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über dem Basiszinssatz

English translation: above the base interest rate (as set by the German Bundesbank)

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:über dem Basiszinssatz
English translation:above the base interest rate (as set by the German Bundesbank)
Entered by: Steffen Walter
Options:
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16:29 Jun 16, 2005
German to English translations [PRO]
Bus/Financial - Finance (general) / law suit
German term or phrase: über dem Basiszinssatz
I don't know what a typical base rate is, but let's say it's 5%. Does this mean the defendant would pay 10% interest?

Der Beklagte wird verurteilt, an den Kläger EUR 7,000 zu zahlen nebst 5 Prozentpunkten p.a. Zinsen hieraus über dem Basiszinssatz seit dem 19.10.2.
Kim Metzger
Mexico
Local time: 09:49
base rate
Explanation:
The "Basiszinssatz" is statutory; IMO it is completely different from the "prime rate" which is, as noted, the rate banks in the US set for their best customers.
Selected response from:

Lothar Kneifel
Local time: 08:49
Grading comment
My thanks to all of you for your answers and explanations. It turns out I needed the BE term.
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +3base rate
Lothar Kneifel
4 +3above the base interest rate as set by the Bundesbank
Ted Wozniak
3above the basic rate of interest
Derek Gill Franßen


Discussion entries: 4





  

Answers


21 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
über dem Basiszinssatz
base rate


Explanation:
The "Basiszinssatz" is statutory; IMO it is completely different from the "prime rate" which is, as noted, the rate banks in the US set for their best customers.


    Reference: http://www.bundesbank.de/presse/presse_zinssaetze.php
Lothar Kneifel
Local time: 08:49
Works in field
Native speaker of: English
PRO pts in category: 40
Grading comment
My thanks to all of you for your answers and explanations. It turns out I needed the BE term.

Peer comments on this answer (and responses from the answerer)
agree  Derek Gill Franßen: I've also seen it called "basic rate of interest", but it is probably not a bad idea to use the translation used by the institution providing the numbers... (cf. http://www.bundesbank.de/presse/presse_zinssaetze.en.php?pri... ). ;-)
14 mins

agree  silfilla: I'd word it as *above the base rate set by the German Bundesbank*
17 mins

agree  Hilary Davies Shelby: i believe we say "over the base rate" in the UK...not sure about US
46 mins
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
über dem Basiszinssatz
above the base interest rate as set by the Bundesbank


Explanation:
Hi Kim - This is not for points, just want to take the others' answers and give you a specific altenative. Base rate is the UK equivalent to the US prime rate, so that doesn't work for the same reason "prime rate" (alone) doesn't work.

"Base interest rate" is a finance term meaning the minimum return an investor will demand for a non-Treasury security, so THAT doesn't work (alone).

The key is you must indicate that the rate is that set by the German Bundesbank. IMHO a literal translation and adding Bundesbank would work best. On the other hand, you could use "Bundesbank prime rate" for a US audience (or Bundesbank base rate for a UK audience) and they would know exactly what you mean. But why set the stage for any possible confusion between the two sets of English?

Ted Wozniak
United States
Local time: 09:49
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 483

Peer comments on this answer (and responses from the answerer)
agree  silfilla
4 mins

agree  Derek Gill Franßen: Yes, or by adding "pursuant to § 247 of the German Civil Code" in a translator's note. :-)
17 mins
  -> That is certainly another good option

agree  Ian M-H: This seems like the best *complete* solution
24 mins
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34 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
über dem Basiszinssatz
above the basic rate of interest


Explanation:
§ 247 BGB
Basiszinssatz
(1) Der Basiszinssatz beträgt 3,62 Prozent. Er verändert sich zum 1. Januar und 1. Juli eines jeden Jahres um die Prozentpunkte, um welche die Bezugsgröße seit der letzten Veränderung des Basiszinssatzes gestiegen oder gefallen ist. Bezugsgröße ist der Zinssatz für die jüngste Hauptrefinanzierungsoperation der Europäischen Zentralbank vor dem ersten Kalendertag des betreffenden Halbjahrs.

(2) Die Deutsche Bundesbank gibt den geltenden Basiszinssatz unverzüglich nach den in Absatz 1 Satz 2 genannten Zeitpunkten im Bundesanzeiger bekannt.

OR (in English)

§ 247 Basic rate of interest

(1) The basic rate of interest is 3.62 %. It changes on 1 January and 1 July each year by the percentage points by which the reference rate has risen or fallen since the last change in the basic rate of interest. The reference rate is the interest rate for the most recent main refinancing operation of the European Central Bank prior to the first calendar day of the six month period concerned.

(2) The applicable basic rate of interest is announced by the Deutsche Bundesbank in the Bundesanzeiger[3 ] immediately after the dates referred to in subsection (1), second sentence, above.

cf. Section 247 of the German Civil Code here: http://www.iuscomp.org/gla/statutes/BGB.htm

Also see the definition for "Fisher Effect" here: http://pages.stern.nyu.edu/~igiddy/gfmgloss.htm

:-)

--------------------------------------------------
Note added at 1 hr 58 mins (2005-06-16 18:27:47 GMT)
--------------------------------------------------

BTW - The EU refers to it as \"above the base rate of the ECB\" (cf. page 1 here: http://europa.eu.int/comm/justice_home/doc_centre/civil/doc/... :-)

--------------------------------------------------
Note added at 2 hrs 6 mins (2005-06-16 18:36:19 GMT)
--------------------------------------------------

Also see this (good) translation of a German judgment, in which it reads \"above the Base Interest Rate\" (cf. http://cisgw3.law.pace.edu/cases/020920g1.html). The translator also makes use of a translator\'s note in this case. :-)

Derek Gill Franßen
Germany
Local time: 16:49
Specializes in field
Native speaker of: English
PRO pts in category: 119

Peer comments on this answer (and responses from the answerer)
neutral  silfilla: the Bundesbank itself uses the term *base rate* :-)
5 mins
  -> Yes, I know - see my comment on Lothar's suggestion. ;-)
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Changes made by editors
Oct 29, 2008 - Changes made by Steffen Walter:
Edited KOG entry<a href="/profile/34047">Steffen Walter's</a> old entry - "über dem Basiszinssatz" » "above the base interest rate"
Oct 29, 2008 - Changes made by Steffen Walter:
Edited KOG entry<a href="/profile/9171">Kim Metzger's</a> old entry - "über dem Basiszinssatz" » "above the base interest rate as set by the German Bundesbank"


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