OREANDA-NEWS. Starting from the 1st of July 2009 the default interest rate for consumer credit shall be 8% per year, however not less than the loan interest rate under the agreement, reported the press-centre of Nordea Bank.

The so far default interest rate for consumer credit was 9.5% per year.

Consumer credit is a loan given to a private customer. The default interest rate for consumer credit is, according to the Law of Obligations Act, the last interest rate applicable to the main refinancing operations of the European Central Bank before 1st January and 1st July of each year, plus seven per cent per year. Currently the ECB interest rate for the main refinancing operations is 1% per year.