | 168 | 334 | 869 |
| 7 | 17 | 35 | 46 | 72 | 169 | 318 | 718 |
| 8 | 17 | 36 | 48 | 74 | 169 | 301 | 603 |
| 9 | 17 | 37 | 49 | 78 | 169 | 284 | 514 |
| 10 | 17 | 38 | 51 | 80 | 169 | 267 | 442 |
| 11 | 18 | 38 | 51 | 80 | 169 | 262 | 384 |
| 12 | 17 | 38 | 51 | 80 | 168 | 261 | 336 |
| 13 | 17 | 37 | 50 | 80 | 168 | 261 | 296 |
| 14 | 16 | 37 | 50 | 79 | 167 | 260 | 262 |
| 15 | 15 | 36 | 49 | 78 | 166 | 259 | 259 |
| 16 | 14 | 35 | 48 | 77 | 165 | 258 | 258 |
| 17 | 14 | 35 | 48 | 77 | 165 | 258 | 258 |
| 18 | 14 | 34 | 48 | 77 | 165 | 258 | 258 |
| 19 | 13 | 34 | 50 | 76 | 164 | 257 | 257 |
| 20 | 14 | 34 | 53 | 77 | 165 | 258 | 258 |
| 21 | 14 | 34 | 55 | 77 | 165 | 258 | 258 |
| 22 | 14 | 34 | 57 | 77 | 165 | 258 | 258 |
| 23 | 14 | 34 | 60 | 77 | 165 | 258 | 258 |
| 24 | 14 | 34 | 62 | 77 | 165 | 258 | 258 |
| 25 | 13 | 34 | 65 | 76 | 164 | 257 | 257 |
| 26 | 13 | 34 | 67 | 76 | 164 | 257 | 257 |
| 27 | 13 | 34 | 70 | 76 | 164 | 257 | 257 |
| 28 | 13 | 34 | 72 | 76 | 164 | 257 | 257 |
| 29 | 13 | 33 | 75 | 76 | 164 | 257 | 257 |
| 30 | 13 | 33 | 77 | 77 | 164 | 257 | 257 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

4

17

24

46

167

306

3 144

2

7

20

27

50

171

345

2 334

3

9

23

32

57

168

358

1 757

4

11

26

37

62

167

357

1 355

5

13

29

41

66

168

348

1 073

6

15

32

44

69

168

334

869

7

17

35

46

72

169

318

718

8

17

36

48

74

169

301

603

9

17

37

49

78

169

284

514

10

17

38

51

80

169

267

442

11

18

38

51

80

169

262

384

12

17

38

51

80

168

261

336

13

17

37

50

80

168

261

296

14

16

37

50

79

167

260

262

15

15

36

49

78

166

259

259

16

14

35

48

77

165

258

258

17

14

35

48

77

165

258

258

18

14

34

48

77

165

258

258

19

13

34

50

76

164

257

257

20

14

34

53

77

165

258

258

21

14

34

55

77

165

258

258

22

14

34

57

77

165

258

258

23

14

34

60

77

165

258

258

24

14

34

62

77

165

258

258

25

13

34

65

76

164

257

257

26

13

34

67

76

164

257

257

27

13

34

70

76

164

257

257

28

13

34

72

76

164

257

257

29

13

33

75

76

164

257

257

30

13

33

77

77

164

257

257

3.19   Indian rupee

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 89 | 103 | 110 | 132 | 253 | 348 | 3 393 |
| 2 | 90 | 103 | 110 | 132 | 254 | 371 | 2 525 |
| 3 | 89 | 103 | 112 | 137 | 248 | 386 | 1 904 |
| 4 | 89 | 104 | 115 | 141 | 245 | 385 | 1 471 |
| 5 | 89 | 106 | 118 | 142 | 244 | 376 | 1 165 |
| 6 | 90 | 108 | 119 | 145 | 244 | 362 | 945 |
| 7 | 91 | 110 | 121 | 146 | 243 | 345 | 781 |
| 8 | 91 | 110 | 122 | 148 | 243 | 336 | 657 |
| 9 | 90 | 110 | 122 | 150 | 242 | 335 | 559 |
| 10 | 89 | 109 | 122 | 151 | 240 | 333 | 481 |
| 11 | 87 | 108 | 121 | 150 | 238 | 331 | 418 |
| 12 | 85 | 106 | 119 | 148 | 236 | 329 | 366 |
| 13 | 83 | 104 | 117 | 146 | 235 | 328 | 328 |
| 14 | 82 | 102 | 115 | 145 | 233 | 326 | 326 |
| 15 | 80 | 100 | 113 | 143 | 231 | 324 | 324 |
| 16 | 78 | 98 | 111 | 141 | 229 | 322 | 322 |
| 17 | 76 | 97 | 110 | 139 | 227 | 320 | 320 |
| 18 | 74 | 95 | 108 | 137 | 226 | 319 | 319 |
| 19 | 73 | 94 | 107 | 136 | 224 | 317 | 317 |
| 20 | 72 | 93 | 106 | 135 | 223 | 316 | 316 |
| 21 | 71 | 92 | 105 | 134 | 222 | 315 | 315 |
| 22 | 70 | 90 | 103 | 133 | 221 | 314 | 314 |
| 23 | 69 | 89 | 102 | 132 | 220 | 313 | 313 |
| 24 | 67 | 88 | 101 | 131 | 219 | 312 | 312 |
| 25 | 66 | 87 | 100 | 129 | 217 | 310 | 310 |
| 26 | 65 | 86 | 99 | 128 | 216 | 309 | 309 |
| 27 | 64 | 85 | 98 | 127 | 215 | 308 | 308 |
| 28 | 63 | 84 | 97 | 126 | 214 | 307 | 307 |
| 29 | 62 | 83 | 95 | 125 | 213 | 306 | 306 |
| 30 | 61 | 81 | 94 | 124 | 212 | 305 | 305 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

89

103

110

132

253

348

3 393

2

90

103

110

132

254

371

2 525

3

89

103

112

137

248

386

1 904

4

89

104

115

141

245

385

1 471

5

89

106

118

142

244

376

1 165

6

90

108

119

145

244

362

945

7

91

110

121

146

243

345

781

8

91

110

122

148

243

336

657

9

90

110

122

150

242

335

559

10

89

109

122

151

240

333

481

11

87

108

121

150

238

331

418

12

85

106

119

148

236

329

366

13

83

104

117

146

235

328

328

14

82

102

115

145

233

326

326

15

80

100

113

143

231

324

324

16

78

98

111

141

229

322

322

17

76

97

110

139

227

320

320

18

74

95

108

137

226

319

319

19

73

94

107

136

224

317

317

20

72

93

106

135

223

316

316

21

71

92

105

134

222

315

315

22

70

90

103

133

221

314

314

23

69

89

102

132

220

313

313

24

67

88

101

131

219

312

312

25

66

87

100

129

217

310

310

26

65

86

99

128

216

309

309

27

64

85

98

127

215

308

308

28

63

84

97

126

214

307

307

29

62

83

95

125

213

306

306

30

61

81

94

124

212

305

305

3.20   Mexican peso

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 335 | 348 | 355 | 378 | 499 | 594 | 3 499 |
| 2 | 76 | 90 | 96 | 119 | 240 | 379 | 2 592 |
| 3 | 78 | 93 | 101 | 126 | 237 | 393 | 1 947 |
| 4 | 80 | 96 | 106 | 132 | 237 | 392 | 1 500 |
| 5 | 82 | 99 | 111 | 135 | 238 | 381 | 1 186 |
| 6 | 84 | 102 | 114 | 139 | 238 | 366 | 961 |
| 7 | 86 | 105 | 116 | 142 | 239 | 349 | 794 |
| 8 | 87 | 107 | 118 | 145 | 239 | 332 | 667 |
| 9 | 88 | 108 | 120 | 148 | 240 | 333 | 568 |
| 10 | 88 | 108 | 121 | 150 | 239 | 332 | 489 |
| 11 | 88 | 109 | 122 | 151 | 239 | 332 | 424 |
| 12 | 88 | 109 | 122 | 151 | 239 | 332 | 371 |
| 13 | 88 | 109 | 122 | 151 | 239 | 332 | 332 |
| 14 | 89 | 110 | 122 | 152 | 240 | 333 | 333 |
| 15 | 90 | 110 | 123 | 153 | 241 | 334 | 334 |
| 16 | 91 | 111 | 124 | 154 | 242 | 335 | 335 |
| 17 | 92 | 112 | 125 | 155 | 243 | 336 | 336 |
| 18 | 93 | 113 | 126 | 156 | 244 | 337 | 337 |
| 19 | 93 | 114 | 127 | 157 | 245 | 338 | 338 |
| 20 | 94 | 115 | 128 | 157 | 245 | 338 | 338 |
| 21 | 94 | 115 | 128 | 157 | 245 | 338 | 338 |
| 22 | 94 | 115 | 128 | 157 | 245 | 338 | 338 |
| 23 | 93 | 114 | 127 | 156 | 245 | 338 | 338 |
| 24 | 93 | 113 | 126 | 156 | 244 | 337 | 337 |
| 25 | 92 | 112 | 125 | 155 | 243 | 336 | 336 |
| 26 | 90 | 111 | 124 | 153 | 242 | 335 | 335 |
| 27 | 89 | 110 | 123 | 152 | 240 | 333 | 333 |
| 28 | 88 | 108 | 121 | 151 | 239 | 332 | 332 |
| 29 | 86 | 107 | 120 | 150 | 238 | 331 | 331 |
| 30 | 85 | 106 | 119 | 148 | 236 | 329 | 329 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

335

348

355

378

499

594

3 499

2

76

90

96

119

240

379

2 592

3

78

93

101

126

237

393

1 947

4

80

96

106

132

237

392

1 500

5

82

99

111

135

238

381

1 186

6

84

102

114

139

238

366

961

7

86

105

116

142

239

349

794

8

87

107

118

145

239

332

667

9

88

108

120

148

240

333

568

10

88

108

121

150

239

332

489

11

88

109

122

151

239

332

424

12

88

109

122

151

239

332

371

13

88

109

122

151

239

332

332

14

89

110

122

152

240

333

333

15

90

110

123

153

241

334

334

16

91

111

124

154

242

335

335

17

92

112

125

155

243

336

336

18

93

113

126

156

244

337

337

19

93

114

127

157

245

338

338

20

94

115

128

157

245

338

338

21

94

115

128

157

245

338

338

22

94

115

128

157

245

338

338

23

93

114

127

156

245

338

338

24

93

113

126

156

244

337

337

25

92

112

125

155

243

336

336

26

90

111

124

153

242

335

335

27

89

110

123

152

240

333

333

28

88

108

121

151

239

332

332

29

86

107

120

150

238

331

331

30

85

106

119

148

236

329

329

3.21   New Taiwan dollar

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 0 | 5 | 11 | 34 | 155 | 301 | 3 087 |
| 2 | 0 | 5 | 11 | 34 | 155 | 339 | 2 291 |
| 3 | 1 | 5 | 13 | 39 | 149 | 353 | 1 725 |
| 4 | 1 | 5 | 16 | 42 | 146 | 352 | 1 331 |
| 5 | 1 | 6 | 18 | 43 | 145 | 342 | 1 053 |
| 6 | 2 | 8 | 20 | 45 | 144 | 329 | 854 |
| 7 | 2 | 10 | 21 | 47 | 143 | 313 | 705 |
| 8 | 2 | 10 | 22 | 48 | 143 | 296 | 593 |
| 9 | 2 | 10 | 25 | 50 | 142 | 279 | 505 |
| 10 | 4 | 10 | 27 | 52 | 141 | 262 | 434 |
| 11 | 4 | 11 | 30 | 53 | 141 | 246 | 377 |
| 12 | 4 | 10 | 32 | 53 | 141 | 234 | 330 |
| 13 | 4 | 11 | 35 | 53 | 141 | 234 | 291 |
| 14 | 4 | 12 | 38 | 53 | 141 | 234 | 258 |
| 15 | 5 | 12 | 39 | 53 | 141 | 234 | 234 |
| 16 | 5 | 13 | 42 | 53 | 141 | 234 | 234 |
| 17 | 6 | 14 | 45 | 54 | 142 | 235 | 235 |
| 18 | 6 | 15 | 48 | 54 | 142 | 235 | 235 |
| 19 | 7 | 15 | 49 | 55 | 143 | 236 | 236 |
| 20 | 7 | 17 | 52 | 57 | 144 | 237 | 237 |
| 21 | 7 | 17 | 55 | 59 | 145 | 238 | 238 |
| 22 | 8 | 18 | 57 | 61 | 145 | 238 | 238 |
| 23 | 8 | 19 | 60 | 63 | 146 | 239 | 239 |
| 24 | 8 | 20 | 62 | 65 | 146 | 239 | 239 |
| 25 | 9 | 20 | 64 | 68 | 147 | 240 | 240 |
| 26 | 9 | 22 | 66 | 69 | 147 | 240 | 240 |
| 27 | 9 | 22 | 69 | 71 | 148 | 241 | 241 |
| 28 | 10 | 23 | 72 | 73 | 148 | 241 | 241 |
| 29 | 10 | 24 | 74 | 75 | 148 | 241 | 241 |
| 30 | 11 | 25 | 77 | 77 | 148 | 241 | 241 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

0

5

11

34

155

301

3 087

2

0

5

11

34

155

339

2 291

3

1

5

13

39

149

353

1 725

4

1

5

16

42

146

352

1 331

5

1

6

18

43

145

342

1 053

6

2

8

20

45

144

329

854

7

2

10

21

47

143

313

705

8

2

10

22

48

143

296

593

9

2

10

25

50

142

279

505

10

4

10

27

52

141

262

434

11

4

11

30

53

141

246

377

12

4

10

32

53

141

234

330

13

4

11

35

53

141

234

291

14

4

12

38

53

141

234

258

15

5

12

39

53

141

234

234

16

5

13

42

53

141

234

234

17

6

14

45

54

142

235

235

18

6

15

48

54

142

235

235

19

7

15

49

55

143

236

236

20

7

17

52

57

144

237

237

21

7

17

55

59

145

238

238

22

8

18

57

61

145

238

238

23

8

19

60

63

146

239

239

24

8

20

62

65

146

239

239

25

9

20

64

68

147

240

240

26

9

22

66

69

147

240

240

27

9

22

69

71

148

241

241

28

10

23

72

73

148

241

241

29

10

24

74

75

148

241

241

30

11

25

77

77

148

241

241

3.22   New Zealand dollar

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 48 | 62 | 68 | 91 | 212 | 307 | 3 147 |
| 2 | 49 | 63 | 69 | 92 | 213 | 345 | 2 333 |
| 3 | 48 | 63 | 71 | 97 | 207 | 358 | 1 756 |
| 4 | 48 | 63 | 74 | 100 | 204 | 357 | 1 355 |
| 5 | 48 | 64 | 76 | 101 | 203 | 348 | 1 073 |
| 6 | 49 | 66 | 78 | 103 | 202 | 335 | 870 |
| 7 | 49 | 68 | 79 | 104 | 201 | 319 | 719 |
| 8 | 48 | 68 | 79 | 106 | 200 | 302 | 605 |
| 9 | 48 | 68 | 80 | 108 | 200 | 293 | 515 |
| 10 | 47 | 67 | 80 | 109 | 198 | 291 | 443 |
| 11 | 46 | 66 | 79 | 108 | 197 | 290 | 385 |
| 12 | 44 | 65 | 78 | 107 | 195 | 288 | 337 |
| 13 | 42 | 63 | 76 | 106 | 194 | 287 | 297 |
| 14 | 41 | 62 | 75 | 104 | 192 | 285 | 285 |
| 15 | 40 | 60 | 73 | 103 | 191 | 284 | 284 |
| 16 | 38 | 59 | 72 | 101 | 189 | 282 | 282 |
| 17 | 37 | 57 | 70 | 100 | 188 | 281 | 281 |
| 18 | 36 | 56 | 69 | 99 | 187 | 280 | 280 |
| 19 | 35 | 55 | 68 | 98 | 186 | 279 | 279 |
| 20 | 34 | 55 | 68 | 97 | 185 | 278 | 278 |
| 21 | 34 | 54 | 67 | 97 | 185 | 278 | 278 |
| 22 | 33 | 54 | 67 | 96 | 184 | 277 | 277 |
| 23 | 32 | 53 | 66 | 95 | 183 | 276 | 276 |
| 24 | 32 | 52 | 65 | 95 | 183 | 276 | 276 |
| 25 | 31 | 52 | 65 | 94 | 182 | 275 | 275 |
| 26 | 30 | 51 | 67 | 93 | 181 | 274 | 274 |
| 27 | 29 | 50 | 70 | 93 | 181 | 274 | 274 |
| 28 | 29 | 49 | 72 | 92 | 180 | 273 | 273 |
| 29 | 28 | 49 | 75 | 91 | 179 | 272 | 272 |
| 30 | 28 | 48 | 78 | 91 | 179 | 272 | 272 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

48

62

68

91

212

307

3 147

2

49

63

69

92

213

345

2 333

3

48

63

71

97

207

358

1 756

4

48

63

74

100

204

357

1 355

5

48

64

76

101

203

348

1 073

6

49

66

78

103

202

335

870

7

49

68

79

104

201

319

719

8

48

68

79

106

200

302

605

9

48

68

80

108

200

293

515

10

47

67

80

109

198

291

443

11

46

66

79

108

197

290

385

12

44

65

78

107

195

288

337

13

42

63

76

106

194

287

297

14

41

62

75

104

192

285

285

15

40

60

73

103

191

284

284

16

38

59

72

101

189

282

282

17

37

57

70

100

188

281

281

18

36

56

69

99

187

280

280

19

35

55

68

98

186

279

279

20

34

55

68

97

185

278

278

21

34

54

67

97

185

278

278

22

33

54

67

96

184

277

277

23

32

53

66

95

183

276

276

24

32

52

65

95

183

276

276

25

31

52

65

94

182

275

275

26

30

51

67

93

181

274

274

27

29

50

70

93

181

274

274

28

29

49

72

92

180

273

273

29

28

49

75

91

179

272

272

30

28

48

78

91

179

272

272

3.23   Rand

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 111 | 124 | 131 | 153 | 274 | 370 | 3 427 |
| 2 | 112 | 125 | 132 | 154 | 276 | 374 | 2 548 |
| 3 | 112 | 127 | 135 | 161 | 271 | 389 | 1 921 |
| 4 | 113 | 129 | 139 | 165 | 269 | 388 | 1 482 |
| 5 | 114 | 131 | 143 | 167 | 269 | 379 | 1 174 |
| 6 | 115 | 133 | 145 | 170 | 269 | 364 | 952 |
| 7 | 116 | 135 | 146 | 172 | 268 | 361 | 787 |
| 8 | 116 | 135 | 147 | 173 | 268 | 361 | 662 |
| 9 | 115 | 135 | 147 | 176 | 267 | 360 | 564 |
| 10 | 114 | 135 | 148 | 177 | 266 | 359 | 485 |
| 11 | 113 | 134 | 147 | 176 | 264 | 357 | 422 |
| 12 | 111 | 132 | 145 | 174 | 262 | 355 | 369 |
| 13 | 109 | 130 | 143 | 172 | 260 | 353 | 353 |
| 14 | 107 | 128 | 141 | 170 | 258 | 351 | 351 |
| 15 | 105 | 125 | 138 | 168 | 256 | 349 | 349 |
| 16 | 102 | 123 | 136 | 165 | 253 | 346 | 346 |
| 17 | 100 | 121 | 134 | 163 | 251 | 344 | 344 |
| 18 | 98 | 119 | 131 | 161 | 249 | 342 | 342 |
| 19 | 96 | 116 | 129 | 159 | 247 | 340 | 340 |
| 20 | 94 | 115 | 128 | 157 | 245 | 338 | 338 |
| 21 | 92 | 113 | 126 | 155 | 244 | 337 | 337 |
| 22 | 91 | 111 | 124 | 154 | 242 | 335 | 335 |
| 23 | 89 | 109 | 122 | 152 | 240 | 333 | 333 |
| 24 | 87 | 108 | 121 | 150 | 238 | 331 | 331 |
| 25 | 85 | 106 | 119 | 148 | 236 | 329 | 329 |
| 26 | 83 | 104 | 117 | 146 | 234 | 327 | 327 |
| 27 | 82 | 102 | 115 | 145 | 233 | 326 | 326 |
| 28 | 80 | 101 | 114 | 143 | 231 | 324 | 324 |
| 29 | 78 | 99 | 112 | 141 | 230 | 323 | 323 |
| 30 | 77 | 97 | 110 | 140 | 228 | 321 | 321 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

111

124

131

153

274

370

3 427

2

112

125

132

154

276

374

2 548

3

112

127

135

161

271

389

1 921

4

113

129

139

165

269

388

1 482

5

114

131

143

167

269

379

1 174

6

115

133

145

170

269

364

952

7

116

135

146

172

268

361

787

8

116

135

147

173

268

361

662

9

115

135

147

176

267

360

564

10

114

135

148

177

266

359

485

11

113

134

147

176

264

357

422

12

111

132

145

174

262

355

369

13

109

130

143

172

260

353

353

14

107

128

141

170

258

351

351

15

105

125

138

168

256

349

349

16

102

123

136

165

253

346

346

17

100

121

134

163

251

344

344

18

98

119

131

161

249

342

342

19

96

116

129

159

247

340

340

20

94

115

128

157

245

338

338

21

92

113

126

155

244

337

337

22

91

111

124

154

242

335

335

23

89

109

122

152

240

333

333

24

87

108

121

150

238

331

331

25

85

106

119

148

236

329

329

26

83

104

117

146

234

327

327

27

82

102

115

145

233

326

326

28

80

101

114

143

231

324

324

29

78

99

112

141

230

323

323

30

77

97

110

140

228

321

321

3.24   Real

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 167 | 181 | 187 | 210 | 331 | 426 | 3 392 |
| 2 | 177 | 190 | 197 | 219 | 340 | 435 | 2 542 |
| 3 | 180 | 195 | 203 | 228 | 339 | 434 | 1 926 |
| 4 | 181 | 197 | 207 | 233 | 337 | 431 | 1 491 |
| 5 | 182 | 199 | 211 | 235 | 337 | 430 | 1 183 |
| 6 | 182 | 200 | 212 | 237 | 336 | 429 | 960 |
| 7 | 182 | 201 | 212 | 237 | 334 | 427 | 794 |
| 8 | 181 | 200 | 212 | 239 | 333 | 426 | 668 |
| 9 | 180 | 200 | 212 | 240 | 331 | 424 | 568 |
| 10 | 179 | 199 | 212 | 241 | 330 | 423 | 489 |
| 11 | 177 | 197 | 210 | 240 | 328 | 421 | 424 |
| 12 | 174 | 195 | 208 | 237 | 325 | 418 | 418 |
| 13 | 171 | 192 | 205 | 234 | 322 | 415 | 415 |
| 14 | 168 | 189 | 202 | 231 | 319 | 412 | 412 |
| 15 | 165 | 186 | 199 | 228 | 316 | 409 | 409 |
| 16 | 162 | 182 | 195 | 225 | 313 | 406 | 406 |
| 17 | 159 | 179 | 192 | 222 | 310 | 403 | 403 |
| 18 | 156 | 176 | 189 | 219 | 307 | 400 | 400 |
| 19 | 152 | 173 | 186 | 215 | 304 | 397 | 397 |
| 20 | 149 | 170 | 183 | 212 | 301 | 394 | 394 |
| 21 | 146 | 167 | 180 | 209 | 297 | 390 | 390 |
| 22 | 143 | 164 | 177 | 206 | 294 | 387 | 387 |
| 23 | 140 | 161 | 174 | 203 | 291 | 384 | 384 |
| 24 | 137 | 157 | 170 | 200 | 288 | 381 | 381 |
| 25 | 134 | 154 | 167 | 197 | 285 | 378 | 378 |
| 26 | 131 | 151 | 164 | 194 | 282 | 375 | 375 |
| 27 | 128 | 148 | 161 | 191 | 279 | 372 | 372 |
| 28 | 125 | 145 | 158 | 188 | 276 | 369 | 369 |
| 29 | 122 | 143 | 156 | 185 | 273 | 366 | 366 |
| 30 | 119 | 140 | 153 | 182 | 270 | 363 | 363 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

167

181

187

210

331

426

3 392

2

177

190

197

219

340

435

2 542

3

180

195

203

228

339

434

1 926

4

181

197

207

233

337

431

1 491

5

182

199

211

235

337

430

1 183

6

182

200

212

237

336

429

960

7

182

201

212

237

334

427

794

8

181

200

212

239

333

426

668

9

180

200

212

240

331

424

568

10

179

199

212

241

330

423

489

11

177

197

210

240

328

421

424

12

174

195

208

237

325

418

418

13

171

192

205

234

322

415

415

14

168

189

202

231

319

412

412

15

165

186

199

228

316

409

409

16

162

182

195

225

313

406

406

17

159

179

192

222

310

403

403

18

156

176

189

219

307

400

400

19

152

173

186

215

304

397

397

20

149

170

183

212

301

394

394

21

146

167

180

209

297

390

390

22

143

164

177

206

294

387

387

23

140

161

174

203

291

384

384

24

137

157

170

200

288

381

381

25

134

154

167

197

285

378

378

26

131

151

164

194

282

375

375

27

128

148

161

191

279

372

372

28

125

145

158

188

276

369

369

29

122

143

156

185

273

366

366

30

119

140

153

182

270

363

363

3.25   Renminbi-yuan

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 24 | 38 | 44 | 67 | 188 | 310 | 3 192 |
| 2 | 25 | 39 | 45 | 68 | 189 | 350 | 2 371 |
| 3 | 25 | 39 | 48 | 73 | 183 | 364 | 1 786 |
| 4 | 24 | 40 | 50 | 76 | 180 | 363 | 1 379 |
| 5 | 25 | 41 | 53 | 78 | 180 | 354 | 1 092 |
| 6 | 25 | 43 | 55 | 80 | 179 | 340 | 885 |
| 7 | 26 | 45 | 56 | 81 | 178 | 324 | 732 |
| 8 | 25 | 45 | 56 | 83 | 177 | 307 | 615 |
| 9 | 24 | 45 | 57 | 85 | 176 | 289 | 524 |
| 10 | 24 | 45 | 58 | 86 | 175 | 272 | 451 |
| 11 | 24 | 44 | 57 | 86 | 175 | 268 | 391 |
| 12 | 23 | 44 | 57 | 86 | 174 | 267 | 343 |
| 13 | 22 | 43 | 56 | 85 | 173 | 266 | 302 |
| 14 | 22 | 42 | 55 | 85 | 173 | 266 | 267 |
| 15 | 21 | 42 | 55 | 85 | 173 | 266 | 266 |
| 16 | 21 | 42 | 55 | 84 | 172 | 265 | 265 |
| 17 | 21 | 42 | 55 | 84 | 172 | 265 | 265 |
| 18 | 21 | 42 | 55 | 84 | 172 | 265 | 265 |
| 19 | 21 | 42 | 55 | 84 | 172 | 265 | 265 |
| 20 | 21 | 42 | 55 | 84 | 173 | 266 | 266 |
| 21 | 21 | 42 | 56 | 85 | 173 | 266 | 266 |
| 22 | 21 | 42 | 59 | 84 | 173 | 266 | 266 |
| 23 | 21 | 42 | 61 | 84 | 172 | 265 | 265 |
| 24 | 21 | 42 | 64 | 84 | 172 | 265 | 265 |
| 25 | 21 | 41 | 66 | 84 | 172 | 265 | 265 |
| 26 | 21 | 41 | 69 | 84 | 172 | 265 | 265 |
| 27 | 20 | 41 | 71 | 83 | 171 | 264 | 264 |
| 28 | 20 | 41 | 74 | 83 | 171 | 264 | 264 |
| 29 | 20 | 40 | 76 | 83 | 171 | 264 | 264 |
| 30 | 19 | 40 | 78 | 82 | 171 | 264 | 264 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

24

38

44

67

188

310

3 192

2

25

39

45

68

189

350

2 371

3

25

39

48

73

183

364

1 786

4

24

40

50

76

180

363

1 379

5

25

41

53

78

180

354

1 092

6

25

43

55

80

179

340

885

7

26

45

56

81

178

324

732

8

25

45

56

83

177

307

615

9

24

45

57

85

176

289

524

10

24

45

58

86

175

272

451

11

24

44

57

86

175

268

391

12

23

44

57

86

174

267

343

13

22

43

56

85

173

266

302

14

22

42

55

85

173

266

267

15

21

42

55

85

173

266

266

16

21

42

55

84

172

265

265

17

21

42

55

84

172

265

265

18

21

42

55

84

172

265

265

19

21

42

55

84

172

265

265

20

21

42

55

84

173

266

266

21

21

42

56

85

173

266

266

22

21

42

59

84

173

266

266

23

21

42

61

84

172

265

265

24

21

42

64

84

172

265

265

25

21

41

66

84

172

265

265

26

21

41

69

84

172

265

265

27

20

41

71

83

171

264

264

28

20

41

74

83

171

264

264

29

20

40

76

83

171

264

264

30

19

40

78

82

171

264

264

3.26   Ringgit

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 21 | 34 | 41 | 64 | 185 | 314 | 3 238 |
| 2 | 23 | 36 | 43 | 65 | 186 | 354 | 2 404 |
| 3 | 24 | 38 | 47 | 72 | 182 | 368 | 1 810 |
| 4 | 25 | 40 | 51 | 77 | 181 | 367 | 1 396 |
| 5 | 26 | 43 | 55 | 79 | 182 | 358 | 1 105 |
| 6 | 28 | 46 | 58 | 83 | 182 | 344 | 895 |
| 7 | 30 | 49 | 60 | 85 | 182 | 327 | 740 |
| 8 | 30 | 50 | 61 | 88 | 182 | 310 | 622 |
| 9 | 31 | 51 | 63 | 91 | 182 | 292 | 530 |
| 10 | 31 | 52 | 65 | 94 | 183 | 276 | 456 |
| 11 | 32 | 53 | 66 | 95 | 183 | 276 | 396 |
| 12 | 32 | 53 | 66 | 95 | 183 | 276 | 346 |
| 13 | 32 | 53 | 66 | 95 | 183 | 276 | 305 |
| 14 | 32 | 53 | 66 | 95 | 183 | 276 | 276 |
| 15 | 32 | 52 | 65 | 95 | 183 | 276 | 276 |
| 16 | 31 | 52 | 65 | 94 | 182 | 275 | 275 |
| 17 | 31 | 52 | 65 | 94 | 182 | 275 | 275 |
| 18 | 31 | 52 | 65 | 94 | 182 | 275 | 275 |
| 19 | 31 | 52 | 65 | 94 | 182 | 275 | 275 |
| 20 | 32 | 52 | 65 | 95 | 183 | 276 | 276 |
| 21 | 32 | 52 | 65 | 95 | 183 | 276 | 276 |
| 22 | 32 | 52 | 65 | 95 | 183 | 276 | 276 |
| 23 | 32 | 52 | 65 | 95 | 183 | 276 | 276 |
| 24 | 31 | 52 | 65 | 94 | 182 | 275 | 275 |
| 25 | 31 | 51 | 66 | 94 | 182 | 275 | 275 |
| 26 | 30 | 51 | 69 | 93 | 182 | 275 | 275 |
| 27 | 30 | 51 | 71 | 93 | 181 | 274 | 274 |
| 28 | 29 | 50 | 75 | 92 | 181 | 274 | 274 |
| 29 | 29 | 50 | 77 | 92 | 180 | 273 | 273 |
| 30 | 28 | 49 | 80 | 91 | 180 | 273 | 273 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

21

34

41

64

185

314

3 238

2

23

36

43

65

186

354

2 404

3

24

38

47

72

182

368

1 810

4

25

40

51

77

181

367

1 396

5

26

43

55

79

182

358

1 105

6

28

46

58

83

182

344

895

7

30

49

60

85

182

327

740

8

30

50

61

88

182

310

622

9

31

51

63

91

182

292

530

10

31

52

65

94

183

276

456

11

32

53

66

95

183

276

396

12

32

53

66

95

183

276

346

13

32

53

66

95

183

276

305

14

32

53

66

95

183

276

276

15

32

52

65

95

183

276

276

16

31

52

65

94

182

275

275

17

31

52

65

94

182

275

275

18

31

52

65

94

182

275

275

19

31

52

65

94

182

275

275

20

32

52

65

95

183

276

276

21

32

52

65

95

183

276

276

22

32

52

65

95

183

276

276

23

32

52

65

95

183

276

276

24

31

52

65

94

182

275

275

25

31

51

66

94

182

275

275

26

30

51

69

93

182

275

275

27

30

51

71

93

181

274

274

28

29

50

75

92

181

274

274

29

29

50

77

92

180

273

273

30

28

49

80

91

180

273

273

3.27   Russian rouble

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 121 | 134 | 141 | 164 | 285 | 380 | 3 493 |
| 2 | 119 | 133 | 140 | 162 | 283 | 379 | 2 593 |
| 3 | 118 | 132 | 141 | 166 | 277 | 394 | 1 952 |
| 4 | 117 | 132 | 143 | 169 | 273 | 393 | 1 506 |
| 5 | 117 | 133 | 145 | 170 | 272 | 383 | 1 191 |
| 6 | 117 | 134 | 146 | 171 | 270 | 368 | 965 |
| 7 | 117 | 136 | 147 | 172 | 269 | 362 | 797 |
| 8 | 116 | 136 | 147 | 174 | 268 | 361 | 669 |
| 9 | 115 | 135 | 148 | 176 | 267 | 360 | 569 |
| 10 | 115 | 136 | 149 | 177 | 267 | 360 | 489 |
| 11 | 115 | 135 | 148 | 177 | 266 | 359 | 424 |
| 12 | 113 | 134 | 147 | 176 | 264 | 357 | 371 |
| 13 | 112 | 133 | 146 | 175 | 263 | 356 | 356 |
| 14 | 111 | 131 | 144 | 174 | 262 | 355 | 355 |
| 15 | 108 | 129 | 142 | 172 | 260 | 353 | 353 |
| 16 | 106 | 127 | 140 | 169 | 257 | 350 | 350 |
| 17 | 104 | 124 | 137 | 167 | 255 | 348 | 348 |
| 18 | 101 | 122 | 135 | 164 | 252 | 345 | 345 |
| 19 | 99 | 120 | 133 | 162 | 250 | 343 | 343 |
| 20 | 97 | 118 | 131 | 160 | 248 | 341 | 341 |
| 21 | 95 | 115 | 128 | 158 | 246 | 339 | 339 |
| 22 | 93 | 113 | 126 | 156 | 244 | 337 | 337 |
| 23 | 90 | 111 | 124 | 153 | 241 | 334 | 334 |
| 24 | 88 | 109 | 122 | 151 | 239 | 332 | 332 |
| 25 | 86 | 107 | 120 | 149 | 237 | 330 | 330 |
| 26 | 84 | 104 | 117 | 147 | 235 | 328 | 328 |
| 27 | 82 | 102 | 115 | 145 | 233 | 326 | 326 |
| 28 | 80 | 100 | 113 | 143 | 231 | 324 | 324 |
| 29 | 78 | 98 | 111 | 141 | 229 | 322 | 322 |
| 30 | 76 | 96 | 109 | 139 | 227 | 320 | 320 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

121

134

141

164

285

380

3 493

2

119

133

140

162

283

379

2 593

3

118

132

141

166

277

394

1 952

4

117

132

143

169

273

393

1 506

5

117

133

145

170

272

383

1 191

6

117

134

146

171

270

368

965

7

117

136

147

172

269

362

797

8

116

136

147

174

268

361

669

9

115

135

148

176

267

360

569

10

115

136

149

177

267

360

489

11

115

135

148

177

266

359

424

12

113

134

147

176

264

357

371

13

112

133

146

175

263

356

356

14

111

131

144

174

262

355

355

15

108

129

142

172

260

353

353

16

106

127

140

169

257

350

350

17

104

124

137

167

255

348

348

18

101

122

135

164

252

345

345

19

99

120

133

162

250

343

343

20

97

118

131

160

248

341

341

21

95

115

128

158

246

339

339

22

93

113

126

156

244

337

337

23

90

111

124

153

241

334

334

24

88

109

122

151

239

332

332

25

86

107

120

149

237

330

330

26

84

104

117

147

235

328

328

27

82

102

115

145

233

326

326

28

80

100

113

143

231

324

324

29

78

98

111

141

229

322

322

30

76

96

109

139

227

320

320

3.28   Singapore dollar

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 0 | 5 | 12 | 34 | 155 | 307 | 3 159 |
| 2 | 0 | 7 | 14 | 36 | 157 | 346 | 2 343 |
| 3 | 1 | 9 | 17 | 43 | 153 | 360 | 1 763 |
| 4 | 1 | 11 | 22 | 47 | 152 | 358 | 1 360 |
| 5 | 1 | 14 | 26 | 50 | 153 | 349 | 1 076 |
| 6 | 2 | 17 | 29 | 54 | 153 | 335 | 872 |
| 7 | 2 | 20 | 31 | 56 | 153 | 319 | 721 |
| 8 | 2 | 21 | 32 | 59 | 153 | 302 | 606 |
| 9 | 3 | 22 | 34 | 62 | 153 | 285 | 516 |
| 10 | 4 | 22 | 35 | 64 | 153 | 268 | 444 |
| 11 | 4 | 22 | 35 | 65 | 153 | 252 | 386 |
| 12 | 4 | 22 | 35 | 64 | 153 | 246 | 338 |
| 13 | 4 | 22 | 35 | 64 | 152 | 245 | 297 |
| 14 | 4 | 22 | 38 | 64 | 152 | 245 | 263 |
| 15 | 5 | 21 | 41 | 64 | 152 | 245 | 245 |
| 16 | 6 | 21 | 43 | 63 | 152 | 245 | 245 |
| 17 | 6 | 21 | 45 | 64 | 152 | 245 | 245 |
| 18 | 6 | 21 | 48 | 64 | 152 | 245 | 245 |
| 19 | 7 | 21 | 50 | 64 | 152 | 245 | 245 |
| 20 | 7 | 22 | 53 | 64 | 152 | 245 | 245 |
| 21 | 7 | 22 | 55 | 65 | 153 | 246 | 246 |
| 22 | 8 | 23 | 57 | 65 | 153 | 246 | 246 |
| 23 | 8 | 23 | 60 | 65 | 154 | 247 | 247 |
| 24 | 8 | 23 | 62 | 66 | 154 | 247 | 247 |
| 25 | 9 | 23 | 65 | 68 | 154 | 247 | 247 |
| 26 | 9 | 24 | 67 | 70 | 154 | 247 | 247 |
| 27 | 10 | 24 | 70 | 72 | 154 | 247 | 247 |
| 28 | 10 | 24 | 72 | 74 | 154 | 247 | 247 |
| 29 | 10 | 25 | 75 | 76 | 154 | 247 | 247 |
| 30 | 11 | 25 | 78 | 77 | 155 | 248 | 248 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

0

5

12

34

155

307

3 159

2

0

7

14

36

157

346

2 343

3

1

9

17

43

153

360

1 763

4

1

11

22

47

152

358

1 360

5

1

14

26

50

153

349

1 076

6

2

17

29

54

153

335

872

7

2

20

31

56

153

319

721

8

2

21

32

59

153

302

606

9

3

22

34

62

153

285

516

10

4

22

35

64

153

268

444

11

4

22

35

65

153

252

386

12

4

22

35

64

153

246

338

13

4

22

35

64

152

245

297

14

4

22

38

64

152

245

263

15

5

21

41

64

152

245

245

16

6

21

43

63

152

245

245

17

6

21

45

64

152

245

245

18

6

21

48

64

152

245

245

19

7

21

50

64

152

245

245

20

7

22

53

64

152

245

245

21

7

22

55

65

153

246

246

22

8

23

57

65

153

246

246

23

8

23

60

65

154

247

247

24

8

23

62

66

154

247

247

25

9

23

65

68

154

247

247

26

9

24

67

70

154

247

247

27

10

24

70

72

154

247

247

28

10

24

72

74

154

247

247

29

10

25

75

76

154

247

247

30

11

25

78

77

155

248

248

3.29   South Korean won

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 30 | 44 | 51 | 73 | 194 | 307 | 3 153 |
| 2 | 31 | 44 | 51 | 74 | 195 | 345 | 2 337 |
| 3 | 29 | 44 | 52 | 77 | 188 | 358 | 1 758 |
| 4 | 28 | 44 | 54 | 80 | 184 | 357 | 1 355 |
| 5 | 28 | 45 | 57 | 81 | 183 | 348 | 1 072 |
| 6 | 31 | 49 | 60 | 86 | 185 | 334 | 868 |
| 7 | 29 | 48 | 59 | 84 | 181 | 318 | 717 |
| 8 | 33 | 52 | 64 | 90 | 185 | 300 | 602 |
| 9 | 32 | 52 | 64 | 92 | 184 | 283 | 513 |
| 10 | 26 | 47 | 60 | 89 | 178 | 271 | 441 |
| 11 | 22 | 43 | 56 | 85 | 173 | 266 | 383 |
| 12 | 19 | 39 | 52 | 82 | 170 | 263 | 335 |
| 13 | 16 | 37 | 50 | 79 | 167 | 260 | 295 |
| 14 | 14 | 35 | 48 | 77 | 165 | 258 | 261 |
| 15 | 13 | 33 | 46 | 76 | 164 | 257 | 257 |
| 16 | 11 | 32 | 45 | 74 | 162 | 255 | 255 |
| 17 | 10 | 31 | 45 | 73 | 161 | 254 | 254 |
| 18 | 9 | 30 | 48 | 73 | 161 | 254 | 254 |
| 19 | 9 | 30 | 50 | 72 | 160 | 253 | 253 |
| 20 | 9 | 30 | 52 | 72 | 160 | 253 | 253 |
| 21 | 9 | 30 | 55 | 72 | 160 | 253 | 253 |
| 22 | 9 | 30 | 57 | 72 | 160 | 253 | 253 |
| 23 | 9 | 30 | 60 | 72 | 160 | 253 | 253 |
| 24 | 9 | 30 | 62 | 72 | 160 | 253 | 253 |
| 25 | 9 | 30 | 65 | 72 | 160 | 253 | 253 |
| 26 | 9 | 29 | 67 | 72 | 160 | 253 | 253 |
| 27 | 9 | 29 | 70 | 72 | 160 | 253 | 253 |
| 28 | 10 | 29 | 72 | 73 | 160 | 253 | 253 |
| 29 | 10 | 29 | 74 | 75 | 160 | 253 | 253 |
| 30 | 11 | 29 | 77 | 77 | 159 | 252 | 252 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

30

44

51

73

194

307

3 153

2

31

44

51

74

195

345

2 337

3

29

44

52

77

188

358

1 758

4

28

44

54

80

184

357

1 355

5

28

45

57

81

183

348

1 072

6

31

49

60

86

185

334

868

7

29

48

59

84

181

318

717

8

33

52

64

90

185

300

602

9

32

52

64

92

184

283

513

10

26

47

60

89

178

271

441

11

22

43

56

85

173

266

383

12

19

39

52

82

170

263

335

13

16

37

50

79

167

260

295

14

14

35

48

77

165

258

261

15

13

33

46

76

164

257

257

16

11

32

45

74

162

255

255

17

10

31

45

73

161

254

254

18

9

30

48

73

161

254

254

19

9

30

50

72

160

253

253

20

9

30

52

72

160

253

253

21

9

30

55

72

160

253

253

22

9

30

57

72

160

253

253

23

9

30

60

72

160

253

253

24

9

30

62

72

160

253

253

25

9

30

65

72

160

253

253

26

9

29

67

72

160

253

253

27

9

29

70

72

160

253

253

28

10

29

72

73

160

253

253

29

10

29

74

75

160

253

253

30

11

29

77

77

159

252

252

3.30   Turkish lira

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 191 | 205 | 211 | 234 | 355 | 450 | 4 678 |
| 2 | 188 | 201 | 208 | 230 | 351 | 476 | 3 361 |
| 3 | 182 | 197 | 205 | 230 | 341 | 483 | 2 476 |
| 4 | 178 | 193 | 204 | 230 | 334 | 473 | 1 877 |
| 5 | 173 | 190 | 202 | 226 | 329 | 455 | 1 464 |
| 6 | 170 | 188 | 200 | 225 | 324 | 433 | 1 172 |
| 7 | 167 | 186 | 197 | 222 | 319 | 412 | 958 |
| 8 | 163 | 182 | 194 | 221 | 315 | 408 | 797 |
| 9 | 159 | 179 | 191 | 219 | 311 | 404 | 673 |
| 10 | 155 | 176 | 189 | 217 | 306 | 399 | 575 |
| 11 | 151 | 172 | 185 | 214 | 302 | 395 | 496 |
| 12 | 147 | 168 | 181 | 210 | 298 | 391 | 431 |
| 13 | 143 | 164 | 177 | 206 | 294 | 387 | 387 |
| 14 | 139 | 160 | 173 | 202 | 291 | 384 | 384 |
| 15 | 136 | 157 | 169 | 199 | 287 | 380 | 380 |
| 16 | 133 | 153 | 166 | 196 | 284 | 377 | 377 |
| 17 | 129 | 150 | 163 | 192 | 280 | 373 | 373 |
| 18 | 126 | 147 | 160 | 189 | 277 | 370 | 370 |
| 19 | 123 | 144 | 157 | 187 | 275 | 368 | 368 |
| 20 | 121 | 141 | 154 | 184 | 272 | 365 | 365 |
| 21 | 118 | 139 | 152 | 181 | 269 | 362 | 362 |
| 22 | 116 | 136 | 149 | 179 | 267 | 360 | 360 |
| 23 | 113 | 134 | 147 | 176 | 264 | 357 | 357 |
| 24 | 110 | 131 | 144 | 173 | 261 | 354 | 354 |
| 25 | 108 | 129 | 141 | 171 | 259 | 352 | 352 |
| 26 | 105 | 126 | 139 | 169 | 257 | 350 | 350 |
| 27 | 103 | 124 | 137 | 166 | 254 | 347 | 347 |
| 28 | 101 | 122 | 135 | 164 | 252 | 345 | 345 |
| 29 | 99 | 119 | 132 | 162 | 250 | 343 | 343 |
| 30 | 97 | 117 | 130 | 160 | 248 | 341 | 341 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

191

205

211

234

355

450

4 678

2

188

201

208

230

351

476

3 361

3

182

197

205

230

341

483

2 476

4

178

193

204

230

334

473

1 877

5

173

190

202

226

329

455

1 464

6

170

188

200

225

324

433

1 172

7

167

186

197

222

319

412

958

8

163

182

194

221

315

408

797

9

159

179

191

219

311

404

673

10

155

176

189

217

306

399

575

11

151

172

185

214

302

395

496

12

147

168

181

210

298

391

431

13

143

164

177

206

294

387

387

14

139

160

173

202

291

384

384

15

136

157

169

199

287

380

380

16

133

153

166

196

284

377

377

17

129

150

163

192

280

373

373

18

126

147

160

189

277

370

370

19

123

144

157

187

275

368

368

20

121

141

154

184

272

365

365

21

118

139

152

181

269

362

362

22

116

136

149

179

267

360

360

23

113

134

147

176

264

357

357

24

110

131

144

173

261

354

354

25

108

129

141

171

259

352

352

26

105

126

139

169

257

350

350

27

103

124

137

166

254

347

347

28

101

122

135

164

252

345

345

29

99

119

132

162

250

343

343

30

97

117

130

160

248

341

341

3.31   US dollar

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 0 | 14 | 26 | 53 | 173 | 310 | 3 189 |
| 2 | 0 | 14 | 26 | 53 | 173 | 349 | 2 362 |
| 3 | 1 | 17 | 28 | 57 | 169 | 362 | 1 776 |
| 4 | 1 | 20 | 32 | 62 | 168 | 360 | 1 369 |
| 5 | 2 | 23 | 37 | 68 | 169 | 351 | 1 083 |
| 6 | 4 | 26 | 39 | 69 | 170 | 337 | 877 |
| 7 | 7 | 30 | 42 | 71 | 170 | 321 | 725 |
| 8 | 9 | 34 | 46 | 74 | 170 | 304 | 609 |
| 9 | 10 | 37 | 49 | 76 | 170 | 286 | 518 |
| 10 | 11 | 38 | 51 | 77 | 170 | 269 | 446 |
| 11 | 12 | 40 | 52 | 78 | 170 | 263 | 387 |
| 12 | 13 | 41 | 54 | 79 | 170 | 263 | 339 |
| 13 | 14 | 42 | 54 | 80 | 170 | 263 | 299 |
| 14 | 14 | 43 | 55 | 80 | 170 | 263 | 264 |
| 15 | 14 | 43 | 55 | 80 | 170 | 263 | 263 |
| 16 | 14 | 43 | 55 | 80 | 170 | 263 | 263 |
| 17 | 14 | 43 | 55 | 80 | 170 | 263 | 263 |
| 18 | 14 | 43 | 55 | 80 | 170 | 263 | 263 |
| 19 | 14 | 43 | 55 | 80 | 170 | 263 | 263 |
| 20 | 14 | 43 | 55 | 80 | 171 | 264 | 264 |
| 21 | 14 | 43 | 56 | 80 | 171 | 264 | 264 |
| 22 | 14 | 43 | 57 | 80 | 171 | 264 | 264 |
| 23 | 14 | 43 | 60 | 80 | 171 | 264 | 264 |
| 24 | 14 | 43 | 62 | 80 | 171 | 264 | 264 |
| 25 | 14 | 43 | 65 | 80 | 171 | 264 | 264 |
| 26 | 14 | 43 | 67 | 80 | 171 | 264 | 264 |
| 27 | 14 | 43 | 70 | 80 | 171 | 264 | 264 |
| 28 | 14 | 43 | 72 | 80 | 171 | 264 | 264 |
| 29 | 14 | 43 | 75 | 80 | 170 | 263 | 263 |
| 30 | 14 | 43 | 78 | 80 | 170 | 263 | 263 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

0

14

26

53

173

310

3 189

2

0

14

26

53

173

349

2 362

3

1

17

28

57

169

362

1 776

4

1

20

32

62

168

360

1 369

5

2

23

37

68

169

351

1 083

6

4

26

39

69

170

337

877

7

7

30

42

71

170

321

725

8

9

34

46

74

170

304

609

9

10

37

49

76

170

286

518

10

11

38

51

77

170

269

446

11

12

40

52

78

170

263

387

12

13

41

54

79

170

263

339

13

14

42

54

80

170

263

299

14

14

43

55

80

170

263

264

15

14

43

55

80

170

263

263

16

14

43

55

80

170

263

263

17

14

43

55

80

170

263

263

18

14

43

55

80

170

263

263

19

14

43

55

80

170

263

263

20

14

43

55

80

171

264

264

21

14

43

56

80

171

264

264

22

14

43

57

80

171

264

264

23

14

43

60

80

171

264

264

24

14

43

62

80

171

264

264

25

14

43

65

80

171

264

264

26

14

43

67

80

171

264

264

27

14

43

70

80

171

264

264

28

14

43

72

80

171

264

264

29

14

43

75

80

170

263

263

30

14

43

78

80

170

263

263

3.32   Yen

| Duration (in years) | Credit quality step 0 | Credit quality step 1 | Credit quality step 2 | Credit quality step 3 | Credit quality step 4 | Credit quality step 5 | Credit quality step 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 0 | 0 | 3 | 12 | 133 | 299 | 3 061 |
| 2 | 0 | 1 | 6 | 14 | 132 | 336 | 2 270 |
| 3 | 1 | 1 | 9 | 17 | 125 | 349 | 1 708 |
| 4 | 1 | 3 | 11 | 19 | 121 | 348 | 1 317 |
| 5 | 1 | 4 | 14 | 22 | 120 | 339 | 1 042 |
| 6 | 2 | 4 | 16 | 25 | 120 | 325 | 844 |
| 7 | 2 | 6 | 19 | 28 | 119 | 310 | 698 |
| 8 | 2 | 6 | 22 | 30 | 119 | 293 | 586 |
| 9 | 2 | 7 | 25 | 32 | 119 | 276 | 499 |
| 10 | 4 | 8 | 27 | 34 | 119 | 260 | 430 |
| 11 | 4 | 9 | 29 | 37 | 120 | 244 | 373 |
| 12 | 4 | 10 | 32 | 39 | 120 | 228 | 327 |
| 13 | 4 | 10 | 35 | 41 | 120 | 214 | 288 |
| 14 | 4 | 11 | 36 | 43 | 120 | 213 | 255 |
| 15 | 5 | 12 | 39 | 46 | 121 | 214 | 227 |
| 16 | 5 | 13 | 42 | 48 | 121 | 214 | 214 |
| 17 | 6 | 14 | 44 | 49 | 121 | 214 | 214 |
| 18 | 6 | 15 | 46 | 52 | 122 | 215 | 215 |
| 19 | 7 | 15 | 49 | 54 | 122 | 215 | 215 |
| 20 | 7 | 17 | 52 | 56 | 123 | 216 | 216 |
| 21 | 7 | 17 | 53 | 58 | 124 | 217 | 217 |
| 22 | 8 | 18 | 56 | 60 | 125 | 217 | 217 |
| 23 | 8 | 18 | 58 | 62 | 127 | 217 | 217 |
| 24 | 8 | 20 | 61 | 64 | 129 | 218 | 218 |
| 25 | 9 | 20 | 63 | 66 | 130 | 218 | 218 |
| 26 | 9 | 21 | 66 | 68 | 131 | 218 | 218 |
| 27 | 9 | 22 | 68 | 70 | 132 | 218 | 218 |
| 28 | 10 | 23 | 71 | 72 | 133 | 218 | 218 |
| 29 | 10 | 23 | 73 | 73 | 134 | 218 | 218 |
| 30 | 10 | 25 | 75 | 75 | 135 | 218 | 218 |

Duration (in years)

Credit quality step 0

Credit quality step 1

Credit quality step 2

Credit quality step 3

Credit quality step 4

Credit quality step 5

Credit quality step 6

1

0

0

3

12

133

299

3 061

2

0

1

6

14

132

336

2 270

3

1

1

9

17

125

349

1 708

4

1

3

11

19

121

348

1 317

5

1

4

14

22

120

339

1 042

6

2

4

16

25

120

325

844

7

2

6

19

28

119

310

698

8

2

6

22

30

119

293

586

9

2

7

25

32

119

276

499

10

4

8

27

34

119

260

430

11

4

9

29

37

120

244

373

12

4

10

32

39

120

228

327

13

4

10

35

41

120

214

288

14

4

11

36

43

120

213

255

15

5

12

39

46

121

214

227

16

5

13

42

48

121

214

214

17

6

14

44

49

121

214

214

18

6

15

46

52

122

215

215

19

7

15

49

54

122

215

215

20

7

17

52

56

123

216

216

21

7

17

53

58

124

217

217

22

8

18

56

60

125

217

217

23

8

18

58

62

127

217

217

24

8

20

61

64

129

218

218

25

9

20

63

66

130

218

218

26

9

21

66

68

131

218

218

27

9

22

68

70

132

218

218

28

10

23

71

72

133

218

218

29

10

23

73

73

134

218

218

30

10

25

75

75

135

218

218

---

ANNEX III

Volatility adjustment to the relevant risk-free interest rate term structure

| Currency | National insurance market | Volatility adjustment (in bps) |
| --- | --- | --- |
| Euro | Austria | 14 |
| Euro | Belgium | 14 |
| Euro | Cyprus | 14 |
| Euro | Estonia | 14 |
| Euro | Finland | 14 |
| Euro | France | 14 |
| Euro | Germany | 14 |
| Euro | Greece | 14 |
| Euro | Ireland | 14 |
| Euro | Italy | 14 |
| Euro | Latvia | 14 |
| Euro | Lithuania | 14 |
| Euro | Luxembourg | 14 |
| Euro | Malta | 14 |
| Euro | Netherlands | 14 |
| Euro | Portugal | 14 |
| Euro | Slovakia | 14 |
| Euro | Slovenia | 14 |
| Euro | Spain | 14 |
| Czech koruna | Czech Republic | 12 |
| Danish krone | Denmark | 15 |
| Forint | Hungary | 3 |
| Krona | Sweden | 8 |
| Kuna | Croatia | 1 |
| Lev | Bulgaria | – 2 |
| Pound sterling | United Kingdom | 20 |
| Romanian leu | Romania | 3 |
| Zloty | Poland | 11 |
| Króna | Iceland | 1 |
| Norwegian krone | Norway | 37 |
| Swiss franc | Liechtenstein | 4 |
| Swiss franc | Switzerland | 4 |
| Australian dollar | Australia | 10 |
| Canadian dollar | Canada | 30 |
| US dollar | United States | 42 |
| Yen | Japan | 1 |

Currency

National insurance market

Volatility adjustment (in bps)

Euro

Austria

14

Euro

Belgium

14

Euro

Cyprus

14

Euro

Estonia

14

Euro

Finland

14

Euro

France

14

Euro

Germany

14

Euro

Greece

14

Euro

Ireland

14

Euro

Italy

14

Euro

Latvia

14

Euro

Lithuania

14

Euro

Luxembourg

14

Euro

Malta

14

Euro

Netherlands

14

Euro

Portugal

14

Euro

Slovakia

14

Euro

Slovenia

14

Euro

Spain

14

Czech koruna

Czech Republic

12

Danish krone

Denmark

15

Forint

Hungary

3

Krona

Sweden

8

Kuna

Croatia

1

Lev

Bulgaria

– 2

Pound sterling

United Kingdom

20

Romanian leu

Romania

3

Zloty

Poland

11

Króna

Iceland

1

Norwegian krone

Norway

37

Swiss franc

Liechtenstein

4

Swiss franc

Switzerland

4

Australian dollar

Australia

10

Canadian dollar

Canada

30

US dollar

United States

42

Yen

Japan

1

---

DECISIONS

| 7.5.2019 | EN | Official Journal of the European Union | L 119/151 |
| --- | --- | --- | --- |

7.5.2019

EN

Official Journal of the European Union

L 119/151

---

COMMISSION DECISION (EU) 2019/700

of 19 December 2018

on the State Aid SA.34914 (2013/C) implemented by the United Kingdom as regards the Gibraltar Corporate Income Tax Regime

(notified under document C(2018) 7848)

(Only the English text is authentic)

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union, and in particular the first subparagraph of Article 108(2) thereof,

Having regard to the Agreement on the European Economic Area, and in particular Article 62(1)(a) thereof,

Having given notice to the parties concerned to submit their comments (1),

Whereas:

1.   PROCEDURE

| (1) | On 1 June 2012, the Commission received a complaint from the Spanish authorities concerning the new income tax act in Gibraltar, the Income Tax Act 2010 (hereinafter referred to as ‘ITA 2010’). |
| --- | --- |

(1)

On 1 June 2012, the Commission received a complaint from the Spanish authorities concerning the new income tax act in Gibraltar, the Income Tax Act 2010 (hereinafter referred to as ‘ITA 2010’).

| (2) | On 16 October 2013, the Commission initiated a formal investigation procedure to verify whether the passive interest and royalty income tax exemption in ITA 2010 selectively favours certain companies, in breach of Union State aid rules (the decision taken to initiate that procedure is referred to in this Decision as ‘the First Opening Decision’) (2). |
| --- | --- |

(2)

On 16 October 2013, the Commission initiated a formal investigation procedure to verify whether the passive interest and royalty income tax exemption in ITA 2010 selectively favours certain companies, in breach of Union State aid rules (the decision taken to initiate that procedure is referred to in this Decision as ‘the First Opening Decision’) (2).

2

| (3) | On 4 December 2013, the United Kingdom (‘UK’) authorities provided the Commission with a note on the exemption of royalties, together with draft legislation prepared by the Government of Gibraltar amending ITA 2010 in order to bring royalty income within the charge to taxation in Gibraltar. On request, this information was supplemented by the Gibraltar authorities by emails dated 6, 12 and 16 December 2013. |
| --- | --- |

(3)

On 4 December 2013, the United Kingdom (‘UK’) authorities provided the Commission with a note on the exemption of royalties, together with draft legislation prepared by the Government of Gibraltar amending ITA 2010 in order to bring royalty income within the charge to taxation in Gibraltar. On request, this information was supplemented by the Gibraltar authorities by emails dated 6, 12 and 16 December 2013.

| (4) | On 16 December 2013, Gibraltar asked for an extension of the deadline to provide comments on the First Opening Decision until 17 January 2014. That request was accepted by the Commission the same day. |
| --- | --- |

(4)

On 16 December 2013, Gibraltar asked for an extension of the deadline to provide comments on the First Opening Decision until 17 January 2014. That request was accepted by the Commission the same day.

| (5) | On 20 December 2013, the United Kingdom submitted comments concerning the opening of the procedure pursuant to Article 108(2) of the Treaty. Third party comments on that procedure were received from the Spanish Confederation of Employers (C.E.O.E) (3), Germany, Spain and the Government of Gibraltar, on 27 December 2013, 27 December 2013, 6 January 2014 and 17 January 2014 respectively. |
| --- | --- |

(5)

On 20 December 2013, the United Kingdom submitted comments concerning the opening of the procedure pursuant to Article 108(2) of the Treaty. Third party comments on that procedure were received from the Spanish Confederation of Employers (C.E.O.E) (3), Germany, Spain and the Government of Gibraltar, on 27 December 2013, 27 December 2013, 6 January 2014 and 17 January 2014 respectively.

3

| (6) | By email dated 7 January 2014, the Gibraltar authorities provided the Commission with a copy of the Income Tax (Amendment) Act 2013 of 24 December 2013, which introduced an amendment to ITA 2010 in relation to the taxation of royalties. |
| --- | --- |

(6)

By email dated 7 January 2014, the Gibraltar authorities provided the Commission with a copy of the Income Tax (Amendment) Act 2013 of 24 December 2013, which introduced an amendment to ITA 2010 in relation to the taxation of royalties.

| (7) | By letter of 16 April 2014, the Commission invited the United Kingdom to submit its comments on the observations raised by third parties concerning the opening of the formal procedure. The United Kingdom replied by letter dated 2 June 2014 within the extended deadline. |
| --- | --- |

(7)

By letter of 16 April 2014, the Commission invited the United Kingdom to submit its comments on the observations raised by third parties concerning the opening of the formal procedure. The United Kingdom replied by letter dated 2 June 2014 within the extended deadline.

| (8) | On 1 October 2014, the Commission informed the United Kingdom of its decision (4) to extend the procedure laid down in Article 108(2) of the Treaty to include the tax ruling practice in Gibraltar (that decision is referred to in this Decision as ‘the Decision to Extend Proceedings’). |
| --- | --- |

(8)

On 1 October 2014, the Commission informed the United Kingdom of its decision (4) to extend the procedure laid down in Article 108(2) of the Treaty to include the tax ruling practice in Gibraltar (that decision is referred to in this Decision as ‘the Decision to Extend Proceedings’).

4

| (9) | On 10 November 2014, the Commission requested further information in relation to the tax ruling practice in Gibraltar. That information was provided by the United Kingdom on 8 December 2014. |
| --- | --- |

(9)

On 10 November 2014, the Commission requested further information in relation to the tax ruling practice in Gibraltar. That information was provided by the United Kingdom on 8 December 2014.

| (10) | On 4 March 2015, a corrigendum of the Decision to Extend Proceedings was communicated to the United Kingdom. |
| --- | --- |

(10)

On 4 March 2015, a corrigendum of the Decision to Extend Proceedings was communicated to the United Kingdom.

| (11) | On 23 March 2015, additional information in relation to the tax ruling practice was requested by the Commission. That information was submitted by the United Kingdom on 23 April 2015. |
| --- | --- |

(11)

On 23 March 2015, additional information in relation to the tax ruling practice was requested by the Commission. That information was submitted by the United Kingdom on 23 April 2015.

| (12) | On 31 March 2015, the United Kingdom submitted its comments on the Decision to Extend Proceedings. |
| --- | --- |

(12)

On 31 March 2015, the United Kingdom submitted its comments on the Decision to Extend Proceedings.

| (13) | Following an email from the United Kingdom dated 9 March 2015 with proposals for draft legislation and guidance notes in relation to both the territoriality principle and the tax ruling practice, the Commission provided the UK with a number of suggestions on the draft legislation and guidance notes by letter of 3 September 2015. |
| --- | --- |

(13)

Following an email from the United Kingdom dated 9 March 2015 with proposals for draft legislation and guidance notes in relation to both the territoriality principle and the tax ruling practice, the Commission provided the UK with a number of suggestions on the draft legislation and guidance notes by letter of 3 September 2015.

| (14) | On 19 October 2015, the United Kingdom provided the Commission with a revised draft regulation and guidance notes on the tax ruling practice as well as 20 tax ruling reviews. On 11 November 2015, the Commission requested information on 2 299 companies with income accruing in or derived from Gibraltar. The requested information was submitted by the United Kingdom on 24 November 2015. Additional tax ruling reviews were sent to the Commission on 3 December 2015, 19 February 2016 and 31 August 2016. |
| --- | --- |

(14)

On 19 October 2015, the United Kingdom provided the Commission with a revised draft regulation and guidance notes on the tax ruling practice as well as 20 tax ruling reviews. On 11 November 2015, the Commission requested information on 2 299 companies with income accruing in or derived from Gibraltar. The requested information was submitted by the United Kingdom on 24 November 2015. Additional tax ruling reviews were sent to the Commission on 3 December 2015, 19 February 2016 and 31 August 2016.

| (15) | On 14 July 2016, a new request for information on both the tax ruling practice and the passive interest and royalty income tax exemption was sent to the United Kingdom. The United Kingdom replied by letter dated 31 August 2016. |
| --- | --- |

(15)

On 14 July 2016, a new request for information on both the tax ruling practice and the passive interest and royalty income tax exemption was sent to the United Kingdom. The United Kingdom replied by letter dated 31 August 2016.

| (16) | On 7 October 2016, the Decision to Extend Proceedings was published in the Official Journal (5). |
| --- | --- |

(16)

On 7 October 2016, the Decision to Extend Proceedings was published in the Official Journal (5).

5

| (17) | In October and November 2016, six interested parties, including Gibraltar and Spain, submitted their observations on the Decision to Extend Proceedings. |
| --- | --- |

(17)

In October and November 2016, six interested parties, including Gibraltar and Spain, submitted their observations on the Decision to Extend Proceedings.

| (18) | On 9 November 2016, Gibraltar lodged an application for annulment of the Decision to Extend Proceedings before the General Court of the European Union (6). |
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(18)

On 9 November 2016, Gibraltar lodged an application for annulment of the Decision to Extend Proceedings before the General Court of the European Union (6).

6

| (19) | On 7 December 2016, the Commission invited the United Kingdom to comment on the third parties comments received. The United Kingdom submitted its comments on 31 January 2017. |
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(19)

On 7 December 2016, the Commission invited the United Kingdom to comment on the third parties comments received. The United Kingdom submitted its comments on 31 January 2017.

| (20) | On 16 February 2017, the Commission requested further clarifications from the United Kingdom regarding the Gibraltar tax rulings. The UK authorities replied on 31 March 2017, and submitted further information on 3 May 2017, within the extended deadline. |
| --- | --- |

(20)

On 16 February 2017, the Commission requested further clarifications from the United Kingdom regarding the Gibraltar tax rulings. The UK authorities replied on 31 March 2017, and submitted further information on 3 May 2017, within the extended deadline.

| (21) | On 29 November 2017, the United Kingdom submitted a copy of all reports drawn up by the Gibraltar tax authorities as a result of the reviews performed in relation to the 165 tax rulings listed in the Decision to extend proceedings. |
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(21)

On 29 November 2017, the United Kingdom submitted a copy of all reports drawn up by the Gibraltar tax authorities as a result of the reviews performed in relation to the 165 tax rulings listed in the Decision to extend proceedings.

| (22) | Further to comments made by the Commission on 7 December 2017, additional information, including draft legislation and guidance notes, were provided by the UK on 18 January 2018. |
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(22)

Further to comments made by the Commission on 7 December 2017, additional information, including draft legislation and guidance notes, were provided by the UK on 18 January 2018.

| (23) | On 9 February 2018, the Commission requested further clarifications of the draft legislation sent by the United Kingdom. It also requested supplementary explanations on factual or legal aspects of some of the tax ruling reviews submitted by the United Kingdom in November 2017. |
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(23)

On 9 February 2018, the Commission requested further clarifications of the draft legislation sent by the United Kingdom. It also requested supplementary explanations on factual or legal aspects of some of the tax ruling reviews submitted by the United Kingdom in November 2017.

| (24) | By letter dated 21 February 2018, the United Kingdom replied to that information request. By email of 1 March 2018, the Commission invited the United Kingdom to provide clarification on certain specific tax rulings. The United Kingdom replied to that request on 15 March 2018. Further clarifications on the same issues were provided by the United Kingdom on 24 May 2018, following a request from the Commission dated 3 May 2018. |
| --- | --- |

(24)

By letter dated 21 February 2018, the United Kingdom replied to that information request. By email of 1 March 2018, the Commission invited the United Kingdom to provide clarification on certain specific tax rulings. The United Kingdom replied to that request on 15 March 2018. Further clarifications on the same issues were provided by the United Kingdom on 24 May 2018, following a request from the Commission dated 3 May 2018.

| (25) | Meetings were held on 5 December 2013, 12 March 2015, 28 May 2015 and 29 November 2017 and 5 October 2018 with the United Kingdom, together with representatives of the Gibraltar authorities. |
| --- | --- |

(25)

Meetings were held on 5 December 2013, 12 March 2015, 28 May 2015 and 29 November 2017 and 5 October 2018 with the United Kingdom, together with representatives of the Gibraltar authorities.

2.   DESCRIPTION OF THE MEASURES

| (26) | Gibraltar is a British Overseas Territory. It has full internal self-government with respect to tax matters, while the United Kingdom government is responsible for its international relations, for example for the negotiation of tax treaties. |
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(26)

Gibraltar is a British Overseas Territory. It has full internal self-government with respect to tax matters, while the United Kingdom government is responsible for its international relations, for example for the negotiation of tax treaties.

2.1.   Overall description of the Gibraltar corporate income tax system

Overall description of the Gibraltar corporate income tax system

| (27) | ITA 2010 (7) entered into force on 1 January 2011 and replaced the former Income Tax Act 1952 (‘ITA 1952’). It introduced a general income tax rate of 10 % applying to companies across the whole Gibraltar economy, except for utility companies, telecommunication services and companies enjoying and abusing a dominant market position, which are subject to a rate of 20 %. |
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(27)

ITA 2010 (7) entered into force on 1 January 2011 and replaced the former Income Tax Act 1952 (‘ITA 1952’). It introduced a general income tax rate of 10 % applying to companies across the whole Gibraltar economy, except for utility companies, telecommunication services and companies enjoying and abusing a dominant market position, which are subject to a rate of 20 %.

7

(a)   Corporate taxpayers

Corporate taxpayers

| (28) | Both a company (8) ordinarily resident (9) in Gibraltar and a company not ordinarily resident in Gibraltar may be a Gibraltar taxpayer but, in the latter case, only if the company carries on a trade in Gibraltar through a branch or agency (10). |
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(28)

Both a company (8) ordinarily resident (9) in Gibraltar and a company not ordinarily resident in Gibraltar may be a Gibraltar taxpayer but, in the latter case, only if the company carries on a trade in Gibraltar through a branch or agency (10).

8

9

10

(b)   Tax basis

Tax basis

The income which is chargeable to tax is specified exhaustively in Tables A, B and C of Schedule 1 to ITA 2010. This applies to both legal and natural persons. When ITA 2010 was enacted, Tables A, B and C specified the following categories of income:

| — | Table A: trade, business, profession, vocation and real property, |
| --- | --- |

—

Table A: trade, business, profession, vocation and real property,

| — | Table B: employment and self-employment, |
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—

Table B: employment and self-employment,

| — | Table C: other income (dividends (11), fund income, income from rights, pensions and a general ‘Sweeping Up Class’ in relation to items of income caught under the anti-avoidance provisions in section 40 of and Schedule 4 to ITA 2010). |
| --- | --- |

—

Table C: other income (dividends (11), fund income, income from rights, pensions and a general ‘Sweeping Up Class’ in relation to items of income caught under the anti-avoidance provisions in section 40 of and Schedule 4 to ITA 2010).

11

| (29) | For the purposes of computing the basis of assessment for companies, section 16 of ITA 2010 provides that, subject to certain exceptions, the assessable profits or gains of a company for an accounting period are to be the full amount of the profits or gains of the company for that accounting period, applying the territorial basis of taxation outlined in recitals 30 to 32. |
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(29)

For the purposes of computing the basis of assessment for companies, section 16 of ITA 2010 provides that, subject to certain exceptions, the assessable profits or gains of a company for an accounting period are to be the full amount of the profits or gains of the company for that accounting period, applying the territorial basis of taxation outlined in recitals 30 to 32.

(c)   Territorial basis

Territorial basis

| (30) | ITA 2010 is based on a territorial system of taxation, meaning that profits or gains are taxed only if the income ‘accrues in or is derived from’ Gibraltar. According to section 74 of ITA 2010, ‘accrued in and derived from’ is to be defined by reference to the location of the activities (12) which give rise to the profits, normally determined on a case by case basis. That provision also deems activities requiring a licence and regulation under any law of Gibraltar to take place in Gibraltar. |
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(30)

ITA 2010 is based on a territorial system of taxation, meaning that profits or gains are taxed only if the income ‘accrues in or is derived from’ Gibraltar. According to section 74 of ITA 2010, ‘accrued in and derived from’ is to be defined by reference to the location of the activities (12) which give rise to the profits, normally determined on a case by case basis. That provision also deems activities requiring a licence and regulation under any law of Gibraltar to take place in Gibraltar.

12

| (31) | The application by the Gibraltar tax authorities of the concepts of accrual and derivation also finds its source in principles derived from the jurisprudence of the Judicial Committee of the Privy Council (13) in several landmark cases, such as Hang Seng (14) and HK-TVB (15), which both relate to the application of the principle of territoriality in Hong Kong. While the judgments of the Judicial Committee of the Privy Council concerning jurisdictions other than Gibraltar are not binding on Gibraltar, they may be relied upon by the Gibraltar courts if they are considered relevant. In the view of the United Kingdom, that would clearly be the case for the judgments referred to in this recital because of the similarity of the legislation in the two jurisdictions (16). |
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(31)

The application by the Gibraltar tax authorities of the concepts of accrual and derivation also finds its source in principles derived from the jurisprudence of the Judicial Committee of the Privy Council (13) in several landmark cases, such as Hang Seng (14) and HK-TVB (15), which both relate to the application of the principle of territoriality in Hong Kong. While the judgments of the Judicial Committee of the Privy Council concerning jurisdictions other than Gibraltar are not binding on Gibraltar, they may be relied upon by the Gibraltar courts if they are considered relevant. In the view of the United Kingdom, that would clearly be the case for the judgments referred to in this recital because of the similarity of the legislation in the two jurisdictions (16).

13

Hang Seng

14

HK-TVB

15

16

| (32) | According to the case-law mentioned in recital 31, in deciding whether profits of any person accrue in and are derived from Gibraltar, the Gibraltar tax authorities should look at what the person has done, or proposes to do, to earn the profits in question, and where that person has done it, or intends to do it. The focus is therefore on establishing the geographical location of the activity that produced the profits for the relevant transactions. With regard to the provision of services by a company, the Gibraltar authorities have indicated that they would rely in particular on the geographical location where all the income-generating activities (and not simply the back-office or administrative support functions) take place in order to determine the place where the services giving rise to fees are performed. |
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(32)

According to the case-law mentioned in recital 31, in deciding whether profits of any person accrue in and are derived from Gibraltar, the Gibraltar tax authorities should look at what the person has done, or proposes to do, to earn the profits in question, and where that person has done it, or intends to do it. The focus is therefore on establishing the geographical location of the activity that produced the profits for the relevant transactions. With regard to the provision of services by a company, the Gibraltar authorities have indicated that they would rely in particular on the geographical location where all the income-generating activities (and not simply the back-office or administrative support functions) take place in order to determine the place where the services giving rise to fees are performed.

2.2.   Tax exemption for passive interest and royalty income

Tax exemption for passive interest and royalty income

| (33) | Under ITA 2010, as originally enacted, passive interest and royalties were not chargeable to tax (17), irrespective of the source of the income or the application of the territoriality principle. The notion of passive interest refers mainly to inter-company loan interest. By contrast, interest was subject to tax if it was considered trading income, i.e. if it forms an integral part of a company's revenue stream (18). |
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(33)

Under ITA 2010, as originally enacted, passive interest and royalties were not chargeable to tax (17), irrespective of the source of the income or the application of the territoriality principle. The notion of passive interest refers mainly to inter-company loan interest. By contrast, interest was subject to tax if it was considered trading income, i.e. if it forms an integral part of a company's revenue stream (18).

17

18

| (34) | ITA 2010 was amended in June 2013, with effect from 1 July 2013, to make all inter-company loan interest (both domestic and foreign sourced) liable to tax at the general rate of 10 % insofar as the interest received or receivable per source company exceeded GBP 100 000 per annum (19). With regard to royalty income, further legislation was enacted on 24 December 2013 subjecting royalties (received or receivable by a company registered in Gibraltar) to tax at the rate of 10 % as from 1 January 2014 (20). |
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(34)

ITA 2010 was amended in June 2013, with effect from 1 July 2013, to make all inter-company loan interest (both domestic and foreign sourced) liable to tax at the general rate of 10 % insofar as the interest received or receivable per source company exceeded GBP 100 000 per annum (19). With regard to royalty income, further legislation was enacted on 24 December 2013 subjecting royalties (received or receivable by a company registered in Gibraltar) to tax at the rate of 10 % as from 1 January 2014 (20).

19

20

| (35) | Pursuant to Table C of Schedule 1 to ITA 2010, dividends paid or payable by a company to another company are not subject to tax. That is the general rule irrespective of the location of the company and regardless of the activity of the companies involved (holding companies or active trading companies). The same applies to dividends received by a permanent establishment (situated in Gibraltar) of a non-resident company. |
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(35)

Pursuant to Table C of Schedule 1 to ITA 2010, dividends paid or payable by a company to another company are not subject to tax. That is the general rule irrespective of the location of the company and regardless of the activity of the companies involved (holding companies or active trading companies). The same applies to dividends received by a permanent establishment (situated in Gibraltar) of a non-resident company.

2.3.   Tax ruling practice

Tax ruling practice

| (36) | The Gibraltar Commissioner of Income Tax is entitled to grant tax rulings under his general duty to ensure the due administration of the Income Tax Act and his responsibility for the assessment and collection of income tax in Gibraltar. Such general powers follow from section 2(1) and (2) of ITA 2010. |
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(36)

The Gibraltar Commissioner of Income Tax is entitled to grant tax rulings under his general duty to ensure the due administration of the Income Tax Act and his responsibility for the assessment and collection of income tax in Gibraltar. Such general powers follow from section 2(1) and (2) of ITA 2010.

| (37) | With respect to the tax rulings listed in the Decision to Extend Proceedings, in most cases, requests for tax rulings seek confirmation of whether or not a resident company is liable to tax in Gibraltar as a result of the basic legal taxation principles, i.e. accrual and derivation of income in accordance with the territorial system. |
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(37)

With respect to the tax rulings listed in the Decision to Extend Proceedings, in most cases, requests for tax rulings seek confirmation of whether or not a resident company is liable to tax in Gibraltar as a result of the basic legal taxation principles, i.e. accrual and derivation of income in accordance with the territorial system.

| (38) | In addition, section 42 of ITA 2010 provides for a specific procedure for clearance in relation to anti-avoidance issues. Such rulings can only be granted for the purpose of determining whether certain transactions or arrangements are taxable in accordance with section 40 of or Schedule 4 to ITA 2010, i.e. for determining whether or not an arrangement is artificial or fictitious for the purposes of eliminating or reducing the amount of taxation payable. |
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(38)

In addition, section 42 of ITA 2010 provides for a specific procedure for clearance in relation to anti-avoidance issues. Such rulings can only be granted for the purpose of determining whether certain transactions or arrangements are taxable in accordance with section 40 of or Schedule 4 to ITA 2010, i.e. for determining whether or not an arrangement is artificial or fictitious for the purposes of eliminating or reducing the amount of taxation payable.

3.   GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE

3.1.   The passive interest and royalty income tax exemption

The passive interest and royalty income tax exemption

| (39) | In the First Opening Decision, the Commission took the preliminary view that the tax exemption for passive (inter-company loan) interest and royalty income resulting from ITA 2010 constitutes State aid for the purposes of Article 107(1) of the Treaty and expressed doubts as to its compatibility with the internal market. |
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(39)

In the First Opening Decision, the Commission took the preliminary view that the tax exemption for passive (inter-company loan) interest and royalty income resulting from ITA 2010 constitutes State aid for the purposes of Article 107(1) of the Treaty and expressed doubts as to its compatibility with the internal market.

| (40) | With respect to the material selectivity of the measure, the Commission found that the passive income (interest, royalty and dividend) exemption was prima facie selective. However, with regard to dividends it found that the exemption was justified by the logic of preventing double taxation. By contrast, the Commission did not identify any justification for the exemption for passive interest or royalty income. In particular, it did not agree that the exemption for foreign source passive interest followed from the logic of the territorial system of taxation. Nor did it accept the argument that the exemption for domestic source passive interest would be justified by manageability concerns (excessive costs of collecting the tax). Finally, with regard to the royalty exemption, the Commission did not accept the need to make the Gibraltar tax system simple and effective as a valid justification for the exemption. |
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(40)

With respect to the material selectivity of the measure, the Commission found that the passive income (interest, royalty and dividend) exemption was prima facie selective. However, with regard to dividends it found that the exemption was justified by the logic of preventing double taxation. By contrast, the Commission did not identify any justification for the exemption for passive interest or royalty income. In particular, it did not agree that the exemption for foreign source passive interest followed from the logic of the territorial system of taxation. Nor did it accept the argument that the exemption for domestic source passive interest would be justified by manageability concerns (excessive costs of collecting the tax). Finally, with regard to the royalty exemption, the Commission did not accept the need to make the Gibraltar tax system simple and effective as a valid justification for the exemption.

prima facie

| (41) | On a preliminary basis, the Commission also concluded that the measure was financed through State resources, that it conferred an economic advantage to undertakings, that it affected trade between Member States and that it threatened to distort competition by favouring certain undertakings. Accordingly, it took the view that the tax exemption for passive interest and royalties constituted State aid for the purposes of Article 107(1) of the Treaty. |
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(41)

On a preliminary basis, the Commission also concluded that the measure was financed through State resources, that it conferred an economic advantage to undertakings, that it affected trade between Member States and that it threatened to distort competition by favouring certain undertakings. Accordingly, it took the view that the tax exemption for passive interest and royalties constituted State aid for the purposes of Article 107(1) of the Treaty.

| (42) | The Commission also concluded that such aid constituted ‘new aid’ as the exemption for passive interest under ITA 1952 was not granted automatically and required an assessment of territoriality. In addition, ITA 2010 introduced an exemption for royalties, which did not previously exist under ITA 1952. In this regard, the Commission noted that the application of the territorial system meant that all royalty income received by a Gibraltar company accrues in and is derived from Gibraltar. |
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(42)

The Commission also concluded that such aid constituted ‘new aid’ as the exemption for passive interest under ITA 1952 was not granted automatically and required an assessment of territoriality. In addition, ITA 2010 introduced an exemption for royalties, which did not previously exist under ITA 1952. In this regard, the Commission noted that the application of the territorial system meant that all royalty income received by a Gibraltar company accrues in and is derived from Gibraltar.

| (43) | Finally, the Commission expressed its doubts as to the compatibility of the exemption rule for the passive (inter-company loan) interest and royalty income with the internal market. In particular, it did not identify any possible compatibility grounds under Article 107(2) or (3) of the Treaty. |
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(43)

Finally, the Commission expressed its doubts as to the compatibility of the exemption rule for the passive (inter-company loan) interest and royalty income with the internal market. In particular, it did not identify any possible compatibility grounds under Article 107(2) or (3) of the Treaty.

3.2.   The tax ruling practice

The tax ruling practice

| (44) | With the Decision to Extend Proceedings, the Commission decided to extend the formal investigation procedure to cover 165 tax rulings granted by the Gibraltar tax authorities between the period from 2011 to August 2013 (out of a total of 340 rulings granted during that period). |
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(44)

With the Decision to Extend Proceedings, the Commission decided to extend the formal investigation procedure to cover 165 tax rulings granted by the Gibraltar tax authorities between the period from 2011 to August 2013 (out of a total of 340 rulings granted during that period).

| (45) | The Commission considered that the four conditions for qualifying a measure as State aid were in principle met. In particular, it concluded on a preliminary basis that the tax ruling measures were materially selective as the Gibraltar tax authorities generally refrained from conducting a proper assessment of the company's tax obligations, in exercise of their discretionary powers. In the Commission's view, such a course of conduct was made possible because the legal provisions were formulated in a vague manner. The Commission also took the preliminary view that, in some cases, the Gibraltar tax authorities issued tax rulings that were inconsistent with the applicable tax provisions. |
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(45)

The Commission considered that the four conditions for qualifying a measure as State aid were in principle met. In particular, it concluded on a preliminary basis that the tax ruling measures were materially selective as the Gibraltar tax authorities generally refrained from conducting a proper assessment of the company's tax obligations, in exercise of their discretionary powers. In the Commission's view, such a course of conduct was made possible because the legal provisions were formulated in a vague manner. The Commission also took the preliminary view that, in some cases, the Gibraltar tax authorities issued tax rulings that were inconsistent with the applicable tax provisions.

| (46) | To support its preliminary views on the selective nature of the tax ruling measures due to the existence of discretionary practices, the misapplication of the rules or the absence of proper verification as to where activities are effectively performed, the Commission outlined seven typical categories of cases on the basis of different types of ruling, activity or income. |
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(46)

To support its preliminary views on the selective nature of the tax ruling measures due to the existence of discretionary practices, the misapplication of the rules or the absence of proper verification as to where activities are effectively performed, the Commission outlined seven typical categories of cases on the basis of different types of ruling, activity or income.

| (47) | On a preliminary basis, the Commission considered that, by granting such tax rulings only to certain multinational companies, as opposed to other, purely domestic companies that do not ask for a tax ruling, the tax authorities treated companies that were in a similar legal and factual situation differently. Accordingly, the measures were found to be prima facie selective. Further, the Commission did not identify an acceptable justification based on the nature or the general scheme of the reference system (see recital 57 of the Decision to Extend Proceedings). In this respect, it also indicated that any possible justification would require the existence of appropriate control and monitoring procedures (21) (in order to ensure a coherent application of the tax system), which seemed to be lacking in the case in hand. |
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(47)

On a preliminary basis, the Commission considered that, by granting such tax rulings only to certain multinational companies, as opposed to other, purely domestic companies that do not ask for a tax ruling, the tax authorities treated companies that were in a similar legal and factual situation differently. Accordingly, the measures were found to be prima facie selective. Further, the Commission did not identify an acceptable justification based on the nature or the general scheme of the reference system (see recital 57 of the Decision to Extend Proceedings). In this respect, it also indicated that any possible justification would require the existence of appropriate control and monitoring procedures (21) (in order to ensure a coherent application of the tax system), which seemed to be lacking in the case in hand.

prima facie

21

| (48) | As a preliminary conclusion, the Commission also found that the tax ruling measures were granted through State resources, that they conferred an economic advantage to undertakings, that they affected trade between Member States and that they threatened to distort competition by favouring certain undertakings. It expressed its doubts as to the compatibility of those measures with the internal market. Accordingly, it took the preliminary view that the tax ruling measures constituted State aid for the purposes of Article 107(1) of the Treaty. It also considered that such State aid constituted ‘new aid’. |
| --- | --- |

(48)

As a preliminary conclusion, the Commission also found that the tax ruling measures were granted through State resources, that they conferred an economic advantage to undertakings, that they affected trade between Member States and that they threatened to distort competition by favouring certain undertakings. It expressed its doubts as to the compatibility of those measures with the internal market. Accordingly, it took the preliminary view that the tax ruling measures constituted State aid for the purposes of Article 107(1) of the Treaty. It also considered that such State aid constituted ‘new aid’.

| (49) | The extended proceedings related not only to the 165 individual rulings but also more generally to the tax ruling practice under ITA 2010, which seemed to misapply the provisions of ITA 2010 on a recurrent basis. |
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(49)

The extended proceedings related not only to the 165 individual rulings but also more generally to the tax ruling practice under ITA 2010, which seemed to misapply the provisions of ITA 2010 on a recurrent basis.

| (50) | With regard to the compatibility of the 165 tax rulings and the general tax ruling practice with the internal market, the Commission did not identify any possible grounds for compatibility based on the exceptions laid down in Article 107(2) and (3) of the Treaty. |
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(50)

With regard to the compatibility of the 165 tax rulings and the general tax ruling practice with the internal market, the Commission did not identify any possible grounds for compatibility based on the exceptions laid down in Article 107(2) and (3) of the Treaty.

| (51) | In conclusion, the Commission expressed the preliminary view that the 165 tax rulings listed in the Annex to the Decision to Extend Proceedings and the tax rulings practice of Gibraltar constitute State aid for the purposes of Article 107(1) of the Treaty and expressed doubts about their compatibility with the internal market. It also invited the United Kingdom and the Gibraltar authorities to provide it with evidence of ex post controls. Finally, it invited the United Kingdom to explain whether and on what grounds the tax ruling practice or any of the 165 tax rulings assessed could be found compatible. |
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(51)

In conclusion, the Commission expressed the preliminary view that the 165 tax rulings listed in the Annex to the Decision to Extend Proceedings and the tax rulings practice of Gibraltar constitute State aid for the purposes of Article 107(1) of the Treaty and expressed doubts about their compatibility with the internal market. It also invited the United Kingdom and the Gibraltar authorities to provide it with evidence of ex post controls. Finally, it invited the United Kingdom to explain whether and on what grounds the tax ruling practice or any of the 165 tax rulings assessed could be found compatible.

ex post

4.   COMMENTS FROM THE UK

4.1.   Comments on the passive interest and royalty income tax exemption

Comments on the passive interest and royalty income tax exemption

| (52) | The comments submitted by the United Kingdom on 20 December 2013 can be summarised as follows:






  (1) | ITA 2010 applies the territorial principle according to which the profits of companies are taxed in Gibraltar only if the income ‘accrues in or is derived from’ Gibraltar. This was also the situation under ITA 1952; |
| --- | --- | --- |

(52)

The comments submitted by the United Kingdom on 20 December 2013 can be summarised as follows:

(1)

ITA 2010 applies the territorial principle according to which the profits of companies are taxed in Gibraltar only if the income ‘accrues in or is derived from’ Gibraltar. This was also the situation under ITA 1952;

| (2) | the exemption for passive interest and royalty income cannot be considered selective as these provisions are open to all companies and apply generally to all sectors of industry, finance and commerce. The availability of the exemption is not limited in any way, either to any category of company or to any kind of activity. The fact that some companies benefit from a tax rule more than others does not make it selective. In addition, no particular group of companies benefiting from the measure can be identified. There are no other companies in similar factual or legal situations in Gibraltar to which these measures would not apply; |
| --- | --- |

(2)

the exemption for passive interest and royalty income cannot be considered selective as these provisions are open to all companies and apply generally to all sectors of industry, finance and commerce. The availability of the exemption is not limited in any way, either to any category of company or to any kind of activity. The fact that some companies benefit from a tax rule more than others does not make it selective. In addition, no particular group of companies benefiting from the measure can be identified. There are no other companies in similar factual or legal situations in Gibraltar to which these measures would not apply;

| (3) | it is incorrect to say that the exemption selectively favours in particular companies receiving royalties for intellectual property rights and intra-group interest paid by non-Gibraltar companies. There is nothing in the tax system which leads to any particular proportion of non-Gibraltar companies, or which gives any privilege to companies lending to foreign companies; |
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(3)

it is incorrect to say that the exemption selectively favours in particular companies receiving royalties for intellectual property rights and intra-group interest paid by non-Gibraltar companies. There is nothing in the tax system which leads to any particular proportion of non-Gibraltar companies, or which gives any privilege to companies lending to foreign companies;

| (4) | the reference to ‘offshore companies’ in recital 37 of the First Opening Decision is too ambiguous and unrelated to the tax treatment of passive income. In addition, the argument that the measure re-establishes the previous regime of exempt companies is irrelevant as it does not influence the selectivity assessment of the exemption; |
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(4)

the reference to ‘offshore companies’ in recital 37 of the First Opening Decision is too ambiguous and unrelated to the tax treatment of passive income. In addition, the argument that the measure re-establishes the previous regime of exempt companies is irrelevant as it does not influence the selectivity assessment of the exemption;

| (5) | as regards de facto selectivity, no identifiable group or category of companies could be identified as beneficiaries. The way a given rule operates in practice from time to time does not make it selective unless the terms of the measure, or some identifiable and stable feature of the specific circumstances to which it applies, cause it to benefit only a limited category of companies. In the case in hand, the number of companies actually or potentially benefiting from the provisions is not limited in any way, in law or in fact. The provision is therefore not selective; |
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(5)

as regards de facto selectivity, no identifiable group or category of companies could be identified as beneficiaries. The way a given rule operates in practice from time to time does not make it selective unless the terms of the measure, or some identifiable and stable feature of the specific circumstances to which it applies, cause it to benefit only a limited category of companies. In the case in hand, the number of companies actually or potentially benefiting from the provisions is not limited in any way, in law or in fact. The provision is therefore not selective;

| (6) | the exemption for passive interest and royalty income is justified by the nature and general scheme of the Gibraltar tax system. First, the non-taxation of foreign-source passive interest is the logical consequence of the territoriality principle, which is based on the aim of avoiding double taxation. Second, the exemption for Gibraltar-source interest and royalties is justified by the logic of any tax system considering that cost of collection must not exceed expected revenue; |
| --- | --- |

(6)

the exemption for passive interest and royalty income is justified by the nature and general scheme of the Gibraltar tax system. First, the non-taxation of foreign-source passive interest is the logical consequence of the territoriality principle, which is based on the aim of avoiding double taxation. Second, the exemption for Gibraltar-source interest and royalties is justified by the logic of any tax system considering that cost of collection must not exceed expected revenue;

| (7) | if the Commission was to conclude that the treatment of foreign source loan interest is selective, it would have to be considered as ‘existing’ aid. The new aid element could only concern passive interest amounts ‘that were taxable before the entry into force of ITA 2010’ whereas under ITA 1952, foreign source loan interest was not taxable because of the ‘situs of the loan’ rule (22). This means that de facto the ‘situs’ of foreign-source inter-company loan interest has remained the same as under the previous legislation. Accordingly, it was legally incorrect for the Commission to initiate a formal investigation procedure on this particular aspect of the Gibraltar tax system; |
| --- | --- |

(7)

if the Commission was to conclude that the treatment of foreign source loan interest is selective, it would have to be considered as ‘existing’ aid. The new aid element could only concern passive interest amounts ‘that were taxable before the entry into force of ITA 2010’ whereas under ITA 1952, foreign source loan interest was not taxable because of the ‘situs of the loan’ rule (22). This means that de facto the ‘situs’ of foreign-source inter-company loan interest has remained the same as under the previous legislation. Accordingly, it was legally incorrect for the Commission to initiate a formal investigation procedure on this particular aspect of the Gibraltar tax system;

22

| (8) | the Government of Gibraltar introduced legislation, with effect from 1 July 2013, so that all inter-company loan interest income exceeding GBP 100 000 per annum, both domestic and foreign-sourced, are subject to tax. Reference was also made to further legislation enacted on 24 December 2013 with effect from 1 January 2014 making royalties also liable to tax; |
| --- | --- |

(8)

the Government of Gibraltar introduced legislation, with effect from 1 July 2013, so that all inter-company loan interest income exceeding GBP 100 000 per annum, both domestic and foreign-sourced, are subject to tax. Reference was also made to further legislation enacted on 24 December 2013 with effect from 1 January 2014 making royalties also liable to tax;

| (9) | in addition, if the Commission concluded that the tax treatment of interest and royalties was ‘new’ aid, the UK's understanding of Gibraltar's view is that recovery affecting the relevant periods would be difficult or impossible for practical reasons; |
| --- | --- |

(9)

in addition, if the Commission concluded that the tax treatment of interest and royalties was ‘new’ aid, the UK's understanding of Gibraltar's view is that recovery affecting the relevant periods would be difficult or impossible for practical reasons;

| (10) | finally, the Commission has departed from the normal practice under Council Regulation (EU) 2015/1589 (23) (‘the Procedural Regulation’) as it has initiated a formal investigation on a particular aspect of the Gibraltar tax system in parallel with a continued preliminary examination regarding the same tax system. |
| --- | --- |

(10)

finally, the Commission has departed from the normal practice under Council Regulation (EU) 2015/1589 (23) (‘the Procedural Regulation’) as it has initiated a formal investigation on a particular aspect of the Gibraltar tax system in parallel with a continued preliminary examination regarding the same tax system.

23

4.2.   Comments on the tax ruling practice

Comments on the tax ruling practice

| (53) | The arguments put forward by the United Kingdom on 31 March 2015 against the Decision to Extend Proceedings can be summarised as follows:






  (1) | there is no evidence that any tax rulings would be selective. The tax ruling practice in Gibraltar has never involved any element of individual or special treatment or any element of negotiation, or any influence or consideration except those resulting from the terms of the tax law applicable in Gibraltar. A tax ruling is simply a statement by the Gibraltar Commissioner of Income Tax that, on the basis of the facts explained to the Commissioner, and on the normal and correct interpretation of the legislation applicable, the company in question is not liable to income tax on the income or revenues described. There is no evidence that any of the rulings departed in any way from the normal and correct interpretation of the tax legislation. In addition, the tax authorities exercise no discretionary powers, nor is there any evidence that they have ever consciously or deliberately refrained from making proper assessments, or deliberately deviated from the applicable national tax legislation. The seven categories of ruling identified by the Commission in the First Opening Decision are not selective when compared with other tax rulings as none of the rulings deviates from the applicable national tax provisions; |
| --- | --- | --- |

(53)

The arguments put forward by the United Kingdom on 31 March 2015 against the Decision to Extend Proceedings can be summarised as follows:

(1)

there is no evidence that any tax rulings would be selective. The tax ruling practice in Gibraltar has never involved any element of individual or special treatment or any element of negotiation, or any influence or consideration except those resulting from the terms of the tax law applicable in Gibraltar. A tax ruling is simply a statement by the Gibraltar Commissioner of Income Tax that, on the basis of the facts explained to the Commissioner, and on the normal and correct interpretation of the legislation applicable, the company in question is not liable to income tax on the income or revenues described. There is no evidence that any of the rulings departed in any way from the normal and correct interpretation of the tax legislation. In addition, the tax authorities exercise no discretionary powers, nor is there any evidence that they have ever consciously or deliberately refrained from making proper assessments, or deliberately deviated from the applicable national tax legislation. The seven categories of ruling identified by the Commission in the First Opening Decision are not selective when compared with other tax rulings as none of the rulings deviates from the applicable national tax provisions;

| (2) | there is no evidence that any of the tax rulings distorted competition. A measure can distort competition only in the sector in which it applies, or in some closely related sector. The tax rulings with which the decision is concerned apply in a large number of different sectors. The Commission has not suggested that any individual ruling distorted competition in the sector in which it applied, but merely indicates that there is an effect on trade between Member States that threatens to distort competition, without considering whether any ruling has done so; |
| --- | --- |

(2)

there is no evidence that any of the tax rulings distorted competition. A measure can distort competition only in the sector in which it applies, or in some closely related sector. The tax rulings with which the decision is concerned apply in a large number of different sectors. The Commission has not suggested that any individual ruling distorted competition in the sector in which it applied, but merely indicates that there is an effect on trade between Member States that threatens to distort competition, without considering whether any ruling has done so;

| (3) | there is clear evidence that the rulings referred to in the Decision to Extend Proceedings are only part of a consistent practice which began long before the UK joined the Union. The practice was based on section 3(1) of ITA 1952, now reproduced in virtually identical form in section 2(1) and (2) of ITA 2010. Therefore, if there were found to be any element of State aid, it would necessarily be ‘existing’ aid, and not ‘new’ aid; |
| --- | --- |

(3)

there is clear evidence that the rulings referred to in the Decision to Extend Proceedings are only part of a consistent practice which began long before the UK joined the Union. The practice was based on section 3(1) of ITA 1952, now reproduced in virtually identical form in section 2(1) and (2) of ITA 2010. Therefore, if there were found to be any element of State aid, it would necessarily be ‘existing’ aid, and not ‘new’ aid;

| (4) | the Decision to Extend Proceedings is based on an incorrect understanding of significant facts. The Commission was informed, unfortunately incorrectly, by the UK authorities on behalf of the Government of Gibraltar that the procedure allowing the Gibraltar Commissioner to grant tax rulings confirming whether or not a resident company is liable to tax in Gibraltar is set out in section 42 of ITA 2010, which was introduced by that Act and did not exist under ITA 1952, instead of being told that section 42 merely introduced an explicit legislative basis for a certain type of ruling that is not relevant to the case in hand and that rulings on the application of the territorial system have been given since 1952, under section 3(1) of ITA 1952 or section 2(1) and (2) of ITA 2010. Although that misunderstanding is due to incorrect information provided by the UK authorities, the United Kingdom considers that it was presumably this incorrect information that led the Commission to assume it might be possible to regard tax rulings given since 2010 as ‘new aid’; |
| --- | --- |

(4)

the Decision to Extend Proceedings is based on an incorrect understanding of significant facts. The Commission was informed, unfortunately incorrectly, by the UK authorities on behalf of the Government of Gibraltar that the procedure allowing the Gibraltar Commissioner to grant tax rulings confirming whether or not a resident company is liable to tax in Gibraltar is set out in section 42 of ITA 2010, which was introduced by that Act and did not exist under ITA 1952, instead of being told that section 42 merely introduced an explicit legislative basis for a certain type of ruling that is not relevant to the case in hand and that rulings on the application of the territorial system have been given since 1952, under section 3(1) of ITA 1952 or section 2(1) and (2) of ITA 2010. Although that misunderstanding is due to incorrect information provided by the UK authorities, the United Kingdom considers that it was presumably this incorrect information that led the Commission to assume it might be possible to regard tax rulings given since 2010 as ‘new aid’;

| (5) | the Decision to Extend Proceedings suggests that the Commission considers that the practice could be a ‘scheme’ of aid and involves one or more individual State aids. There is no evidence to support either view. Such uncertainty questions the Decision procedurally, at least in part, since the scheme character of the practice of rulings cannot be dealt with by the chosen procedure, as it is evidently existing aid, if it is concluded to be aid at all. In addition, there is no evidence that suggests that tax rulings were intended to be anything except the normal and correct interpretation and application of the tax law in force; |
| --- | --- |

(5)

the Decision to Extend Proceedings suggests that the Commission considers that the practice could be a ‘scheme’ of aid and involves one or more individual State aids. There is no evidence to support either view. Such uncertainty questions the Decision procedurally, at least in part, since the scheme character of the practice of rulings cannot be dealt with by the chosen procedure, as it is evidently existing aid, if it is concluded to be aid at all. In addition, there is no evidence that suggests that tax rulings were intended to be anything except the normal and correct interpretation and application of the tax law in force;

| (6) | the Decision to Extend Proceedings was adopted before the Commission had all the information to be able to fully assess the position with respect to tax rulings. In particular, there had been only two exchanges between the Commission and the United Kingdom on the tax ruling practice before the Commission took the Decision to Extend Proceedings. During that period, the Commission never suggested on what basis any tax ruling could be regarded as distorting competition in any way. |
| --- | --- |

(6)

the Decision to Extend Proceedings was adopted before the Commission had all the information to be able to fully assess the position with respect to tax rulings. In particular, there had been only two exchanges between the Commission and the United Kingdom on the tax ruling practice before the Commission took the Decision to Extend Proceedings. During that period, the Commission never suggested on what basis any tax ruling could be regarded as distorting competition in any way.

5.   COMMENTS FROM INTERESTED PARTIES

5.1.   Comments on the passive interest and royalty income tax exemption

Comments on the passive interest and royalty income tax exemption

| (54) | The Commission received comments from four interested parties — Gibraltar, Spain, Germany and the Spanish Confederation of Business Organisations (CEOE). |
| --- | --- |

(54)

The Commission received comments from four interested parties — Gibraltar, Spain, Germany and the Spanish Confederation of Business Organisations (CEOE).

5.1.1.   Comments from Gibraltar

Comments from Gibraltar

| (55) | In its comments, Gibraltar supported the line of argument put forward by the United Kingdom that the measure is not selective as it is applied universally and is open to all types of goods, services and companies and that, if it were found to be selective, it should be considered justified by the logic and general nature of the system as a consequence of the territoriality principle. It further pointed out that the exemption for passive interest and royalty income is justified by concerns about administrative manageability, since the costs associated with the collection of the tax are expected to be larger than the actual tax yields. |
| --- | --- |

(55)

In its comments, Gibraltar supported the line of argument put forward by the United Kingdom that the measure is not selective as it is applied universally and is open to all types of goods, services and companies and that, if it were found to be selective, it should be considered justified by the logic and general nature of the system as a consequence of the territoriality principle. It further pointed out that the exemption for passive interest and royalty income is justified by concerns about administrative manageability, since the costs associated with the collection of the tax are expected to be larger than the actual tax yields.

| (56) | With regard to the exemption for royalty income, Gibraltar further submitted that the exemption cannot be regarded as selective as the companies that were in receipt of royalties during the three year period when the non-chargeability to tax was in force were active in sectors as diverse as food retail, high street clothing, gaming and insurance. Furthermore, the type of royalty concerned was equally diverse, including copyright, trade mark, knowhow and patents. |
| --- | --- |

(56)

With regard to the exemption for royalty income, Gibraltar further submitted that the exemption cannot be regarded as selective as the companies that were in receipt of royalties during the three year period when the non-chargeability to tax was in force were active in sectors as diverse as food retail, high street clothing, gaming and insurance. Furthermore, the type of royalty concerned was equally diverse, including copyright, trade mark, knowhow and patents.

| (57) | Gibraltar also maintained that, were the measure nonetheless found to be selective, it should be considered to be ‘existing aid’ as it is de facto a continuation of the old regime under which foreign interest was exempt from taxation, based on an analysis of the ‘situs of the loan’. For that reason, the measure could only be considered to be ‘new aid’ to the extent that it concerned domestic interest income. |
| --- | --- |

(57)

Gibraltar also maintained that, were the measure nonetheless found to be selective, it should be considered to be ‘existing aid’ as it is de facto a continuation of the old regime under which foreign interest was exempt from taxation, based on an analysis of the ‘situs of the loan’. For that reason, the measure could only be considered to be ‘new aid’ to the extent that it concerned domestic interest income.

de fact

| (58) | With respect to any potential recovery, Gibraltar also submitted that the amounts of tax foregone would fall below the de minimis threshold established by Commission Regulation (EU) No 1407/2013 (24). In particular, Gibraltar submitted that information collected from 18 companies in receipt of royalty income, who together accounted for GBP 90 million in gross royalty income, showed that the total net figure of royalty income, as a result of the deductible expenses, amounted to no more than GBP 18 million. In addition, with regard to Gibraltar-source passive interest, the maximum tax yield would be approximately GBP 250 000, spread across at least 17 companies. Furthermore, Gibraltar's view is that recovery is likely to be impossible for practical reasons and would meet insurmountable difficulties, due to the mobile character of the funds of the companies in question and in the light of the international law principle that courts of one State will not allow or enforce claims for taxes on behalf of another State. |
| --- | --- |

(58)

With respect to any potential recovery, Gibraltar also submitted that the amounts of tax foregone would fall below the de minimis threshold established by Commission Regulation (EU) No 1407/2013 (24). In particular, Gibraltar submitted that information collected from 18 companies in receipt of royalty income, who together accounted for GBP 90 million in gross royalty income, showed that the total net figure of royalty income, as a result of the deductible expenses, amounted to no more than GBP 18 million. In addition, with regard to Gibraltar-source passive interest, the maximum tax yield would be approximately GBP 250 000, spread across at least 17 companies. Furthermore, Gibraltar's view is that recovery is likely to be impossible for practical reasons and would meet insurmountable difficulties, due to the mobile character of the funds of the companies in question and in the light of the international law principle that courts of one State will not allow or enforce claims for taxes on behalf of another State.

de minimis

24

| (59) | With regard to the procedure, Gibraltar asserted that the Commission departed from the normal practice under the Procedural Regulation, with arguments similar to those put forward by the UK authorities. |
| --- | --- |

(59)

With regard to the procedure, Gibraltar asserted that the Commission departed from the normal practice under the Procedural Regulation, with arguments similar to those put forward by the UK authorities.

5.1.2.   Comments from Spain, Germany and CEOE

Comments from Spain, Germany and CEOE

| (60) | In their submissions, Spain, Germany and CEOE supported the Commission's analysis that the measure constituted State aid as it selectively excluded certain types of income from taxation, had a negative effect on intra-Union trade and distorted competition. |
| --- | --- |

(60)

In their submissions, Spain, Germany and CEOE supported the Commission's analysis that the measure constituted State aid as it selectively excluded certain types of income from taxation, had a negative effect on intra-Union trade and distorted competition.

| (61) | In addition, Spain expressed concern about the effectiveness of the amendment of 7 June 2013 regarding taxation of passive interest, given that the exempted companies in Gibraltar who had received interest income did not have any tax filing obligations. In Spain's view, this would hinder identification of the potential beneficiaries of the measure and ex post controls on the reporting and taxation of interest income. |
| --- | --- |

(61)

In addition, Spain expressed concern about the effectiveness of the amendment of 7 June 2013 regarding taxation of passive interest, given that the exempted companies in Gibraltar who had received interest income did not have any tax filing obligations. In Spain's view, this would hinder identification of the potential beneficiaries of the measure and ex post controls on the reporting and taxation of interest income.

ex post

| (62) | Spain also maintained that the new GBP 100 000 threshold introduced by the 2013 amendment is high. Furthermore the anti-abuse provision, which requires the received interest from related companies to be aggregated, does not apply at the level of the recipient companies. Therefore, the threshold provision could be easily circumvented through a simple company group restructuring creating several Gibraltar companies and distributing the interest received amongst those. |
| --- | --- |

(62)

Spain also maintained that the new GBP 100 000 threshold introduced by the 2013 amendment is high. Furthermore the anti-abuse provision, which requires the received interest from related companies to be aggregated, does not apply at the level of the recipient companies. Therefore, the threshold provision could be easily circumvented through a simple company group restructuring creating several Gibraltar companies and distributing the interest received amongst those.

| (63) | With respect to the exemption of dividends, Spain challenged the double-taxation prevention justification put forward by the Commission. In Spain's opinion, contrary to the Code of Conduct Group's Work Package 2011 on business taxation's guidance notes, Gibraltar had not enacted an effective anti-abuse provision to ensure taxation. In particular, it considered that Gibraltar's legislation failed to require the undertaking in question to be subject to tax (either in Gibraltar or in a foreign country) in order to benefit from the exemption. This failure gave rise, in Spain's view, to a risk of double non-taxation. |
| --- | --- |

(63)

With respect to the exemption of dividends, Spain challenged the double-taxation prevention justification put forward by the Commission. In Spain's opinion, contrary to the Code of Conduct Group's Work Package 2011 on business taxation's guidance notes, Gibraltar had not enacted an effective anti-abuse provision to ensure taxation. In particular, it considered that Gibraltar's legislation failed to require the undertaking in question to be subject to tax (either in Gibraltar or in a foreign country) in order to benefit from the exemption. This failure gave rise, in Spain's view, to a risk of double non-taxation.

| (64) | Concerning the tax treatment of royalties, the Spanish authorities considered that the exemption selectively favoured companies receiving income from royalties and that such an exemption could not be justified by the avoidance of double taxation. |
| --- | --- |

(64)

Concerning the tax treatment of royalties, the Spanish authorities considered that the exemption selectively favoured companies receiving income from royalties and that such an exemption could not be justified by the avoidance of double taxation.

| (65) | Both the Spanish authorities and CEOE also referred to the fact that the exemption for passive interest and royalty income must be examined in the light of the general effects of ITA 2010. In their opinion, the intention of ITA 2010 was to continue the effects of the previous tax system (already declared by the Court of Justice to be State aid) favouring offshore companies over those resident in Gibraltar. |
| --- | --- |

(65)

Both the Spanish authorities and CEOE also referred to the fact that the exemption for passive interest and royalty income must be examined in the light of the general effects of ITA 2010. In their opinion, the intention of ITA 2010 was to continue the effects of the previous tax system (already declared by the Court of Justice to be State aid) favouring offshore companies over those resident in Gibraltar.

| (66) | Finally, Spain also challenged the assessment made by the Commission with regard to regional selectivity, by distinguishing between the status of the Azores province (which the Commission referred to in its analysis in the First Opening Decision) and the status of Gibraltar. In particular, the Spanish authorities considered that, in addition to examining the three criteria of institutional, procedural and financial autonomy, the implicit criterion concerning tax harmonisation (which, according to the Spanish authorities, clearly does not exist in Gibraltar) should also be examined. Spain also referred to a number of other tax issues, such as the number of shell companies located in Gibraltar without being liable to tax. |
| --- | --- |

(66)

Finally, Spain also challenged the assessment made by the Commission with regard to regional selectivity, by distinguishing between the status of the Azores province (which the Commission referred to in its analysis in the First Opening Decision) and the status of Gibraltar. In particular, the Spanish authorities considered that, in addition to examining the three criteria of institutional, procedural and financial autonomy, the implicit criterion concerning tax harmonisation (which, according to the Spanish authorities, clearly does not exist in Gibraltar) should also be examined. Spain also referred to a number of other tax issues, such as the number of shell companies located in Gibraltar without being liable to tax.

5.2.   Comments on the tax ruling practice

Comments on the tax ruling practice

| (67) | The Commission received comments from six interested parties — Gibraltar, Spain, the Gibraltar Society of Accountants and three companies listed as possible recipients of tax rulings in the Decision to Extend Proceedings. |
| --- | --- |

(67)

The Commission received comments from six interested parties — Gibraltar, Spain, the Gibraltar Society of Accountants and three companies listed as possible recipients of tax rulings in the Decision to Extend Proceedings.

5.2.1.   Comments from Gibraltar

Comments from Gibraltar

| (68) | The comments made by Gibraltar relate to both procedure and substance. The comments follow the lines of argument put forward by the United Kingdom and can be summarised as follows:






  (1) | a State aid procedure should not be opened unless there is sufficient factual evidence that the measure in question confers an economic advantage and that the advantage is selective and distorts or threatens to distort competition. In this case, there is no such evidence of any of these points. The Commission's comments on the rulings merely amount to saying that the Commission thinks that more information should have been sought. That opinion does not constitute evidence of an advantage, of selectivity, or of distortion of competition; |
| --- | --- | --- |

(68)

The comments made by Gibraltar relate to both procedure and substance. The comments follow the lines of argument put forward by the United Kingdom and can be summarised as follows:

(1)

a State aid procedure should not be opened unless there is sufficient factual evidence that the measure in question confers an economic advantage and that the advantage is selective and distorts or threatens to distort competition. In this case, there is no such evidence of any of these points. The Commission's comments on the rulings merely amount to saying that the Commission thinks that more information should have been sought. That opinion does not constitute evidence of an advantage, of selectivity, or of distortion of competition;

| (2) | the Commission made a manifest error in stating in the Decision to Extend Proceedings that the tax ruling practice in Gibraltar was introduced by section 42 of ITA 2010; |
| --- | --- |

(2)

the Commission made a manifest error in stating in the Decision to Extend Proceedings that the tax ruling practice in Gibraltar was introduced by section 42 of ITA 2010;

| (3) | The tax ruling procedure has been in place since the 1960s, and, as such, if found to constitute aid, it should be considered as ‘existing aid’; |
| --- | --- |

(3)

The tax ruling procedure has been in place since the 1960s, and, as such, if found to constitute aid, it should be considered as ‘existing aid’;

| (4) | there is no evidence that that any of the tax rulings are selective or distort competition. Each ruling is a matter of interpretation of the facts presented in the request. The lack of detailed analysis cannot of itself be considered to indicate selectivity; |
| --- | --- |

(4)

there is no evidence that that any of the tax rulings are selective or distort competition. Each ruling is a matter of interpretation of the facts presented in the request. The lack of detailed analysis cannot of itself be considered to indicate selectivity;

| (5) | the tax ruling practice in Gibraltar has never involved any element of individual or special treatment or any element of negotiation, or any influence or consideration except to the extent they result from the terms of the tax law applicable in Gibraltar; |
| --- | --- |

(5)

the tax ruling practice in Gibraltar has never involved any element of individual or special treatment or any element of negotiation, or any influence or consideration except to the extent they result from the terms of the tax law applicable in Gibraltar;

| (6) | the tax liability of the companies concerned would be identical regardless of whether they had requested a tax ruling or not; |
| --- | --- |

(6)

the tax liability of the companies concerned would be identical regardless of whether they had requested a tax ruling or not;

| (7) | when applying the territoriality test, the tax authorities do not enjoy discretion and are bound by the applicable legislation and case-law in this regard; |
| --- | --- |

(7)

when applying the territoriality test, the tax authorities do not enjoy discretion and are bound by the applicable legislation and case-law in this regard;

| (8) | the Commission's effort to group the 165 rulings into seven distinct categories in order to establish selectivity on a group by group basis is unsupported as there is nothing that would indicate that these groups present any particular characteristics when compared to other uncontested rulings given during the same period or before. |
| --- | --- |

(8)

the Commission's effort to group the 165 rulings into seven distinct categories in order to establish selectivity on a group by group basis is unsupported as there is nothing that would indicate that these groups present any particular characteristics when compared to other uncontested rulings given during the same period or before.

5.2.2.   Comments from Spain

Comments from Spain

| (69) | The comments provided by the Spanish authorities on 30 November 2016 can be summarised as follows:






  (1) | the Spanish authorities do not contest the territoriality principle itself but rather the way it is interpreted by the Gibraltar authorities. This general rule, combined with a lack of proper assessment, monitoring and legal enforcement of the tax provisions on the part of the Gibraltar tax administration (either ex ante or ex post), results in an arbitrary, favourable tax treatment to a vast number of companies in the territory; |
| --- | --- | --- |

(69)

The comments provided by the Spanish authorities on 30 November 2016 can be summarised as follows:

(1)

the Spanish authorities do not contest the territoriality principle itself but rather the way it is interpreted by the Gibraltar authorities. This general rule, combined with a lack of proper assessment, monitoring and legal enforcement of the tax provisions on the part of the Gibraltar tax administration (either ex ante or ex post), results in an arbitrary, favourable tax treatment to a vast number of companies in the territory;

ex ante

ex post

| (2) | apart from the 165 companies listed in the Annex to the Decision to Extend Proceedings, intermediary companies operating in Gibraltar such as consultancy firms, fiduciaries and law firms specialised in fiscal planning and fiscal management, are also benefiting indirectly from the aid; |
| --- | --- |

(2)

apart from the 165 companies listed in the Annex to the Decision to Extend Proceedings, intermediary companies operating in Gibraltar such as consultancy firms, fiduciaries and law firms specialised in fiscal planning and fiscal management, are also benefiting indirectly from the aid;

| (3) | Spain once again reiterated its understanding that the issue should also be analysed from the perspective of regional selectivity, which in its view would also address the argument that the measure constitutes existing aid. |
| --- | --- |

(3)

Spain once again reiterated its understanding that the issue should also be analysed from the perspective of regional selectivity, which in its view would also address the argument that the measure constitutes existing aid.

5.2.3.   Comments from the Gibraltar Society of Accountants

Comments from the Gibraltar Society of Accountants

| (70) | On 3 November 2016, the Gibraltar Society of Accountants — the principal representative body for professional accountants working in Gibraltar, submitted its comments to the Decision to Extend Proceedings. The comments can be summarised as follows:






  (1) | the rulings listed were neither requested nor issued under section 42 of ITA 2010; |
| --- | --- | --- |

(70)

On 3 November 2016, the Gibraltar Society of Accountants — the principal representative body for professional accountants working in Gibraltar, submitted its comments to the Decision to Extend Proceedings. The comments can be summarised as follows:

(1)

the rulings listed were neither requested nor issued under section 42 of ITA 2010;

| (2) | the rulings selected cover a wide range of circumstances and topics, and lack the ‘commonality’ aspect to which the Decision to Extend Proceeding refers; |
| --- | --- |

(2)

the rulings selected cover a wide range of circumstances and topics, and lack the ‘commonality’ aspect to which the Decision to Extend Proceeding refers;

| (3) | tax rulings of this kind have been requested and issued in Gibraltar since as far back as the 1950s and the scheme, if it amounts to State aid, should be considered as existing aid; |
| --- | --- |

(3)

tax rulings of this kind have been requested and issued in Gibraltar since as far back as the 1950s and the scheme, if it amounts to State aid, should be considered as existing aid;

| (4) | the rulings are interpretations of Gibraltar's tax law. They are not negotiated ‘deals’, or concessions. The issuing of a ruling does not confer favourable treatment. The Decision to Extend Proceedings provides no evidence that the interpretation would be any different in the absence of a ruling being requested; |
| --- | --- |

(4)

the rulings are interpretations of Gibraltar's tax law. They are not negotiated ‘deals’, or concessions. The issuing of a ruling does not confer favourable treatment. The Decision to Extend Proceedings provides no evidence that the interpretation would be any different in the absence of a ruling being requested;

| (5) | none of the criteria required for State aid to be present is demonstrated to be met. The measure is not granted out of State resources and does not confer an economic advantage to undertakings because there is no loss of tax revenue since the tax treatment without a ruling would be the same. The measure is not selective and there is no evidence that the measure distorts or threatens to distort competition or affects intra-Union trade; |
| --- | --- |

(5)

none of the criteria required for State aid to be present is demonstrated to be met. The measure is not granted out of State resources and does not confer an economic advantage to undertakings because there is no loss of tax revenue since the tax treatment without a ruling would be the same. The measure is not selective and there is no evidence that the measure distorts or threatens to distort competition or affects intra-Union trade;

| (6) | all but six of the 165 rulings listed in the Decision to Extend Proceedings were issued at a time when passive interest income was not assessable to tax under ITA 2010. Therefore, the vast majority of rulings could not give rise to any assessable interest income. |
| --- | --- |

(6)

all but six of the 165 rulings listed in the Decision to Extend Proceedings were issued at a time when passive interest income was not assessable to tax under ITA 2010. Therefore, the vast majority of rulings could not give rise to any assessable interest income.

5.2.4.   Comments by or on behalf of companies listed as recipients of tax rulings in the Decision to Extend Proceedings

Comments by or on behalf of companies listed as recipients of tax rulings in the Decision to Extend Proceedings

| (71) | The Commission also received comments by or on behalf of three companies which were granted a tax ruling identified in the Decision to Extend Proceedings — International Power Ltd; a representative of a potential company at the time of the ruling request; and Hastings Insurance Group Ltd. Their comments can be summarised as follows:






  (1) | the rulings were intended to seek confirmation of the applicable tax regime and not as a way to obtain any tax benefit. The main reason for requesting the rulings was to ensure legal certainty on the application of the general tax rules and not to agree a specific alternative tax treatment for the company; |
| --- | --- | --- |

(71)

The Commission also received comments by or on behalf of three companies which were granted a tax ruling identified in the Decision to Extend Proceedings — International Power Ltd; a representative of a potential company at the time of the ruling request; and Hastings Insurance Group Ltd. Their comments can be summarised as follows:

(1)

the rulings were intended to seek confirmation of the applicable tax regime and not as a way to obtain any tax benefit. The main reason for requesting the rulings was to ensure legal certainty on the application of the general tax rules and not to agree a specific alternative tax treatment for the company;

| (2) | tax rulings enable Member States to provide their taxpayers with legal certainty and predictability on the application of general tax rules. To view Gibraltar's tax ruling practice as a State aid scheme would prevent the Gibraltar tax authorities from providing legal certainty and would penalise taxpayers looking for legal certainty, whilst ignoring those taxpayers who benefit from the same treatment but decide not to seek confirmation as to the precise application of the law; |
| --- | --- |

(2)

tax rulings enable Member States to provide their taxpayers with legal certainty and predictability on the application of general tax rules. To view Gibraltar's tax ruling practice as a State aid scheme would prevent the Gibraltar tax authorities from providing legal certainty and would penalise taxpayers looking for legal certainty, whilst ignoring those taxpayers who benefit from the same treatment but decide not to seek confirmation as to the precise application of the law;

| (3) | the requests for rulings were not made further to section 42 of ITA 2010, but instead sought general confirmation on the tax treatment applicable under the law; |
| --- | --- |

(3)

the requests for rulings were not made further to section 42 of ITA 2010, but instead sought general confirmation on the tax treatment applicable under the law;

| (4) | the rulings do not constitute an advantage to the companies as they only confirmed the tax treatment that would have been applied under the legislation applicable in Gibraltar; |
| --- | --- |

(4)

the rulings do not constitute an advantage to the companies as they only confirmed the tax treatment that would have been applied under the legislation applicable in Gibraltar;

| (5) | the content of the requests for a ruling, and the rulings themselves, indicate that adequate consideration was given to all relevant factors by the Gibraltar tax authorities before providing the rulings. |
| --- | --- |

(5)

the content of the requests for a ruling, and the rulings themselves, indicate that adequate consideration was given to all relevant factors by the Gibraltar tax authorities before providing the rulings.

6.   RESPONSE OF THE UNITED KINGDOM TO THIRD PARTY COMMENTS

6.1.   Comments on the passive interest and royalty income exemption

Comments on the passive interest and royalty income exemption

| (72) | The Commission forwarded the comments received from interested parties on the passive interest and royalty income exemption to the United Kingdom on 16 April 2014. The United Kingdom's response to those comments can be summarised as follows:






  (1) | no evidence has been given showing distortion of competition or effect on trade; |
| --- | --- | --- |

(72)

The Commission forwarded the comments received from interested parties on the passive interest and royalty income exemption to the United Kingdom on 16 April 2014. The United Kingdom's response to those comments can be summarised as follows:

(1)

no evidence has been given showing distortion of competition or effect on trade;

| (2) | the exemption for dividends is justified in order to avoid double taxation and is a direct result of the territoriality principle; |
| --- | --- |

(2)

the exemption for dividends is justified in order to avoid double taxation and is a direct result of the territoriality principle;

| (3) | following the June 2013 amendment, all companies registered in Gibraltar in receipt of passive interest income are subject to income tax and required to file a tax return; |
| --- | --- |

(3)

following the June 2013 amendment, all companies registered in Gibraltar in receipt of passive interest income are subject to income tax and required to file a tax return;

| (4) | with respect to the GBP 100 000 threshold imposed by the legislation, the Gibraltar tax authorities have conducted an analysis which has shown that only 1 % of inter-company loan interest income will fall below the threshold and will therefore not be subject to taxation. The results of the analysis were presented to the Code of Conduct Group and to the Commission prior to enactment of the 2013 amendment in order to explain the reasons for introducing the limit and to quantify any possible tax leakage; |
| --- | --- |

(4)

with respect to the GBP 100 000 threshold imposed by the legislation, the Gibraltar tax authorities have conducted an analysis which has shown that only 1 % of inter-company loan interest income will fall below the threshold and will therefore not be subject to taxation. The results of the analysis were presented to the Code of Conduct Group and to the Commission prior to enactment of the 2013 amendment in order to explain the reasons for introducing the limit and to quantify any possible tax leakage;

| (5) | regarding the Spanish comments that the exemption for royalty income selectively favours a group of companies in receipt of royalties, no such sector or grouping exists. All companies receiving royalties are treated the same; |
| --- | --- |

(5)

regarding the Spanish comments that the exemption for royalty income selectively favours a group of companies in receipt of royalties, no such sector or grouping exists. All companies receiving royalties are treated the same;

| (6) | there is no variation or discretion in the concept of territoriality, which is applied consistently under ITA 2010 to all companies; |
| --- | --- |

(6)

there is no variation or discretion in the concept of territoriality, which is applied consistently under ITA 2010 to all companies;

| (7) | Spain's comments concerning parts of Gibraltar tax law in respect of which the Commission has not initiated an investigation procedure are irrelevant and the Commission's investigation should be limited to the matters for which the procedure was initiated; |
| --- | --- |

(7)

Spain's comments concerning parts of Gibraltar tax law in respect of which the Commission has not initiated an investigation procedure are irrelevant and the Commission's investigation should be limited to the matters for which the procedure was initiated;

| (8) | finally, comments were provided on the status of Gibraltar as a British Overseas Territory, its executive, legislative and judiciary independent governance, thus showing that the measure cannot be treated as regional aid. |
| --- | --- |

(8)

finally, comments were provided on the status of Gibraltar as a British Overseas Territory, its executive, legislative and judiciary independent governance, thus showing that the measure cannot be treated as regional aid.

6.2.   Comments on the tax ruling practice

Comments on the tax ruling practice

| (73) | The Commission forwarded the comments made by interested parties on the tax ruling practice as set out in the Decision to Extend Proceedings to the United Kingdom on 7 December 2016. The United Kingdom's response to those comments can be summarised as follows:






  (1) | the comments made by the three addressees of tax rulings corroborate the submissions that the UK authorities have made to the Commission during the investigation procedure and constitute further evidence which supports the legality of the tax ruling practice in Gibraltar and the fact that that practice does not constitute State aid; |
| --- | --- | --- |

(73)

The Commission forwarded the comments made by interested parties on the tax ruling practice as set out in the Decision to Extend Proceedings to the United Kingdom on 7 December 2016. The United Kingdom's response to those comments can be summarised as follows:

(1)

the comments made by the three addressees of tax rulings corroborate the submissions that the UK authorities have made to the Commission during the investigation procedure and constitute further evidence which supports the legality of the tax ruling practice in Gibraltar and the fact that that practice does not constitute State aid;

| (2) | the Government of Gibraltar carried out extensive reviews of all 165 rulings listed in the Decision to Extend Proceedings which, in the UK's view, confirm that none of the 165 rulings has exempted the recipient from tax that would otherwise have been due to, or has led to a loss of tax revenue for Gibraltar; |
| --- | --- |

(2)

the Government of Gibraltar carried out extensive reviews of all 165 rulings listed in the Decision to Extend Proceedings which, in the UK's view, confirm that none of the 165 rulings has exempted the recipient from tax that would otherwise have been due to, or has led to a loss of tax revenue for Gibraltar;

| (3) | the reviews carried out confirm that none of the rulings listed in the Decision to Extend Proceedings is selective and therefore none of them constitutes State aid on that basis; |
| --- | --- |

(3)

the reviews carried out confirm that none of the rulings listed in the Decision to Extend Proceedings is selective and therefore none of them constitutes State aid on that basis;

| (4) | 14 of the rulings listed in the Decision to Extend Proceedings concerned transactions that never materialised and further three rulings concerned the taxation of employees' income and/or benefits in kind and neither of those categories raises State aid concerns; |
| --- | --- |

(4)

14 of the rulings listed in the Decision to Extend Proceedings concerned transactions that never materialised and further three rulings concerned the taxation of employees' income and/or benefits in kind and neither of those categories raises State aid concerns;

| (5) | the position expressed by Gibraltar that its tax authorities do not enjoy wide discretion when issuing rulings, and do not issue rulings without checking or evaluating the requests, is correct. The rulings do not lead to a selective application of the tax regime since they just apply the law as set out in ITA 2010. |
| --- | --- |

(5)

the position expressed by Gibraltar that its tax authorities do not enjoy wide discretion when issuing rulings, and do not issue rulings without checking or evaluating the requests, is correct. The rulings do not lead to a selective application of the tax regime since they just apply the law as set out in ITA 2010.

7.   ASSESSMENT OF THE PASSIVE INTEREST AND ROYALTY INCOME EXEMPTION

| (74) | In the First Opening Decision, the Commission concluded on a preliminary basis that the tax exemption for passive (inter-company loan) interest and royalty income constituted State aid and expressed its doubts about its compatibility with the internal market. |
| --- | --- |

(74)

In the First Opening Decision, the Commission concluded on a preliminary basis that the tax exemption for passive (inter-company loan) interest and royalty income constituted State aid and expressed its doubts about its compatibility with the internal market.

| (75) | As from 1 July 2013, the passive interest income has been liable to tax (insofar as the interest received or receivable per source company exceeded GBP 100 000 per annum). As from 1 January 2014, the royalty income (received or receivable by a company registered in Gibraltar) has been subject to tax. |
| --- | --- |

(75)

As from 1 July 2013, the passive interest income has been liable to tax (insofar as the interest received or receivable per source company exceeded GBP 100 000 per annum). As from 1 January 2014, the royalty income (received or receivable by a company registered in Gibraltar) has been subject to tax.

| (76) | The scope of this Decision (under section 7) is limited to the assessment of the passive interest and royalty income received or receivable between the entry into force of ITA 2010 (1 January 2011) and 30 June 2013 (as regards interest) or 31 December 2013 (as regards royalties) (25). |
| --- | --- |

(76)

The scope of this Decision (under section 7) is limited to the assessment of the passive interest and royalty income received or receivable between the entry into force of ITA 2010 (1 January 2011) and 30 June 2013 (as regards interest) or 31 December 2013 (as regards royalties) (25).

25

7.1.   Existence of aid

Existence of aid

| (77) | The classification of a national measure as State aid, within the meaning of Article 107(1) of the Treaty, requires the following conditions to be met. First, there must be an intervention by the State or through State resources. Second, the intervention must be liable to affect trade between Member States. Third, it must confer a selective advantage on the recipient. Fourth, it must distort or threaten to distort competition (26). |
| --- | --- |

(77)

The classification of a national measure as State aid, within the meaning of Article 107(1) of the Treaty, requires the following conditions to be met. First, there must be an intervention by the State or through State resources. Second, the intervention must be liable to affect trade between Member States. Third, it must confer a selective advantage on the recipient. Fourth, it must distort or threaten to distort competition (26).

26

7.1.1.   State resources and imputability to the State

State resources and imputability to the State

| (78) | To constitute State aid, a measure must both be imputable to a Member State and financed through State resources. |
| --- | --- |

(78)

To constitute State aid, a measure must both be imputable to a Member State and financed through State resources.

| (79) | Since the exemption results from an Act of the Gibraltar Parliament, it can be regarded as imputable to Gibraltar. |
| --- | --- |

(79)

Since the exemption results from an Act of the Gibraltar Parliament, it can be regarded as imputable to Gibraltar.

| (80) | As regards the financing of the exemption through State resources, the Court of Justice has consistently held that a measure by which public authorities grant certain undertakings a tax exemption which, although not involving a positive transfer of State resources, places the persons to whom it applies in a more favourable financial situation than other taxpayers constitutes State aid (27). The tax measure at issue results in Gibraltar waiving tax revenue that it would otherwise have been entitled to collect from companies resident in Gibraltar in receipt of passive interest or royalty income. By renouncing those revenues, the tax measure gives rise to a loss of State resources within the meaning of Article 107(1) of the Treaty (28). |
| --- | --- |

(80)

As regards the financing of the exemption through State resources, the Court of Justice has consistently held that a measure by which public authorities grant certain undertakings a tax exemption which, although not involving a positive transfer of State resources, places the persons to whom it applies in a more favourable financial situation than other taxpayers constitutes State aid (27). The tax measure at issue results in Gibraltar waiving tax revenue that it would otherwise have been entitled to collect from companies resident in Gibraltar in receipt of passive interest or royalty income. By renouncing those revenues, the tax measure gives rise to a loss of State resources within the meaning of Article 107(1) of the Treaty (28).

27

28

7.1.2.   Advantage

Advantage

| (81) | According to the case-law of the Union Courts, the notion of aid embraces not only positive benefits, but also measures which, in various forms, mitigate the charges which are normally included in the budget of an undertaking (29). An advantage may be granted through different types of reduction in a company's tax burden and, in particular, through a reduction in the applicable tax rate, taxable base or in the amount of tax due (30). A measure that entails a reduction of a tax gives rise to an advantage because it places the undertakings to which it applies in a more favourable financial position than other taxpayers and results in a loss of income to the State (31). |
| --- | --- |

(81)

According to the case-law of the Union Courts, the notion of aid embraces not only positive benefits, but also measures which, in various forms, mitigate the charges which are normally included in the budget of an undertaking (29). An advantage may be granted through different types of reduction in a company's tax burden and, in particular, through a reduction in the applicable tax rate, taxable base or in the amount of tax due (30). A measure that entails a reduction of a tax gives rise to an advantage because it places the undertakings to which it applies in a more favourable financial position than other taxpayers and results in a loss of income to the State (31).

29

30

31

| (82) | In the case in hand, the measure contradicts the general principle that corporate income tax is collected from all taxable persons that receive income derived from or accruing in Gibraltar. In line with that principle, passive interest and royalty income should normally fall within the scope of taxation, subject to application of the territoriality principle. With regard to royalties, it must be noted that the territoriality principle deems royalty income received by a Gibraltar company to accrue in and be derived from Gibraltar. As for passive interest income, the chargeability of such income to tax under the territorial system depends on application of the ‘situs of the loan’ rule, which is based on four cumulative criteria (32) focusing on the source of the income. Accordingly, in a number of cases, foreign source passive interest income may, even in the absence of the contested tax exemption, not be subject to income tax in Gibraltar by virtue of the territorial system. However, relief from taxation under the territoriality principle is not automatic and criteria other than the source of the interest (e.g. the location of the security of the debt) need to be considered to determine if the interest accrued in or was derived from Gibraltar in accordance with the ‘situs of the loan’ rule. |
| --- | --- |

(82)

In the case in hand, the measure contradicts the general principle that corporate income tax is collected from all taxable persons that receive income derived from or accruing in Gibraltar. In line with that principle, passive interest and royalty income should normally fall within the scope of taxation, subject to application of the territoriality principle. With regard to royalties, it must be noted that the territoriality principle deems royalty income received by a Gibraltar company to accrue in and be derived from Gibraltar. As for passive interest income, the chargeability of such income to tax under the territorial system depends on application of the ‘situs of the loan’ rule, which is based on four cumulative criteria (32) focusing on the source of the income. Accordingly, in a number of cases, foreign source passive interest income may, even in the absence of the contested tax exemption, not be subject to income tax in Gibraltar by virtue of the territorial system. However, relief from taxation under the territoriality principle is not automatic and criteria other than the source of the interest (e.g. the location of the security of the debt) need to be considered to determine if the interest accrued in or was derived from Gibraltar in accordance with the ‘situs of the loan’ rule.

32

| (83) | As a result, the exemption introduces a mitigation of a charge that companies benefiting from the exemption would otherwise have to bear. This gives rise to an advantage as the companies are relieved of costs inherent to their economic activities and are therefore placed in a more favourable financial position than other taxpayers (who are in receipt of active income). |
| --- | --- |

(83)

As a result, the exemption introduces a mitigation of a charge that companies benefiting from the exemption would otherwise have to bear. This gives rise to an advantage as the companies are relieved of costs inherent to their economic activities and are therefore placed in a more favourable financial position than other taxpayers (who are in receipt of active income).

7.1.3.   Selectivity

Selectivity

| (84) | In order to be regarded as State aid within the meaning of Article 107(1) of the Treaty, a measure must be found to be selective in the sense that it favours certain undertakings or the production of certain goods. |
| --- | --- |

(84)

In order to be regarded as State aid within the meaning of Article 107(1) of the Treaty, a measure must be found to be selective in the sense that it favours certain undertakings or the production of certain goods.

| (85) | As a preliminary remark, with respect to the comments made by Spain on regional selectivity, it must be observed that, in the First Opening Decision, the Commission did not express doubts with regard to regional selectivity and considered that the reference framework for assessment of the exemption was confined exclusively to the geographical territory of Gibraltar (33). The Commission maintains its view that the passive interest and royalty income exemption does not involve regional selectivity. In particular, the three cumulative criteria of autonomy (institutional, procedural and financial autonomy), as devised by the Court of Justice in Azores (34) and Union General de Trabajadores de la Rioja (35), are fulfilled. Accordingly, the Gibraltar authorities are considered sufficiently autonomous from the United Kingdom central government and the reference framework therefore corresponds to the geographical limits of the territory of Gibraltar (36). |
| --- | --- |

(85)

As a preliminary remark, with respect to the comments made by Spain on regional selectivity, it must be observed that, in the First Opening Decision, the Commission did not express doubts with regard to regional selectivity and considered that the reference framework for assessment of the exemption was confined exclusively to the geographical territory of Gibraltar (33). The Commission maintains its view that the passive interest and royalty income exemption does not involve regional selectivity. In particular, the three cumulative criteria of autonomy (institutional, procedural and financial autonomy), as devised by the Court of Justice in Azores (34) and Union General de Trabajadores de la Rioja (35), are fulfilled. Accordingly, the Gibraltar authorities are considered sufficiently autonomous from the United Kingdom central government and the reference framework therefore corresponds to the geographical limits of the territory of Gibraltar (36).

33

Azores

34

Union General de Trabajadores de la Rioja

35

36

| (86) | For the purposes of establishing material selectivity, it is settled case-law that, as a first step, the common or normal tax regime applicable in the relevant tax jurisdiction must be identified (‘the reference system’). Second, it must be determined whether a given measure differentiates between economic operators who, in light of the objectives intrinsic to the system, are in a comparable factual and legal situation. If it does, the measure is then regarded as being prima facie selective (37). It then needs to be established, in the third step of the test, whether such prima facie selectivity is justified by the nature or the general scheme of the (reference) system (38). If a prima facie selective measure is justified by the nature or the general scheme of the system, it will not be considered selective and will thus fall outside the scope of Article 107(1) of the Treaty. |
| --- | --- |

(86)

For the purposes of establishing material selectivity, it is settled case-law that, as a first step, the common or normal tax regime applicable in the relevant tax jurisdiction must be identified (‘the reference system’). Second, it must be determined whether a given measure differentiates between economic operators who, in light of the objectives intrinsic to the system, are in a comparable factual and legal situation. If it does, the measure is then regarded as being prima facie selective (37). It then needs to be established, in the third step of the test, whether such prima facie selectivity is justified by the nature or the general scheme of the (reference) system (38). If a prima facie selective measure is justified by the nature or the general scheme of the system, it will not be considered selective and will thus fall outside the scope of Article 107(1) of the Treaty.

prima facie

37

prima facie

38

prima facie

| (87) | In this context, it is also important to note that for a tax measure to qualify as selective, the tax system does not need to be designed in such a way that companies benefiting from a selective advantage are, in general, subject to the same tax burden as other companies, but benefit from derogating rules, so that the selective advantage is the difference between the normal tax burden and that borne by these companies (39). |
| --- | --- |

(87)

In this context, it is also important to note that for a tax measure to qualify as selective, the tax system does not need to be designed in such a way that companies benefiting from a selective advantage are, in general, subject to the same tax burden as other companies, but benefit from derogating rules, so that the selective advantage is the difference between the normal tax burden and that borne by these companies (39).

39

| (88) | Indeed, such an understanding of selectivity would mean that only a tax system designed according to a certain regulatory technique could qualify as selective, and that national tax rules that were designed differently would escape State aid control, even though they produced the same effects in law or in fact. That would go against well-established case-law, which provides that, when assessing selectivity, Article 107(1) of the Treaty does not distinguish between measures by reference to their causes or their aims, but instead defines them in relation to their effects, and thus, independently of the techniques used (40). |
| --- | --- |

(88)

Indeed, such an understanding of selectivity would mean that only a tax system designed according to a certain regulatory technique could qualify as selective, and that national tax rules that were designed differently would escape State aid control, even though they produced the same effects in law or in fact. That would go against well-established case-law, which provides that, when assessing selectivity, Article 107(1) of the Treaty does not distinguish between measures by reference to their causes or their aims, but instead defines them in relation to their effects, and thus, independently of the techniques used (40).

40

7.1.3.1.   System of reference

System of reference

| (89) | The reference system constitutes the benchmark against which the selectivity of a measure is assessed. It is composed of a consistent set of rules that generally apply on the basis of objective criteria to all undertakings falling within its scope as defined by its objective. Those rules define not only the scope of the system, but also the conditions under which the system applies, the rights and obligations of undertakings subject to it and the technicalities of the functioning of the system (41). In the case of taxes, the reference system is based on such elements as the tax base, the taxable persons, the taxable event and the tax rates (42). |
| --- | --- |

(89)

The reference system constitutes the benchmark against which the selectivity of a measure is assessed. It is composed of a consistent set of rules that generally apply on the basis of objective criteria to all undertakings falling within its scope as defined by its objective. Those rules define not only the scope of the system, but also the conditions under which the system applies, the rights and obligations of undertakings subject to it and the technicalities of the functioning of the system (41). In the case of taxes, the reference system is based on such elements as the tax base, the taxable persons, the taxable event and the tax rates (42).

41

42

| (90) | In the case in hand, the reference system is ITA 2010. The long title of that Act describes it as ‘an Act to Impose Taxation on Income and to Regulate the Collection thereof’ (43). With regard to the taxable basis for companies, section 16 of ITA 2010 provides that ‘save as otherwise provided hereafter, the assessable profits or gains of a company shall be the full amount of the profits or gains of the company for any accounting period of that period’. As a result, subject to any adjustments up or down provided for in ITA 2010, accounting profits are to constitute the basis of assessment for the calculation of corporate income tax in Gibraltar. |
| --- | --- |

(90)

In the case in hand, the reference system is ITA 2010. The long title of that Act describes it as ‘an Act to Impose Taxation on Income and to Regulate the Collection thereof’ (43). With regard to the taxable basis for companies, section 16 of ITA 2010 provides that ‘save as otherwise provided hereafter, the assessable profits or gains of a company shall be the full amount of the profits or gains of the company for any accounting period of that period’. As a result, subject to any adjustments up or down provided for in ITA 2010, accounting profits are to constitute the basis of assessment for the calculation of corporate income tax in Gibraltar.

43

| (91) | On the other hand, as the UK authorities pointed out (44), it is within the inherent logic of the territorial system of taxation in Gibraltar that all income, whether active or passive, with a source outside Gibraltar falls outside the scope of Gibraltar tax and remains subject to tax in the jurisdiction where the income accrued or is derived. |
| --- | --- |

(91)

On the other hand, as the UK authorities pointed out (44), it is within the inherent logic of the territorial system of taxation in Gibraltar that all income, whether active or passive, with a source outside Gibraltar falls outside the scope of Gibraltar tax and remains subject to tax in the jurisdiction where the income accrued or is derived.

44

| (92) | To define the general Gibraltar corporate income tax system as the ‘reference framework’ is in line with the Court's case-law, which has consistently held that, in the case of measures concerning the determination of corporate income tax liability, the reference system to be considered is the corporate income tax system of the Member State in question that applies to undertakings in general, and not the specific provisions of that system applicable only to certain taxpayers or certain transactions. For instance, in World Duty Free, a case concerning the rules governing investments in shareholdings, the Court endorsed the Commission's position that the reference system was the Spanish corporate income tax system and not the specific rules governing the tax treatment of those investments (45). |
| --- | --- |

(92)

To define the general Gibraltar corporate income tax system as the ‘reference framework’ is in line with the Court's case-law, which has consistently held that, in the case of measures concerning the determination of corporate income tax liability, the reference system to be considered is the corporate income tax system of the Member State in question that applies to undertakings in general, and not the specific provisions of that system applicable only to certain taxpayers or certain transactions. For instance, in World Duty Free, a case concerning the rules governing investments in shareholdings, the Court endorsed the Commission's position that the reference system was the Spanish corporate income tax system and not the specific rules governing the tax treatment of those investments (45).

World Duty Free

45

| (93) | While the objective of ITA 2010 is to collect revenue from taxpayers taxable in Gibraltar (i.e. taxpayers receiving income derived from or accruing in Gibraltar) (46), Schedule 1 to that Act did not include within the categories of income taxable in Gibraltar certain categories of income (47). Accordingly, the passive interest and royalty income exemption did not follow from a formal derogation from the tax system, but rather from the non-inclusion of such income in the categories of income falling within the scope of the Gibraltar tax system (an implicit exemption). |
| --- | --- |

(93)

While the objective of ITA 2010 is to collect revenue from taxpayers taxable in Gibraltar (i.e. taxpayers receiving income derived from or accruing in Gibraltar) (46), Schedule 1 to that Act did not include within the categories of income taxable in Gibraltar certain categories of income (47). Accordingly, the passive interest and royalty income exemption did not follow from a formal derogation from the tax system, but rather from the non-inclusion of such income in the categories of income falling within the scope of the Gibraltar tax system (an implicit exemption).

46

47

7.1.3.2.   Different tax treatment of companies in comparable situations

Different tax treatment of companies in comparable situations

| (94) | In accordance with the territorial system of taxation generally applicable in Gibraltar (48), only income that is derived from or accrues in Gibraltar is subject to corporate income tax. ITA 2010, however, provided on entry into force for an automatic exemption from corporate income tax for passive interest-loan and royalty income, without consideration needing to be given to the elements which are generally relevant for determining the territorial scope of taxation in Gibraltar, in line with the territoriality principle. In this regard, it is particularly relevant to note that, in the absence of the exemption for royalty income, the territorial system of taxation would deem royalty income received by a Gibraltar company as always accruing in and derived from Gibraltar (49). As for passive interest, a case-by-case assessment of the territoriality principle would be needed in order to determine the location of the activities giving rise to the income and hence the existence or otherwise of a taxable income. |
| --- | --- |

(94)

In accordance with the territorial system of taxation generally applicable in Gibraltar (48), only income that is derived from or accrues in Gibraltar is subject to corporate income tax. ITA 2010, however, provided on entry into force for an automatic exemption from corporate income tax for passive interest-loan and royalty income, without consideration needing to be given to the elements which are generally relevant for determining the territorial scope of taxation in Gibraltar, in line with the territoriality principle. In this regard, it is particularly relevant to note that, in the absence of the exemption for royalty income, the territorial system of taxation would deem royalty income received by a Gibraltar company as always accruing in and derived from Gibraltar (49). As for passive interest, a case-by-case assessment of the territoriality principle would be needed in order to determine the location of the activities giving rise to the income and hence the existence or otherwise of a taxable income.

48

49

| (95) | In the First Opening Decision, the Commission found that the corporate income tax exemption for passive interest and royalty income, in differentiating between companies in a comparable legal and factual situation, should be considered prima facie selective in the light of the objective of ITA 2010, which is to tax income accruing in or derived from Gibraltar. |
| --- | --- |

(95)

In the First Opening Decision, the Commission found that the corporate income tax exemption for passive interest and royalty income, in differentiating between companies in a comparable legal and factual situation, should be considered prima facie selective in the light of the objective of ITA 2010, which is to tax income accruing in or derived from Gibraltar.

prima facie

| (96) | The Commission further noted in the First Opening Decision that the exemption seemed to significantly favour a group of 529 companies that receive passive interest or royalty income, in particular interest from other companies of the same group or royalty income. The Commission also noted that the largest part of loan interest received by Gibraltar companies resulted from inter-company loans granted to foreign group entities (50). |
| --- | --- |

(96)

The Commission further noted in the First Opening Decision that the exemption seemed to significantly favour a group of 529 companies that receive passive interest or royalty income, in particular interest from other companies of the same group or royalty income. The Commission also noted that the largest part of loan interest received by Gibraltar companies resulted from inter-company loans granted to foreign group entities (50).

50

| (97) | In a case such as this where the measure does not arise from a formal derogation from the tax system, the Commission is of the view that, in assessing selectivity, it is particularly relevant to consider the effects of the measure in order to assess whether the measure significantly favours a particular group of undertakings. |
| --- | --- |

(97)

In a case such as this where the measure does not arise from a formal derogation from the tax system, the Commission is of the view that, in assessing selectivity, it is particularly relevant to consider the effects of the measure in order to assess whether the measure significantly favours a particular group of undertakings.

| (98) | With regard to royalties, the Commission's analysis of the effects of the measure (51) shows that it only benefited 10 companies (out of 8 003 active companies operating in Gibraltar), all being part of multinational groups. In addition, it appears that at least 8 of them belong to large multinationals operating worldwide. By contrast, no stand-alone company was in receipt of royalty income in Gibraltar. |
| --- | --- |

(98)

With regard to royalties, the Commission's analysis of the effects of the measure (51) shows that it only benefited 10 companies (out of 8 003 active companies operating in Gibraltar), all being part of multinational groups. In addition, it appears that at least 8 of them belong to large multinationals operating worldwide. By contrast, no stand-alone company was in receipt of royalty income in Gibraltar.

51

| (99) | As regards interest, the information provided by the UK authorities shows that, of the total amount of inter-company loan interest income received by Gibraltar companies (GBP 1 400 million), 99,8 % derives from loans granted to foreign (group) companies. By contrast, only two Gibraltar companies, accounting for no more than GBP 3 256 834 in total (GBP 222 169 in terms of tax forgone) (corresponding to 0,2 % of the total amount of inter-company loans), benefited from domestic sourced interest. |
| --- | --- |

(99)

As regards interest, the information provided by the UK authorities shows that, of the total amount of inter-company loan interest income received by Gibraltar companies (GBP 1 400 million), 99,8 % derives from loans granted to foreign (group) companies. By contrast, only two Gibraltar companies, accounting for no more than GBP 3 256 834 in total (GBP 222 169 in terms of tax forgone) (corresponding to 0,2 % of the total amount of inter-company loans), benefited from domestic sourced interest.

| (100) | Those figures demonstrate that the measure significantly favoured companies belonging to multinational groups entrusted with certain functions (the granting of intra-group loans and/or the right to use intellectual property (IP) rights). In particular, the measure benefited (i) a small number of multinational companies, most of which are part of large multinational groups operating worldwide (in receipt of royalty income); and (ii) companies that are part of multinational groups and provide loans to foreign companies that are part of their group. In the light of the objective of ITA 2010 (namely taxing income accruing in or derived from Gibraltar), these companies are in a similar legal and factual situation to all other Gibraltar companies generating income accruing in or derived from Gibraltar (or carrying on activities requiring a licence under Gibraltar law, such as banking, insurance or gambling). |
| --- | --- |

(100)

Those figures demonstrate that the measure significantly favoured companies belonging to multinational groups entrusted with certain functions (the granting of intra-group loans and/or the right to use intellectual property (IP) rights). In particular, the measure benefited (i) a small number of multinational companies, most of which are part of large multinational groups operating worldwide (in receipt of royalty income); and (ii) companies that are part of multinational groups and provide loans to foreign companies that are part of their group. In the light of the objective of ITA 2010 (namely taxing income accruing in or derived from Gibraltar), these companies are in a similar legal and factual situation to all other Gibraltar companies generating income accruing in or derived from Gibraltar (or carrying on activities requiring a licence under Gibraltar law, such as banking, insurance or gambling).

| (101) | The United Kingdom and the Gibraltar authorities consider that the exemption constitutes a general measure applied to all companies in a similar situation, regardless of the sector. They further point out that the fact that it is possible to identify some companies which benefit from a tax rule more than others does not make the rule selective per se. The rule would only be selective if it was inherently likely to benefit an identifiable category of companies. In the view of the UK and the Gibraltar authorities, that is not the case with the measure in hand as there are no other companies in a similar factual or legal situation in Gibraltar to which the exemption does not apply. |
| --- | --- |

(101)

The United Kingdom and the Gibraltar authorities consider that the exemption constitutes a general measure applied to all companies in a similar situation, regardless of the sector. They further point out that the fact that it is possible to identify some companies which benefit from a tax rule more than others does not make the rule selective per se. The rule would only be selective if it was inherently likely to benefit an identifiable category of companies. In the view of the UK and the Gibraltar authorities, that is not the case with the measure in hand as there are no other companies in a similar factual or legal situation in Gibraltar to which the exemption does not apply.

per se

| (102) | The Commission considers that the United Kingdom's assertion that the measure prima facie applies to all companies, regardless of their sector or activity, is not relevant for the purposes of assessing selectivity. It is settled case-law that the fact that the number of undertakings able to claim entitlement under a national measure is large, or that those undertakings belong to various economic sectors, is not sufficient to call into question the selective nature of the measure (52). |
| --- | --- |

(102)

The Commission considers that the United Kingdom's assertion that the measure prima facie applies to all companies, regardless of their sector or activity, is not relevant for the purposes of assessing selectivity. It is settled case-law that the fact that the number of undertakings able to claim entitlement under a national measure is large, or that those undertakings belong to various economic sectors, is not sufficient to call into question the selective nature of the measure (52).

prima facie

52

| (103) | A measure that differentiates between undertakings which, in the light of the objective pursued by the legal regime concerned, are in a comparable factual and legal situation is a priori selective. In the case in hand, it has been established that the exemption from corporate income tax for passive interest and royalty income mainly benefits multinational groups. As noted in recital 100, in the light of the objective of the reference tax system (ITA 2010), namely taxing income accruing in or derived from Gibraltar, multinational groups are in a similar legal and factual situation to all other Gibraltar companies generating income accruing in or derived from Gibraltar. Therefore, the exemption from corporate income tax for passive interest and royalty income is prima facie selective. |
| --- | --- |

(103)

A measure that differentiates between undertakings which, in the light of the objective pursued by the legal regime concerned, are in a comparable factual and legal situation is a priori selective. In the case in hand, it has been established that the exemption from corporate income tax for passive interest and royalty income mainly benefits multinational groups. As noted in recital 100, in the light of the objective of the reference tax system (ITA 2010), namely taxing income accruing in or derived from Gibraltar, multinational groups are in a similar legal and factual situation to all other Gibraltar companies generating income accruing in or derived from Gibraltar. Therefore, the exemption from corporate income tax for passive interest and royalty income is prima facie selective.

a priori

prima facie

| (104) | In addition, it must be noted that the fact that the exemption benefits mainly multinational groups is not a random consequence of the regime (53). The exemption, in a small tax jurisdiction like Gibraltar, with no consideration given to the place where the R & D activities were performed, by definition offered more opportunities for international groups which, due to their international structure and size, are easily able to move intangibles and capital (and then to grant loans and/or the right to use intellectual property rights) within the group. Such findings sufficiently demonstrate that the measure was designed to attract or favour group companies and in particular multinational groups entrusted with certain activities (the granting of intra-group loans and/or the right to use IP rights). On that basis, the Commission concludes that the measure is prima facie selective as its effects, which significantly favoured a particular category of companies, are the inevitable consequence of the design of the measure. |
| --- | --- |

(104)

In addition, it must be noted that the fact that the exemption benefits mainly multinational groups is not a random consequence of the regime (53). The exemption, in a small tax jurisdiction like Gibraltar, with no consideration given to the place where the R & D activities were performed, by definition offered more opportunities for international groups which, due to their international structure and size, are easily able to move intangibles and capital (and then to grant loans and/or the right to use intellectual property rights) within the group. Such findings sufficiently demonstrate that the measure was designed to attract or favour group companies and in particular multinational groups entrusted with certain activities (the granting of intra-group loans and/or the right to use IP rights). On that basis, the Commission concludes that the measure is prima facie selective as its effects, which significantly favoured a particular category of companies, are the inevitable consequence of the design of the measure.

53

prima facie

7.1.3.3.   Absence of justifications for the measure

Absence of justifications for the measure

| (105) | A measure which is prima facie selective can be justified by the nature or general scheme of the tax system, if it derives directly from its intrinsic basic or guiding principles or is the result of inherent mechanisms necessary for its functioning and effectiveness. This can be the case for the principle of neutrality, the objective of optimising the recovery of fiscal debts or administrative manageability. |
| --- | --- |

(105)

A measure which is prima facie selective can be justified by the nature or general scheme of the tax system, if it derives directly from its intrinsic basic or guiding principles or is the result of inherent mechanisms necessary for its functioning and effectiveness. This can be the case for the principle of neutrality, the objective of optimising the recovery of fiscal debts or administrative manageability.

prima facie

| (106) | The UK authorities have argued that the exemption is the logical consequence of the territoriality principle, which is based on the aim of avoiding double taxation. In this respect, the Commission notes that the exemption for passive interest and royalty income introduced in ITA 2010 cannot be viewed as a mere application of the territoriality principle. In particular, as already explained in section 7.1.3.2, it must be noted that the territorial system of taxation deems royalty income received by a Gibraltar company to accrue in and be derived from Gibraltar. With regard to interest, a case-by-case assessment of the territoriality principle is needed in order to determine the location of the activities giving rise to the income and hence the existence or otherwise of a taxable income. Therefore, the exemption for passive interest and royalty income, as introduced in ITA 2010, cannot be considered as merely reflecting the application of the territoriality principle. |
| --- | --- |

(106)

The UK authorities have argued that the exemption is the logical consequence of the territoriality principle, which is based on the aim of avoiding double taxation. In this respect, the Commission notes that the exemption for passive interest and royalty income introduced in ITA 2010 cannot be viewed as a mere application of the territoriality principle. In particular, as already explained in section 7.1.3.2, it must be noted that the territorial system of taxation deems royalty income received by a Gibraltar company to accrue in and be derived from Gibraltar. With regard to interest, a case-by-case assessment of the territoriality principle is needed in order to determine the location of the activities giving rise to the income and hence the existence or otherwise of a taxable income. Therefore, the exemption for passive interest and royalty income, as introduced in ITA 2010, cannot be considered as merely reflecting the application of the territoriality principle.

| (107) | Moreover, the argument that the application of the territoriality principle would rely on the need to prevent double taxation does not hold up as the (foreign) paying entity is generally allowed to deduct the interest or royalties for tax purposes (54). In addition, within the framework of Council Directive 2003/49/EC (55) (Interest and Royalties Directive) certain intra-group interest and royalty payments are exempt from withholding taxes (at the level of the foreign paying entity) on the basis of national rules transposing the before mentioned Directive 2003/49/EC into domestic law. Accordingly, in view of the limited risk of double taxation, a full and automatic exemption measure is disproportionate and the prevention of double taxation cannot be seen as an acceptable justification. |
| --- | --- |

(107)

Moreover, the argument that the application of the territoriality principle would rely on the need to prevent double taxation does not hold up as the (foreign) paying entity is generally allowed to deduct the interest or royalties for tax purposes (54). In addition, within the framework of Council Directive 2003/49/EC (55) (Interest and Royalties Directive) certain intra-group interest and royalty payments are exempt from withholding taxes (at the level of the foreign paying entity) on the basis of national rules transposing the before mentioned Directive 2003/49/EC into domestic law. Accordingly, in view of the limited risk of double taxation, a full and automatic exemption measure is disproportionate and the prevention of double taxation cannot be seen as an acceptable justification.

54

55

| (108) | Furthermore, in the context of the formal investigation, the UK authorities also argued that the passive interest and royalty income exemption is justified by reasons of administrative manageability, since the proceeds of the tax would not be sufficient to justify the administrative burden of enforcing taxation of passive interest and royalty income. They noted in this regard that foreign-sourced interest would be exempted in any event under the normal Gibraltar territoriality principle. As regards Gibraltar-sourced interest and royalties, they consider the tax exemption justified by the fact that the cost of collection would exceed expected revenues. |
| --- | --- |

(108)

Furthermore, in the context of the formal investigation, the UK authorities also argued that the passive interest and royalty income exemption is justified by reasons of administrative manageability, since the proceeds of the tax would not be sufficient to justify the administrative burden of enforcing taxation of passive interest and royalty income. They noted in this regard that foreign-sourced interest would be exempted in any event under the normal Gibraltar territoriality principle. As regards Gibraltar-sourced interest and royalties, they consider the tax exemption justified by the fact that the cost of collection would exceed expected revenues.

| (109) | The Commission invited the UK authorities to demonstrate, with concrete elements, the assertion that the administrative cost of enforcing corporate income tax on passive interest and royalty income would outweigh any resulting proceeds. However, the UK authorities did not put forward any concrete elements to substantiate their claim. In the absence of any evidence, the Commission cannot accept the assertion that the passive interest and royalty income exemption is justified by reasons of administrative manageability. |
| --- | --- |

(109)

The Commission invited the UK authorities to demonstrate, with concrete elements, the assertion that the administrative cost of enforcing corporate income tax on passive interest and royalty income would outweigh any resulting proceeds. However, the UK authorities did not put forward any concrete elements to substantiate their claim. In the absence of any evidence, the Commission cannot accept the assertion that the passive interest and royalty income exemption is justified by reasons of administrative manageability.

7.1.3.4.   Conclusion on selectivity

Conclusion on selectivity

| (110) | In light of the considerations set out in this section, the Commission considers that the measure is selective as it significantly favours a particular set of companies belonging to multinational groups entrusted with certain functions (the granting of intra-group loans or the right to use IP rights), as compared with other companies that are in a similar factual and legal situation given the intrinsic objective of ITA 2010. |
| --- | --- |

(110)

In light of the considerations set out in this section, the Commission considers that the measure is selective as it significantly favours a particular set of companies belonging to multinational groups entrusted with certain functions (the granting of intra-group loans or the right to use IP rights), as compared with other companies that are in a similar factual and legal situation given the intrinsic objective of ITA 2010.

7.1.4.   Potential distortion of competition and effect on intra-Union trade

Potential distortion of competition and effect on intra-Union trade

| (111) | According to Article 107(1) of the Treaty, in order to constitute State aid, a measure must distort or threaten to distort competition, and it must affect intra-Union trade. |
| --- | --- |

(111)

According to Article 107(1) of the Treaty, in order to constitute State aid, a measure must distort or threaten to distort competition, and it must affect intra-Union trade.

| (112) | In the course of the investigation, it was established that most of the companies that benefited from the passive interest and royalty income exemption form part of international groups of companies active in sectors in which intra-Union trade occurs (56). |
| --- | --- |

(112)

In the course of the investigation, it was established that most of the companies that benefited from the passive interest and royalty income exemption form part of international groups of companies active in sectors in which intra-Union trade occurs (56).

56

| (113) | Even if the Gibraltar companies subject to the exemption were not involved in the trade directly, the Court of Justice has maintained that when aid is granted to an undertaking, thereby strengthening its position as compared with other companies engaged in intra-Union trade, the measure should be regarded as affecting trade and distorting competition (57). |
| --- | --- |

(113)

Even if the Gibraltar companies subject to the exemption were not involved in the trade directly, the Court of Justice has maintained that when aid is granted to an undertaking, thereby strengthening its position as compared with other companies engaged in intra-Union trade, the measure should be regarded as affecting trade and distorting competition (57).

57

| (114) | Furthermore, it must be noted that the corporate income tax exemption for passive interest and royalty income is not related to any specific investment and simply alleviates the beneficiaries from costs that they would normally have had to bear in their day-to day business. Therefore, if the exemption is found to involve State aid, it would involve operating aid. Operating aid is more likely to distort or threaten to distort competition as it does not address a particular market failure and is not limited in time. |
| --- | --- |

(114)

Furthermore, it must be noted that the corporate income tax exemption for passive interest and royalty income is not related to any specific investment and simply alleviates the beneficiaries from costs that they would normally have had to bear in their day-to day business. Therefore, if the exemption is found to involve State aid, it would involve operating aid. Operating aid is more likely to distort or threaten to distort competition as it does not address a particular market failure and is not limited in time.

| (115) | The United Kingdom and the Gibraltar authorities also argued that any aid resulting from the exemption for royalties would be de minimis and would fall outside the scope of State aid rules in accordance with Regulation (EU) No 1407/2013. In the context of the formal investigation, the UK authorities were invited to demonstrate that the conditions for the measure to be considered as de minimis and therefore as falling outside the scope of State aid rules would be met for all companies concerned. However, the information provided only concerned a handful of companies and the UK authorities did not substantiate their claim that the de minimis conditions would be met for all aid beneficiaries. Therefore, the Commission cannot accept the argument that the exemption would involve no aid on the ground that the advantage obtained would always be de minimis. |
| --- | --- |

(115)

The United Kingdom and the Gibraltar authorities also argued that any aid resulting from the exemption for royalties would be de minimis and would fall outside the scope of State aid rules in accordance with Regulation (EU) No 1407/2013. In the context of the formal investigation, the UK authorities were invited to demonstrate that the conditions for the measure to be considered as de minimis and therefore as falling outside the scope of State aid rules would be met for all companies concerned. However, the information provided only concerned a handful of companies and the UK authorities did not substantiate their claim that the de minimis conditions would be met for all aid beneficiaries. Therefore, the Commission cannot accept the argument that the exemption would involve no aid on the ground that the advantage obtained would always be de minimis.

de minimis

de minimis

de minimis

de minimis

| (116) | Consequently, the Commission considers that the measure distorts or threatens to distort competition and that it affects intra-Union trade. |
| --- | --- |

(116)

Consequently, the Commission considers that the measure distorts or threatens to distort competition and that it affects intra-Union trade.

7.1.5.   Conclusion on the existence of State aid

Conclusion on the existence of State aid

| (117) | Since all the conditions laid down in Article 107(1) of the Treaty are met, the Commission therefore concludes that the passive interest and royalty income exemption scheme, as it existed before entry into force of the relevant amendments made in 2013, constitutes State aid within the meaning of that Article. |
| --- | --- |

(117)

Since all the conditions laid down in Article 107(1) of the Treaty are met, the Commission therefore concludes that the passive interest and royalty income exemption scheme, as it existed before entry into force of the relevant amendments made in 2013, constitutes State aid within the meaning of that Article.

7.2.   New aid character of the measure

New aid character of the measure

| (118) | According to Article 1(c) of the Procedural Regulation, ‘new aid’ means all aid, that is to say, aid schemes and individual aid, which is not existing aid, including alterations to existing aid. ‘Existing aid’ refers to authorised aid or aid which is deemed to have been authorised as provided for in Article 1(d) of the Procedural Regulation. |
| --- | --- |

(118)

According to Article 1(c) of the Procedural Regulation, ‘new aid’ means all aid, that is to say, aid schemes and individual aid, which is not existing aid, including alterations to existing aid. ‘Existing aid’ refers to authorised aid or aid which is deemed to have been authorised as provided for in Article 1(d) of the Procedural Regulation.

| (119) | The United Kingdom authorities and Gibraltar assert that if the exemption for foreign-source interest constitutes State aid, it would be existing aid as the status of such interest under the exemption has remained the same de facto as under the previous 1952 legislation (as a result of the territoriality principle). |
| --- | --- |

(119)

The United Kingdom authorities and Gibraltar assert that if the exemption for foreign-source interest constitutes State aid, it would be existing aid as the status of such interest under the exemption has remained the same de facto as under the previous 1952 legislation (as a result of the territoriality principle).

de facto

| (120) | In that regard, the Commission notes that, under the territorial system of taxation, a case-by-case assessment of the interest income would need to be performed in order to determine whether there was any taxable income. This would not lead to automatic exemption of the relevant income. Therefore, the exemption for passive interest income (before 1 July 2013), as introduced under ITA 2010, substantially differs from the tax treatment of passive interest income before ITA 2010 and cannot be considered as having the same effect as application of the territoriality principle had. |
| --- | --- |

(120)

In that regard, the Commission notes that, under the territorial system of taxation, a case-by-case assessment of the interest income would need to be performed in order to determine whether there was any taxable income. This would not lead to automatic exemption of the relevant income. Therefore, the exemption for passive interest income (before 1 July 2013), as introduced under ITA 2010, substantially differs from the tax treatment of passive interest income before ITA 2010 and cannot be considered as having the same effect as application of the territoriality principle had.

| (121) | In addition, should the territoriality principle result effectively in the exemption of foreign-source interest, that would not be sufficient to establish the ‘existing aid’ nature of the measure since the previous exemption was not limited to foreign-source interest income (it covered both foreign and domestic sourced interest). Any possible justification for the exemption (and its conformity with the territoriality principle) must be based on reasoning that is applicable to all interest income, not on a specific part (foreign-source interest) of it only. |
| --- | --- |

(121)

In addition, should the territoriality principle result effectively in the exemption of foreign-source interest, that would not be sufficient to establish the ‘existing aid’ nature of the measure since the previous exemption was not limited to foreign-source interest income (it covered both foreign and domestic sourced interest). Any possible justification for the exemption (and its conformity with the territoriality principle) must be based on reasoning that is applicable to all interest income, not on a specific part (foreign-source interest) of it only.

7.3.   Compatibility of the aid with the internal market

Compatibility of the aid with the internal market

| (122) | State aid is deemed to be compatible with the internal market if it falls within any of the categories listed in Article 107(2) of the Treaty (58) and it may be considered to be compatible with the internal market if it falls within any of the categories listed in Article 107(3) of the Treaty (59). However, it is the Member State granting the aid which bears the burden of proving that State aid granted by it is compatible with the internal market pursuant to Article 107(2) or (3) of the Treaty (60). |
| --- | --- |

(122)

State aid is deemed to be compatible with the internal market if it falls within any of the categories listed in Article 107(2) of the Treaty (58) and it may be considered to be compatible with the internal market if it falls within any of the categories listed in Article 107(3) of the Treaty (59). However, it is the Member State granting the aid which bears the burden of proving that State aid granted by it is compatible with the internal market pursuant to Article 107(2) or (3) of the Treaty (60).

58

59

60

| (123) | The Commission notes that the UK authorities have not provided any arguments as to why the corporate income tax exemption for passive interest and royalty income should be considered compatible with the internal market. In particular, the United Kingdom did not comment on the doubts expressed in the First Opening Decision as regards the compatibility of the measure. |
| --- | --- |

(123)

The Commission notes that the UK authorities have not provided any arguments as to why the corporate income tax exemption for passive interest and royalty income should be considered compatible with the internal market. In particular, the United Kingdom did not comment on the doubts expressed in the First Opening Decision as regards the compatibility of the measure.

| (124) | The Commission itself has not identified any possible grounds for compatibility and it considers that none of the exceptions listed in Article 107(2) or (3) of the Treaty applies, since the measure does not appear to be aiming to achieve any of the objectives listed in those provisions. Moreover, as the corporate income tax exemption for passive interest and royalty income is not related to any specific investment and simply alleviates the beneficiaries from costs that they would normally have to bear in their day-to day business, it is considered to involve operating aid. As a general rule, such aid can normally not be considered compatible with the internal market under Article 107(3) of the Treaty in that it does not facilitate the development of certain activities or of certain economic areas. Furthermore, the tax advantages in this case are not limited in time, declining or proportionate to what is necessary to remedy a specific market failure or to fulfil any objective of general interest in the areas concerned. Consequently, the measure cannot be considered compatible with the internal market in accordance with Article 107(2) or (3) of the Treaty. |
| --- | --- |

(124)

The Commission itself has not identified any possible grounds for compatibility and it considers that none of the exceptions listed in Article 107(2) or (3) of the Treaty applies, since the measure does not appear to be aiming to achieve any of the objectives listed in those provisions. Moreover, as the corporate income tax exemption for passive interest and royalty income is not related to any specific investment and simply alleviates the beneficiaries from costs that they would normally have to bear in their day-to day business, it is considered to involve operating aid. As a general rule, such aid can normally not be considered compatible with the internal market under Article 107(3) of the Treaty in that it does not facilitate the development of certain activities or of certain economic areas. Furthermore, the tax advantages in this case are not limited in time, declining or proportionate to what is necessary to remedy a specific market failure or to fulfil any objective of general interest in the areas concerned. Consequently, the measure cannot be considered compatible with the internal market in accordance with Article 107(2) or (3) of the Treaty.

8.   ASSESSMENT OF THE TAX RULING PRACTICE IN GIBRALTAR

| (125) | As a preliminary matter, it should be recalled that ‘in the absence of EU rules governing the matter, it falls within the competence of the Member States or of infra-State bodies having fiscal autonomy to designate the bases of assessment and to spread the tax burden across the various sectors of production and economic sectors’ (61). At the same time, in line with well-established case-law, ‘the exercise of reserved powers cannot permit the unilateral adoption of measures prohibited by the Treaty’ (62). |
| --- | --- |

(125)

As a preliminary matter, it should be recalled that ‘in the absence of EU rules governing the matter, it falls within the competence of the Member States or of infra-State bodies having fiscal autonomy to designate the bases of assessment and to spread the tax burden across the various sectors of production and economic sectors’ (61). At the same time, in line with well-established case-law, ‘the exercise of reserved powers cannot permit the unilateral adoption of measures prohibited by the Treaty’ (62).

61

62

| (126) | In particular, the Commission does not call into question the granting of tax rulings by the tax administrations of the Member States. It recognises the importance of advance rulings as a tool to provide legal certainty to taxpayers. Provided they do not grant a selective advantage to specific economic operators, tax rulings do not raise issues under Union State aid law (63). |
| --- | --- |

(126)

In particular, the Commission does not call into question the granting of tax rulings by the tax administrations of the Member States. It recognises the importance of advance rulings as a tool to provide legal certainty to taxpayers. Provided they do not grant a selective advantage to specific economic operators, tax rulings do not raise issues under Union State aid law (63).

63

| (127) | However, where a tax ruling endorses a result that does not reflect in a reliable manner what would result from a normal application of the ordinary tax system, that ruling may confer a selective advantage upon the addressee, in so far as that selective treatment results in lowering that addressee's tax liability in the Member State as compared with other companies in a similar factual and legal situation (64). |
| --- | --- |

(127)

However, where a tax ruling endorses a result that does not reflect in a reliable manner what would result from a normal application of the ordinary tax system, that ruling may confer a selective advantage upon the addressee, in so far as that selective treatment results in lowering that addressee's tax liability in the Member State as compared with other companies in a similar factual and legal situation (64).

64

8.1.   Introduction

Introduction

| (128) | In the Decision to Extend Proceedings, with respect to 165 tax rulings granted by the Gibraltar tax authorities between January 2011 and August 2013, the Commission concluded on a preliminary basis that the tax rulings were materially selective as the Gibraltar tax authorities generally refrained from a proper assessment of the companies' tax obligations, exercising their discretionary powers. The Commission also took the preliminary view that, in some cases, the Gibraltar tax authorities would issue tax rulings that were inconsistent with the applicable tax provisions (65). |
| --- | --- |

(128)

In the Decision to Extend Proceedings, with respect to 165 tax rulings granted by the Gibraltar tax authorities between January 2011 and August 2013, the Commission concluded on a preliminary basis that the tax rulings were materially selective as the Gibraltar tax authorities generally refrained from a proper assessment of the companies' tax obligations, exercising their discretionary powers. The Commission also took the preliminary view that, in some cases, the Gibraltar tax authorities would issue tax rulings that were inconsistent with the applicable tax provisions (65).

65

| (129) | As a preliminary view, the Commission considered that, by granting such tax rulings only to certain multinational companies as opposed to other, purely domestic companies that do not ask for a tax ruling, the tax authorities treated companies that were in a similar legal and factual situation differently. Accordingly, the measures were considered to be prima facie selective. Further, the Commission did not identify any acceptable justification resulting from the nature or the general scheme of ITA 2010. |
| --- | --- |

(129)

As a preliminary view, the Commission considered that, by granting such tax rulings only to certain multinational companies as opposed to other, purely domestic companies that do not ask for a tax ruling, the tax authorities treated companies that were in a similar legal and factual situation differently. Accordingly, the measures were considered to be prima facie selective. Further, the Commission did not identify any acceptable justification resulting from the nature or the general scheme of ITA 2010.

prima facie

| (130) | As part of the formal investigation, the Commission analysed the relevant documentation provided by the UK authorities in relation to the 165 rulings falling within the scope of the investigation, in order to identify any possible discretionary practices, misapplication of the rules or absence of proper checks as to where the activities were effectively performed. The documentation assessed by the Commission included the following:






  (1) | the 165 rulings themselves and the applications for those rulings; |
| --- | --- | --- |

(130)

As part of the formal investigation, the Commission analysed the relevant documentation provided by the UK authorities in relation to the 165 rulings falling within the scope of the investigation, in order to identify any possible discretionary practices, misapplication of the rules or absence of proper checks as to where the activities were effectively performed. The documentation assessed by the Commission included the following:

(1)

the 165 rulings themselves and the applications for those rulings;

| (2) | ex post audit reports performed by the Gibraltar authorities in 2015 with respect to all beneficiaries of the 165 rulings. Such audits (or reviews) were carried out with a view to assessing whether any of the provisions of ITA 2010 had been wrongly applied. The audit reports include background information on the companies concerned and on their activities, as well as possible changes in their organisation, activities and functions that had occurred since the ruling was granted, and also some factual information on the activities of the companies and a legal assessment of whether the companies and/or activities were taxable in accordance with ITA 2010. The main issue assessed by the audits was whether any income derived from the activities met the conditions for being considered to accrue in or be derived from Gibraltar. The audits relied on extensive searches of all documents filed by the audited companies, replies to questionnaires, site visits and meetings with the companies or their representatives. More detailed financial information regarding 25 companies, including financial accounts and, for some of them, copies of their tax returns were even provided; |
| --- | --- |

(2)

ex post audit reports performed by the Gibraltar authorities in 2015 with respect to all beneficiaries of the 165 rulings. Such audits (or reviews) were carried out with a view to assessing whether any of the provisions of ITA 2010 had been wrongly applied. The audit reports include background information on the companies concerned and on their activities, as well as possible changes in their organisation, activities and functions that had occurred since the ruling was granted, and also some factual information on the activities of the companies and a legal assessment of whether the companies and/or activities were taxable in accordance with ITA 2010. The main issue assessed by the audits was whether any income derived from the activities met the conditions for being considered to accrue in or be derived from Gibraltar. The audits relied on extensive searches of all documents filed by the audited companies, replies to questionnaires, site visits and meetings with the companies or their representatives. More detailed financial information regarding 25 companies, including financial accounts and, for some of them, copies of their tax returns were even provided;

ex post

| (3) | factual information on all 165 companies for the purposes of assessing whether the allegation that such companies do not carry on activities in Gibraltar is sufficiently substantiated, including information on the number of staff and directors, personal expenses, amortisation costs, other operating expenses related to Gibraltar operations and operating expenses not related to Gibraltar activities. |
| --- | --- |

(3)

factual information on all 165 companies for the purposes of assessing whether the allegation that such companies do not carry on activities in Gibraltar is sufficiently substantiated, including information on the number of staff and directors, personal expenses, amortisation costs, other operating expenses related to Gibraltar operations and operating expenses not related to Gibraltar activities.

| (131) | Analysis of that information allowed the Commission to assess whether the relevant companies generated income taxable in Gibraltar in accordance with the territorial system of taxation and/or whether any tax ruling had been granted or implemented in a manner that was inconsistent with the applicable tax provisions. |
| --- | --- |

(131)

Analysis of that information allowed the Commission to assess whether the relevant companies generated income taxable in Gibraltar in accordance with the territorial system of taxation and/or whether any tax ruling had been granted or implemented in a manner that was inconsistent with the applicable tax provisions.

8.2.   The unproblematic tax rulings

The unproblematic tax rulings

| (132) | In the vast majority of cases (160 out of the 165 rulings under investigation), that analysis did not show that the rulings had been granted in a manner that was inconsistent with the applicable general tax rules. In most cases, the income generated by the companies in question did not meet the territorial requirements to be taxable in Gibraltar. In particular, the audit reports and the other documents provided by the UK authorities showed that the Gibraltar activities of the companies were limited and in general could not lead the tax authorities to conclude that income-generating activities had effectively taken place in Gibraltar. In other words, there was sufficient evidence that the activities that gave rise to the profits, did not take place in Gibraltar. Several rulings confirmed the non-taxation of passive interest, royalties and/or dividends which was consistent with the applicable tax provisions, since, at the time the tax rulings were granted, the applicable tax provisions did not provide for the taxation of royalties and passive interest income. As shown in recitals 145 to 147, appropriate justifications have been provided in relation to the other cases. The above conclusions are illustrated by the following examples, which reflect the various categories of business activity (covered by the 165 tax rulings) identified in the Decision to Extend Proceedings (66). |
| --- | --- |

(132)

In the vast majority of cases (160 out of the 165 rulings under investigation), that analysis did not show that the rulings had been granted in a manner that was inconsistent with the applicable general tax rules. In most cases, the income generated by the companies in question did not meet the territorial requirements to be taxable in Gibraltar. In particular, the audit reports and the other documents provided by the UK authorities showed that the Gibraltar activities of the companies were limited and in general could not lead the tax authorities to conclude that income-generating activities had effectively taken place in Gibraltar. In other words, there was sufficient evidence that the activities that gave rise to the profits, did not take place in Gibraltar. Several rulings confirmed the non-taxation of passive interest, royalties and/or dividends which was consistent with the applicable tax provisions, since, at the time the tax rulings were granted, the applicable tax provisions did not provide for the taxation of royalties and passive interest income. As shown in recitals 145 to 147, appropriate justifications have been provided in relation to the other cases. The above conclusions are illustrated by the following examples, which reflect the various categories of business activity (covered by the 165 tax rulings) identified in the Decision to Extend Proceedings (66).

66

| (133) | The first example relates to a ruling granted to a company providing management and consultancy services to hotels and casinos in Africa. The audit report concluded that the services were provided in Africa through staff employed by the company in Africa. The audit showed that the company carried on no trade activities in or from Gibraltar. The company's activity in Gibraltar was limited to basic administrative support provided by one single staff member in the role of an administrative secretary, without any significant activity being performed in Gibraltar. Such basic secretarial duties were not found to be income-generating activities in Gibraltar. This was corroborated by a site visit to the company's premises in Gibraltar, which were found to consist of an office facility exclusively laid out for hosting board meetings. Surveillance of the premises on other days by the tax authorities showed that the premises were not used for any other purposes. On that basis, the report concluded that the company was outside the scope of taxation in Gibraltar on account of the fact that no income accrued in or was derived from Gibraltar (as the company carried on no income-generating activities in Gibraltar). |
| --- | --- |

(133)

The first example relates to a ruling granted to a company providing management and consultancy services to hotels and casinos in Africa. The audit report concluded that the services were provided in Africa through staff employed by the company in Africa. The audit showed that the company carried on no trade activities in or from Gibraltar. The company's activity in Gibraltar was limited to basic administrative support provided by one single staff member in the role of an administrative secretary, without any significant activity being performed in Gibraltar. Such basic secretarial duties were not found to be income-generating activities in Gibraltar. This was corroborated by a site visit to the company's premises in Gibraltar, which were found to consist of an office facility exclusively laid out for hosting board meetings. Surveillance of the premises on other days by the tax authorities showed that the premises were not used for any other purposes. On that basis, the report concluded that the company was outside the scope of taxation in Gibraltar on account of the fact that no income accrued in or was derived from Gibraltar (as the company carried on no income-generating activities in Gibraltar).

| (134) | In the second example, a ruling was granted to a company providing shipping brokerage services to customers on behalf of ship-owners. The audit confirmed that the services were performed in or from the group's various locations within London, Singapore, Australia or Monaco, without any income-generating activities taking place in Gibraltar. The audit did not find any evidence to indicate that the company had engaged in any activity in Gibraltar. On that basis, the audit report considered that the company did not have a presence or permanent establishment in Gibraltar other than its server. Accordingly, it concluded that the company was outside the scope of taxation in Gibraltar on account of the fact that no income accrued in or was derived from Gibraltar (as the company carried on no income-generating activities in Gibraltar). |
| --- | --- |

(134)

In the second example, a ruling was granted to a company providing shipping brokerage services to customers on behalf of ship-owners. The audit confirmed that the services were performed in or from the group's various locations within London, Singapore, Australia or Monaco, without any income-generating activities taking place in Gibraltar. The audit did not find any evidence to indicate that the company had engaged in any activity in Gibraltar. On that basis, the audit report considered that the company did not have a presence or permanent establishment in Gibraltar other than its server. Accordingly, it concluded that the company was outside the scope of taxation in Gibraltar on account of the fact that no income accrued in or was derived from Gibraltar (as the company carried on no income-generating activities in Gibraltar).

| (135) | The third example relates to a ruling granted to a company providing administrative and support services to a related Luxembourg company. The services were carried on by two of its Gibraltar resident directors. The company also held loans granted to various group companies located mainly in the Netherlands. The security and collateral for those loans was held outside Gibraltar (67). The investigative review carried out in 2015 concluded that the company had a physical presence in Gibraltar by virtue of the professional management services carried on by its resident directors, who make management decisions. Until 30 June 2013, the company was taxed on income resulting from administrative and support services only, as the inter-company loan interest was not taxable in Gibraltar (68) (in line with the passive interest exemption under ITA 2010). Since 1 July 2013, the company has been chargeable to tax on interest income too (Class 1A, Table C of Schedule 1 to ITA 2010) as a result of the amendment which brought inter-company loan interest into the scope of taxation under ITA 2010. The company has been fully regularised for all taxation purposes in Gibraltar since 1 July 2013. |
| --- | --- |

(135)

The third example relates to a ruling granted to a company providing administrative and support services to a related Luxembourg company. The services were carried on by two of its Gibraltar resident directors. The company also held loans granted to various group companies located mainly in the Netherlands. The security and collateral for those loans was held outside Gibraltar (67). The investigative review carried out in 2015 concluded that the company had a physical presence in Gibraltar by virtue of the professional management services carried on by its resident directors, who make management decisions. Until 30 June 2013, the company was taxed on income resulting from administrative and support services only, as the inter-company loan interest was not taxable in Gibraltar (68) (in line with the passive interest exemption under ITA 2010). Since 1 July 2013, the company has been chargeable to tax on interest income too (Class 1A, Table C of Schedule 1 to ITA 2010) as a result of the amendment which brought inter-company loan interest into the scope of taxation under ITA 2010. The company has been fully regularised for all taxation purposes in Gibraltar since 1 July 2013.

67

68

| (136) | By way of a fourth example, a ruling was granted to a company which, under a joint venture agreement, contracted with third parties established outside Gibraltar for the provision of advertising, marketing and promotional services in relation to remote gaming activities, including recognition and development of the brand. The company received a share of the revenues generated from the operation of the remote gaming business carried on in Malta by the counterparty to the joint venture agreement. The review, which included a site visit and a roving investigation undertaken by the Gibraltar tax officials within Gibraltar's financial business, banking and office accommodation sectors within Gibraltar, showed that the company did not have a physical presence or a permanent establishment in Gibraltar and that its corporate directors did not perform income-generating activities in or from Gibraltar. The report concluded that the company was outside the scope of taxation on account of the fact that no income accrued in or was derived from Gibraltar. The ruling was revoked by the Gibraltar tax authorities on 17 July 2015 since the company's representatives confirmed at the site meeting that they no longer had a relationship with the company. |
| --- | --- |

(136)

By way of a fourth example, a ruling was granted to a company which, under a joint venture agreement, contracted with third parties established outside Gibraltar for the provision of advertising, marketing and promotional services in relation to remote gaming activities, including recognition and development of the brand. The company received a share of the revenues generated from the operation of the remote gaming business carried on in Malta by the counterparty to the joint venture agreement. The review, which included a site visit and a roving investigation undertaken by the Gibraltar tax officials within Gibraltar's financial business, banking and office accommodation sectors within Gibraltar, showed that the company did not have a physical presence or a permanent establishment in Gibraltar and that its corporate directors did not perform income-generating activities in or from Gibraltar. The report concluded that the company was outside the scope of taxation on account of the fact that no income accrued in or was derived from Gibraltar. The ruling was revoked by the Gibraltar tax authorities on 17 July 2015 since the company's representatives confirmed at the site meeting that they no longer had a relationship with the company.

| (137) | In the fifth example, a ruling was granted to a company active in the procurement of petroleum products directly from refineries in Asia and in the subsequent storage, transportation and delivery of those products from the company's storage terminals located within Asia to customers in Italy, Greece, Israel and Turkey. The review showed that the company had no physical presence or permanent establishment in Gibraltar and that its sole director had not performed income-generating activities in or from Gibraltar. The review also found that, as shown by the website of the group of which the company was a part, the trading activity was carried on in various geographical locations through offices located in Hong Kong, the United Kingdom, Dubai, Oman and Afghanistan. On that basis, the review concluded that the company was outside the scope of taxation under section 11 of ITA 2010 on account of the fact that no income accrued in or was derived from Gibraltar. |
| --- | --- |

(137)

In the fifth example, a ruling was granted to a company active in the procurement of petroleum products directly from refineries in Asia and in the subsequent storage, transportation and delivery of those products from the company's storage terminals located within Asia to customers in Italy, Greece, Israel and Turkey. The review showed that the company had no physical presence or permanent establishment in Gibraltar and that its sole director had not performed income-generating activities in or from Gibraltar. The review also found that, as shown by the website of the group of which the company was a part, the trading activity was carried on in various geographical locations through offices located in Hong Kong, the United Kingdom, Dubai, Oman and Afghanistan. On that basis, the review concluded that the company was outside the scope of taxation under section 11 of ITA 2010 on account of the fact that no income accrued in or was derived from Gibraltar.

| (138) | In the sixth example, a ruling was granted to a company carrying on a trade in non-pharmaceutical medical and health related products from South Korea to Germany. The audit showed that the management and commercial decisions were outsourced to a person resident in Namibia. The audit also showed that the company's sole director residing in Gibraltar provided general consultancy services to the company and was not actively involved in the day-to-day trading activities undertaken by the company. No physical presence in Gibraltar could be identified on the basis of a site visit, a meeting with the company, responses to additional written questions and systematic checks carried out on the web. The investigative review considered that the company did not render a service in or from Gibraltar and therefore concluded that the company had no sources of income accruing in or derived from Gibraltar. |
| --- | --- |

(138)

In the sixth example, a ruling was granted to a company carrying on a trade in non-pharmaceutical medical and health related products from South Korea to Germany. The audit showed that the management and commercial decisions were outsourced to a person resident in Namibia. The audit also showed that the company's sole director residing in Gibraltar provided general consultancy services to the company and was not actively involved in the day-to-day trading activities undertaken by the company. No physical presence in Gibraltar could be identified on the basis of a site visit, a meeting with the company, responses to additional written questions and systematic checks carried out on the web. The investigative review considered that the company did not render a service in or from Gibraltar and therefore concluded that the company had no sources of income accruing in or derived from Gibraltar.

| (139) | In the seventh example, the company engaged in the operation of internet games via a website. The company's income comprised charges received from end-users for non-basic features and rights, commissions received from betting trading under licence to third party providers and the sale of games-related products. Analysis of the available information showed that, until 1 January 2014, all activities were carried on outside Gibraltar. In particular, software development was performed by the company's subsidiary in another Member State, while the host server was located in Switzerland. The customer service function was carried out by three freelance individuals in another Member State and in a third country. The subscription fees were processed in the Netherlands. In this context, the investigative review considered that the company was not taxable on income generated until 1 January 2014 (69). Since 2 January 2014, the business has had a physical presence in Gibraltar, and it has income that accrues in and is derived from Gibraltar, it files full and complete returns of its income and is fully regularised for all taxation purposes in Gibraltar. The tax ruling was revoked in January 2014. |
| --- | --- |

(139)

In the seventh example, the company engaged in the operation of internet games via a website. The company's income comprised charges received from end-users for non-basic features and rights, commissions received from betting trading under licence to third party providers and the sale of games-related products. Analysis of the available information showed that, until 1 January 2014, all activities were carried on outside Gibraltar. In particular, software development was performed by the company's subsidiary in another Member State, while the host server was located in Switzerland. The customer service function was carried out by three freelance individuals in another Member State and in a third country. The subscription fees were processed in the Netherlands. In this context, the investigative review considered that the company was not taxable on income generated until 1 January 2014 (69). Since 2 January 2014, the business has had a physical presence in Gibraltar, and it has income that accrues in and is derived from Gibraltar, it files full and complete returns of its income and is fully regularised for all taxation purposes in Gibraltar. The tax ruling was revoked in January 2014.

69

| (140) | In the eighth example, the audit confirmed that the company carried on a trade in agricultural chemicals from Hungary, Belgium and Israel to customers in the Former Yugoslav Republic of Macedonia, Bosnia and Herzegovina, and Slovakia. After examination of all the documents filed by the company as well as additional information provided by the company in writing and in the context of a meeting with the company's representatives (and on the basis of other investigative functions), the audit found that no income-generating activities took place in Gibraltar (in the absence of any services rendered in or from Gibraltar or any activity performed in or from Gibraltar) and it therefore concluded that the company was outside the scope of taxation under section 11 of ITA 2010. |
| --- | --- |

(140)

In the eighth example, the audit confirmed that the company carried on a trade in agricultural chemicals from Hungary, Belgium and Israel to customers in the Former Yugoslav Republic of Macedonia, Bosnia and Herzegovina, and Slovakia. After examination of all the documents filed by the company as well as additional information provided by the company in writing and in the context of a meeting with the company's representatives (and on the basis of other investigative functions), the audit found that no income-generating activities took place in Gibraltar (in the absence of any services rendered in or from Gibraltar or any activity performed in or from Gibraltar) and it therefore concluded that the company was outside the scope of taxation under section 11 of ITA 2010.

| (141) | The ninth and final example relates to a ruling granted to a company chartering a luxury yacht (registered in the UK) in the British Virgin Islands. The business had a website which showed that the chartering was carried on in the Caribbean. The Gibraltar tax authorities' review showed that the company carried on no trade in Gibraltar and had no physical presence or permanent establishment in Gibraltar. It therefore concluded that there were no income-generating activities that rendered the company chargeable to tax under the territoriality principle. The ruling lapsed in October 2015 as the company had been struck off the Company Register by the Registrar of Companies in Gibraltar. |
| --- | --- |

(141)

The ninth and final example relates to a ruling granted to a company chartering a luxury yacht (registered in the UK) in the British Virgin Islands. The business had a website which showed that the chartering was carried on in the Caribbean. The Gibraltar tax authorities' review showed that the company carried on no trade in Gibraltar and had no physical presence or permanent establishment in Gibraltar. It therefore concluded that there were no income-generating activities that rendered the company chargeable to tax under the territoriality principle. The ruling lapsed in October 2015 as the company had been struck off the Company Register by the Registrar of Companies in Gibraltar.

| (142) | These nine examples are only illustrative. The Commission assessed the information and documents available in relation to all 160 rulings to make sure that the rulings were granted in conformity with the applicable tax rules in Gibraltar and that the activities carried on by the companies in question fairly reflected the activities described in the request for a ruling. |
| --- | --- |

(142)

These nine examples are only illustrative. The Commission assessed the information and documents available in relation to all 160 rulings to make sure that the rulings were granted in conformity with the applicable tax rules in Gibraltar and that the activities carried on by the companies in question fairly reflected the activities described in the request for a ruling.

| (143) | Out of those 160 tax rulings, 98 actually related to the territoriality principle (and the reviews made by the Gibraltar tax authorities found that no income-generating activities were carried on in Gibraltar). Accordingly, the revenues generated by the companies concerned did not in any event fall within the scope of the territorial system of taxation in Gibraltar. |
| --- | --- |

(143)

Out of those 160 tax rulings, 98 actually related to the territoriality principle (and the reviews made by the Gibraltar tax authorities found that no income-generating activities were carried on in Gibraltar). Accordingly, the revenues generated by the companies concerned did not in any event fall within the scope of the territorial system of taxation in Gibraltar.

| (144) | In 34 cases, the addressees were in receipt of passive interest, royalties and/or dividends (70) and it appears that either their situations were regularised or their activities ceased after the 2013 amendments. However, to the extent the tax treatment of these companies is the result of the implementation of the aid scheme examined in section 7 of this Decision, the Commission refers to that section. Accordingly, any aid granted on the basis of these rulings (during the period preceding entry into force of the 2013 amendments) is treated in the operational part of this Decision as being part of the aid scheme identified in section 7. |
| --- | --- |

(144)

In 34 cases, the addressees were in receipt of passive interest, royalties and/or dividends (70) and it appears that either their situations were regularised or their activities ceased after the 2013 amendments. However, to the extent the tax treatment of these companies is the result of the implementation of the aid scheme examined in section 7 of this Decision, the Commission refers to that section. Accordingly, any aid granted on the basis of these rulings (during the period preceding entry into force of the 2013 amendments) is treated in the operational part of this Decision as being part of the aid scheme identified in section 7.

70

| (145) | In 19 cases, either the company was not incorporated, or the activities described in the tax ruling requests did not materialise, or the company was dormant. There was therefore nothing to tax in those cases and, regardless of the position taken by the tax authorities, the rulings could not involve the granting of any advantage to the companies concerned. |
| --- | --- |

(145)

In 19 cases, either the company was not incorporated, or the activities described in the tax ruling requests did not materialise, or the company was dormant. There was therefore nothing to tax in those cases and, regardless of the position taken by the tax authorities, the rulings could not involve the granting of any advantage to the companies concerned.

| (146) | In four other cases, the rulings concluded that the relevant income accrued in and was derived from Gibraltar and was therefore taxable in accordance with section 11 of ITA 2010. In this regard, it is relevant to note that, in such cases, the audit reports by the Gibraltar tax authorities stressed that the tax rulings had been revoked as a result of legislative or material changes. It also appears that the revocations were not the result of the audits performed in 2015 but of earlier examinations, e.g. when the 2013 amendments in relation to interest and royalty income came into force. In other words, in these four cases, the relevant companies were liable to tax on their income accruing in or derived from Gibraltar. |
| --- | --- |

(146)

In four other cases, the rulings concluded that the relevant income accrued in and was derived from Gibraltar and was therefore taxable in accordance with section 11 of ITA 2010. In this regard, it is relevant to note that, in such cases, the audit reports by the Gibraltar tax authorities stressed that the tax rulings had been revoked as a result of legislative or material changes. It also appears that the revocations were not the result of the audits performed in 2015 but of earlier examinations, e.g. when the 2013 amendments in relation to interest and royalty income came into force. In other words, in these four cases, the relevant companies were liable to tax on their income accruing in or derived from Gibraltar.

| (147) | The remaining five rulings relate to personal income tax issues such as the taxation of employees. Those rulings do not affect the level of taxation of the relevant companies and therefore do not fall within the scope of corporate income taxation. |
| --- | --- |

(147)

The remaining five rulings relate to personal income tax issues such as the taxation of employees. Those rulings do not affect the level of taxation of the relevant companies and therefore do not fall within the scope of corporate income taxation.

| (148) | The table in the Annex provides an overview of the Commission's findings in relation to the 160 unproblematic tax rulings, with reference to the categories described in this section. It shows that no case has been found where any of the rulings were inconsistent with the normal application of the Gibraltar tax system (71). |
| --- | --- |

(148)

The table in the Annex provides an overview of the Commission's findings in relation to the 160 unproblematic tax rulings, with reference to the categories described in this section. It shows that no case has been found where any of the rulings were inconsistent with the normal application of the Gibraltar tax system (71).

71

| (149) | As a result, even if it had been found that the Gibraltar authorities had issued the 160 tax rulings without following any designated procedure or without conducting any substantive analysis at the time the rulings were granted, it would have had no impact in practice and would not have resulted in the granting of any advantage since the activities (or absence of activities) of the companies concerned did not generate income liable to tax in accordance with the Gibraltar income tax rules (72). |
| --- | --- |

(149)

As a result, even if it had been found that the Gibraltar authorities had issued the 160 tax rulings without following any designated procedure or without conducting any substantive analysis at the time the rulings were granted, it would have had no impact in practice and would not have resulted in the granting of any advantage since the activities (or absence of activities) of the companies concerned did not generate income liable to tax in accordance with the Gibraltar income tax rules (72).

72

| (150) | Accordingly, after having carefully examined the evidence provided by the UK authorities, the Commission has come to the conclusion that the 160 tax rulings reflected in a reliable manner what would have resulted from a normal application of the ordinary Gibraltar tax system, without involving any misapplication of the law or other indication of existence of State aid. It follows that the granting and implementation of such rulings does not raise any State aid issues (73). |
| --- | --- |

(150)

Accordingly, after having carefully examined the evidence provided by the UK authorities, the Commission has come to the conclusion that the 160 tax rulings reflected in a reliable manner what would have resulted from a normal application of the ordinary Gibraltar tax system, without involving any misapplication of the law or other indication of existence of State aid. It follows that the granting and implementation of such rulings does not raise any State aid issues (73).

73

8.3.   The contested tax rulings

The contested tax rulings

| (151) | The Commission investigation has shown that five rulings granted to Gibraltar corporate partners of Dutch limited partnerships (Commanditaire vennootschap or ‘CV’) did raise issues with regard to State aid rules. |
| --- | --- |

(151)

The Commission investigation has shown that five rulings granted to Gibraltar corporate partners of Dutch limited partnerships (Commanditaire vennootschap or ‘CV’) did raise issues with regard to State aid rules.

Commanditaire vennootschap

| (152) | The relevant rulings were granted in 2011 or 2012 and confirmed that royalties (and passive interest income to a lesser extent) generated at the level of the Dutch CVs was not taxable under ITA 2010. Those rulings remained in effect and were not revoked by the tax authorities either as a result of the amendments to ITA 2010 in 2013 that brought interest and royalties into the scope of taxation, or as a result of the audits carried out in 2015. |
| --- | --- |

(152)

The relevant rulings were granted in 2011 or 2012 and confirmed that royalties (and passive interest income to a lesser extent) generated at the level of the Dutch CVs was not taxable under ITA 2010. Those rulings remained in effect and were not revoked by the tax authorities either as a result of the amendments to ITA 2010 in 2013 that brought interest and royalties into the scope of taxation, or as a result of the audits carried out in 2015.

| (153) | The situations referred to in the requests for ruling typically involved the following structure:



  Limited partner 1 %
  General partner 99 %
  GIBCO2
  Royalty
  Licence
  Dutch CV Holds IP rights
  Dutch BV Exploit IP rights
  GIBCO1 |
| --- | --- |

(153)

The situations referred to in the requests for ruling typically involved the following structure:

Limited partner 1 %

General partner 99 %

GIBCO2

Royalty

Licence

Dutch CV Holds IP rights

Dutch BV Exploit IP rights

GIBCO1

| (154) | Under Dutch law, a CV is a limited partnership, which is generally considered a transparent entity for tax purposes and therefore not liable to corporate income tax in the Netherlands (74). Accordingly, the income of the CV is not taxed in the Netherlands at the level of the CV but at the level of the participants in the CV, according to their share in the CV. In other words, a tax liability in relation to the income of such CVs arises in the Netherlands only if one or more participants in the CV are Dutch resident persons or companies. |
| --- | --- |

(154)

Under Dutch law, a CV is a limited partnership, which is generally considered a transparent entity for tax purposes and therefore not liable to corporate income tax in the Netherlands (74). Accordingly, the income of the CV is not taxed in the Netherlands at the level of the CV but at the level of the participants in the CV, according to their share in the CV. In other words, a tax liability in relation to the income of such CVs arises in the Netherlands only if one or more participants in the CV are Dutch resident persons or companies.

74

| (155) | As to the tax treatment in Gibraltar, it appears from the UK submissions that, in the absence of specific rules in ITA 2010, Gibraltar applies common law principles and therefore considers Dutch CVs as transparent entities in accordance with the rules and case-law applicable in the UK (75). The relevant share of any income received by the CVs will therefore be deemed to be received directly by the Gibraltar companies with an interest in the Dutch CV. |
| --- | --- |

(155)

As to the tax treatment in Gibraltar, it appears from the UK submissions that, in the absence of specific rules in ITA 2010, Gibraltar applies common law principles and therefore considers Dutch CVs as transparent entities in accordance with the rules and case-law applicable in the UK (75). The relevant share of any income received by the CVs will therefore be deemed to be received directly by the Gibraltar companies with an interest in the Dutch CV.

75

| (156) | In the absence of any bilateral tax convention between Gibraltar and the Netherlands, chargeability to tax in Gibraltar would in principle depend on whether the share of the relevant income generated by the Dutch CV fell within the scope of taxation under ITA 2010. As passive interest and royalty income was not subject to tax until June 2013 (in the case of passive interest) and January 2014 (in the case of royalty income), any such income received by the Dutch CV was not taxable at the level of the Gibraltar partners. By contrast, following the amendments to ITA 2010 which subjected royalty and passive interest income to tax irrespective of its source (Class 1A and 3A, Table C of Schedule 1 to ITA 2010), a correct application of the Gibraltar tax rules should have led the Gibraltar tax authorities to consider the relevant royalties (received as from 1 January 2014) and passive interest (received as from 1 July 2013) as taxable income at the level of the Gibraltar partners (76). |
| --- | --- |

(156)

In the absence of any bilateral tax convention between Gibraltar and the Netherlands, chargeability to tax in Gibraltar would in principle depend on whether the share of the relevant income generated by the Dutch CV fell within the scope of taxation under ITA 2010. As passive interest and royalty income was not subject to tax until June 2013 (in the case of passive interest) and January 2014 (in the case of royalty income), any such income received by the Dutch CV was not taxable at the level of the Gibraltar partners. By contrast, following the amendments to ITA 2010 which subjected royalty and passive interest income to tax irrespective of its source (Class 1A and 3A, Table C of Schedule 1 to ITA 2010), a correct application of the Gibraltar tax rules should have led the Gibraltar tax authorities to consider the relevant royalties (received as from 1 January 2014) and passive interest (received as from 1 July 2013) as taxable income at the level of the Gibraltar partners (76).

76

| (157) | In their submission of 21 February 2018, the UK authorities confirmed that the Gibraltar Income Tax Office views Dutch CVs as tax transparent entities. However, they concluded that no taxation arises in Gibraltar since there is no specific provision in ITA 2010 that defines and prescribes how the Gibraltar partner should be taxed. The reason for this is that the definition of a ‘person’ in section 74 of ITA 2010 does not explicitly refer to Dutch limited partnerships and therefore no specific mechanism on how to tax income from participations held in a CV exists. |
| --- | --- |

(157)

In their submission of 21 February 2018, the UK authorities confirmed that the Gibraltar Income Tax Office views Dutch CVs as tax transparent entities. However, they concluded that no taxation arises in Gibraltar since there is no specific provision in ITA 2010 that defines and prescribes how the Gibraltar partner should be taxed. The reason for this is that the definition of a ‘person’ in section 74 of ITA 2010 does not explicitly refer to Dutch limited partnerships and therefore no specific mechanism on how to tax income from participations held in a CV exists.

| (158) | The Commission fails to understand the reasoning of the United Kingdom and the Gibraltar tax authorities for the following reasons. First, the relevant question is not whether Dutch CVs should be taxed in Gibraltar or not, but whether the corporate partners (resident in Gibraltar) of such CVs should be taxed on their share of the income generated by such CVs. Since CVs are considered transparent for tax purposes in Gibraltar (under common law principles), the corporate partners resident in Gibraltar should be taxed on their share of the CVs' income to the extent that the income falls within the scope of taxation under ITA 2010 (for interest income, that would be the case since 1 July 2013 and for royalties, since 1 January 2014) (77). The Commission expressed doubts on the reasoning put forward by the United Kingdom but did not receive any convincing arguments supporting its reasoning. |
| --- | --- |

(158)

The Commission fails to understand the reasoning of the United Kingdom and the Gibraltar tax authorities for the following reasons. First, the relevant question is not whether Dutch CVs should be taxed in Gibraltar or not, but whether the corporate partners (resident in Gibraltar) of such CVs should be taxed on their share of the income generated by such CVs. Since CVs are considered transparent for tax purposes in Gibraltar (under common law principles), the corporate partners resident in Gibraltar should be taxed on their share of the CVs' income to the extent that the income falls within the scope of taxation under ITA 2010 (for interest income, that would be the case since 1 July 2013 and for royalties, since 1 January 2014) (77). The Commission expressed doubts on the reasoning put forward by the United Kingdom but did not receive any convincing arguments supporting its reasoning.

77

| (159) | Second, even if the definition of a ‘person’ in section 74 were relevant for the cases in hand (in the Commission's view, this is the case for the relevant Gibraltar companies with interest in Dutch CVs only, not for the Dutch CVs as such), it must be noted that the definition in section 74 (78) is very generic and sufficiently broad to include a Dutch CV. |
| --- | --- |

(159)

Second, even if the definition of a ‘person’ in section 74 were relevant for the cases in hand (in the Commission's view, this is the case for the relevant Gibraltar companies with interest in Dutch CVs only, not for the Dutch CVs as such), it must be noted that the definition in section 74 (78) is very generic and sufficiently broad to include a Dutch CV.

78

| (160) | The beneficiaries of the five contested tax rulings are as follows:






  (1) | MJN Holdings (Gibraltar) Limited (ruling No 144, granted on 11 September 2012); |
| --- | --- | --- |

(160)

The beneficiaries of the five contested tax rulings are as follows:

(1)

MJN Holdings (Gibraltar) Limited (ruling No 144, granted on 11 September 2012);

| (2) | Heidrick & Struggles (Gibraltar) Holdings Limited (79) (ruling No 83, granted on 2 June 2011); |
| --- | --- |

(2)

Heidrick & Struggles (Gibraltar) Holdings Limited (79) (ruling No 83, granted on 2 June 2011);

79

| (3) | Heidrick & Struggles (Gibraltar) Limited (80) (ruling No 84, granted on 2 June 2011); |
| --- | --- |

(3)

Heidrick & Struggles (Gibraltar) Limited (80) (ruling No 84, granted on 2 June 2011);

80

| (4) | Ash (Gibraltar) One Limited (ruling No 139, granted on 8 May 2012); |
| --- | --- |

(4)

Ash (Gibraltar) One Limited (ruling No 139, granted on 8 May 2012);

| (5) | Ash (Gibraltar) Two Limited (ruling No 140, granted on 8 May 2012). |
| --- | --- |

(5)

Ash (Gibraltar) Two Limited (ruling No 140, granted on 8 May 2012).

| (161) | The amount of profits made at the level of the CVs and the relevant shares of those profits assessable at the level of those five beneficiaries (in accordance with their respective interests in the CVs) for the period 2014-2016 (81) are as follows (82):












  Gibraltar company | Interest in C.V.
  (%) | 2014 | 2015 | 2016 |
| --- | --- | --- | --- | --- | --- |
| Profit of the CV (interest and royalties)
  (USD) | Proportion of CV's profit (Profit × interest %)
  (USD) | Profit of the CV (interest and royalties)
  (USD) | Proportion of CV's profit (Profit × interest %)
  (USD) | Profit of the CV (interest and royalties) | Proportion of CV's profit (Profit × interest %) |
| MJN Holdings (Gibraltar) Ltd | 99,99 | 330 819 000,00 | 330 785 918,10 | 254 354 000,00 | 254 328 564,60 | 232 398 464,00 USD | 232 375 224,15 USD |
| Heidrick & Struggles (Gibraltar) Holdings Ltd | 95,00 | 1 290 000,00 | 1 225 500,00 | 586 000,00 | 556 700,00 | 25 682 000,00 USD | 24 397 900,00 USD |
| Heidrick & Struggles (Gibraltar) Ltd | 5,00 | 1 290 000,00 | 64 500,00 | 586 000,00 | 29 300,00 | 25 682 000,00 USD | 1 284 100,00 USD |
| Ash (Gibraltar) One Ltd | 98,79 | – 3 053 497,00 | – 3 016 549,69 | 3 860 930,00 | 3 814 212,75 | 1 785 671,00 EUR | – 1 764 064,38 EUR |
| Ash (Gibraltar) Two Ltd | 1,21 | – 3 053 497,00 | – 36 947,31 | 3 860 930,00 | 46 717,25 | 1 785 671,00 EUR | – 21 606,62 EUR |

(161)

The amount of profits made at the level of the CVs and the relevant shares of those profits assessable at the level of those five beneficiaries (in accordance with their respective interests in the CVs) for the period 2014-2016 (81) are as follows (82):

81

82

Gibraltar company

Interest in C.V.

(%)

2014

2015

2016

Profit of the CV (interest and royalties)

(USD)

Proportion of CV's profit (Profit × interest %)

(USD)

Profit of the CV (interest and royalties)

(USD)

Proportion of CV's profit (Profit × interest %)

(USD)

Profit of the CV (interest and royalties)

Proportion of CV's profit (Profit × interest %)

MJN Holdings (Gibraltar) Ltd

99,99

330 819 000,00

330 785 918,10

254 354 000,00

254 328 564,60

232 398 464,00 USD

232 375 224,15 USD

Heidrick & Struggles (Gibraltar) Holdings Ltd

95,00

1 290 000,00

1 225 500,00

586 000,00

556 700,00

25 682 000,00 USD

24 397 900,00 USD

Heidrick & Struggles (Gibraltar) Ltd

5,00

1 290 000,00

64 500,00

586 000,00

29 300,00

25 682 000,00 USD

1 284 100,00 USD

Ash (Gibraltar) One Ltd

98,79

– 3 053 497,00

– 3 016 549,69

3 860 930,00

3 814 212,75

1 785 671,00 EUR

– 1 764 064,38 EUR

Ash (Gibraltar) Two Ltd

1,21

– 3 053 497,00

– 36 947,31

3 860 930,00

46 717,25

1 785 671,00 EUR

– 21 606,62 EUR

| (162) | The relevant shares of the profit amounts referred to in the above table should have been incorporated in the assessable basis of the five Gibraltar companies and taxed in accordance with the normal Gibraltar tax rules. |
| --- | --- |

(162)

The relevant shares of the profit amounts referred to in the above table should have been incorporated in the assessable basis of the five Gibraltar companies and taxed in accordance with the normal Gibraltar tax rules.

8.3.1.   Existence of aid

Existence of aid

8.3.1.1.   Conditions for assessing State aid

Conditions for assessing State aid

| (163) | As already outlined in recital 77, for a measure to be categorised as State aid, there must, first, be an intervention by the State or through State resources; second, the intervention must be liable to affect trade between Member States; third, it must confer a selective advantage on an undertaking and, fourth, it must distort or threaten to distort competition (83). |
| --- | --- |

(163)

As already outlined in recital 77, for a measure to be categorised as State aid, there must, first, be an intervention by the State or through State resources; second, the intervention must be liable to affect trade between Member States; third, it must confer a selective advantage on an undertaking and, fourth, it must distort or threaten to distort competition (83).

83

| (164) | As regards intervention by the State or through State resources, the contested tax rulings were issued by the Gibraltar tax authorities, which are part of the Government of Gibraltar. The tax rulings amounted to an acceptance by those authorities of a particular tax treatment. On the basis of those rulings, the beneficiaries of the rulings have determined their corporate income tax liability in Gibraltar (for each tax year). Where the beneficiary was required to submit a tax return (84), the tax ruling has subsequently been used by the beneficiary to fill in its returns and these returns have been accepted by the Gibraltar tax authorities as corresponding to the beneficiary's corporate income tax liability in Gibraltar. Where there was no requirement to file a tax return because of the absence of assessable income as a result of the ruling, no tax liability arose either. Any tax advantage granted on the basis of the contested tax rulings is therefore imputable to Gibraltar. |
| --- | --- |

(164)

As regards intervention by the State or through State resources, the contested tax rulings were issued by the Gibraltar tax authorities, which are part of the Government of Gibraltar. The tax rulings amounted to an acceptance by those authorities of a particular tax treatment. On the basis of those rulings, the beneficiaries of the rulings have determined their corporate income tax liability in Gibraltar (for each tax year). Where the beneficiary was required to submit a tax return (84), the tax ruling has subsequently been used by the beneficiary to fill in its returns and these returns have been accepted by the Gibraltar tax authorities as corresponding to the beneficiary's corporate income tax liability in Gibraltar. Where there was no requirement to file a tax return because of the absence of assessable income as a result of the ruling, no tax liability arose either. Any tax advantage granted on the basis of the contested tax rulings is therefore imputable to Gibraltar.

84

| (165) | As regards the financing of the measures through State resources, the Court of Justice has consistently held that a measure by which public authorities grant certain undertakings a tax exemption which, although not involving a positive transfer of State resources, places the said undertakings in a more favourable financial situation than other taxpayers constitutes State aid (85). In this case, the contested tax rulings confirm that the relevant share of the royalty and interest income generated by the Dutch partnerships is not taxable at the level of the Gibraltar resident companies with interests in those partnerships. Therefore, the tax treatment granted on the basis of the contested tax rulings can be said to reduce the corporate income tax liability in Gibraltar of the beneficiaries of those rulings and hence to give rise to a loss of State resources. That is because any exemption granted as a result of the contested tax rulings results in a loss of tax revenue that would otherwise have been available to Gibraltar in the absence of the exemption (86). Therefore, the measures are financed through State resources. |
| --- | --- |

(165)

As regards the financing of the measures through State resources, the Court of Justice has consistently held that a measure by which public authorities grant certain undertakings a tax exemption which, although not involving a positive transfer of State resources, places the said undertakings in a more favourable financial situation than other taxpayers constitutes State aid (85). In this case, the contested tax rulings confirm that the relevant share of the royalty and interest income generated by the Dutch partnerships is not taxable at the level of the Gibraltar resident companies with interests in those partnerships. Therefore, the tax treatment granted on the basis of the contested tax rulings can be said to reduce the corporate income tax liability in Gibraltar of the beneficiaries of those rulings and hence to give rise to a loss of State resources. That is because any exemption granted as a result of the contested tax rulings results in a loss of tax revenue that would otherwise have been available to Gibraltar in the absence of the exemption (86). Therefore, the measures are financed through State resources.

85

86

| (166) | As regards the need for an effect on trade, the five companies benefiting from the contested tax rulings are part of multinational groups operating on various markets in several Member States, so any aid in their favour is liable to affect intra-Union trade. In the same vein, by providing favourable tax treatment to the relevant multinational group companies, Gibraltar has potentially drawn investment away from Member States that cannot or will not offer a similarly favourable tax treatment. Since the contested tax rulings strengthen the competitive position of the beneficiaries as compared with other undertakings competing in intra-Union trade, they must be considered as being liable to affect such trade (87). |
| --- | --- |

(166)

As regards the need for an effect on trade, the five companies benefiting from the contested tax rulings are part of multinational groups operating on various markets in several Member States, so any aid in their favour is liable to affect intra-Union trade. In the same vein, by providing favourable tax treatment to the relevant multinational group companies, Gibraltar has potentially drawn investment away from Member States that cannot or will not offer a similarly favourable tax treatment. Since the contested tax rulings strengthen the competitive position of the beneficiaries as compared with other undertakings competing in intra-Union trade, they must be considered as being liable to affect such trade (87).

87

| (167) | Similarly, as regards the need for distortion on competition, a measure granted by a State is considered to distort or threaten to distort competition where it is liable to improve the competitive position of the beneficiary of that measure as compared with that of other undertakings with which it competes (88). |
| --- | --- |

(167)

Similarly, as regards the need for distortion on competition, a measure granted by a State is considered to distort or threaten to distort competition where it is liable to improve the competitive position of the beneficiary of that measure as compared with that of other undertakings with which it competes (88).

88

| (168) | The UK authorities argue that there is no evidence that any of the tax rulings distorted competition. In their view, a measure can distort competition only in the sector in which it applies, or in some closely related sector. Such a distortion is not obvious from the Decision to Extend Proceedings as the tax rulings apply in a large number of different sectors. |
| --- | --- |

(168)

The UK authorities argue that there is no evidence that any of the tax rulings distorted competition. In their view, a measure can distort competition only in the sector in which it applies, or in some closely related sector. Such a distortion is not obvious from the Decision to Extend Proceedings as the tax rulings apply in a large number of different sectors.

| (169) | The investigation has shown that the beneficiaries of the five contested tax rulings are all active in global markets such as paediatric nutrition, executive search, chemical products for consumers and industrial applications, in both several Member States and in third countries. These are all markets in which those beneficiaries face competition from other undertakings. The tax treatment granted on the basis of the contested tax rulings relieves the beneficiaries of a tax liability that they would have otherwise been obliged to bear in their day-to-day management of normal activities. Therefore, the aid granted on the basis of the tax rulings should be considered to distort or threaten to distort competition by strengthening the financial position of the beneficiaries in the markets in which they operate. By relieving them of a tax liability they would otherwise have had to bear, and which competing undertakings have to bear, the tax treatment granted on the basis of the contested tax rulings frees up resources which the companies could use, for instance, to invest in their business operations, to undertake further investments or to improve the remuneration of shareholders, thereby distorting competition on the markets where they operate. Therefore, the fourth condition for a finding of State aid is also fulfilled in this case. |
| --- | --- |

(169)

The investigation has shown that the beneficiaries of the five contested tax rulings are all active in global markets such as paediatric nutrition, executive search, chemical products for consumers and industrial applications, in both several Member States and in third countries. These are all markets in which those beneficiaries face competition from other undertakings. The tax treatment granted on the basis of the contested tax rulings relieves the beneficiaries of a tax liability that they would have otherwise been obliged to bear in their day-to-day management of normal activities. Therefore, the aid granted on the basis of the tax rulings should be considered to distort or threaten to distort competition by strengthening the financial position of the beneficiaries in the markets in which they operate. By relieving them of a tax liability they would otherwise have had to bear, and which competing undertakings have to bear, the tax treatment granted on the basis of the contested tax rulings frees up resources which the companies could use, for instance, to invest in their business operations, to undertake further investments or to improve the remuneration of shareholders, thereby distorting competition on the markets where they operate. Therefore, the fourth condition for a finding of State aid is also fulfilled in this case.

8.3.1.2.   Selective advantage

Selective advantage

| (170) | As regards the third condition — the existence of a selective advantage — it must be recalled that the function of a tax ruling is to confirm in advance the way the ordinary tax system applies to a particular case given its specific facts and circumstances. However, like any other tax measure, the tax treatment granted on the basis of a tax ruling must respect State aid rules. As already explained in recital 127, where a tax ruling endorses a tax treatment that does not reflect what would result from a normal application of the ordinary tax system, without justification, the measure confers a selective advantage on its beneficiary insofar as that tax treatment improves the financial position of that undertaking in the Member State as compared with other undertakings in a comparable factual and legal situation, having regard to the objective of the tax system. |
| --- | --- |

(170)

As regards the third condition — the existence of a selective advantage — it must be recalled that the function of a tax ruling is to confirm in advance the way the ordinary tax system applies to a particular case given its specific facts and circumstances. However, like any other tax measure, the tax treatment granted on the basis of a tax ruling must respect State aid rules. As already explained in recital 127, where a tax ruling endorses a tax treatment that does not reflect what would result from a normal application of the ordinary tax system, without justification, the measure confers a selective advantage on its beneficiary insofar as that tax treatment improves the financial position of that undertaking in the Member State as compared with other undertakings in a comparable factual and legal situation, having regard to the objective of the tax system.

| (171) | Whenever a measure adopted by a State improves the net financial position of an undertaking, an advantage is present for the purposes of Article 107(1) of the Treaty (89). In establishing the existence of an advantage, regard must be had to the effect of the measure itself (90). In the case of fiscal measures, an advantage may be granted through different types of reduction of an undertaking's tax burden and, in particular, through a reduction in the taxable base or in the amount of tax due (91). |
| --- | --- |

(171)

Whenever a measure adopted by a State improves the net financial position of an undertaking, an advantage is present for the purposes of Article 107(1) of the Treaty (89). In establishing the existence of an advantage, regard must be had to the effect of the measure itself (90). In the case of fiscal measures, an advantage may be granted through different types of reduction of an undertaking's tax burden and, in particular, through a reduction in the taxable base or in the amount of tax due (91).

89

90

91

| (172) | The contested tax rulings granted in 2011 or 2012 confirmed that the royalty and passive interest income received by the Gibraltar companies through their interests in the relevant CVs is not taxable under ITA 2010. That tax treatment determined their corporate income tax liability in Gibraltar during the period covered by the contested tax rulings (92) and was thus able to provide a selective advantage. |
| --- | --- |

(172)

The contested tax rulings granted in 2011 or 2012 confirmed that the royalty and passive interest income received by the Gibraltar companies through their interests in the relevant CVs is not taxable under ITA 2010. That tax treatment determined their corporate income tax liability in Gibraltar during the period covered by the contested tax rulings (92) and was thus able to provide a selective advantage.

92

| (173) | Article 107(1) of the Treaty only prohibits aid ‘favouring certain undertakings or the production of certain goods’, that is to say, it prohibits measures conferring a selective advantage (93). As mentioned in recital 86, in order to assess selectivity, it is necessary to establish the reference framework and a derogation from it that is not justified by logic of the tax system. |
| --- | --- |

(173)

Article 107(1) of the Treaty only prohibits aid ‘favouring certain undertakings or the production of certain goods’, that is to say, it prohibits measures conferring a selective advantage (93). As mentioned in recital 86, in order to assess selectivity, it is necessary to establish the reference framework and a derogation from it that is not justified by logic of the tax system.

93

| (174) | Therefore, analysis of the existence of a selective advantage must begin by identifying the reference system applicable in the Member State or, in the case in hand, in the overseas territory in question. It is then necessary to determine whether the measure amounts to a derogation from that reference system, giving rise to a more favourable treatment as compared with other undertakings in a comparable factual and legal situation, having regard to the objectives of the system (prima facie selectivity) (94). Finally, a tax measure which constitutes a derogation from the reference system may nonetheless be justified if the Member State can show that that the measure results directly from the basic or guiding principles of that tax system (95). If that is the case, the tax measure is not selective. |
| --- | --- |

(174)

Therefore, analysis of the existence of a selective advantage must begin by identifying the reference system applicable in the Member State or, in the case in hand, in the overseas territory in question. It is then necessary to determine whether the measure amounts to a derogation from that reference system, giving rise to a more favourable treatment as compared with other undertakings in a comparable factual and legal situation, having regard to the objectives of the system (prima facie selectivity) (94). Finally, a tax measure which constitutes a derogation from the reference system may nonetheless be justified if the Member State can show that that the measure results directly from the basic or guiding principles of that tax system (95). If that is the case, the tax measure is not selective.

prima facie

94

95

System of reference

System of reference

| (175) | As already explained in recital 89, a reference system comprises a consistent set of rules that generally apply on the basis of objective criteria to all undertakings falling within its scope, as defined by its objective. |
| --- | --- |

(175)

As already explained in recital 89, a reference system comprises a consistent set of rules that generally apply on the basis of objective criteria to all undertakings falling within its scope, as defined by its objective.

| (176) | With regard to the application of corporate income tax rules in Gibraltar, as already indicated in recital 90, the reference system is ITA 2010, the objective of which is to collect revenues from taxpayers that receive income accruing in or derived from Gibraltar. Section 7.1.3.1 defines the reference system in more detail. |
| --- | --- |

(176)

With regard to the application of corporate income tax rules in Gibraltar, as already indicated in recital 90, the reference system is ITA 2010, the objective of which is to collect revenues from taxpayers that receive income accruing in or derived from Gibraltar. Section 7.1.3.1 defines the reference system in more detail.

| (177) | Section 16(1) of ITA 2010 provides that, subject to the other provisions of ITA 2010, the assessable profits or gains of a company in Gibraltar for an accounting period shall be the full amount of the profits or gains of the company for that accounting period. In accordance with common law rules (96), when it comes to the profits or gains derived from a partnership (of which a Gibraltar company is a partner), it is necessary to consider the share to which the Gibraltar company is entitled in the profits or gains of the partnership and to assess such profits or gains in accordance with the provisions of ITA 2010, as though such share were profits or gains of the Gibraltar company. |
| --- | --- |

(177)

Section 16(1) of ITA 2010 provides that, subject to the other provisions of ITA 2010, the assessable profits or gains of a company in Gibraltar for an accounting period shall be the full amount of the profits or gains of the company for that accounting period. In accordance with common law rules (96), when it comes to the profits or gains derived from a partnership (of which a Gibraltar company is a partner), it is necessary to consider the share to which the Gibraltar company is entitled in the profits or gains of the partnership and to assess such profits or gains in accordance with the provisions of ITA 2010, as though such share were profits or gains of the Gibraltar company.

96

Derogation from the system of reference

Derogation from the system of reference

| (178) | As a second step, it is necessary to determine whether the measure derogates from the normal application of the rules of the reference system in favour of certain undertakings which are in a similar factual and legal situation to other undertakings, having regard to the intrinsic objective of the reference system. |
| --- | --- |

(178)

As a second step, it is necessary to determine whether the measure derogates from the normal application of the rules of the reference system in favour of certain undertakings which are in a similar factual and legal situation to other undertakings, having regard to the intrinsic objective of the reference system.

| (179) | In their comments on the Decision to Extend Proceedings, the Gibraltar Society of Accountants submitted that most of the rulings listed in that Decision were issued at a time when passive interest income was not assessable to tax under ITA 2010, and, therefore, the vast majority of the rulings could not give rise to any assessable interest income. |
| --- | --- |

(179)

In their comments on the Decision to Extend Proceedings, the Gibraltar Society of Accountants submitted that most of the rulings listed in that Decision were issued at a time when passive interest income was not assessable to tax under ITA 2010, and, therefore, the vast majority of the rulings could not give rise to any assessable interest income.

| (180) | As already explained in recital 156, it is indeed the case that, at the time the tax rulings were granted, they were consistent with the applicable tax provisions, since the applicable tax provisions did not provide for the taxation of royalties and passive interest income. |
| --- | --- |

(180)

As already explained in recital 156, it is indeed the case that, at the time the tax rulings were granted, they were consistent with the applicable tax provisions, since the applicable tax provisions did not provide for the taxation of royalties and passive interest income.

| (181) | Nevertheless, as established in section 7 of this decision, this exemption resulting from the legislation of Gibraltar was a State aid scheme. Therefore, the argument put forward by the Gibraltar Society of Accountants demonstrates that the tax treatment provided by these rulings was State aid. Indeed the application, in individual cases, of an aid scheme is an individual aid measure. |
| --- | --- |

(181)

Nevertheless, as established in section 7 of this decision, this exemption resulting from the legislation of Gibraltar was a State aid scheme. Therefore, the argument put forward by the Gibraltar Society of Accountants demonstrates that the tax treatment provided by these rulings was State aid. Indeed the application, in individual cases, of an aid scheme is an individual aid measure.

| (182) | Furthermore, by allowing the beneficiaries of the rulings to continue to benefit from the rulings after entry into force of the 2013 amendments for interest and royalties, the Gibraltar tax authorities prolonged the existence of this scheme in five individual cases. Moreover, they have even failed to comply with the national rules. The prolongation of this favourable tax treatment is clearly a derogation from the ordinary tax system. |
| --- | --- |

(182)

Furthermore, by allowing the beneficiaries of the rulings to continue to benefit from the rulings after entry into force of the 2013 amendments for interest and royalties, the Gibraltar tax authorities prolonged the existence of this scheme in five individual cases. Moreover, they have even failed to comply with the national rules. The prolongation of this favourable tax treatment is clearly a derogation from the ordinary tax system.

| (183) | With regard to the period between 1 January 2011 (entry into force of ITA 2010) and the day preceding entry into force of the amendments for passive interest and royalties (30 June 2013 and 31 December 2013 respectively), the part of the tax rulings that concerned the exemption for passive interest and royalties merely confirmed the application of the tax provisions applicable at the time (97), i.e. that such income did not fall within the scope of taxation in Gibraltar. Accordingly, the exemption granted under the relevant tax rulings (during the period preceding the 2013 amendments) should therefore be considered as being part of the State aid identified in section 7. |
| --- | --- |

(183)

With regard to the period between 1 January 2011 (entry into force of ITA 2010) and the day preceding entry into force of the amendments for passive interest and royalties (30 June 2013 and 31 December 2013 respectively), the part of the tax rulings that concerned the exemption for passive interest and royalties merely confirmed the application of the tax provisions applicable at the time (97), i.e. that such income did not fall within the scope of taxation in Gibraltar. Accordingly, the exemption granted under the relevant tax rulings (during the period preceding the 2013 amendments) should therefore be considered as being part of the State aid identified in section 7.

97

| (184) | As from 1 July 2013 and 1 January 2014 respectively, passive interest income and royalties have been part of the categories of income subject to taxation in Gibraltar (98). Accordingly, any exemption granted to the five Gibraltar companies on their share of the income generated by the Dutch CVs did not reflect the normal application of the ordinary tax system. The continued application of the tax rulings, even after the amendments that brought interests and royalties into the scope of taxation entered into force, and even after the audits performed by the Gibraltar authorities in 2015 to assess whether the tax treatment of the relevant companies complied with the applicable tax rules, gave rise to a selective advantage in favour of those five companies. |
| --- | --- |

(184)

As from 1 July 2013 and 1 January 2014 respectively, passive interest income and royalties have been part of the categories of income subject to taxation in Gibraltar (98). Accordingly, any exemption granted to the five Gibraltar companies on their share of the income generated by the Dutch CVs did not reflect the normal application of the ordinary tax system. The continued application of the tax rulings, even after the amendments that brought interests and royalties into the scope of taxation entered into force, and even after the audits performed by the Gibraltar authorities in 2015 to assess whether the tax treatment of the relevant companies complied with the applicable tax rules, gave rise to a selective advantage in favour of those five companies.

98

| (185) | Even if the said exemptions were the result of a mere misapplication of the law through a de facto continuation of the previous exemption regimes and were not the direct result of the five tax rulings as such, it would not modify this conclusion since the effects of the measure would be the same. |
| --- | --- |

(185)

Even if the said exemptions were the result of a mere misapplication of the law through a de facto continuation of the previous exemption regimes and were not the direct result of the five tax rulings as such, it would not modify this conclusion since the effects of the measure would be the same.

de facto

| (186) | In the light of the objective of the Gibraltar corporate income tax system (taxing income accrued in or derived from Gibraltar), the five companies concerned are in a comparable legal and factual situation to all corporate taxpayers (with income accrued in or derived from Gibraltar) subject to corporate income tax in Gibraltar. The tax rulings at issue relate to companies in receipt of royalty and passive interest income, which was liable to tax in all cases (subject to the GBP 100 000 threshold with respect to interest) after entry into force of the relevant legislative amendments. In that respect, no difference can be made with other companies in receipt of the same categories of income or in receipt of other categories of income subject to tax (including where such income is received through a fiscally transparent structure). The fact that the income was obtained through interests in Dutch CVs does not make a difference as the Gibraltar tax rules, which rely on common law principles in the absence of specific rules for the taxation of partnerships, provides for the taxation of such income at the level of the Gibraltar partners. Therefore, the tax treatment granted on the basis of the contested tax rulings confers an advantage on those five companies as compared to all other corporate taxpayers in receipt of income accrued in or derived from Gibraltar, the latter being in a comparable legal and factual situation in the light of the objective pursued by the Gibraltar corporate income tax. |
| --- | --- |

(186)

In the light of the objective of the Gibraltar corporate income tax system (taxing income accrued in or derived from Gibraltar), the five companies concerned are in a comparable legal and factual situation to all corporate taxpayers (with income accrued in or derived from Gibraltar) subject to corporate income tax in Gibraltar. The tax rulings at issue relate to companies in receipt of royalty and passive interest income, which was liable to tax in all cases (subject to the GBP 100 000 threshold with respect to interest) after entry into force of the relevant legislative amendments. In that respect, no difference can be made with other companies in receipt of the same categories of income or in receipt of other categories of income subject to tax (including where such income is received through a fiscally transparent structure). The fact that the income was obtained through interests in Dutch CVs does not make a difference as the Gibraltar tax rules, which rely on common law principles in the absence of specific rules for the taxation of partnerships, provides for the taxation of such income at the level of the Gibraltar partners. Therefore, the tax treatment granted on the basis of the contested tax rulings confers an advantage on those five companies as compared to all other corporate taxpayers in receipt of income accrued in or derived from Gibraltar, the latter being in a comparable legal and factual situation in the light of the objective pursued by the Gibraltar corporate income tax.

| (187) | In light of the foregoing, the Commission concludes that the advantages granted on the basis of the contested tax rulings are prima facie selective. |
| --- | --- |

(187)

In light of the foregoing, the Commission concludes that the advantages granted on the basis of the contested tax rulings are prima facie selective.

prima facie

Absence of justifications for the measure

Absence of justifications for the measure

| (188) | According to settled case-law, the concept of State aid does not refer to State measures which differentiate between undertakings and which are, therefore, prima facie selective, where that differentiation arises from the nature and the logic of the system, which it is for the Member State concerned to demonstrate (99). |
| --- | --- |

(188)

According to settled case-law, the concept of State aid does not refer to State measures which differentiate between undertakings and which are, therefore, prima facie selective, where that differentiation arises from the nature and the logic of the system, which it is for the Member State concerned to demonstrate (99).

prima facie

99

| (189) | A measure which creates an exception to the application of the general tax system may be justified by the nature and overall structure of the tax system if the Member State concerned can show that that measure results directly from the basic or guiding principles of its tax system or where it is the result of inherent mechanisms necessary for the functioning and effectiveness of the system (100). In that connection, a distinction must be made between, on the one hand, the objectives attributed to a particular tax regime, which are extrinsic to it, and, on the other hand, the mechanisms inherent in the tax system itself, which are necessary for the achievement of such objectives (101). |
| --- | --- |

(189)

A measure which creates an exception to the application of the general tax system may be justified by the nature and overall structure of the tax system if the Member State concerned can show that that measure results directly from the basic or guiding principles of its tax system or where it is the result of inherent mechanisms necessary for the functioning and effectiveness of the system (100). In that connection, a distinction must be made between, on the one hand, the objectives attributed to a particular tax regime, which are extrinsic to it, and, on the other hand, the mechanisms inherent in the tax system itself, which are necessary for the achievement of such objectives (101).

100

101

| (190) | To the extent that the tax treatment of the five Gibraltar companies with interest in Dutch CVs is the result of the implementation of the aid scheme examined in section 7 of this Decision, the Commission refers to the part of that section dealing with the alleged justifications of this scheme. |
| --- | --- |

(190)

To the extent that the tax treatment of the five Gibraltar companies with interest in Dutch CVs is the result of the implementation of the aid scheme examined in section 7 of this Decision, the Commission refers to the part of that section dealing with the alleged justifications of this scheme.

| (191) | Furthermore, neither the UK nor third parties have advanced any possible justification for the favourable treatment endorsed by the contested tax rulings in favour of the five Gibraltar companies with interest in Dutch CVs. The Commission recalls, in this respect, that the burden of establishing such a justification lies with the Member State. Therefore, in the absence of any justification advanced by the UK, the Commission must conclude that the tax advantage granted to the five beneficiaries of the tax rulings at issue cannot be justified by the nature or general scheme of the Gibraltar corporate income tax system. |
| --- | --- |

(191)

Furthermore, neither the UK nor third parties have advanced any possible justification for the favourable treatment endorsed by the contested tax rulings in favour of the five Gibraltar companies with interest in Dutch CVs. The Commission recalls, in this respect, that the burden of establishing such a justification lies with the Member State. Therefore, in the absence of any justification advanced by the UK, the Commission must conclude that the tax advantage granted to the five beneficiaries of the tax rulings at issue cannot be justified by the nature or general scheme of the Gibraltar corporate income tax system.

| (192) | In any event, the Commission has not been able to identify any possible ground for justifying the preferential treatment for the five companies concerned that could be said to derive directly from the intrinsic, basic or guiding principles of the reference system or that is the result of inherent mechanisms necessary for the functioning and effectiveness of the system (102). |
| --- | --- |

(192)

In any event, the Commission has not been able to identify any possible ground for justifying the preferential treatment for the five companies concerned that could be said to derive directly from the intrinsic, basic or guiding principles of the reference system or that is the result of inherent mechanisms necessary for the functioning and effectiveness of the system (102).

102

| (193) | Furthermore, the reasons invoked by the UK authorities for not taxing the income generated at the level of the Dutch CVs (i.e. that there is no specific provision in ITA 2010 that defines and prescribes how a Gibraltar partner of a Dutch CV should be taxed), do not conform with the applicable Gibraltar tax rules (and the applicable common law principles) and cannot be seen as a justification deriving directly from the intrinsic, basic or guiding principles of the reference system. |
| --- | --- |

(193)

Furthermore, the reasons invoked by the UK authorities for not taxing the income generated at the level of the Dutch CVs (i.e. that there is no specific provision in ITA 2010 that defines and prescribes how a Gibraltar partner of a Dutch CV should be taxed), do not conform with the applicable Gibraltar tax rules (and the applicable common law principles) and cannot be seen as a justification deriving directly from the intrinsic, basic or guiding principles of the reference system.

| (194) | In conclusion, the tax advantage granted to the five beneficiaries of the tax rulings cannot be justified by the nature and logic of the system. |
| --- | --- |

(194)

In conclusion, the tax advantage granted to the five beneficiaries of the tax rulings cannot be justified by the nature and logic of the system.

8.3.1.3.   Conclusion on the existence of a selective advantage

Conclusion on the existence of a selective advantage

| (195) | In the light of the foregoing, the Commission concludes that the tax advantages granted to the five companies identified in recital 160 on the basis of the contested tax rulings are selective in nature. |
| --- | --- |

(195)

In the light of the foregoing, the Commission concludes that the tax advantages granted to the five companies identified in recital 160 on the basis of the contested tax rulings are selective in nature.

8.3.1.4.   Conclusion on the existence of aid

Conclusion on the existence of aid

| (196) | Since the tax treatment granted on the basis of the five contested tax rulings fulfils all the conditions of Article 107(1) of the Treaty, it must be considered that the non-taxation of royalty and interest income granted to the beneficiaries of the five tax rulings (as part of the 165 rulings identified in the Decision to Extend Proceedings) in receipt of such income through their interest in Dutch CVs constitutes State aid within the meaning of that provision, either on the basis of the assessment under section 7 of this Decision (with regard to the advantages obtained by the beneficiaries of the problematic tax rulings before entry into force of the 2013 amendments), or on the basis of section 8 (with regard to the advantages granted after entry into force of the 2013 amendments). |
| --- | --- |

(196)

Since the tax treatment granted on the basis of the five contested tax rulings fulfils all the conditions of Article 107(1) of the Treaty, it must be considered that the non-taxation of royalty and interest income granted to the beneficiaries of the five tax rulings (as part of the 165 rulings identified in the Decision to Extend Proceedings) in receipt of such income through their interest in Dutch CVs constitutes State aid within the meaning of that provision, either on the basis of the assessment under section 7 of this Decision (with regard to the advantages obtained by the beneficiaries of the problematic tax rulings before entry into force of the 2013 amendments), or on the basis of section 8 (with regard to the advantages granted after entry into force of the 2013 amendments).

8.3.2.   Beneficiaries of the aid

Beneficiaries of the aid

| (197) | The Commission notes that all five Gibraltar companies benefiting from the contested tax rulings are part of large multinational groups. The Commission further notes that the group corporate set-up involving the Dutch CV, the Dutch BV and the Gibraltar partners, as illustrated in recital 153, benefits the owner of the Gibraltar partners (‘the parent company’). Instead of exploiting the IP rights itself, the parent company places the IP rights in a complex corporate structure (involving a Dutch company, a Dutch partnership and one or two Gibraltar holding companies) which allows the parent company to generate profits from the IP rights exploitation without those profits being taxed. Given the (fiscally) transparent character of the Dutch CV and the fact that the Gibraltar companies do not carry out any other activity than holding a participation in the Dutch CV, the ultimate beneficiary of the non-taxed profits stemming from the exploitation of the IP rights is the parent company. |
| --- | --- |

(197)

The Commission notes that all five Gibraltar companies benefiting from the contested tax rulings are part of large multinational groups. The Commission further notes that the group corporate set-up involving the Dutch CV, the Dutch BV and the Gibraltar partners, as illustrated in recital 153, benefits the owner of the Gibraltar partners (‘the parent company’). Instead of exploiting the IP rights itself, the parent company places the IP rights in a complex corporate structure (involving a Dutch company, a Dutch partnership and one or two Gibraltar holding companies) which allows the parent company to generate profits from the IP rights exploitation without those profits being taxed. Given the (fiscally) transparent character of the Dutch CV and the fact that the Gibraltar companies do not carry out any other activity than holding a participation in the Dutch CV, the ultimate beneficiary of the non-taxed profits stemming from the exploitation of the IP rights is the parent company.

| (198) | For the purpose of the application of State aid rules, separate legal entities may be considered to form one economic unit. That economic unit is then considered to be the relevant undertaking benefiting from the aid measure. As the Court of Justice has previously held, ‘[i]n competition law, the term “undertaking” must be understood as designating an economic unit (...) even if in law that economic unit consists of several persons, natural or legal’ (103). To determine whether several entities form an economic unit, the Court of Justice looks at the existence of a controlling share and functional, economic or organic links (104). In the present case, the corporate set-up of the Dutch and the Gibraltar entities is established and fully controlled by the parent company for the purposes of IP rights exploitation and tax optimisation. Accordingly, this whole corporate structure, i.e. the Dutch BV, the Dutch CV, the Gibraltar partners and the parent company form a single economic unit and should all be seen as the undertakings benefiting from the aid measure. |
| --- | --- |

(198)

For the purpose of the application of State aid rules, separate legal entities may be considered to form one economic unit. That economic unit is then considered to be the relevant undertaking benefiting from the aid measure. As the Court of Justice has previously held, ‘[i]n competition law, the term “undertaking” must be understood as designating an economic unit (...) even if in law that economic unit consists of several persons, natural or legal’ (103). To determine whether several entities form an economic unit, the Court of Justice looks at the existence of a controlling share and functional, economic or organic links (104). In the present case, the corporate set-up of the Dutch and the Gibraltar entities is established and fully controlled by the parent company for the purposes of IP rights exploitation and tax optimisation. Accordingly, this whole corporate structure, i.e. the Dutch BV, the Dutch CV, the Gibraltar partners and the parent company form a single economic unit and should all be seen as the undertakings benefiting from the aid measure.

103

104

| (199) | Consequently, in addition to the Gibraltar corporate partners of the Dutch CVs who are the beneficiaries of the aid, the Commission considers also the Dutch BVs, the Dutch CVs, and the parent companies of the Gibraltar partners as benefiting from State aid granted on the basis of the contested tax rulings within the meaning of Article 107(1) of the Treaty. |
| --- | --- |

(199)

Consequently, in addition to the Gibraltar corporate partners of the Dutch CVs who are the beneficiaries of the aid, the Commission considers also the Dutch BVs, the Dutch CVs, and the parent companies of the Gibraltar partners as benefiting from State aid granted on the basis of the contested tax rulings within the meaning of Article 107(1) of the Treaty.

8.3.3.   New aid character of the measures

New aid character of the measures

| (200) | The UK authorities as well as Gibraltar, the Gibraltar Society of Accountants and third parties representing some of the companies listed in the Decision to Extend Proceedings argue that the Decision to Extend Proceedings is based on an incorrect understanding of the applicable legal framework in relation to the tax ruling procedure. Although they acknowledge such misunderstanding is due to incorrect information provided by the UK authorities (the incorrect reference to section 42 of ITA 2010), the UK authorities and Gibraltar consider that it was that incorrect information that led the Commission to assume that it might be possible to regard tax rulings given since 2010 as ‘new aid’. |
| --- | --- |

(200)

The UK authorities as well as Gibraltar, the Gibraltar Society of Accountants and third parties representing some of the companies listed in the Decision to Extend Proceedings argue that the Decision to Extend Proceedings is based on an incorrect understanding of the applicable legal framework in relation to the tax ruling procedure. Although they acknowledge such misunderstanding is due to incorrect information provided by the UK authorities (the incorrect reference to section 42 of ITA 2010), the UK authorities and Gibraltar consider that it was that incorrect information that led the Commission to assume that it might be possible to regard tax rulings given since 2010 as ‘new aid’.

| (201) | In this respect, it must be noted first that it was only after adoption of the Decision to Extend Proceedings that the United Kingdom and Gibraltar informed the Commission that the ruling practice was based on section 2 of ITA 2010. As section 2 does not explicitly grant the Commissioner the power to issue rulings, it was not obvious to the Commission that such a power resulted from the general powers to administer ITA 2010 set out in that provision. |
| --- | --- |

(201)

In this respect, it must be noted first that it was only after adoption of the Decision to Extend Proceedings that the United Kingdom and Gibraltar informed the Commission that the ruling practice was based on section 2 of ITA 2010. As section 2 does not explicitly grant the Commissioner the power to issue rulings, it was not obvious to the Commission that such a power resulted from the general powers to administer ITA 2010 set out in that provision.

| (202) | Second, in the Commission's view, it is irrelevant for the purposes of the investigation procedure in this case whether the tax ruling practice was based on section 42 of ITA 2010 or on the general power of the Gibraltar Tax Commissioner to administer that Act. The Decision clearly identified the tax ruling practice and the 165 individual tax rulings to which it related. Hence the reference to section 42 of ITA (2010) cannot have misled any interested parties as to the measures that would be investigated in the formal investigation procedure. |
| --- | --- |

(202)

Second, in the Commission's view, it is irrelevant for the purposes of the investigation procedure in this case whether the tax ruling practice was based on section 42 of ITA 2010 or on the general power of the Gibraltar Tax Commissioner to administer that Act. The Decision clearly identified the tax ruling practice and the 165 individual tax rulings to which it related. Hence the reference to section 42 of ITA (2010) cannot have misled any interested parties as to the measures that would be investigated in the formal investigation procedure.

| (203) | More importantly, nowhere in that Decision is any reliance placed on the fact that there was no provision in ITA 1952 corresponding to section 42 of ITA 2010 as a reason to support the conclusion that the tax ruling practice and the 165 individual tax rulings constituted ‘new aid’. |
| --- | --- |

(203)

More importantly, nowhere in that Decision is any reliance placed on the fact that there was no provision in ITA 1952 corresponding to section 42 of ITA 2010 as a reason to support the conclusion that the tax ruling practice and the 165 individual tax rulings constituted ‘new aid’.

| (204) | The UK authorities also claim that the rulings are only part of a consistent practice which began long before the UK acceded to the European Communities in 1973. The practice was based on section 3(1) of ITA 1952, now reproduced in virtually identical form in section 2(1) and (2) of ITA 2010, which provides the Commissioner of Income Tax with a general power to ensure the due administration of the Acts for the assessment and collection of income tax in Gibraltar. Therefore, in the United Kingdom's view, if there were found to be any element of State aid, it would necessarily be ‘existing aid’, and not ‘new aid’. In addition, the economic, legal and financial effects of the rulings would have always been based on the Commissioner's understanding of the applicable law and the rulings before 2010 were substantially identical in every respect to the rulings given after enactment of ITA 2010. Similar comments were made by the Gibraltar authorities and the Gibraltar Society of Accountants. |
| --- | --- |

(204)

The UK authorities also claim that the rulings are only part of a consistent practice which began long before the UK acceded to the European Communities in 1973. The practice was based on section 3(1) of ITA 1952, now reproduced in virtually identical form in section 2(1) and (2) of ITA 2010, which provides the Commissioner of Income Tax with a general power to ensure the due administration of the Acts for the assessment and collection of income tax in Gibraltar. Therefore, in the United Kingdom's view, if there were found to be any element of State aid, it would necessarily be ‘existing aid’, and not ‘new aid’. In addition, the economic, legal and financial effects of the rulings would have always been based on the Commissioner's understanding of the applicable law and the rulings before 2010 were substantially identical in every respect to the rulings given after enactment of ITA 2010. Similar comments were made by the Gibraltar authorities and the Gibraltar Society of Accountants.

| (205) | The arguments from the United Kingdom and some interested parties assume that the Decision to Extend Proceedings relates to the practice of issuing tax rulings as such. The Commission disagrees with that assumption as it is clear from the wording of that Decision that it relates to the 165 tax rulings issued in the period 2011-2013 mentioned in the Annex to that Decision and to the tax ruling practice under ITA 2010 evidenced by those rulings. In the Decision to Extend Proceedings, the Commission took the preliminary position that the tax rulings constituted State aid because (i) they were given without there being a designated procedure for the request of information by the Gibraltar tax authorities; and (ii) the Gibraltar tax authorities refrained from a proper assessment of the companies' tax obligations, exercising their discretionary powers. The Commission also took the preliminary view that, in some cases, the Gibraltar tax authorities issued tax rulings that were inconsistent with the applicable tax provisions. |
| --- | --- |

(205)

The arguments from the United Kingdom and some interested parties assume that the Decision to Extend Proceedings relates to the practice of issuing tax rulings as such. The Commission disagrees with that assumption as it is clear from the wording of that Decision that it relates to the 165 tax rulings issued in the period 2011-2013 mentioned in the Annex to that Decision and to the tax ruling practice under ITA 2010 evidenced by those rulings. In the Decision to Extend Proceedings, the Commission took the preliminary position that the tax rulings constituted State aid because (i) they were given without there being a designated procedure for the request of information by the Gibraltar tax authorities; and (ii) the Gibraltar tax authorities refrained from a proper assessment of the companies' tax obligations, exercising their discretionary powers. The Commission also took the preliminary view that, in some cases, the Gibraltar tax authorities issued tax rulings that were inconsistent with the applicable tax provisions.

| (206) | In order to succeed in claiming that the practice constitutes ‘existing aid’, the UK authorities or interested parties would have to establish that, before 1 January 1973, there existed a practice, amounting to a de facto aid scheme, of granting tax rulings that possibly misapply ITA 1952. The UK authorities have provided no indications that such a practice existed prior to the UK's accession. |
| --- | --- |

(206)

In order to succeed in claiming that the practice constitutes ‘existing aid’, the UK authorities or interested parties would have to establish that, before 1 January 1973, there existed a practice, amounting to a de facto aid scheme, of granting tax rulings that possibly misapply ITA 1952. The UK authorities have provided no indications that such a practice existed prior to the UK's accession.

de facto

| (207) | Consequently, even if the pre-accession rulings were based on a general power of the Gibraltar Commissioner to administer the Income Tax Act, which has existed since 1953, they are clearly not part of the measures described in the Decision to Extend Proceedings. In this context, it must be underlined that the legal framework under which the aid was granted (ITA 2010) is substantially different from ITA 1952. The changes include the non-taxation of passive income under ITA 2010, and the repeal of the measures in favour of ‘exempt companies’ and ‘qualifying companies’, which existed under ITA 1952. |
| --- | --- |

(207)

Consequently, even if the pre-accession rulings were based on a general power of the Gibraltar Commissioner to administer the Income Tax Act, which has existed since 1953, they are clearly not part of the measures described in the Decision to Extend Proceedings. In this context, it must be underlined that the legal framework under which the aid was granted (ITA 2010) is substantially different from ITA 1952. The changes include the non-taxation of passive income under ITA 2010, and the repeal of the measures in favour of ‘exempt companies’ and ‘qualifying companies’, which existed under ITA 1952.

8.3.4.   Compatibility of the aid with the internal market

Compatibility of the aid with the internal market

| (208) | State aid is deemed compatible with the internal market if it falls within any of the categories listed in Article 107(2) of the Treaty and it may be deemed compatible with the internal market if it is found by the Commission to fall within any of the categories listed in Article 107(3) of the Treaty. However, it is the Member State granting the aid which bears the burden of proving that State aid granted by it is compatible with the internal market pursuant to Article 107(2) or (3) of the Treaty. |
| --- | --- |

(208)

State aid is deemed compatible with the internal market if it falls within any of the categories listed in Article 107(2) of the Treaty and it may be deemed compatible with the internal market if it is found by the Commission to fall within any of the categories listed in Article 107(3) of the Treaty. However, it is the Member State granting the aid which bears the burden of proving that State aid granted by it is compatible with the internal market pursuant to Article 107(2) or (3) of the Treaty.

| (209) | The UK has not invoked any of the grounds for a compatibility finding under either of those provisions for the State aid that it has granted on the basis of the contested tax rulings. The third parties have not invoked any such grounds either. |
| --- | --- |

(209)

The UK has not invoked any of the grounds for a compatibility finding under either of those provisions for the State aid that it has granted on the basis of the contested tax rulings. The third parties have not invoked any such grounds either.

| (210) | Moreover, since the tax treatment granted on the basis of the contested tax rulings relieves the relevant companies of a tax liability that they would otherwise have been obliged to bear in their day-to-day management of normal activities, the aid granted on the basis of those tax rulings constitutes operating aid. As a general rule, such aid is normally not considered compatible with the internal market under Article 107(3) of the Treaty in that it does not facilitate the development of certain activities or of certain economic areas. Furthermore, the tax advantages in question are not limited in time, declining or proportionate to what is necessary to remedy a specific market failure or to fulfil any objective of general interest in the areas concerned. Therefore, they cannot be considered compatible. |
| --- | --- |

(210)

Moreover, since the tax treatment granted on the basis of the contested tax rulings relieves the relevant companies of a tax liability that they would otherwise have been obliged to bear in their day-to-day management of normal activities, the aid granted on the basis of those tax rulings constitutes operating aid. As a general rule, such aid is normally not considered compatible with the internal market under Article 107(3) of the Treaty in that it does not facilitate the development of certain activities or of certain economic areas. Furthermore, the tax advantages in question are not limited in time, declining or proportionate to what is necessary to remedy a specific market failure or to fulfil any objective of general interest in the areas concerned. Therefore, they cannot be considered compatible.

| (211) | Consequently, the State aid granted to the relevant five companies by the Gibraltar tax authorities is incompatible with the internal market. |
| --- | --- |

(211)

Consequently, the State aid granted to the relevant five companies by the Gibraltar tax authorities is incompatible with the internal market.

8.4.   Absence of an aid scheme

Absence of an aid scheme

| (212) | In the Decision to Extend Proceedings, the Commission expressed doubts not only in relation to the 165 individual rulings identified in the Annex to that Decision, but also more generally in relation to the tax ruling practice under ITA 2010. This was because the Gibraltar tax authorities seemed to misapply the provisions of the ITA 2010 on a recurrent basis. In that regard, the Commission expressed the preliminary view that the 165 tax rulings and the tax ruling practice of Gibraltar constituted State aid measures for the purposes of Article 107(1) of the Treaty and expressed doubts about their compatibility with the internal market. |
| --- | --- |

(212)

In the Decision to Extend Proceedings, the Commission expressed doubts not only in relation to the 165 individual rulings identified in the Annex to that Decision, but also more generally in relation to the tax ruling practice under ITA 2010. This was because the Gibraltar tax authorities seemed to misapply the provisions of the ITA 2010 on a recurrent basis. In that regard, the Commission expressed the preliminary view that the 165 tax rulings and the tax ruling practice of Gibraltar constituted State aid measures for the purposes of Article 107(1) of the Treaty and expressed doubts about their compatibility with the internal market.

| (213) | While the Commission was justified in having doubts at the time that it opened the formal investigation procedure, it must be noted that the findings referred to in sections 8.3.1 and 8.3.2 are not sufficient to show the existence of an aid scheme based of the tax ruling practice in Gibraltar. In particular, such findings do not point to a recurrent practice of misapplying ITA 2010 through the granting of tax rulings. |
| --- | --- |

(213)

While the Commission was justified in having doubts at the time that it opened the formal investigation procedure, it must be noted that the findings referred to in sections 8.3.1 and 8.3.2 are not sufficient to show the existence of an aid scheme based of the tax ruling practice in Gibraltar. In particular, such findings do not point to a recurrent practice of misapplying ITA 2010 through the granting of tax rulings.

| (214) | Moreover, the legislative and regulatory amendments enacted by Gibraltar in relation to the tax ruling procedure, the territoriality principle and the anti-avoidance provision (see section 11 of this Decision), reduce the level of discretion of the Gibraltar tax authorities in the granting of tax rulings and in the enforcement of corporate income tax rules. |
| --- | --- |

(214)

Moreover, the legislative and regulatory amendments enacted by Gibraltar in relation to the tax ruling procedure, the territoriality principle and the anti-avoidance provision (see section 11 of this Decision), reduce the level of discretion of the Gibraltar tax authorities in the granting of tax rulings and in the enforcement of corporate income tax rules.

| (215) | Accordingly, the Commission concludes that the tax ruling practice, as investigated in this case, does not involve the existence of an aid scheme. |
| --- | --- |

(215)

Accordingly, the Commission concludes that the tax ruling practice, as investigated in this case, does not involve the existence of an aid scheme.

9.   UNLAWFULNESS OF THE AID

| (216) | According to Article 108(3) of the Treaty, Member States are obliged to inform the Commission of any plan to grant aid (notification obligation) and they may not put into effect any proposed aid measures until the Commission has adopted a final decision on the aid in question (standstill obligation). |
| --- | --- |

(216)

According to Article 108(3) of the Treaty, Member States are obliged to inform the Commission of any plan to grant aid (notification obligation) and they may not put into effect any proposed aid measures until the Commission has adopted a final decision on the aid in question (standstill obligation).

| (217) | The Commission notes that the United Kingdom did not notify the Commission of any plan to grant the passive interest and royalty income exemption or the contested tax rulings, nor did it respect the standstill obligation laid down in Article 108(3) of the Treaty. Therefore, in accordance with Article 1(f) of Regulation (EU) 2015/1589, the passive interest and royalty income exemption that existed under ITA 2010 and the tax treatment granted on the basis of the contested tax rulings constitute unlawful aid, put into effect in breach of Article 108(3) of the Treaty. |
| --- | --- |

(217)

The Commission notes that the United Kingdom did not notify the Commission of any plan to grant the passive interest and royalty income exemption or the contested tax rulings, nor did it respect the standstill obligation laid down in Article 108(3) of the Treaty. Therefore, in accordance with Article 1(f) of Regulation (EU) 2015/1589, the passive interest and royalty income exemption that existed under ITA 2010 and the tax treatment granted on the basis of the contested tax rulings constitute unlawful aid, put into effect in breach of Article 108(3) of the Treaty.

10.   RECOVERY OF THE AID

| (218) | According to the Treaty and the Court's established case-law, the Commission is required to decide that the Member State concerned must abolish or alter aid if it has found that the aid is incompatible with the internal market (105). The Court has also consistently held that the obligation on a Member State to abolish aid regarded by the Commission as being incompatible with the internal market is designed to re-establish the situation previously existing (106). |
| --- | --- |

(218)

According to the Treaty and the Court's established case-law, the Commission is required to decide that the Member State concerned must abolish or alter aid if it has found that the aid is incompatible with the internal market (105). The Court has also consistently held that the obligation on a Member State to abolish aid regarded by the Commission as being incompatible with the internal market is designed to re-establish the situation previously existing (106).

105

106

| (219) | The Court has established that that objective is attained once the recipient has repaid the amounts granted by way of unlawful aid, thus forfeiting the advantage which it had enjoyed over its competitors on the market, and the situation prior to payment of the aid is restored (107). |
| --- | --- |

(219)

The Court has established that that objective is attained once the recipient has repaid the amounts granted by way of unlawful aid, thus forfeiting the advantage which it had enjoyed over its competitors on the market, and the situation prior to payment of the aid is restored (107).

107

| (220) | In line with the case-law, Article 16(1) of the Procedural Regulation states that ‘where negative decisions are taken in cases of unlawful aid, the Commission shall decide that the Member State concerned shall take all necessary measures to recover the aid from the beneficiary [...]’. |
| --- | --- |

(220)

In line with the case-law, Article 16(1) of the Procedural Regulation states that ‘where negative decisions are taken in cases of unlawful aid, the Commission shall decide that the Member State concerned shall take all necessary measures to recover the aid from the beneficiary [...]’.

| (221) | Thus, given that the measures in question were implemented in violation of Article 108(3) of the Treaty, and are considered to be unlawful and incompatible aid, the Member State should be required to recover the aid in order to re-establish the situation that existed on the market prior to the granting of that aid. Recovery should cover the time from when the advantage accrued to the beneficiary, that is to say from when the aid was put at the disposal of the beneficiary, until effective recovery has taken place, and the sums to be recovered should bear interest until effective recovery. |
| --- | --- |

(221)

Thus, given that the measures in question were implemented in violation of Article 108(3) of the Treaty, and are considered to be unlawful and incompatible aid, the Member State should be required to recover the aid in order to re-establish the situation that existed on the market prior to the granting of that aid. Recovery should cover the time from when the advantage accrued to the beneficiary, that is to say from when the aid was put at the disposal of the beneficiary, until effective recovery has taken place, and the sums to be recovered should bear interest until effective recovery.

| (222) | No provision of Union law requires the Commission, when ordering the recovery of aid declared incompatible with the internal market, to quantify the exact amount of the aid to be recovered. Rather, it is sufficient for the Commission's decision to include information enabling the addressee of the decision to work out that amount itself without overmuch difficulty (108). |
| --- | --- |

(222)

No provision of Union law requires the Commission, when ordering the recovery of aid declared incompatible with the internal market, to quantify the exact amount of the aid to be recovered. Rather, it is sufficient for the Commission's decision to include information enabling the addressee of the decision to work out that amount itself without overmuch difficulty (108).

108

| (223) | In relation to unlawful State aid in the form of tax measures, the amount to be recovered should be calculated on the basis of a comparison between the tax actually paid and the amount which should have been paid in the absence of the preferential tax treatment. |
| --- | --- |

(223)

In relation to unlawful State aid in the form of tax measures, the amount to be recovered should be calculated on the basis of a comparison between the tax actually paid and the amount which should have been paid in the absence of the preferential tax treatment.

| (224) | In this case, in order to arrive at an amount of tax which should have been paid in the absence of the preferential tax treatment, the UK authorities should reassess the tax liability of the entities benefiting from the measures in question for each tax year for which they benefited from those measures. |
| --- | --- |

(224)

In this case, in order to arrive at an amount of tax which should have been paid in the absence of the preferential tax treatment, the UK authorities should reassess the tax liability of the entities benefiting from the measures in question for each tax year for which they benefited from those measures.

| (225) | Individual aid should be deemed to be put at the disposal of the beneficiary on the day that the tax foregone would have fallen due, for each tax year, in the absence of those measures. |
| --- | --- |

(225)

Individual aid should be deemed to be put at the disposal of the beneficiary on the day that the tax foregone would have fallen due, for each tax year, in the absence of those measures.

| (226) | The amount of tax foregone with respect to a specific tax year should be calculated as follows:






  — | first, the UK authorities should establish the overall profit of the relevant company for that tax year (including the profit achieved from royalty and/or passive interest income), |
| --- | --- | --- |

(226)

The amount of tax foregone with respect to a specific tax year should be calculated as follows:

—

first, the UK authorities should establish the overall profit of the relevant company for that tax year (including the profit achieved from royalty and/or passive interest income),

| — | based on that profit, the UK authorities should calculate the taxable basis of the relevant company for that tax year, |
| --- | --- |

—

based on that profit, the UK authorities should calculate the taxable basis of the relevant company for that tax year,

| — | the taxable basis should be multiplied by the corporate income tax rate applicable for that tax year, |
| --- | --- |

—

the taxable basis should be multiplied by the corporate income tax rate applicable for that tax year,

| — | finally, the UK authorities should deduct the corporate income tax which the company has already paid with respect to that tax year (if any). |
| --- | --- |

—

finally, the UK authorities should deduct the corporate income tax which the company has already paid with respect to that tax year (if any).

| (227) | With regard to the aid granted through the passive interest and royalty income exemption, the United Kingdom and the Gibraltar authorities have argued that recovery is likely to be impossible for practical reasons, due to the mobile character of the funds of the companies in question, and the international law principle that courts of one State will not allow or enforce claims for taxes on behalf of another State. However, neither the United Kingdom nor the Gibraltar authorities have provided any proof of concrete difficulties in practice which could lead to the conclusion that it is absolutely impossible to recover the aid. Indeed, it is settled case-law that the condition that it be ‘absolutely impossible’ to implement a decision is not fulfilled where the Member State merely informs the Commission of the legal, political or practical difficulties involved in implementing the decision, without taking any real steps to recover the aid from the undertakings concerned, and without proposing to the Commission any alternative arrangements for implementing the decision which could have enabled those difficulties to be overcome (109). Consequently, the Commission concludes that the United Kingdom and the Gibraltar authorities have not demonstrated that it would be absolutely impossible to recover the aid granted through the exemption. |
| --- | --- |

(227)

With regard to the aid granted through the passive interest and royalty income exemption, the United Kingdom and the Gibraltar authorities have argued that recovery is likely to be impossible for practical reasons, due to the mobile character of the funds of the companies in question, and the international law principle that courts of one State will not allow or enforce claims for taxes on behalf of another State. However, neither the United Kingdom nor the Gibraltar authorities have provided any proof of concrete difficulties in practice which could lead to the conclusion that it is absolutely impossible to recover the aid. Indeed, it is settled case-law that the condition that it be ‘absolutely impossible’ to implement a decision is not fulfilled where the Member State merely informs the Commission of the legal, political or practical difficulties involved in implementing the decision, without taking any real steps to recover the aid from the undertakings concerned, and without proposing to the Commission any alternative arrangements for implementing the decision which could have enabled those difficulties to be overcome (109). Consequently, the Commission concludes that the United Kingdom and the Gibraltar authorities have not demonstrated that it would be absolutely impossible to recover the aid granted through the exemption.

109

10.1.   Recovery of the aid granted through the exemption

Recovery of the aid granted through the exemption

| (228) | Any tax forgone as a result of the passive interest and royalty income exemption between 1 January 2011 and the day preceding the entry into force of the respective amendments which brought passive interest and royalties into the scope of taxation should be recovered to the extent that the income accrued in or was derived from Gibraltar (110). |
| --- | --- |

(228)

Any tax forgone as a result of the passive interest and royalty income exemption between 1 January 2011 and the day preceding the entry into force of the respective amendments which brought passive interest and royalties into the scope of taxation should be recovered to the extent that the income accrued in or was derived from Gibraltar (110).

110

| (229) | As explained in recital 82, royalty income received by a Gibraltar company is deemed to accrue in and be derived from Gibraltar. The UK authorities should therefore be required to recover the tax foregone by any Gibraltar company which was in receipt of royalty income during the period between 1 January 2011 and 31 December 2013. |
| --- | --- |

(229)

As explained in recital 82, royalty income received by a Gibraltar company is deemed to accrue in and be derived from Gibraltar. The UK authorities should therefore be required to recover the tax foregone by any Gibraltar company which was in receipt of royalty income during the period between 1 January 2011 and 31 December 2013.

royalty income

| (230) | As regards passive interest income received by Gibraltar companies during the period between 1 January 2011 and 30 June 2013, in order to determine whether such income accrued in or was derived from Gibraltar, the UK authorities will need to apply the ‘situs of the loan’ rule described in recital 82, in line with the territoriality principle. |
| --- | --- |

(230)

As regards passive interest income received by Gibraltar companies during the period between 1 January 2011 and 30 June 2013, in order to determine whether such income accrued in or was derived from Gibraltar, the UK authorities will need to apply the ‘situs of the loan’ rule described in recital 82, in line with the territoriality principle.

passive interest income

| (231) | Where the UK authorities conclude that the passive interest income accrued in or was derived from Gibraltar, the tax foregone as a result of the non-taxation of that income should be recovered from the company in question. |
| --- | --- |

(231)

Where the UK authorities conclude that the passive interest income accrued in or was derived from Gibraltar, the tax foregone as a result of the non-taxation of that income should be recovered from the company in question.

10.2.   Recovery of the aid granted to the five Gibraltar companies in relation to their participation in Dutch CVs

Recovery of the aid granted to the five Gibraltar companies in relation to their participation in Dutch CVs

| (232) | The UK authorities should be required to abolish the practice of not taxing the share of each Gibraltar company identified in recital 160 in the royalty and passive interest income generated by the Dutch CV in which the company participates. |
| --- | --- |

(232)

The UK authorities should be required to abolish the practice of not taxing the share of each Gibraltar company identified in recital 160 in the royalty and passive interest income generated by the Dutch CV in which the company participates.

| (233) | The UK authorities should further be required to recover the tax forgone by those five Gibraltar companies as a result of the non-taxation of their shares in the royalty and passive interest income generated by the relevant Dutch CVs. |
| --- | --- |

(233)

The UK authorities should further be required to recover the tax forgone by those five Gibraltar companies as a result of the non-taxation of their shares in the royalty and passive interest income generated by the relevant Dutch CVs.

| (234) | The recovery should cover the tax foregone in the period between 1 January 2011 and the date when the UK authorities abolish the practice of not taxing the income of the Gibraltar companies resulting from their participation in the Dutch CVs as referred to in recital 232. |
| --- | --- |

(234)

The recovery should cover the tax foregone in the period between 1 January 2011 and the date when the UK authorities abolish the practice of not taxing the income of the Gibraltar companies resulting from their participation in the Dutch CVs as referred to in recital 232.

| (235) | As regards the royalty income of the Gibraltar companies resulting from their participation in the Dutch CVs, the UK authorities should recover the amounts corresponding to the tax foregone in relation to such income during the whole period defined in the preceding recital. |
| --- | --- |

(235)

As regards the royalty income of the Gibraltar companies resulting from their participation in the Dutch CVs, the UK authorities should recover the amounts corresponding to the tax foregone in relation to such income during the whole period defined in the preceding recital.

royalty income

| (236) | As regards the passive interest income of the Gibraltar companies resulting from their participation in the Dutch CVs, the aid should be recovered from those Gibraltar companies as follows:






  — | for the period between 1 January 2011 and 30 June 2013, the UK authorities should first determine whether the interest accrued in or was derived from Gibraltar. This assessment should be done by applying the ‘situs of the loan’ rule described in recital 82. To the extent that the interest income accrued in or was derived from Gibraltar, the UK authorities should recover the tax foregone as a result of the non-taxation of that income, |
| --- | --- | --- |

(236)

As regards the passive interest income of the Gibraltar companies resulting from their participation in the Dutch CVs, the aid should be recovered from those Gibraltar companies as follows:

passive interest income

—

for the period between 1 January 2011 and 30 June 2013, the UK authorities should first determine whether the interest accrued in or was derived from Gibraltar. This assessment should be done by applying the ‘situs of the loan’ rule described in recital 82. To the extent that the interest income accrued in or was derived from Gibraltar, the UK authorities should recover the tax foregone as a result of the non-taxation of that income,

| — | for the period from 1 January 2014, the UK authorities should recover the tax foregone as a result of the non-taxation of such income if the income amounts to at least GBP 100 000 per annum per source company. |
| --- | --- |

—

for the period from 1 January 2014, the UK authorities should recover the tax foregone as a result of the non-taxation of such income if the income amounts to at least GBP 100 000 per annum per source company.

| (237) | In the light of the observations in the recitals in section 8.3.2, the Commission considers that the United Kingdom should, in the first place, recover the unlawful and incompatible aid granted to the Gibraltar companies from those Gibraltar companies. Should it not be possible to recover the full amount of the aid from the relevant Gibraltar company, the United Kingdom should recover the remaining amount of that aid from other entities forming a single economic unit with that Gibraltar company, i.e. the relevant Dutch BV, the Dutch CV or the parent company of the Gibraltar company, so as to ensure that the advantage granted is eliminated and the situation previously existing on the market is restored through the recovery. |
| --- | --- |

(237)

In the light of the observations in the recitals in section 8.3.2, the Commission considers that the United Kingdom should, in the first place, recover the unlawful and incompatible aid granted to the Gibraltar companies from those Gibraltar companies. Should it not be possible to recover the full amount of the aid from the relevant Gibraltar company, the United Kingdom should recover the remaining amount of that aid from other entities forming a single economic unit with that Gibraltar company, i.e. the relevant Dutch BV, the Dutch CV or the parent company of the Gibraltar company, so as to ensure that the advantage granted is eliminated and the situation previously existing on the market is restored through the recovery.

11.   LEGISLATIVE AND REGULATORY AMENDMENTS ENACTED BY GIBRALTAR

| (238) | Although in most cases the granting of tax rulings falling within the scope of the formal proceedings did not result in the granting of State aid, the Commission investigation revealed certain weaknesses in the tax system operated in Gibraltar, which could be exploited by multinationals for tax planning purposes. In particular, it found that the territorial system of taxation operated in Gibraltar could create opportunities for cross-border tax planning (with a significant risk of non-taxation of the relevant companies' profits in both Gibraltar and the countries where the activities are actually performed). In addition, it found that the territorial system may potentially give too large a discretion to the tax authorities in the absence of clear guidelines on how the territoriality principle should be applied in practice. |
| --- | --- |

(238)

Although in most cases the granting of tax rulings falling within the scope of the formal proceedings did not result in the granting of State aid, the Commission investigation revealed certain weaknesses in the tax system operated in Gibraltar, which could be exploited by multinationals for tax planning purposes. In particular, it found that the territorial system of taxation operated in Gibraltar could create opportunities for cross-border tax planning (with a significant risk of non-taxation of the relevant companies' profits in both Gibraltar and the countries where the activities are actually performed). In addition, it found that the territorial system may potentially give too large a discretion to the tax authorities in the absence of clear guidelines on how the territoriality principle should be applied in practice.

| (239) | Moreover, the investigation also brought to light some weaknesses in the procedure for the granting of tax rulings, in particular the absence of any designated procedure providing clear requirements for both the applicant and the tax authorities and the absence of adequate ex ante and ex post control procedures. |
| --- | --- |

(239)

Moreover, the investigation also brought to light some weaknesses in the procedure for the granting of tax rulings, in particular the absence of any designated procedure providing clear requirements for both the applicant and the tax authorities and the absence of adequate ex ante and ex post control procedures.

ex ante

ex post

| (240) | Finally, weaknesses were also identified in relation to the general anti-avoidance provision, including the transfer pricing rules, provided for in section 40 of ITA 2010 since application of the provision is conditional on the existence of an ‘artificial arrangement’. |
| --- | --- |

(240)

Finally, weaknesses were also identified in relation to the general anti-avoidance provision, including the transfer pricing rules, provided for in section 40 of ITA 2010 since application of the provision is conditional on the existence of an ‘artificial arrangement’.

| (241) | None of those weaknesses constitutes State aid in their own right. However, in the absence of appropriate measures to address those weaknesses, the tax authorities may enjoy an excessive level of discretion in the enforcement of the rules, which may increase the risk of State aid being granted. In addition, those weaknesses have contributed to the doubts raised by the Commission in the Decision to Extend Proceedings. |
| --- | --- |

(241)

None of those weaknesses constitutes State aid in their own right. However, in the absence of appropriate measures to address those weaknesses, the tax authorities may enjoy an excessive level of discretion in the enforcement of the rules, which may increase the risk of State aid being granted. In addition, those weaknesses have contributed to the doubts raised by the Commission in the Decision to Extend Proceedings.

| (242) | With a view to addressing those weaknesses, the Gibraltar's Government has agreed to introduce legislative and regulatory changes in relation to their tax ruling procedure, the territoriality principle and the anti-abuse/transfer pricing rules. In the Commission's view, the changes, which were adopted in October 2018, constitute a significant step forward to improve transparency and reduce discretion in the application of Gibraltar's income tax rules. |
| --- | --- |

(242)

With a view to addressing those weaknesses, the Gibraltar's Government has agreed to introduce legislative and regulatory changes in relation to their tax ruling procedure, the territoriality principle and the anti-abuse/transfer pricing rules. In the Commission's view, the changes, which were adopted in October 2018, constitute a significant step forward to improve transparency and reduce discretion in the application of Gibraltar's income tax rules.

| (243) | The changes, that were published and adopted on 25 October 2018, can be summarised as follows:






  — | adoption of a guidance note (111) on the application of the territoriality principle providing concrete examples on a broad range of activities and introducing explicit monitoring requirements in relation to companies not chargeable to tax in Gibraltar, |
| --- | --- | --- |

(243)

The changes, that were published and adopted on 25 October 2018, can be summarised as follows:

—

adoption of a guidance note (111) on the application of the territoriality principle providing concrete examples on a broad range of activities and introducing explicit monitoring requirements in relation to companies not chargeable to tax in Gibraltar,

111

| — | adoption of legislation and regulation (112) on the procedural aspects of tax rulings, including the following requirements: (1) the application for a tax ruling must include a detailed description of the business activities with a clear indication of where the activities take place; (2) the ruling can be granted for a period of maximum three years only and must include a full statement of the reasons for which it is given, including, where relevant, a comprehensive transfer pricing analysis; (3) introduction of a control system with both ex ante and ex post verifications on tax rulings; and (4) publication by the tax authorities at least once a year of anonymised compilations of tax rulings or summaries, |
| --- | --- |

—

adoption of legislation and regulation (112) on the procedural aspects of tax rulings, including the following requirements: (1) the application for a tax ruling must include a detailed description of the business activities with a clear indication of where the activities take place; (2) the ruling can be granted for a period of maximum three years only and must include a full statement of the reasons for which it is given, including, where relevant, a comprehensive transfer pricing analysis; (3) introduction of a control system with both ex ante and ex post verifications on tax rulings; and (4) publication by the tax authorities at least once a year of anonymised compilations of tax rulings or summaries,

112

ex ante

ex post

| — | adoption of legislation to amend ITA 2010 (113) in order to ensure that the anti-avoidance provision and transfer pricing rules apply regardless of whether the relevant arrangement is artificial or not. |
| --- | --- |

—

adoption of legislation to amend ITA 2010 (113) in order to ensure that the anti-avoidance provision and transfer pricing rules apply regardless of whether the relevant arrangement is artificial or not.

113

| (244) | Finally, it is also relevant to note that Gibraltar enacted an amendment of section 29 of ITA 2010 (114) to require all companies registered in Gibraltar to submit a tax return irrespective of whether the companies have income that accrues in and is derived from Gibraltar and irrespective of whether or not they apply for a tax ruling. The amendment came into effect on 1 January 2016. |
| --- | --- |

(244)

Finally, it is also relevant to note that Gibraltar enacted an amendment of section 29 of ITA 2010 (114) to require all companies registered in Gibraltar to submit a tax return irrespective of whether the companies have income that accrues in and is derived from Gibraltar and irrespective of whether or not they apply for a tax ruling. The amendment came into effect on 1 January 2016.

114

12.   CONCLUSION

| (245) | The Commission finds that the United Kingdom has unlawfully implemented the passive interest and royalty income exemption scheme in Gibraltar, in breach of Article 108(3) of the Treaty. The Commission also finds that that scheme is State aid that is incompatible with the internal market within the meaning of Article 107(1) of the Treaty. |
| --- | --- |

(245)

The Commission finds that the United Kingdom has unlawfully implemented the passive interest and royalty income exemption scheme in Gibraltar, in breach of Article 108(3) of the Treaty. The Commission also finds that that scheme is State aid that is incompatible with the internal market within the meaning of Article 107(1) of the Treaty.

| (246) | The Commission considers that the tax treatment granted by the Government of Gibraltar on the basis of the tax rulings in favour of five Gibraltar companies with interests in Dutch limited partnerships (Commanditaire Vennootschappen) in receipt of royalty and passive interest income constitutes individual State aid measures, which were unlawfully implemented in breach of Article 108(3) of the Treaty and which are incompatible with the internal market within the meaning of Article 107(1) of the Treaty. |
| --- | --- |

(246)

The Commission considers that the tax treatment granted by the Government of Gibraltar on the basis of the tax rulings in favour of five Gibraltar companies with interests in Dutch limited partnerships (Commanditaire Vennootschappen) in receipt of royalty and passive interest income constitutes individual State aid measures, which were unlawfully implemented in breach of Article 108(3) of the Treaty and which are incompatible with the internal market within the meaning of Article 107(1) of the Treaty.

Commanditaire Vennootschappen

| (247) | The United Kingdom should be required to recover that State aid from the beneficiaries by virtue of Article 16 of the Procedural Regulation. The United Kingdom should also ensure that no additional aid is granted in the future to the beneficiaries or to any of their group companies as a result of the passive interest and royalty income exemption or the tax treatment set out in the contested tax rulings. |
| --- | --- |

(247)

The United Kingdom should be required to recover that State aid from the beneficiaries by virtue of Article 16 of the Procedural Regulation. The United Kingdom should also ensure that no additional aid is granted in the future to the beneficiaries or to any of their group companies as a result of the passive interest and royalty income exemption or the tax treatment set out in the contested tax rulings.

| (248) | Since the United Kingdom notified on 29 March 2017 its intention to leave the European Union, pursuant to Article 50 of the Treaty on European Union, the Treaties will cease to apply to the United Kingdom from the date of entry into force of the withdrawal agreement or, failing that, two years after the notification, unless the European Council in agreement with the United Kingdom decides to extend this period. As a consequence, and without prejudice to any provisions of the withdrawal agreement, this Decision only applies until the United Kingdom ceases to be a Member State, |
| --- | --- |

(248)

Since the United Kingdom notified on 29 March 2017 its intention to leave the European Union, pursuant to Article 50 of the Treaty on European Union, the Treaties will cease to apply to the United Kingdom from the date of entry into force of the withdrawal agreement or, failing that, two years after the notification, unless the European Council in agreement with the United Kingdom decides to extend this period. As a consequence, and without prejudice to any provisions of the withdrawal agreement, this Decision only applies until the United Kingdom ceases to be a Member State,

HAS ADOPTED THIS DECISION:

Article 1

1.   The State aid scheme in the form of the passive interest income tax exemption applicable in Gibraltar under the Income Tax Act 2010 between 1 January 2011 and 30 June 2013 and unlawfully put into effect by Gibraltar in contravention of Article 108(3) of the Treaty is incompatible with the internal market within the meaning of Article 107(1) of the Treaty.

2.   The State aid scheme in the form of the royalty income tax exemption applicable in Gibraltar under the Income Tax Act 2010 between 1 January 2011 and 31 December 2013 and unlawfully put into effect by Gibraltar in contravention of Article 108(3) of the Treaty is incompatible with the internal market within the meaning of Article 107(1) of the Treaty.

Article 2

The individual State aids granted by the Government of Gibraltar, on the basis of the tax rulings (referred to in the Annex as rulings No 83, 84, 139, 140 and 144) to five Gibraltar companies with interests in Dutch limited partnerships (Commanditaire Vennootschappen) in receipt of royalty and passive interest income, which were unlawfully put into effect by the United Kingdom in contravention of Article 108(3) of the Treaty, are incompatible with the internal market within the meaning of Article 107(1) of the Treaty.

Article 3

1.   The tax ruling practice under the Income Tax Act 2010 does not constitute a State aid scheme within the meaning of Article 107(1) of the Treaty.

2.   The 126 rulings, listed in the Annex to this Decision, other than the five rulings covered by Article 2 and the 34 rulings referred to in recital 144 (115), do not constitute individual State aids within the meaning of Article 107(1) of the Treaty.

Article 4

1.   Articles 1 and 2 of this Decision shall not apply to individual aid granted on the basis of the aid schemes referred to in Article 1 or on the basis of the tax rulings referred to in Article 2 if, at the time the individual aid was granted, it fulfilled the conditions laid down by the Regulation adopted pursuant to Article 2 of Council Regulation (EC) No 994/98 (116) which was applicable at the time the aid was granted.

2.   For the purposes of this Article and Article 5, individual aid is deemed to be put at a beneficiary's disposal, with respect to each tax year, on the day that the tax foregone for that tax year as a result of the aid schemes referred to in Article 1 or the tax rulings referred to in Article 2 would have fallen due in the absence of that scheme or ruling.

Article 5

1.   The United Kingdom shall recover all incompatible aid granted on the basis of the aid schemes referred to in Article 1 or on the basis of the tax rulings referred to in Article 2, from the beneficiaries of that aid.

2.   Any individual aid granted on the basis of the tax rulings referred to in Article 2 which cannot be recovered from the Gibraltar company in question shall be recovered from other entities forming a single economic unit with that Gibraltar company, i.e. the relevant Dutch BV, the Dutch CV or the parent company of the Gibraltar company.

3.   The sums to be recovered shall bear interest from the date on which they were put at the disposal of the beneficiary until their actual recovery.

4.   The interest shall be calculated on a compound basis in accordance with Chapter V of Commission Regulation (EC) No 794/2004 (117).

5.   The United Kingdom shall cease granting the aid on the basis of the aid schemes referred to in Article 1 or the tax rulings referred to in Article 2, with effect from the date of notification of this Decision.

Article 6

1.   Recovery of the aid in accordance with Article 5 shall be immediate and effective.

2.   The United Kingdom shall ensure that this Decision is implemented within four months from the date of notification of this Decision.

Article 7

1.   Within two months from the date of notification of this Decision, the United Kingdom shall submit the following information to the Commission:

| (a) | an assessment, for each Gibraltar company that generated passive interest income in the period between 1 January 2011 and 30 June 2013, of whether such interest income accrued in or was derived from Gibraltar, based on the ‘situs of the loan’ rule; |
| --- | --- |

(a)

an assessment, for each Gibraltar company that generated passive interest income in the period between 1 January 2011 and 30 June 2013, of whether such interest income accrued in or was derived from Gibraltar, based on the ‘situs of the loan’ rule;

| (b) | a list of beneficiaries that have received aid on the basis of the aid schemes referred to in Article 1, together with the following information for each of them and for each relevant tax year:






  — | the amount of profits achieved (indicating separately the profits achieved from royalty income and the profits achieved from passive interest income), the tax basis, the applicable income tax rate, the amount of income tax paid and the amount of the tax foregone, |
| --- | --- | --- |

(b)

a list of beneficiaries that have received aid on the basis of the aid schemes referred to in Article 1, together with the following information for each of them and for each relevant tax year:

—

the amount of profits achieved (indicating separately the profits achieved from royalty income and the profits achieved from passive interest income), the tax basis, the applicable income tax rate, the amount of income tax paid and the amount of the tax foregone,

| — | the total amount of aid received; |
| --- | --- |

—

the total amount of aid received;

| (c) | the following information for each of the five Gibraltar companies that received aid on the basis of the tax rulings referred to in Article 2 and for each relevant tax year:






  — | the amount of profits achieved (indicating separately the profits achieved from royalty income and the profits achieved from passive interest income), the tax basis, the applicable income tax rate, the amount of income tax paid and the amount of the tax foregone, |
| --- | --- | --- |

(c)

the following information for each of the five Gibraltar companies that received aid on the basis of the tax rulings referred to in Article 2 and for each relevant tax year:

—

the amount of profits achieved (indicating separately the profits achieved from royalty income and the profits achieved from passive interest income), the tax basis, the applicable income tax rate, the amount of income tax paid and the amount of the tax foregone,

| — | the total amount of aid received; |
| --- | --- |

—

the total amount of aid received;

| (d) | the total amount (principal and recovery interests) to be recovered from each beneficiary (for all tax years subject to recovery); |
| --- | --- |

(d)

the total amount (principal and recovery interests) to be recovered from each beneficiary (for all tax years subject to recovery);

| (e) | a detailed description of the measures already taken, and of those planned, in order to comply with this Decision; |
| --- | --- |

(e)

a detailed description of the measures already taken, and of those planned, in order to comply with this Decision;

| (f) | documents demonstrating that the beneficiaries have been ordered to repay the aid. |
| --- | --- |

(f)

documents demonstrating that the beneficiaries have been ordered to repay the aid.

2.   The United Kingdom shall keep the Commission informed of the progress of the national measures taken to implement this Decision until recovery of the aid in accordance with Article 5 has been completed. On request by the Commission, it shall submit to the Commission information on the national measures already taken, and on those planned, in order to comply with this Decision.

Article 8

This Decision is addressed to the United Kingdom of Great Britain and Northern Ireland.

Done at Brussels, 19 December 2018.

For the Commission

Margrethe VESTAGER

Member of the Commission

---

(1)  
  OJ C 348, 28.11.2013, p. 184 and OJ C 369, 7.10.2016, p. 55.

1

(2)  
  OJ C 348, 28.11.2013, p. 184.

2

(3)  Spanish Confederation of Business Organisations (Confederacion Espagnola de Organizaciones Empresariales).

3

(4)  C(2014) 6851 final.

4

(5)  
  OJ C 369, 7.10.2016, p. 55.

5

(6)  Case T-783/16, Government of Gibraltar v Commission.

6

(7)  ITA 2010 charges to tax the income (accruing in or derived from Gibraltar) of a ‘person’. The definition of the term ‘person’ is set out in section 74 of ITA 2010 as follows: ‘
  “person” includes any corporation either aggregate or sole and any club, society or other body, or any one or more persons of any age, and either of the male or female sex and includes any company and a body of persons’.

7

(8)  
  ‘Company’ is defined in section 74 of ITA 2010 to mean any company which is a company incorporated or registered under any law in force in Gibraltar or elsewhere.

8

(9)  
  ‘Ordinarily resident’, in relation to a company, is defined in section 74 of ITA 2010 to mean either a company whose management and control is in Gibraltar or a company the management and control of which is exercised outside Gibraltar by persons who are ordinarily resident in Gibraltar for the purpose of ITA 2010.

9

(10)  In accordance with section 11(4) of ITA 2010, if a company not ordinarily resident in Gibraltar carries on a trade in Gibraltar through a branch or agency, the chargeable profits are calculated by reference to any trading income arising through or from the branch or agency, and, in so far is chargeable to tax, any income from property or rights used by, or held by or for, the branch or agency.

10

(11)  However, dividends paid or payable by a company to another company are not subject to tax.

11

(12)  Section 74, as originally enacted, referred to the location of the activities or the preponderance of the activities, but the reference to the preponderance of activities was deleted by the Income Tax (Amendment) Act 2013.

12

(13)  The Judicial Committee of the Privy Council sits in London and is the final court of appeal in Gibraltar. Its judgments on Gibraltar legislation bind the Gibraltar Income Tax Office and the other Gibraltar courts.

13

(14)  Commissioner of Inland Revenue v Hang Seng Bank Ltd [1991] 1 AC 306.

14

(15)  Commissioner of Inland Revenue v HK-TVB International Ltd [1992] 2 AC 397.

15

(16)  United Kingdom submission, 14.11.2013, p. 2.

16

(17)  Table C of Schedule 1 to ITA 2010, as originally enacted, did not include this category of income.

17

(18)  This applies to companies engaged in money lending activities to the general public or to companies that are in receipt of interest on funds derived from deposit taking activities.

18

(19)  Income Tax (Amendment) Regulations 2013, published in the Second Supplement to the Gibraltar Gazette No 4006 of 6 June 2013.

19

(20)  Income Tax (Amendment) Act 2013, published in the First Supplement to the Gibraltar Gazette No 4049 of 24 December 2013.

20

(21)  See e.g. Joined Cases C-78/08 to C-80/08, Paint Graphos and others ECLI:EU:C:2011:550, paragraph 73 et seq.

21

Paint Graphos and others

(22)  This rule was applied in order to determine whether interest income was taxable as a result of the territoriality principle. The assessment is based on the following cumulative criteria: (a) the place of residence of the debtor; (b) the source from which the interest is paid; (c) the place where the interest is paid; and (d) the nature and location of the security for the debt.

22

(23)  Council Regulation (EU) 2015/1589 of 13 July 2015 laying down detailed rules for the application of Article 108 of the Treaty on the Functioning of the European Union (OJ L 248, 24.9.2015, p. 9).

23

(24)  Commission Regulation (EU) No 1407/2013 of 18 December 2013 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid (OJ L 352, 24.12.2013, p. 1).

24

de minimis

(25)  Therefore the arguments put forward by the UK and the interested parties concerning other passive income or concerning a period after entry into force of the 2013 amendments are not addressed in this Decision.

25

(26)  See, inter alia, judgment of 21 December 2016, Commission v World Duty Free Group and Others, C-20/15 P and C-21/15 P, ECLI:EU:C:2016:981, paragraph 53.

26

Commission v World Duty Free Group and Others

(27)  See Joined Cases C-106/09 P and C-107/09 P Commission v. Government of Gibraltar and United Kingdom ECLI:EU:C:2011:732, paragraph 72 and the case-law cited therein.

27

Commission v. Government of Gibraltar and United Kingdom

(28)  See Case C-169/08 Presidente del Consiglio dei Ministri ECLI:EU:C:2009:709, paragraph 58.

28

Presidente del Consiglio dei Ministri

(29)  Case C-143/99 Adria-Wien Pipeline ECLI:EU:C:2001:598, paragraph 38.

29

Adria-Wien Pipeline

(30)  See Case C-66/02 Italy v Commission ECLI:EU:C:2005:768, paragraph 78; Case C-222/04 Cassa di Risparmio di Firenze and Others ECLI:EU:C:2006:8, paragraph 132; Case C-522/13 Ministerio de Defensa and Navantia ECLI:EU:C:2014:2262, paragraphs 21 to 31.

30

Italy v Commission

Cassa di Risparmio di Firenze and Others

Ministerio de Defensa and Navantia

(31)  Joined Cases C-393/04 and C-41/05 Air Liquide Industries Belgium ECLI:EU:C:2006:403, paragraph 30 and Case C-387/92 Banco Exterior de España ECLI:EU:C:1994:100, paragraph 14.

31

Air Liquide Industries Belgium

Banco Exterior de España

(32)  The assessment is based on the following cumulative criteria: (a) the place of residence of the debtor; (b) the source from which the interest is paid; (c) the place where the interest is paid; and (d) the nature and location of the security for the debt (if any).

32

(33)  First Opening Decision, recitals 48 to 57.

33

(34)  Case C-88/03 Portugal v Commission, ECLI:EU:C:2006:511, paragraphs 57 et seq.

34

(35)  Cases C-428/06 to C-434/06, ECLI:EU:C:2008:488, paragraphs 47 et seq.

35

(36)  Such assessment of regional selectivity was confirmed by the General Court in Joined Cases T-211/04 and T-215/04, ECLI:EU:T:2008:595, paragraph 76 to 116. Although the judgment was appealed, the assessment of regional selectivity was not reviewed by the Court of Justice.

36

(37)  See Joined Cases C-20/15 P and C-21/15 P Commission v. World Duty Free Group ECLI:EU:C:2016:981, paragraph 57 and the case-law cited.

37

Commission

World Duty Free Group

(38)  See Joined Cases C-78/08 to C-80/08 Paint Graphos ECLI:EU:C:2011:550, paragraph 65.

38

Paint Graphos

(39)  Case C-106/09 P and C-107/09 P, Commission & Spain/Government of Gibraltar & UK, ECLI:EU:C:2011:732, paragraph 91; Case C-219/16 P, Lowell Financial Services GmbH/Commission, ECLI:EU:C:2018:508, paragraph 92.

39

Commission & Spain/Government of Gibraltar & UK

Lowell Financial Services GmbH/Commission

(40)  Case C-487/06 P British Aggregates v Commission ECLI:EU:C:2008:757, paragraphs 85 and 89 and the case-law cited, and Case C-279/08 P Commission v Netherlands (NOx) ECLI:EU:C:2011:551, paragraph 51.

40

British Aggregates v Commission

Commission v Netherlands (NOx)

(41)  See Commission Notice on the Notion of State aid (OJ C 262, 19.7.2016, p. 1), paragraph 133.

41

(42)  Notice on the Notion of State Aid, paragraph 134.

42

(43)  http://www.gibraltarlaws.gov.gi/articles/2010-21o.pdf, see p. 16

43

(44)  United Kingdom submission of 14 September 2012.

44

(45)  See in this sense Joined Cases C-20/15 P and C-21/15 P Commission v. World Duty Free Group ECLI:EU:C:2016:981, paragraph 92: ‘
  [i]n the contested decisions, the Commission, in order to classify the measure at issue as a selective measure, relied on the fact that the tax advantage conferred by that measure did not indiscriminately benefit all economic operators who were objectively in a comparable situation, in the light of the objective pursued by the ordinary Spanish tax system, since resident undertakings acquiring shareholdings of the same kind in companies resident for tax purposes in Spain could not obtain that advantage
  ’ (emphasis added by the Commission); in the same line, see paragraphs 22 and 68. In the same line, see also Case C-217/03 Belgium and Forum 187 v. Commission ECLI:EU:C:2005:266, paragraph 95; Case C-88/03 Portugal v Commission ECLI:EU:C:2006:511, paragraph 56; Case C-519/07 P Commission v Koninklijke FrieslandCampina ECLI:EU:C:2009:556, paragraphs 2 to 7; and Joined Cases C-78/08 to C-80/08 Paint Graphos ECLI:EU:C:2011:550, paragraph 50. See also Notion of aid Notice, paragraph 134.

45

Commission

World Duty Free Group

[i]n the contested decisions, the Commission, in order to classify the measure at issue as a selective measure, relied on the fact that the tax advantage conferred by that measure did not indiscriminately benefit all economic operators who were objectively in a comparable situation, in the light of the objective pursued by the ordinary Spanish tax system, since resident undertakings acquiring shareholdings of the same kind in companies resident for tax purposes in Spain could not obtain that advantage

Belgium and Forum 187 v. Commission

Portugal v Commission

Commission v Koninklijke FrieslandCampina

Paint Graphos

(46)  In their submission of 18 April 2013, the UK authorities confirmed that the reference system under ITA 2010 is the territorial system of taxation pursuant to which income accruing in or derived from Gibraltar is subject to tax in Gibraltar. They also indicated that this system applies to all companies in all sectors of industry, finance and commerce, and is universal in its application.

46

(47)  Before the entry into force of the amendments which brought inter-company loan interest and royalties into the scope of taxation, passive interest and royalty income was not included in any of the income types specified in Schedule 1 of ITA 2010 and therefore was not subject to taxation in Gibraltar.

47

(48)  Section 11(1) and 74 ITA 2010.

48

(49)  Submission from the UK authorities, 14 September 2012.

49

(50)  See Commission Decision of 16 October 2013 in State Aid case SA.34914 (2013/C) (ex 2013/NN) — Gibraltar Corporate Income Tax Regime (OJ C 348, 18.11.2013, p. 189).

50

(51)  For the reasons outlined in section 8.3.1.2, the analysis of the companies in receipt of royalty income includes the five Gibraltar companies, which were granted tax rulings, as part of the 165 rulings falling within the scope of the extended procedure opened in October 2014 and benefited from royalties and interest income through their interest in Dutch partnerships.

51

(52)  See Joined Cases C-20/15 P and C-21/15 P, World Duty Free Group, paragraph 80.

52

World Duty Free Group

(53)  See Joined Cases C-106/09 P and C-107/09 P Commission v. Government of Gibraltar and United Kingdom ECLI:EU:C:2011:732, paragraph 106.

53

Commission v. Government of Gibraltar and United Kingdom

(54)  In certain situations, depending on the applicable tax rules, the deductibility of the interest or royalty payments may be limited at the level of the paying company as a result of interest limitation rules, transfer pricing rules or other anti-abuse rules.

54

(55)  Council Directive 2003/49/EC of 3 June 2003 on a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States, as lastly amended by Council Directive 2013/13/EU of 13 May 2013 (OJ L 157, 26.6.2003, p. 49).

55

(56)  The UK submitted that the exemption applies generally to all sectors of industry, finance and commerce and does not favour any particular sector of the economy. In addition, with particular regard to the royalty exemption, Gibraltar indicated that the companies that were in receipt of royalties during the three year period when the non-chargeability to tax was in force were active in sectors as diverse as food retail, high street clothing, gaming and insurance. Such sectors are liberalised sectors subject to competition and involve intra-Union trade. Publicly available information in relation to the beneficiaries of the royalty exemption also shows that the benefiting companies are part of groups active on Union markets.

56

(57)  Case C-518/13 Eventech v The Parking Adjudicator ECLI:EU:C:2015:9, paragraph 66; Joint Cases C-197/11 and C-203/11 Libert and others, ECLI:EU:C:2013:288, paragraph 77; and C-128/16 P Commission v Lico Leasing SA and others, ECLI:EU:C:2018:591, paragraph 84.

57

Eventech v The Parking Adjudicator

Libert and others

Commission v Lico Leasing SA and others

(58)  The exceptions provided for in Article 107(2) of the Treaty concern: (a) aid of a social character granted to individual consumers; (b) aid to make good the damage caused by natural disasters or exceptional occurrences; and (c) aid granted to certain areas of the Federal Republic of Germany.

58

(59)  The exceptions provided for in Article 107(3) of the Treaty concern: (a) aid to promote the development of certain areas; (b) aid for certain important projects of common European interest or to remedy a serious disturbance in the economy of the Member State; (c) aid to develop certain economic activities or areas; (d) aid to promote culture and heritage conservation; and (e) aid specified by a Council Decision.

59

(60)  Case T-68/03 Olympiaki Aeroporia Ypiresies v Commission ECLI:EU:T:2007:253, paragraph 34.

60

Olympiaki Aeroporia Ypiresies v Commission

(61)  See Joined Cases C-236/16 and C-237/16, ANGED v. Disputacion de Aragon, ECLI:EU:C:2018:291, paragraph 38, Joined Cases C-106/09 P and C-107/09 P, Commission v. Government of Gibraltar, ECLI:EU:C:2011:732, paragraph 97.

61

ANGED v. Disputacion de Aragon

Commission v. Government of Gibraltar

(62)  See Joined Cases 6/69 and 11/69, Commission v. France, ECLI:EU:C:1969:68, paragraph 17 and Case 173/73, Italy v. Commission, ECLI:EU:C:1974:71, paragraph 13. See also Joined Cases C-182/03 and C-217/03, Belgium and Forum 187 ASBL v. Commission, ECLI:EU:C:2006:416, para. 81; Joined Cases C-106/09 P and C-107/09 P, Commission v Government of Gibraltar and United Kingdom, ECLI:EU:C:2011:732; Case C-417/10 3M Italia, ECLI:EU:C:2012:184, para. 25, and Order in Case C-529/10, Safilo, ECLI:EU:C:2012:188, para. 18; See also Case T-538/11, Belgium v. Commission, ECLI:EU:T:2015:188, para. 66.

62

Commission v. France

Italy v. Commission

Belgium and Forum 187 ASBL v. Commission

Commission v Government of Gibraltar and United Kingdom

3M Italia

Safilo

Belgium v. Commission

(63)  See DG Competition Internal Working Paper on State aid and Tax Rulings, paragraph 5, http://ec.europa.eu/competition/state_aid/legislation/working_paper_tax_rulings.pdf

63

(64)  See Commission Notice on the notion of State aid (‘Notion of aid Notice’) (OJ C 262, 19.7.2016, p. 1), paragraph 170.

64

(65)  Those doubts are set out in detail in recital 32 of the said Decision.

65

(66)  See in particular recital 53 of the Decision to Extend Proceedings.

66

(67)  The source of the income and the location of the security are of particular relevance for determining whether interest income accrues in or derives from Gibraltar (application of the ‘situs of the loan’ rule).

67

(68)  In the absence of the exemption of passive interest income under ITA 2010, the income would have been subject to the territoriality principle and therefore the ‘situs of the loan’ rule. Given the foreign source of the interest and the location of the security of the loan, most likely the interest income would have been considered to accrue in or derive from outside Gibraltar.

68

(69)  United Kingdom submission of 21.2.2018.

69

(70)  Rulings related to the taxation of such income potentially fall within the scope of the investigation procedure in relation to the passive interest and royalty income exemption (in particular with regard to passive interest and royalty income generated before 1 July 2013 and 1 January 2014 respectively) and any tax forgone as a result of the exemption for such income may be subject to recovery in accordance with section 10 of this Decision. These 34 rulings are referred to in the Annex as rulings No 7, 33, 35, 45, 47, 57, 58, 81, 82, 86, 89, 95, 100, 104, 105, 106, 107, 108, 109, 110, 111, 113, 114, 120, 121, 122, 123, 126, 127, 128, 129, 130, 131 and 158.

70

(71)  In accordance with recital 144, this is without prejudice to any aid granted in relation to the 34 rulings involving passive income as a result of the implementation of the aid scheme examined in section 7 of this Decision.

71

(72)  In accordance with recital 144, this is without prejudice to any aid granted in relation to the 34 rulings involving passive income as a result of the implementation of the aid scheme examined in section 7 of this Decision.

72

(73)  In accordance with recital 144, this is without prejudice to any granted aid in relation to the 34 rulings involving passive income as a result of the implementation of the aid scheme examined in section 7 of this Decision.

73

(74)  In reality, under Dutch law, a distinction must be made between open CVs and closed CVs. Such a distinction depends on whether or not the access of new partners and the transfer of the partnership shares is subject to the permission of all the other partners. While an open CV is considered to be a taxable entity (opaque) in itself, a closed CV is considered to be a transparent entity and therefore not liable to corporate income tax. In the case in hand, the relevant CVs are closed CVs. This classification however is irrelevant for the Gibraltar tax treatment of the CV (in accordance with common law principles).

74

(75)  See in particular the internal manual published by HM Revenues & Customs on Foreign Entity Classification for UK Tax Purposes, as lastly updated on 9 January 2018, https://www.gov.uk/hmrc-internal-manuals/international-manual/intm180010

75

(76)  With respect to passive interest income, this would apply only to the extent the interest received or receivable from any one company is GBP 100 000 or more.

76

(77)  Class 3A, (b), Table C of Schedule 1 provides that royalties will be deemed to accrue and derive in Gibraltar where the company in receipt of the royalty income is a company registered in Gibraltar. This rule does not affect the conclusion that the relevant Gibraltar registered companies are taxable on their share of the royalty income generated at the level of the Dutch CVs, as the relevant share of any income received by the CVs is deemed to be received directly by the Gibraltar companies with interest in the Dutch CVs.

77

(78)  Section 74 defines the notion of persons as ‘any corporation either aggregate or sole and any club, society or other body, or any one or more persons of any age, and either of the male or female sex and includes any company and a body of persons, and any other entities as defined in regulations made under this Act’.

78

(79)  Referred to as ‘prospective company’ in the Decision to Extend Proceedings.

79

(80)  Referred to as ‘prospective company’ in the Decision to Extend Proceedings.

80

(81)  The amounts of profits made by the relevant CVs for the fiscal years 2012, 2013 and 2017 are not known.

81

(82)  The annual accounts of the relevant CVs are denominated in USD. The accounting period for MJN Holdings (Gibraltar) Ltd, Heidrick & Struggles (Gibraltar) Holdings Ltd and Heidrick & Struggles (Gibraltar) Ltd ends on 31 December. By contrast, the accounting period for Ash (Gibraltar) One Ltd and Ash (Gibraltar) Two Ltd ends on 30 September.

82

(83)  See Case C-399/08 P Commission v Deutsche Post ECLI:EU:C:2010:481, paragraph 39 and the case-law cited therein.

83

Commission v Deutsche Post

(84)  Until 31 December 2015, a Gibraltar company that did not have any assessable income, e.g. because it only receives dividends from another company, was not required to file a tax return.

84

(85)  See Joined Cases C-106/09 P and C-107/09 P Commission v. Government of Gibraltar and United Kingdom ECLI:EU:C:2011:732, paragraph 72 and the case-law cited therein.

85

Commission v. Government of Gibraltar and United Kingdom

(86)  See Joined Cases C-106/09 P and C-107/09 P Commission v. Government of Gibraltar and United Kingdom, ECLI:EU:C:2011:732, paragraph 72 and the case-law cited.

86

Commission v. Government of Gibraltar and United Kingdom

(87)  Case C-126/01 GEMO SA ECLI:EU:C:2003:622, paragraph 41 and the case-law cited.

87

GEMO SA

(88)  See Case 730/79 Phillip Morris ECLI:EU:C:1980:209, paragraph 11 and Joined Cases T-298/97, T-312/97 etc. Alzetta EU:T:2000:151, paragraph 80.

88

Phillip Morris

Alzetta

(89)  See Commission Notice on the notion of State aid as referred to in Article 107(1) of the Treaty on the Functioning of the European Union (‘Notion of aid Notice’) (OJ C 262, 19.7.2016, p. 1), paragraph 67 and the case-law cited.

89

(90)  Case 173/73 Italy v. Commission ECLI:EU:C:1974:71, paragraph 13.

90

Italy v. Commission

(91)  See Case C-66/02 Italy v Commission ECLI:EU:C:2005:768, paragraph 78; Case C-222/04 Cassa di Risparmio di Firenze and Others ECLI:EU:C:2006:8, paragraph 132; Case C-522/13 Ministerio de Defensa and Navantia ECLI:EU:C:2014:2262, paragraphs 21 to 31.

91

Italy v Commission

Cassa di Risparmio di Firenze and Others

Ministerio de Defensa and Navantia

(92)  Such rulings were still in force at the time the audits were carried out.

92

(93)  See Case C-6/12 P Oy ECLI:EU:C:2013:525, paragraph 17; Case C-522/13 Ministerio de Defensa and Navantia ECLI:EU:C:2014:2262, paragraph 32.

93

P Oy

Ministerio de Defensa and Navantia

(94)  See Joined Cases C-20/15 P and C-21/15 P Commission v. World Duty Free Group ECLI:EU:C:2016:981, paragraph 57 and the case-law cited.

94

Commission

World Duty Free Group

(95)  See Joined Cases C-78/08 to C-80/08 Paint Graphos ECLI:EU:C:2011:550, paragraph 65.

95

Paint Graphos

(96)  See in particular the internal manual published by HM Revenues & Customs on Foreign Entity Classification for UK Tax Purposes, as lastly updated on 9 January 2018, https://www.gov.uk/hmrc-internal-manuals/international-manual/intm180010

96

(97)  Although very concise, the relevant five rulings seem to rely on the fact that passive income (including royalties) was not subject to tax under ITA 2010.

97

(98)  Since 1 July 2013, passive interest income is subject to taxation to the extent the amount received or receivable from any one source is equal or more than GBP 100 000 per annum.

98

(99)  Case C-88/03 Portugal v Commission ECLI:EU:C:2006:511, paragraphs 52 and 80 and the case-law cited.

99

Portugal v Commission

(100)  Joined Cases C-78/08 to C-80/08 Paint Graphos ECLI:EU:C:2011:550, paragraph 69.

100

Paint Graphos

(101)  Case C-88/03 Portugal v Commission ECLI:EU:C:2006:511, paragraph 81.

101

Portugal v Commission

(102)  Joined Cases C-78/08 to C-80/08 Paint Graphos ECLI:EU:C:2011:550, paragraph 69.

102

Paint Graphos

(103)  Case C-170/83 Hydrotherm, ECLI:EU:C:1984:271, paragraph 11. See also Case T-137/02 Pollmeier Malchow v Commission, EU:T:2004:304, paragraph 50.

103

Hydrotherm

Pollmeier Malchow v Commission

(104)  Case C-480/09 P Acea Electrabel Produzione SpA v Commission, ECLI:EU:C:2010:787 paragraphs 47 to 55; Case C-222/04 Cassa di Risparmio di Firenze SpA and Others, ECLI:EU:C:2006:8, paragraph 112.

104

Acea Electrabel Produzione SpA v Commission

Cassa di Risparmio di Firenze SpA and Others

(105)  See Case C-70/72 Commission v Germany, ECLI:EU:C:1973:87, paragraph 13.

105

Commission v Germany

(106)  See Joined Cases C-278/92, C-279/92 and C-280/92 Spain v Commission, ECLI:EU:C:1994:325, paragraph 75.

106

Spain v Commission

(107)  See Case C-75/97 Belgium v Commission, ECLI:EU:C:1999:311, paragraphs 64 and 65.

107

Belgium v Commission

(108)  See Case C-441/06 Commission v France, ECLI:EU:C:2007:616, paragraph 29 and the case-law cited.

108

Commission v France

(109)  See Case C-622/16 P, Scuola Elementare Maria Montessori v Commission, ECLI:EU:C:2018:873, paragraph 91; C-37/14, Commission v France, ECLI:EU:C:2015:90, paragraph 66; C-411/12, Commission v Italy, ECLI:EU:C:2013:832, paragraph 37.

109

Scuola Elementare Maria Montessori v Commission

Commission v France

Commission v Italy

(110)  As explained in recital 144 of this Decision, any aid granted on the basis of the 34 rulings regarding the tax treatment of passive income (during the period preceding entry into force of the 2013 amendments) is treated as being part of the aid identified under section 7 and may involve aid that must be recovered in accordance with recitals 229 and 230.

110

(111)  See Guidance Accrued and Derived 2018. The full text is available here: https://www.gibraltar.gov.gi/new/downloads-ito

111

(112)  See Income Tax (Tax Rulings) Rules 2018. The full text is available here: http://www.gibraltarlaws.gov.gi/articles/2018s227.pdf See also Guidance on Tax Rulings (Procedure) 2018, the full text of which is available here: https://www.gibraltar.gov.gi/new/downloads-ito

112

(113)  See Income Tax (Amendment) Regulations 2018. The full text is available here: http://www.gibraltarlaws.gov.gi/articles/2018=228.pdf

113

(114)  Income Tax (Amendment) Act 2015 of 6 August 2015.

114

(115)  The 34 rulings (referred to in the Annex as rulings No 7, 33, 35, 45, 47, 57, 58, 81, 82, 86, 89, 95, 100, 104, 105, 106, 107, 108, 109, 110, 111, 113, 114, 120, 121, 122, 123, 126, 127, 128, 129, 130, 131 and 158) relate to the tax treatment of passive income. The aid in relation to these rulings (during the period preceding entry into force of the 2013 amendments) is treated under Article 1 of this Decision.

115

(116)  Council Regulation (EC) No 994/98 of 7 May 1998 on the application of Articles 92 and 93 of the Treaty establishing the European Community to certain categories of horizontal State aid (OJ L 142, 14.5.1998, p. 1).

116

(117)  Commission Regulation (EC) No 794/2004 of 21 April 2004 implementing Council Regulation (EC) No 659/1999 laying down detailed rules for the application of Article 93 of the EC Treaty (OJ L 140, 30.4.2004, p. 1).

117

---

ANNEX

| Company Name | Granting Date | Description of the activities | Classification of Ruling (in light of Section 8.2.1) |
| --- | --- | --- | --- |
| 1. | KaiRo Management Limited |

Company Name

Granting Date

Description of the activities

Classification of Ruling (in light of Section 8.2.1)

1.

KaiRo Management Limited

7.1.2011

Services, management consultancy

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 2. | Thurlestone Shipping (Overseas) Limited |
| --- | --- |

2.

Thurlestone Shipping (Overseas) Limited

10.1.2011

Services, shipping intermediary

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 3. | Mina Corp Limited |
| --- | --- |

3.

Mina Corp Limited

10.1.2011

Trade, sale of petroleum products

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 4. | Red Star Enterprises Limited |
| --- | --- |

4.

Red Star Enterprises Limited

10.1.2011

Trade, sale of petroleum products

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 5. | BO (Middle East) Limited |
| --- | --- |

5.

BO (Middle East) Limited

12.1.2011

Trade, importation of furniture

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 6. | THE One (Middle East) Limited |
| --- | --- |

6.

THE One (Middle East) Limited

12.1.2011

Trade, importation of furniture

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 7. | THE One Retail Network (International) Limited |
| --- | --- |

7.

THE One Retail Network (International) Limited

12.1.2011

Holding company, licensing intellectual property

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 8. | THE One Music Limited |
| --- | --- |

8.

THE One Music Limited

12.1.2011

Trade, manufacture and sale of CDs

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 9. | Prospective Company |
| --- | --- |

9.

Prospective Company

12.1.2011

Holding company, licensing intellectual property

Company was not incorporated, activities did not materialise or the company was dormant

| 10. | Link Holdings (Gibraltar) Limited |
| --- | --- |

10.

Link Holdings (Gibraltar) Limited

14.1.2011

Trade, income from rents

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 11. | European Mail Union Limited |
| --- | --- |

11.

European Mail Union Limited

28.1.2011

Trade, provision of mail forwarding

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 12. | Ansellia Aviation Limited |
| --- | --- |

12.

Ansellia Aviation Limited

31.1.2011

Holding of assets, property (aircraft)

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 13. | Prospective Company |
| --- | --- |

13.

Prospective Company

4.2.2011

Beneficiary in a trust

Company was not incorporated, activities did not materialise or the company was dormant

| 14. | Prospective Company |
| --- | --- |

14.

Prospective Company

7.2.2011

Provision of loan(s)

Company was not incorporated, activities did not materialise or the company was dormant

| 15. | Zartello Limited |
| --- | --- |

15.

Zartello Limited

7.2.2011

Trade, marketing services

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 16. | Gol International Limited |
| --- | --- |

16.

Gol International Limited

10.2.2011

Trade, sports agent

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 17. | Graf Von Bismark and Associated Limited |
| --- | --- |

17.

Graf Von Bismark and Associated Limited

21.2.2011

Trade, provision of asset managers

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 18. | Medifour Limited |
| --- | --- |

18.

Medifour Limited

25.2.2011

Trade, sale of medical products

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 19. | Current Technology (Europe) Limited |
| --- | --- |

19.

Current Technology (Europe) Limited

25.2.2011

Trade, marketing

Company was not incorporated, activities did not materialise or the company was dormant

| 20. | Corporate Consultants Limited |
| --- | --- |

20.

Corporate Consultants Limited

25.2.2011

Services, consultancy

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 21. | Alphasol Limited |
| --- | --- |

21.

Alphasol Limited

25.2.2011

Services, consultancy

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 22. | Akasha Charters Limited |
| --- | --- |

22.

Akasha Charters Limited

25.2.2011

Trade, yacht chartering

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 23. | Osato Industries Limited |
| --- | --- |

23.

Osato Industries Limited

28.2.2011

Services, consultancy

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 24. | Gambit Management Services Limited |
| --- | --- |

24.

Gambit Management Services Limited

1.3.2011

Holding of property and consultancy

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 25. | Greatheart Underwriting Limited |
| --- | --- |

25.

Greatheart Underwriting Limited

4.3.2011

Investment holding company

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 26. | UNILOG, United Logistics & Shipping Operators Limited |
| --- | --- |

26.

UNILOG, United Logistics & Shipping Operators Limited

9.3.2011

Trade, management of shipping line

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 27. | Continental Maritime Limited |
| --- | --- |

27.

Continental Maritime Limited

15.3.2011

Provision of loan(s)

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 28. | Baby Basics Limited |
| --- | --- |

28.

Baby Basics Limited

15.3.2011

Trade, marketing

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 29. | Baby Basics (Iberia) Limited |
| --- | --- |

29.

Baby Basics (Iberia) Limited

15.3.2011

Trade, marketing and sales, training

Company was not incorporated, activities did not materialise or the company was dormant

| 30. | Baby Basics (International) Limited |
| --- | --- |

30.

Baby Basics (International) Limited

15.3.2011

Trade, distribution of products

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 31. | Baby Basics (Asia) Limited |
| --- | --- |

31.

Baby Basics (Asia) Limited

15.3.2011

Trade, marketing and sales, training

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 32. | Family Roots Limited |
| --- | --- |

32.

Family Roots Limited

15.3.2011

Trade, marketing

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 33. | Western Mediterranean Holdings Limited |
| --- | --- |

33.

Western Mediterranean Holdings Limited

16.3.2011

Investment holding company

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 34. | M. Benady & Company (Gibraltar) Limited |
| --- | --- |

34.

M. Benady & Company (Gibraltar) Limited

16.3.2011

Trade, management services

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 35. | Prime Ideas Limited |
| --- | --- |

35.

Prime Ideas Limited

18.3.2011

Holding intellectual property rights

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 36. | Hattrick Limited |
| --- | --- |

36.

Hattrick Limited

21.3.2011

Services, consultancy and advisory

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 37. | Tubingen Limited |
| --- | --- |

37.

Tubingen Limited

22.3.2011

Asset holding company, motor yacht

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 38. | Channel Energy (Eire) Limited |
| --- | --- |

38.

Channel Energy (Eire) Limited

24.3.2011

Trade, storage and handling of petroleum

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 39. | Crane Trading Corporation Limited |
| --- | --- |

39.

Crane Trading Corporation Limited

24.3.2011

Trade, motors

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 40. | Europe Income Real Estate Limited |
| --- | --- |

40.

Europe Income Real Estate Limited

25.3.2011

Provision of loan(s)

Company was not incorporated, activities did not materialise or the company was dormant

| 41. | IMAAG Limited |
| --- | --- |

41.

IMAAG Limited

25.3.2011

Services, consultancy and advisory

Company was not incorporated, activities did not materialise or the company was dormant

| 42. | Prospective Company |
| --- | --- |

42.

Prospective Company

28.3.2011

Trade, marketing services

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 43. | Jonsden Properties Limited |
| --- | --- |

43.

Jonsden Properties Limited

28.3.2011

Trade, marketing services

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 44. | Ellise Trading Group Limited |
| --- | --- |

44.

Ellise Trading Group Limited

28.3.2011

Holding, intellectual property

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 45. | Kamakura Investments Limited |
| --- | --- |

45.

Kamakura Investments Limited

29.3.2011

Investment holding

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 46. | Prospective Company |
| --- | --- |

46.

Prospective Company

1.4.2011

Trade, advertising

Company was not incorporated, activities did not materialise or the company was dormant

| 47. | Roxbury Limited |
| --- | --- |

47.

Roxbury Limited

1.4.2011

Holding of patents and trademarks

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 48. | Roger Bullivant Holdings Limited |
| --- | --- |

48.

Roger Bullivant Holdings Limited

1.4.2011

Group Holding

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 49. | Horizon Ventures Limited |
| --- | --- |

49.

Horizon Ventures Limited

1.4.2011

Services, consultancy

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 50. | Nidham Holdings Limited |
| --- | --- |

50.

Nidham Holdings Limited

1.4.2011

Services, consultancy

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 51. | AMD Limited |
| --- | --- |

51.

AMD Limited

1.4.2011

Trade, sale of agricultural products

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 52. | Cookstown Properties Limited |
| --- | --- |

52.

Cookstown Properties Limited

5.4.2011

Holding, company shares

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 53. | Burlington English Limited |
| --- | --- |

53.

Burlington English Limited

7.4.2011

Services, consultancy and advisory

Company was not incorporated, activities did not materialise or the company was dormant

| 54. | Burlington Marketing Limited |
| --- | --- |

54.

Burlington Marketing Limited

7.4.2011

Services, consultancy and advisory

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 55. | Burlington English Limited |
| --- | --- |

55.

Burlington English Limited

11.4.2011

Services, consultancy and advisory

Company was not incorporated, activities did not materialise or the company was dormant

| 56. | Burlington Marketing Limited |
| --- | --- |

56.

Burlington Marketing Limited

11.4.2011

Services, consultancy and advisory

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 57. | Eastcheap Trading Corporation Limited |
| --- | --- |

57.

Eastcheap Trading Corporation Limited

14.4.2011

Provision of loan(s)

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 58. | Horizon Ventures Limited |
| --- | --- |

58.

Horizon Ventures Limited

14.4.2011

Services, consultancy

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 59. | Keystone Shipping Limited |
| --- | --- |

59.

Keystone Shipping Limited

4.5.2011

Trade, bareboat chartering

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 60. | World Rugby League (Europe) Limited |
| --- | --- |

60.

World Rugby League (Europe) Limited

6.5.2011

Trade, marketing services

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 61. | World Rugby League Limited |
| --- | --- |

61.

World Rugby League Limited

6.5.2011

Trade, marketing services

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 62. | Lobric Properties Limited |
| --- | --- |

62.

Lobric Properties Limited

6.5.2011

Trade, sale of agricultural products

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 63. | Bushman Limited |
| --- | --- |

63.

Bushman Limited

6.5.2011

Services, consultancy

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 64. | Key Retail Technologies Limited |
| --- | --- |

64.

Key Retail Technologies Limited

9.5.2011

Services, management and consultancy

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 65. | Kinsman Trustees Limited |
| --- | --- |

65.

Kinsman Trustees Limited

11.5.2011

Services, provision of trustees

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 66. | Amicus Trustees Limited |
| --- | --- |

66.

Amicus Trustees Limited

11.5.2011

Services, provision of trustees

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 67. | Benamara Limited |
| --- | --- |

67.

Benamara Limited

11.5.2011

Investment holding

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 68. | Halstead Investments Limited |
| --- | --- |

68.

Halstead Investments Limited

11.5.2011

Investment holding

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 69. | Nightingale Investments Limited |
| --- | --- |

69.

Nightingale Investments Limited

11.5.2011

Trade, supply of oil and gas equipment

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 70. | JST (International) Company Limited |
| --- | --- |

70.

JST (International) Company Limited

11.5.2011

Services, consultancy and advisory

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 71. | The Consultants Limited |
| --- | --- |

71.

The Consultants Limited

11.5.2011

Services, consultancy and advisory

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 72. | Birchall Properties Limited |
| --- | --- |

72.

Birchall Properties Limited

17.5.2011

Provision of loan(s)

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 73. | Cookstown Properties Limited |
| --- | --- |

73.

Cookstown Properties Limited

19.5.2011

Property and investments holding

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 74. | Paramount Healthcare Consulting Limited |
| --- | --- |

74.

Paramount Healthcare Consulting Limited

20.5.2011

Services, consultancy

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 75. | Swerford Holdings Limited |
| --- | --- |

75.

Swerford Holdings Limited

20.5.2011

Trade, gaming

Ruling related to personal income tax and does not involve a company subject to corporate income tax

| 76. | Orios Limited |
| --- | --- |

76.

Orios Limited

23.5.2011

Trade, online flower and gift retailer

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 77. | Bushman Limited |
| --- | --- |

77.

Bushman Limited

23.5.2011

Services, consultancy

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 78. | Nautilus Limited |
| --- | --- |

78.

Nautilus Limited

1.6.2011

Asset holding, motor yacht

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 79. | Salamba Shipping Limited |
| --- | --- |

79.

Salamba Shipping Limited

1.6.2011

Asset holding, motor yacht

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 80. | Repset Limited |
| --- | --- |

80.

Repset Limited

1.6.2011

Group Holding

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 81. | McWane (Gibraltar) Holdings Limited |
| --- | --- |

81.

McWane (Gibraltar) Holdings Limited

2.6.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 82. | McWane (Gibraltar) Limited |
| --- | --- |

82.

McWane (Gibraltar) Limited

2.6.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 83. | Heidrick and Struggles (Gibraltar) Holdings Limited. |
| --- | --- |

83.

Heidrick and Struggles (Gibraltar) Holdings Limited.

2.6.2011

Provision of loan(s)

Contested ruling

| 84. | Heidrick and Struggles (Gibraltar) Limited.
  Limited, GibCo2) |
| --- | --- |

84.

Heidrick and Struggles (Gibraltar) Limited.

Limited, GibCo2)

2.6.2011

Provision of loan(s)

Contested ruling

| 85. | Walstead Limited |
| --- | --- |

85.

Walstead Limited

8.6.2011

Trade, marketing, sales and research

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 86. | Meritas (Gibraltar) Holdings Limited |
| --- | --- |

86.

Meritas (Gibraltar) Holdings Limited

8.6.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 87. | Perpetual Systems Limited |
| --- | --- |

87.

Perpetual Systems Limited

9.6.2011

Trade in Gibraltar

Ruling related to personal income tax and does not involve a company subject to corporate income tax

| 88. | Loksys (International) Limited |
| --- | --- |

88.

Loksys (International) Limited

15.6.2011

Trade in Gibraltar

Ruling related to personal income tax and does not involve a company subject to corporate income tax

| 89. | Lawnsvale Investments Limited |
| --- | --- |

89.

Lawnsvale Investments Limited

16.6.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 90. | Oilcom Agency Limited |
| --- | --- |

90.

Oilcom Agency Limited

24.6.2011

Trade, buying and selling of clothing

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 91. | CT Marketing Limited |
| --- | --- |

91.

CT Marketing Limited

30.6.2011

Services, consultancy and marketing

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 92. | Navigia Limited |
| --- | --- |

92.

Navigia Limited

5.7.2011

Services, consultancy

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 93. | Ocean Pride Shipping Co. Limited |
| --- | --- |

93.

Ocean Pride Shipping Co. Limited

5.7.2011

Asset holding, motor yacht

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 94. | Equilibrium Management Limited |
| --- | --- |

94.

Equilibrium Management Limited

11.7.2011

Provision of loan(s)

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 95. | Taylan Limited |
| --- | --- |

95.

Taylan Limited

11.7.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 96. | Prospective Company |
| --- | --- |

96.

Prospective Company

12.7.2011

Trade, currency exchange

Company was not incorporated, activities did not materialise or the company was dormant

| 97. | Galva Investments Limited |
| --- | --- |

97.

Galva Investments Limited

13.7.2011

Investment holding

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 98. | Uniphos Limited |
| --- | --- |

98.

Uniphos Limited

13.7.2011

Services, consultancy and marketing

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 99. | Prospective Company (Advisory Limited) |
| --- | --- |

99.

Prospective Company (Advisory Limited)

14.7.2011

Provision of loan(s)

Company was not incorporated, activities did not materialise or the company was dormant

| 100. | Prospective company |
| --- | --- |

100.

Prospective company

22.7.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 101. | Prospective company |
| --- | --- |

101.

Prospective company

5.8.2011

Trade, marketing

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 102. | Hastings Insurance Group Limited |
| --- | --- |

102.

Hastings Insurance Group Limited

11.8.2011

Group Holding

Ruling related to personal income tax and does not involve a company subject to corporate income tax

| 103. | Patron Capital G.P. III Limited |
| --- | --- |

103.

Patron Capital G.P. III Limited

17.8.2011

Provision of loan(s)

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 104. | Vantini Spur Limited |
| --- | --- |

104.

Vantini Spur Limited

14.9.2011

Holding intellectual property

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 105. | Tubman (International) Limited |
| --- | --- |

105.

Tubman (International) Limited

14.9.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 106. | Tubman (Holdings) Limited |
| --- | --- |

106.

Tubman (Holdings) Limited

14.9.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 107. | Broadstreet (Gibraltar) Limited |
| --- | --- |

107.

Broadstreet (Gibraltar) Limited

30.9.2011

Services, consultancy and loan interest

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 108. | Biomet (International) Limited |
| --- | --- |

108.

Biomet (International) Limited

6.10.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 109. | Biomet (Gibraltar) Holdings Limited |
| --- | --- |

109.

Biomet (Gibraltar) Holdings Limited

6.10.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 110. | Biomet Inc |
| --- | --- |

110.

Biomet Inc

6.10.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 111. | Biomet S.a.r.l |
| --- | --- |

111.

Biomet S.a.r.l

6.10.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 112. | Waterside (International) Limited |
| --- | --- |

112.

Waterside (International) Limited

8.11.2011

Services, management advisory

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 113. | Prospective Company
  International Law Firm) |
| --- | --- |

113.

Prospective Company

International Law Firm)

16.11.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 114. | Infor (Gibraltar) Limited |
| --- | --- |

114.

Infor (Gibraltar) Limited

22.11.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 115. | Miller International Limited |
| --- | --- |

115.

Miller International Limited

24.11.2011

Trade, sale of earth moving products

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 116. | Tipico Services Limited |
| --- | --- |

116.

Tipico Services Limited

29.11.2011

Services, administrative support

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 117. | Select Sports Management Limited |
| --- | --- |

117.

Select Sports Management Limited

16.12.2011

Services, consultancy football agent

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 118. | Allabroad Limited |
| --- | --- |

118.

Allabroad Limited

16.12.2011

Trade, sailing tuition and yacht charters

Effectively subject to tax. Income accrued and derived in Gibraltar and therefore taxable in Gibraltar

| 119. | Prospective Company |
| --- | --- |

119.

Prospective Company

16.12.2011

Services, administrative support

Company was not incorporated, activities did not materialise or the company was dormant

| 120. | Delphi Automotive Services (Gibraltar) Limited |
| --- | --- |

120.

Delphi Automotive Services (Gibraltar) Limited

20.12.2011

Subsidiary company

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 121. | 8F Leasing (Gibraltar) Limited |
| --- | --- |

121.

8F Leasing (Gibraltar) Limited

22.12.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 122. | 8F Leasing S.A. |
| --- | --- |

122.

8F Leasing S.A.

22.12.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 123. | 8F leasing (Bermuda) Limited |
| --- | --- |

123.

8F leasing (Bermuda) Limited

22.12.2011

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 124. | Scan Truck & Trailer Rental Limited |
| --- | --- |

124.

Scan Truck & Trailer Rental Limited

3.1.2012

Trade, truck and trailer rental

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 125. | Matterhorn Holdings Limited |
| --- | --- |

125.

Matterhorn Holdings Limited

16.1.2012

Trade, Sale of IT materials

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 126. | 8F Leasing (Gibraltar) Limited |
| --- | --- |

126.

8F Leasing (Gibraltar) Limited

3.2.2012

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 127. | 8F Leasing (Bermuda) Limited |
| --- | --- |

127.

8F Leasing (Bermuda) Limited

3.2.2012

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 128. | 8F Leasing S.A. |
| --- | --- |

128.

8F Leasing S.A.

3.2.2012

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 129. | 8F Leasing (Gibraltar) Limited |
| --- | --- |

129.

8F Leasing (Gibraltar) Limited

20.2.2012

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 130. | 8F Leasing (Bermuda) Limited |
| --- | --- |

130.

8F Leasing (Bermuda) Limited

20.2.2012

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 131. | 8F Leasing S.A. |
| --- | --- |

131.

8F Leasing S.A.

20.2.2012

Provision of loan(s)

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 132. | Zaida Company Limited |
| --- | --- |

132.

Zaida Company Limited

2.3.2012

Trade, fees and commissions on payments

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 133. | Rowan Gorilla V (Gibraltar) Limited |
| --- | --- |

133.

Rowan Gorilla V (Gibraltar) Limited

29.3.2012

Trade, oil well drilling rig (charter)

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 134. | Rowan Gorilla VII (Gibraltar) Limited |
| --- | --- |

134.

Rowan Gorilla VII (Gibraltar) Limited

29.3.2012

Trade, oil well drilling rig (charter)

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 135. | Rowan Cayman Limited |
| --- | --- |

135.

Rowan Cayman Limited

29.3.2012

Trade, oil well drilling rig (charter)

Company was not incorporated, activities did not materialise or the company was dormant

| 136. | Rowan Drilling (Gibraltar) Limited |
| --- | --- |

136.

Rowan Drilling (Gibraltar) Limited

29.3.2012

Trade, oil well drilling rig (charter)

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 137. | Rowan Drilling Norway AS |
| --- | --- |

137.

Rowan Drilling Norway AS

29.3.2012

Trade, oil well drilling rig (charter)

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 138. | Kiluya Employment Management Limited |
| --- | --- |

138.

Kiluya Employment Management Limited

3.5.2012

Services, provision of engineers

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 139. | Ash (Gibraltar) One Limited |
| --- | --- |

139.

Ash (Gibraltar) One Limited

8.5.2012

Subsidiary of chemical company

Contested ruling

| 140. | Ash (Gibraltar) Two Limited |
| --- | --- |

140.

Ash (Gibraltar) Two Limited

8.5.2012

Subsidiary of chemical company

Contested ruling

| 141. | Prospective Company |
| --- | --- |

141.

Prospective Company

12.6.2012

Holding intellectual property

Company was not incorporated, activities did not materialise or the company was dormant

| 142. | Partner Invest Limited |
| --- | --- |

142.

Partner Invest Limited

21.8.2012

Trade, company incorporation

Effectively subject to tax. Income accrued and derived in Gibraltar and therefore taxable in Gibraltar

| 143. | Partner Invest Limited |
| --- | --- |

143.

Partner Invest Limited

21.8.2012

Trade, company incorporation

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 144. | MJN Holdings (Gibraltar) Limited |
| --- | --- |

144.

MJN Holdings (Gibraltar) Limited

11.9.2012

Subsidiary in group structure

Contested ruling

| 145. | Fidux Trust Company Limited |
| --- | --- |

145.

Fidux Trust Company Limited

9.10.2012

Trade, provision of trust services

Effectively subject to tax. Income accrued and derived in Gibraltar and therefore taxable in Gibraltar

| 146. | OED Limited |
| --- | --- |

146.

OED Limited

4.1.2013

Trade, software development

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 147. | Sunbreeze Limited |
| --- | --- |

147.

Sunbreeze Limited

12.2.2013

Trade, online broker

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 148. | Prospective Company |
| --- | --- |

148.

Prospective Company

12.4.2013

Holding intellectual property

Company was not incorporated, activities did not materialise or the company was dormant

| 149. | Promo 6000 International Limited |
| --- | --- |

149.

Promo 6000 International Limited

22.4.2013

Trade, marketing and advertising

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 150. | Visavi 5x5 Limited |
| --- | --- |

150.

Visavi 5x5 Limited

22.4.2013

Trade, website portals

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 151. | Visavi Activities Limited |
| --- | --- |

151.

Visavi Activities Limited

22.4.2013

Holding company shares

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 152. | Visavi Spins Limited |
| --- | --- |

152.

Visavi Spins Limited

22.4.2013

Trade, website portals

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 153. | Visavi Portals Limited |
| --- | --- |

153.

Visavi Portals Limited

22.4.2013

Trade, website portals

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 154. | Prospective Company |
| --- | --- |

154.

Prospective Company

10.5.2013

Holding intellectual property

Company was not incorporated, activities did not materialise or the company was dormant

| 155. | Scanlan Worldwide Limited |
| --- | --- |

155.

Scanlan Worldwide Limited

21.5.2013

Trade, buying, importing and exporting

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 156. | Rebecca (Holdings) Limited |
| --- | --- |

156.

Rebecca (Holdings) Limited

10.6.2013

Provision of loan(s)

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 157. | IAPA (Global) Limited |
| --- | --- |

157.

IAPA (Global) Limited

24.6.2013

Trade, master policy insurance cover

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 158. | Collinson Group (Trademarks) Limited |
| --- | --- |

158.

Collinson Group (Trademarks) Limited

24.6.2013

Holding intellectual property

Passive income exemption. Situation regularised after legislative changes or activities ceased.

| 159. | Rebecca (Holdings) Limited |
| --- | --- |

159.

Rebecca (Holdings) Limited

28.6.2013

Provision of loan(s)

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 160. | Innophus (Gibraltar) Limited |
| --- | --- |

160.

Innophus (Gibraltar) Limited

2.8.2013

Trade, industrial manufacturing

Company was not incorporated, activities did not materialise or the company was dormant

| 161. | Stabalis Limited |
| --- | --- |

161.

Stabalis Limited

22.11.2013

Services, provision of consulting intra-group services

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 162. | J Domains Limited |
| --- | --- |

162.

J Domains Limited

20.12.2013

Services, management of domain sales

Application of territoriality principle. No income accrued in or derived from Gibraltar.

| 163. | Prospective Company |
| --- | --- |

163.

Prospective Company

23.12.2013

Trade, supply of merchandise

Company was not incorporated, activities did not materialise or the company was dormant

| 164. | Potential immigrant |
| --- | --- |

164.

Potential immigrant

23.12.2013

Employee

Ruling related to personal income tax and does not involve a company subject to corporate income tax

| 165. | British Virgin Islands Company |
| --- | --- |

165.

British Virgin Islands Company

23.12.2013

Trade, provision of digital products such as online training courses

Effectively subject to tax. Income accrued and derived in Gibraltar and therefore taxable in Gibraltar

Note: the numbering of the companies follows the numbering of the annex of the decision to extend proceedings.

For the sake of completeness, the table includes the five contested tax rulings with numbers 83, 84, 139, 140 and 144.

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