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 |
Croatia |
22 |
Euro |
Cyprus |
22 |
Euro |
Estonia |
22 |
Euro |
Finland |
22 |
Euro |
France |
22 |
Euro |
Germany |
22 |
Euro |
Greece |
22 |
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 |
Czechia |
17 |
Danish krone |
Denmark |
24 |
Forint |
Hungary |
9 |
Krona |
Sweden |
5 |
Lev |
Bulgaria |
13 |
Pound sterling |
United Kingdom |
40 |
Romanian leu |
Romania |
4 |
Zloty |
Poland |
13 |
Króna |
Iceland |
46 |
Norwegian krone |
Norway |
42 |
Swiss franc |
Liechtenstein |
– 4 |
Swiss franc |
Switzerland |
– 4 |
Australian dollar |
Australia |
28 |
Canadian dollar |
Canada |
16 |
Renminbi-yuan |
China |
1 |
Hong Kong dollar |
Hong Kong |
7 |
US dollar |
United States |
47 |
Yen |
Japan |
12 |
ELI: http://data.europa.eu/eli/reg_impl/2025/863/oj
ISSN 1977-0677 (electronic edition)