New Default Interest Rate in Spain

The Law 3/2004 of December 29 established measures to combat late payment in commercial transactions. Specifically, Article 7.2 clarified the default interest rate. Until February 23, 2013, the Article dictated:

The legal rate of interest for late payment that the debtor will have to pay is the sum of the interest rate that the European Central Bank applies to its most recent main refinancing operation carried out before the first day of the calendar quarter in question, plus seven percentage points.

On February 23, 2013, however, the Royal Decree Law 4/2013 of February 22 provided new measures to support entrepreneurs and to stimulate growth and job creation. This Law appeared in the Official Gazette. Its Article 33 amended Article 7.2 of the Law 3/2004 on the issue of the default interest rate. The Amendment provides the default interest applicable under the new Law:

The legal rate of interest for late payment that the debtor will have to pay is the sum of the interest rate that the European Central Bank applies to its most recent main refinancing operation carried out before the first day of the calendar quarter in question, plus eight percentage points.

This article is not considered as legal advice

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