Updated 05/02/2025
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ANNEX III - Implementing Regulation 2016/869

ANNEX III

Volatility adjustment to the relevant risk-free interest rate term structure

Currency

National insurance market

Volatility adjustment

(in bps)

Euro

Austria

22

Euro

Belgium

22

Euro

Cyprus

22

Euro

Estonia

22

Euro

Finland

22

Euro

France

22

Euro

Germany

22

Euro

Greece

67

Euro

Ireland

22

Euro

Italy

22

Euro

Latvia

22

Euro

Lithuania

22

Euro

Luxembourg

22

Euro

Malta

22

Euro

Netherlands

22

Euro

Portugal

22

Euro

Slovakia

22

Euro

Slovenia

22

Euro

Spain

22

Czech koruna

Czech Republic

7

Danish krone

Denmark

62

Forint

Hungary

19

Krona

Sweden

4

Kuna

Croatia

11

Lev

Bulgaria

33

Pound sterling

United Kingdom

37

Romanian leu

Romania

2

Zloty

Poland

7

Króna

Iceland

11

Norwegian krone

Norway

16

Swiss franc

Liechtenstein

8

Swiss franc

Switzerland

8

Australian dollar

Australia

14

Canadian dollar

Canada

7

US dollar

United States

78

Yen

Japan

3