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equivalente al legal del dinero

English translation: legally-established interest rate

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:equivalente al legal del dinero
English translation:legally-established interest rate
Entered by: peterinmadrid
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15:45 Apr 1, 2007
Spanish to English translations [PRO]
Bus/Financial - Finance (general) / Contract
Spanish term or phrase: equivalente al legal del dinero
ambas partes pactan un interés de demora equivalente al legal del dinero más tres puntos porcentuales.

I was thinking it could be "the legal rate for the currency"
peterinmadrid
Portugal
Local time: 02:56
legally-established interest rate
Explanation:
Without more context I can't be sure, but I figure this is a document from Spain, where each year the government establishes an "official interest rate", which is the rate applied on such things as tax arrears. It is also used as a reference rate in some private contracts. It is broadly similar to the interest rate set by the banks, but need not coincide.

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Note added at 1 hr (2007-04-01 17:08:17 GMT)
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Bank of Spain web site: http://www.bde.es/tipos/notbol1.htm
Selected response from:

John Rynne
Local time: 02:56
Grading comment
Thank you for the explanation.
4 KudoZ points were awarded for this answer

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Summary of answers provided
5equivalent to the late payment of debts/default interest rate
AllegroTrans
4 +1legally-established interest rate
John Rynne
4equivalent to the currency legal rate (of interest)Valeria Carcagno


  

Answers


17 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
equivalent to the currency legal rate (of interest)


Explanation:
Estoy de acuerdo con tu versión o poner "currency" adelante.
Por el contexto, pareciera que se refiere sí al interés.

Diccionario Jurídico
legal rate/legal rate of interest

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Note added at 22 mins (2007-04-01 16:07:51 GMT)
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http://www.lectlaw.com/files/ban02.htm
COLORADO, the legal rate of interest is 8%; the general usury limit is 45%. The maximum rates to consumers is 12% per annum. CONNECTICUT, the legal rate of ...
www.lectlaw.com/files/ban02.htm - 23k -

http://www.ssb.state.tx.us/Texas_Securities_Act_and_Board_Ru...
For most purposes under the Texas Securities Act, the legal rate of interest is set by referencing the following provision of the Texas Finance Code: ...www.ssb.state.tx.us/Texas_Securities_Act_and_Board_Rules/Le... - 8k -

http://www.maine.gov/pfr/securities/documents/LegalRateofInt...
Legal Rate of Interest” pursuant to 14 M.R.S.A. §1602-B(3). Interest Start Date: Interest Rate:. 2001 8% if amount due is less than or equal to $30000; ...
www.maine.gov/pfr/securities/documents/LegalRateofInterest.... - 7k



Valeria Carcagno
Argentina
Local time: 21:56
Specializes in field
Native speaker of: Native in SpanishSpanish
PRO pts in category: 32
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
legally-established interest rate


Explanation:
Without more context I can't be sure, but I figure this is a document from Spain, where each year the government establishes an "official interest rate", which is the rate applied on such things as tax arrears. It is also used as a reference rate in some private contracts. It is broadly similar to the interest rate set by the banks, but need not coincide.

--------------------------------------------------
Note added at 1 hr (2007-04-01 17:08:17 GMT)
--------------------------------------------------

Bank of Spain web site: http://www.bde.es/tipos/notbol1.htm

John Rynne
Local time: 02:56
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 461
Grading comment
Thank you for the explanation.

Peer comments on this answer (and responses from the answerer)
agree  Andrea Kowalenko
17 mins
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4 hrs   confidence: Answerer confidence 5/5
equivalent to the late payment of debts/default interest rate


Explanation:
It is specifically a rate set for late payments and default situations. See the extract below from the Bank of Spain website:

1. Tipo de interés legal del dinero
El artículo 1.108 del Código Civil establece que el interés legal es el que se aplica como indemnización de daños y perjuicios cuando el deudor incurriese en mora y no se haya pactado uno determinado. El tipo de interés legal se fijó en el Código Civil, de 24 de julio de 1889, en el 6% y, posteriormente, por Ley de 2 de agosto de 1899, en el 5%, la Ley de 7 de octubre de 1939 lo redujo hasta el 4% manteniéndose en ese nivel hasta lo dispuesto por la Ley 24/1984, de 29 de junio, de Modificación del tipo de interés legal, que establece en su artículo primero: «el interés legal se determinará en la Ley de Presupuestos Generales del Estado». Desde aquella disposición, todas las Leyes de Presupuestos Generales han señalado el tipo de interés aplicable, siguiendo la tendencia de los mercados financieros, pudiendo revisar de acuerdo con la disposición adicional sexta de la Ley 65/1997, el tipo fijado, en consonancia con la evolución de los tipos de interés de la deuda pública.

2. Tipo básico del Banco de España

AllegroTrans
United Kingdom
Local time: 01:56
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 166
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