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Harmonised long-term interest rates for convergence assessment purposes

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Borut Ručna
phone: +386 (1) 4719356
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Vesna Nuždić
phone: +386 (1) 4719310
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The long-term interest rate statistics refer to the monthly average interest rates for long-term government bonds issued by the central government, quoted as percentages per annum. The legal basis for the selection of long-term interest rates for convergence purposes is Article 4 of the Protocol on the convergence criteria, as referred to in Article 121 of the Treaty, states that compliance with the fourth convergence criterion ?shall mean that, observed over a period of one year before the examination, a Member State has had an average nominal long-term interest rate that does not exceed by more than 2 percentage points that of, at most, the three best performing Member States in terms of price stability. Interest rates shall be measured on the basis of long-term government bonds or comparable securities, taking into account differences in national definitions.? The debt securities used for the calculation of the yield for the purposes of the convergence criterion should be measured on the basis of long-term bonds issued by the central government. The national bond yields used for the Maastricht criterion should be denominated in national currency. The maturity should be as close as possible to ten years residual maturity (any replacement of bonds should minimise maturity drift). The applied bonds should be sufficiently liquid. The ?yield to maturity? ISMA formula 6.3 should be applied. Where there is more than one bond in the sample, a simple average of the yields should be used to produce the representative rate. The European Central Bank and the European Commission have, together with the national central banks, identified the representative debt securities that can be used to measure long-term nominal interest rates and, if necessary, alternative long-term interest rate indicators where suitable government bonds are not available. Data until December 2006 refer to the yield to maturity on a reference long-term general government bond, issued in Slovenian tolars and with a nominal interest rate. Since 1.1.2007 the data show the yield to maturity on a basket of long-term general government bonds, issued in euro and with a nominal interest rate. Until 2003 a yield to maturity on a primary market is presented, and afterwards a yield to maturity on a secondary market.