IBRD Financial Products

Lending Rates & Fees

  • Effective July 1, 2018, IBRD loans will be subject to different maturity premiums based on income and other factors.  Countries will be classified into one of four pricing groups.  Borrowers should look up the Pricing Group in which their country is classified (see “Country Groupings”), and refer to the pricing table for the relevant Pricing Group for the applicable fixed or variable spread.

    The following loans are not subject to the new pricing:
    (1) Loans signed on or before June 30, 2018;
    (2) Loans that meet both of the following conditions:
         (a) the invitation to negotiate is issued on or before June 30, 2018; and
         (b) the loan is approved by the EDs on or before September 30, 2018.

    Refer to the pricing at the end of the page for the applicable rates. 

    Relevant Documents to Pricing Changes Effective July 1, 2018

     

    Country Groupings

    Group A 
    Angola (Recent IDA Graduate)
    Antigua and Barbuda (Small State)
    Armenia (Recent IDA Graduate)
    Belize (Small State)
    Bolivia (Recent IDA Graduate)
    Bosnia and Herzegovina (Recent IDA Graduate)
    Cabo Verde (Small State, Blend)
    Cameroon (Blend)
    Congo, Republic (FCS, Blend)
    Dominica (Small St, Blend)
    Equatorial Guinea (Small State)
    Fiji (Small St)
    Georgia (Recent IDA Graduate)
    Grenada (Small State, Blend)
    India (Recent IDA Graduate)
    Iraq (FCS)
    Kenya (Blend)
    Lebanon (FCS)
    Libya (FCS)
    Mauritius (Small State)
    Moldova (Blend)
    Mongolia (Blend)
    Montenegro (Small State)
    Nauru (Small State)
    Nigeria (Blend)
    Pakistan (Blend)
    Palau (Small State)
    Papua New Guinea (FCS, Blend)
    Seychelles (Small State)
    Sri Lanka (Recent IDA Graduate)
    St. Kitts and Nevis (Small State)
    St. Lucia (Small St, Blend)
    St. Vincent and the Grenadines (Small State, Blend)
    Suriname (Small State)
    Swaziland (Small State)
    Timor-Leste (Small State, Blend)
    Trinidad and Tobago (Small State)
    Uzbekistan (Blend)
    Vietnam (Recent IDA Graduate)
    Zimbabwe (FCS, Blend)
    Group B 
    Albania
    Algeria
    Azerbaijan
    Belarus
    Botswana
    Colombia
    Dominican Republic
    Ecuador
    Egypt, Arab Republic of
    El Salvador
    Gabon
    Guatemala
    Indonesia
    Iran, Islamic Republic of
    Jamaica
    Jordan
    Macedonia, FYR of
    Morocco
    Namibia
    Paraguay
    Peru
    Philippines
    Serbia
    South Africa
    Thailand
    Tunisia
    Turkmenistan
    Ukraine
    Venezuela, RB de

    Group C 
    Argentina
    Brazil
    Bulgaria
    China
    Costa Rica
    Croatia
    Kazakhstan
    Malaysia
    Mexico
    Panama
    Romania
    Russian Federation
    Turkey
    Group D 
    Chile
    Poland
    Uruguay

     

    Fixed Spread Pricing Group A (Effective December 5, 2018)

    Average maturity (years)

    8 years and below

    Greater than 8 to 10

    Greater than 10 to 12

    Greater than 12 to 15

    Greater than 15 to 18

    Greater than 18 to 20

    USD

    LIBOR + 0.65%

    LIBOR + 0.85%

    LIBOR + 0.95%

    LIBOR + 1.10%

    LIBOR + 1.30%

    LIBOR + 1.40%

    EUR

    EURIBOR + 0.50%

    EURIBOR + 0.70%

    EURIBOR + 0.80%

    EURIBOR + 0.95%

    EURIBOR + 1.15%

    EURIBOR + 1.25%

    JPY

    LIBOR + 0.30%

    LIBOR + 0.50%

    LIBOR + 0.60%

    LIBOR + 0.75%

    LIBOR + 0.95%

    LIBOR + 1.05%

    GBP

    LIBOR + 0.60%

    LIBOR + 0.80%

    LIBOR + 0.90%

    LIBOR + 1.05%

    LIBOR + 1.25%

    LIBOR + 1.35%

     

    Fixed Spread Pricing Group B (Effective December 5, 2018)

    Average maturity (years)

    8 years and below

    Greater than 8 to 10

    Greater than 10 to 12

    Greater than 12 to 15

    Greater than 15 to 18

    Greater than 18 to 20

    USD

    LIBOR + 0.65%

    LIBOR + 0.85%

    LIBOR + 1.00%

    LIBOR + 1.20%

    LIBOR + 1.45%

    LIBOR + 1.60%

    EUR

    EURIBOR + 0.50%

    EURIBOR + 0.70%

    EURIBOR + 0.85%

    EURIBOR + 1.05%

    EURIBOR + 1.30%

    EURIBOR + 1.45%

    JPY

    LIBOR + 0.30%

    LIBOR + 0.50%

    LIBOR + 0.65%

    LIBOR + 0.85%

    LIBOR + 1.10%

    LIBOR + 1.25%

    GBP

    LIBOR + 0.60%

    LIBOR + 0.80%

    LIBOR + 0.95%

    LIBOR + 1.15%

    LIBOR + 1.40%

    LIBOR + 1.55%


    Fixed Spread Pricing Group C (Effective December 5, 2018)

     

    Average maturity (years)

    8 years and below

    Greater than 8 to 10

    Greater than 10 to 12

    Greater than 12 to 15

    Greater than 15 to 18

    Greater than 18 to 20

    USD

    LIBOR + 0.65%

    LIBOR + 0.85%

    LIBOR + 1.05%

    LIBOR + 1.30%

    LIBOR + 1.60%

    LIBOR + 1.80%

    EUR

    EURIBOR + 0.50%

    EURIBOR + 0.70%

    EURIBOR + 0.90%

    EURIBOR + 1.15%

    EURIBOR + 1.45%

    EURIBOR + 1.65%

    JPY

    LIBOR + 0.30%

    LIBOR + 0.50%

    LIBOR + 0.70%

    LIBOR + 0.95%

    LIBOR + 1.25%

    LIBOR + 1.45%

    GBP

    LIBOR + 0.60%

    LIBOR + 0.80%

    LIBOR + 1.00%

    LIBOR + 1.25%

    LIBOR + 1.55%

    LIBOR + 1.75%


    Fixed Spread Pricing Group D (Effective December 5, 2018)

    Average maturity (years)

    8 years and below

    Greater than 8 to 10

    Greater than 10 to 12

    Greater than 12 to 15

    Greater than 15 to 18

    Greater than 18 to 20

    USD

    LIBOR + 0.70%

    LIBOR + 0.90%

    LIBOR + 1.15%

    LIBOR + 1.45%

    LIBOR + 1.80%

    LIBOR + 2.05%

    EUR

    EURIBOR + 0.55%

    EURIBOR + 0.75%

    EURIBOR + 1.00%

    EURIBOR + 1.30%

    EURIBOR + 1.65%

    EURIBOR + 1.90%

    JPY

    LIBOR + 0.35%

    LIBOR + 0.55%

    LIBOR + 0.80%

    LIBOR + 1.10%

    LIBOR + 1.45%

    LIBOR + 1.70%

    GBP

    LIBOR + 0.65%

    LIBOR + 0.85%

    LIBOR + 1.10%

    LIBOR + 1.40%

    LIBOR + 1.75%

    LIBOR + 2.00%

     

    Lending Rates for IBRD Flexible Loans with a Variable Spread (1) (Effective October 1, 2018) (2)(4)

    Average Maturity (years)(5)

    8 years and below

    Greater than 
    8 to 10

    Greater than 
    10 to 12

    Greater than 
    12 to 15

    Greater than 
    15 to 18

    Greater than 
    18 to 20

    Group A

    LIBOR +0.49%

    LIBOR +0.59%

    LIBOR +0.69%

    LIBOR +0.79%

    LIBOR +0.89%

    LIBOR +0.99%

    Group B

    LIBOR +0.49%

    LIBOR +0.59%

    LIBOR +0.74%

    LIBOR +0.89%

    LIBOR +1.04%

    LIBOR +1.19%

    Group C

    LIBOR +0.49%

    LIBOR +0.59%

    LIBOR +0.79%

    LIBOR +0.99%

    LIBOR +1.19%

    LIBOR +1.39%

    Group D

    LIBOR +0.54%

    LIBOR +0.64%

    LIBOR +0.89%

    LIBOR +1.14%

    LIBOR +1.39%

    LIBOR +1.64%

    Front-End Fee (7)

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%

    Commitment Fee (8)

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%


    Notes: The base lending rate for IBRD Flexible Loans in most currencies is currently the 6-Month LIBOR in the relevant currency. Find information on LIBOR rates on the website of the British Bankers' Association. For information about Euribor rates, visit the website of the European Banking Federation
    1. IBRD lending rates include a standard lending spread comprising a contractual spread of 0.50% and, where applicable, an annual maturity premium. The lending rate also includes a charge to cover the bank's cost to fund the loans relative to the base lending rate and a market risk premium (for fixed spreads). DDO disbursements are priced at the prevailing spread over 6-Month LIBOR at the time of drawdown. Effective July 1, 2018, there is a surcharge of 50 basis points per annum on loan balances in excess of $16.5 billion for Brazil, in excess of $17 billion for China and Mexico, and in excess of $18.5 billion for India and Indonesia.
    2. Lending rates for loans approved between June 30, 2010 and June 30, 2014, and loans for which the Invitation to Negotiate was issued on or before June 30, 2014 and approved by the Executive Directors on or before September 30, 2014, include an annual maturity premium of 0.10% for loans with average repayment maturities of greater than 12 to 15 years, or 0.20% for loans with average repayment maturities of greater than 15 to 18 years. For loans approved after June 30, 2014 (with the exception of those for which the Invitation to Negotiate was issued on or before June 30, 2014 and approved by the Executive Directors on or before September 30, 2014), please refer to the February 11, 2014 news announcement.  For loans for which the invitation to negotiate was issued on or before June 30, 2018 and approved byt the Executive Directors on or before September 30, 2018, please refer to Table - Grandfathered Loans.
    3. The fixed spread is determined at loan signing and remains constant over the life of the loan. “Fixed Spread” means the Bank's fixed spread for the initial loan currency in effect at 12:01 a.m. Washington, D.C. time, one calendar day prior to the date of the Loan Agreement.
    4. As of April 1, 2017, IBRD calculates the average funding spread component of the Variable Spread on a quarterly basis.
    5. As measured by average repayment maturity of the loan at commitment (i.e. Board approval). The calculation of the average repayment maturity for DDOs will begin at loan effectiveness for the determination of the applicable maturity premium.
    6. All new Euro-denominated loans for which the invitation to negotiate was issued on or after July 31, 2010 will have Euribor as the base lending rate.
    7. Development Policy Loans (DPL) with a Deferred Drawdown Option (DPL DDO) carry a 0.25% front-end fee, plus a stand-by fee of 0.50%. DPLs with a Catastrophe Risk DDO (Cat DDO) carry a 0.50% front-end fee, plus a 0.25% renewal fee.
    8. In addition to the above, a commitment fee of 0.25% is charged on undisbursed balances and begins accruing 60 days after the Loan Agreement is signed. The Bank does not charge commitment fee for loans that fail to become effective.

     

     

     

    The following rates apply to these loans:
    (1) Loans signed on or before June 30, 2018;
    (2) Loans that meet both of the following conditions:
         (a) the invitation to negotiate is issued on or before June 30, 2018; and
         (b) the loan is approved by the EDs on or before September 30, 2018.


    Lending Rates for IBRD Flexible Loans with a Fixed Spread (1) (3) (Effective July 28, 2017)

    Average Maturity (years) (5)8 years and below

     

    Greater than 
    8 to 10

    Greater than 
    10 to 12

    Greater than 
    12 to 15

    Greater than 
    15 to 18

    Greater than 
    18 to 20

    USD

    LIBOR +0.70%

    LIBOR +0.90%

    LIBOR +1.00%

    LIBOR +1.20%

    LIBOR +1.40%

    LIBOR +1.50%

    EUR (6)

    EURIBOR +0.55%

    EURIBOR +0.75%

    EURIBOR +0.85%

    EURIBOR +1.05%

    EURIBOR +1.25%

    EURIBOR +1.35%

    JPY

    LIBOR +0.35%

    LIBOR +0.55%

    LIBOR +0.65%

    LIBOR +0.85%

    LIBOR +1.05%

    LIBOR +1.15%

    GBP

    LIBOR +0.65%

    LIBOR +0.85%

    LIBOR +0.95%

    LIBOR +1.15%

    LIBOR +1.35%

    LIBOR +1.45%

    Front-End Fee (7)

    0.25%

    Commitment Fee (8)

    0.25%

     

    Lending Rates for IBRD Flexible Loans with a Variable Spread (1) (Effective October 1, 2018) (2)(4)

    Average Maturity (years)(5)

    8 years and below

    Greater than 
    8 to 10

    Greater than 
    10 to 12

    Greater than 
    12 to 15

    Greater than 
    15 to 18

    Greater than 
    18 to 20

    USD

    LIBOR +0.49%

    LIBOR +0.59%

    LIBOR +0.69%

    LIBOR +0.79%

    LIBOR +0.89%

    LIBOR +0.99%

    EUR (6)

    EURIBOR +0.49%

    EURIBOR +0.59%

    EURIBOR +0.69%

    EURIBOR +0.79%

    EURIBOR +0.89%

    EURIBOR +0.99%

    JPY

    LIBOR +0.49%

    LIBOR +0.59%

    LIBOR +0.69%

    LIBOR +0.79%

    LIBOR +0.89%

    LIBOR +0.99%

    GBP

    LIBOR +0.49%

    LIBOR +0.59%

    LIBOR +0.69%

    LIBOR +0.79%

    LIBOR +0.89%

    LIBOR +0.99%

    Front-End Fee (7)

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%

    Commitment Fee (8)

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%

    0.25%


    Notes: The base lending rate for IBRD Flexible Loans in most currencies is currently the 6-Month LIBOR in the relevant currency. Find information on LIBOR rates on the website of the British Bankers' Association. For information about Euribor rates, visit the website of the European Banking Federation
    1. IBRD lending rates include a standard lending spread comprising a contractual spread of 0.50% and, where applicable, an annual maturity premium. The lending rate also includes a charge to cover the bank's cost to fund the loans relative to the base lending rate and a market risk premium (for fixed spreads). DDO disbursements are priced at the prevailing spread over 6-Month LIBOR at the time of drawdown. Effective July 1, 2018, there is a surcharge of 50 basis points per annum on loan balances in excess of $16.5 billion for Brazil, in excess of $17 billion for China and Mexico, and in excess of $18.5 billion for India and Indonesia.
    2. Lending rates for loans approved between June 30, 2010 and June 30, 2014, and loans for which the Invitation to Negotiate was issued on or before June 30, 2014 and approved by the Executive Directors on or before September 30, 2014, include an annual maturity premium of 0.10% for loans with average repayment maturities of greater than 12 to 15 years, or 0.20% for loans with average repayment maturities of greater than 15 to 18 years. For loans approved after June 30, 2014 (with the exception of those for which the Invitation to Negotiate was issued on or before June 30, 2014 and approved by the Executive Directors on or before September 30, 2014), please refer to the February 11, 2014 news announcement. For loans for which the invitation to negotiate was issued on or before June 30, 2018 and approved byt the Executive Directors on or before September 30, 2018, please refer to Table - Grandfathered Loans.
    3. The fixed spread is determined at loan signing and remains constant over the life of the loan. “Fixed Spread” means the Bank's fixed spread for the initial loan currency in effect at 12:01 a.m. Washington, D.C. time, one calendar day prior to the date of the Loan Agreement.
    4. As of April 1, 2017, IBRD calculates the average funding spread component of the Variable Spread on a quarterly basis.
    5. As measured by average repayment maturity of the loan at commitment (i.e. Board approval). The calculation of the average repayment maturity for DDOs will begin at loan effectiveness for the determination of the applicable maturity premium.
    6. All new Euro-denominated loans for which the invitation to negotiate was issued on or after July 31, 2010 will have Euribor as the base lending rate.
    7. Development Policy Loans (DPL) with a Deferred Drawdown Option (DPL DDO) carry a 0.25% front-end fee, plus a stand-by fee of 0.50%. DPLs with a Catastrophe Risk DDO (Cat DDO) carry a 0.50% front-end fee, plus a 0.25% renewal fee.
    8. In addition to the above, a commitment fee of 0.25% is charged on undisbursed balances and begins accruing 60 days after the Loan Agreement is signed. The Bank does not charge commitment fee for loans that fail to become effective.

     

    Financial Terms for IBRD Special Development Policy Loans  

    Lending Rate

    6-Month LIBOR + minimum of 2.00%

    Font-End Fee

    1.00% of the principal loan amount

    Repayment Terms

    5 to 10-year final maturity; 3 to 5-year grace period

    The SDPL offers the same flexibility as the IFL to manage currency and interest rate risk with embedded risk management options.  See Bank Policy  and OP 3.10 for further details.

     

     


  • Transaction Fees for IBRD Hedging Products

    Transaction Type

    Transaction Fee

    Hedges on Liabilities to IBRD

    Currency Swaps

    0.020% (1)

    Interest Rate Swaps

    0.010%

    Interest Rate Caps/Collars

    0.125% (2)

    Transaction Type

    Transaction Fee

    Hedges on Liabilities to Others

     

    Major Currencies

    Local Currencies (1)

    Currency Swaps

    0.100%

    0.020%

    Interest Rate Swaps

    0.030%

    0.010%

    1. An additional fee for convertibility risk may apply for local currency swaps. The amount of this fee will be determined on a country-by-country basis.
    2. Expressed as a percentage of the principal amount involved, and payable as a lump sum.

  • IBRD Guarantee Pricing for guarantees approved on or after October 1, 2018

     Charges

    Fees

    Private Projects

    Public Projects
    (incl. Policy-Based Guarantees)

     -

    -

    IDA Concessional

    IBRD & IDA Non-Concessional

    IDA Concessional

    IBRD & IDA Non-Concessional

    Upfront Charges
    (one-time fees charge on guarantee amount)

    Front-End

    25bps

    -

    25bps

     

    Initiation

    Greater of 15bps and $100k

    Greater of 15bps and $100k

    -

    -

     

    Processing1

    50bps

    50bps

    -

    -

    Recurring Charges
    (per annum)

    Standby

    25bps

    25bps

     

    Guarantee2

    75bps

    50-165bps3

    75bps

    50-165bps3

    1. Determined on a case by case basis.  In exceptional cases, projects can be charged over 50 bps of the guarantee amount.
    2. The guarantee fee is charged on Bank’s financial exposure under the guarantee.
    3. Guarantee fee applicable to IBRD & IDA Non-Concessional Guarantees per average maturity and pricing group.  Excludes the surcharge on excess exposure. In certain cases, IBRD enclave guarantees for IDA countries may have higher pricing than the above IBRD prices.

     

    Guarantee Average Life

    Group A

    Group B

    Group C

    Group D

    Up to 8 years

    50 bps

    50 bps

    50 bps

    55 bps

    From 8 to 10 years

    60 bps

    60 bps

    60 bps

    65 bps

    From 10 to 12 years

    70 bps

    75 bps

    80 bps

    90 bps

    From 12 to 15 years

    80 bps

    90 bps

    100 bps

    115 bps

    From 15 to 18 years

    90 bps

    105 bps

    120 bps

    140 bps

    From 18 to 20 years

    100 bps

    120 bps

    140 bps

    165 bps

    Group A: Angola, Antigua and Barbuda, Armenia, Belize, Bolivia, Bosnia and Herzegovina, Cabo Verde, Cameroon, Congo, Republic, Dominica, Equatorial Guinea, Fiji, Georgia, Grenada, India, Iraq, Kenya, Lebanon, Libya, Mauritius, Moldova, Mongolia, Montenegro, Nauru, Nigeria, Pakistan, Palau, Papua New Guinea, Seychelles, Sri Lanka, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Swaziland, Timor-Leste, Trinidad and Tobago, Uzbekistan, Vietnam, Zimbabwe

    Group B: Albania, Algeria, Azerbaijan, Belarus, Botswana, Colombia, Dominican Republic, Ecuador, Egypt, El Salvador, Gabon, Guatemala, Indonesia, Iran, Jamaica, Jordan, Macedonia, Morocco, Namibia, Paraguay, Peru, Philippines, Serbia, South Africa, Thailand, Tunisia, Turkmenistan, Ukraine, Venezuela

    Group C: Argentina, Brazil, Bulgaria, China, Costa Rica, Croatia, Kazakhstan, Malaysia, Mexico, Panama, Romania, Russian Federation, Turkey

    Group D: Chile, Poland, Uruguay

  • The General Conditions are incorporated by reference in all loan, credit, guarantee and financing agreements. Specific provisions of the General Conditions are also incorporated in other legal agreements. Read more about the General Conditions

    General Conditions for IBRD Financing

  • Fixed-Spread Loan (FSL): FSLs were available to all IBRD borrowers from September 1, 1999 until the IBRD Flexible Loan (IFL) was introduced in February 2008.

    Variable-Spread Loan (VSL): VSLs, originally called Variable-Rate Single Currency Loan (VSCL or SCL), were introduced in 1993. They were withdrawn in February 2008.

    Fixed-Rate Single Currency Loan (FSCL): FSCLs were available to IBRD borrowers to which the invitation to negotiate was issued after May 11, 1995 and before December 1, 1999. The FSCL was withdrawn in 2001.

    Single Currency Pool Loan (SCP): Between September 1, 1996, and June 1, 1998, IBRD offered borrowers the option to amend the terms of their existing CPL Loan Agreements to change their currency obligation to single currency terms. 

    Variable Lending Rate 1989 (VLR89) Currency Pool Loan (CPL): VLR89 CPLs were available to IBRD borrowers to which the invitation to negotiate was issued before March 1, 2001. The CPL was withdrawn in 2001.

     

    Currency Pool Loan (CPL) Lending Rates

    Note: Currency Pool Loan terms are available for new IBRD loan commitments with invitation to negotiate issued on or after 
    March 1, 2001.

    Loans Negotiated
    On or After July 31, 1998

    Variable Lending Rate 1989 (VLR89 Loans)
    (for interest periods)

    Beginning

    Ending

    Rate

    July 1, 2018December 31, 20188.61
    January 1, 2018June 30, 2018

    8.69

    July 1, 2017December 31, 2017

    8.54

    January 1, 2017June 30, 2017

    8.49

    July 1, 2016December 31, 2016

    8.51

    January 1, 2016June 30, 2016

    8.21

    July 1, 2015December 31, 2015

    8.19

    January 1, 2015June 30, 2015

    8.14

    July 1, 2014December 31, 2014

    7.76

    January 1, 2014June 30, 2014

    8.04

    July 1, 2013December 31, 2013

    8.34

    January 1, 2013June 30, 2013

    7.54

    July 1, 2012December 31, 2012

    7.98

    January 1, 2012June 30, 2012

    8.35

    July 1, 2011December 31, 2011

    8.32

    January 1, 2011June 30, 2011

    8.24

    July 1, 2010December 31, 2010

    8.21

    January 1, 2010June 30, 2010

    8.05

    July 1, 2009December 31, 2009

    7.79

    January 1, 2009June 30, 2009

    7.68

    July 1, 2008December 31, 2008

    7.64

    January 1, 2008June 30, 2008

    7.32

    July 1, 2007December 31, 2007

    7.07

    January 1, 2007June 30, 2007

    6.34

    July 1, 2006December 31, 2006

    5.68

    January 1, 2006June 30, 2006

    5.41

    July 1, 2005December 31, 2005

    5.09

    January 1, 2005June 30, 2005

    4.84

    July 1, 2004December 31, 2004

    4.36

    January 1, 2004June 30, 2004

    4.05

    July 1, 2003December 31, 2003

    5.10

    January 1, 2003June 30, 2003

    4.87

    July 1, 2002December 31, 2002

    5.27

    January 1, 2002June 30, 2002

    5.28

    July 1, 2001December 31, 2001

    5.57

    January 1, 2001June 30, 2001

    5.26

    July 1, 2000December 31, 2000

    5.36

    January 1, 2000June 30, 2000

    5.46

    July 1, 1999December 31, 1999

    5.84

    January 1, 1999June 30, 1999

    6.28

    July 1, 1998December 31, 1998

    6.43

    Loans Negotiated
    Prior to July 31, 1998

    Variable Lending Rate 1989 (VLR89 Loans)
    (for interest periods)

    Beginning

    Ending

    Rate

    July 1, 2018December 31, 20188.36
    January 1, 2018Julne 30, 2018

    8.44

    July 1, 2017December 31, 2017

    8.29

    January 1, 2017June 30, 2017

    8.24

    July 1, 2016December 31, 2016

    8.26

    January 1, 2016June 30, 2016

    7.96

    July 1, 2015December 31, 2015

    7.94

    January 1, 2015June 30, 2015

    7.89

    July 1, 2014December 31, 2014

    7.51

    January 1, 2014June 30, 2014

    7.79

    July 1, 2013December 31, 2013

    8.09

    January 1, 2013June 30, 2013

    7.29

    July 1, 2012December 31, 2012

    7.73

    January 1, 2012June 30, 2012

    8.10

    July 1, 2011December 31, 2011

    8.07

    January 1, 2011June 30, 2011

    7.99

    July 1, 2010December 31, 2010

    7.96

    January 1, 2010June 30, 2010

    7.80

    July 1, 2009December 31, 2009

    7.54

    January 1, 2009June 30, 2009

    7.43

    July 1, 2008December 31, 2008

    7.39

    January 1, 2008June 30, 2008

    7.07

    July 1, 2007December 31, 2007

    6.82

    January 1, 2007June 30, 2007

    6.09

    July 1, 2006December 31, 2006

    5.43

    January 1, 2006June 30, 2006

    5.16

    July 1, 2005December 31, 2005

    4.84

    January 1, 2005June 30, 2005

    4.59

    July 1, 2004December 31, 2004

    4.11

    January 1, 2004June 30, 2004

    3.80

    July 1, 2003December 31, 2003

    4.85

    January 1, 2003June 30, 2003

    4.62

    July 1, 2002December 31, 2002

    5.02

    January 1, 2002June 30, 2002

    5.03

    July 1, 2001December 31, 2001

    5.32

    January 1, 2001June 30, 2001

    5.01

    July 1, 2000December 31, 2000

    5.11

    January 1, 2000June 30, 2000

    5.21

    July 1, 1999December 31, 1999

    5.59

    January 1, 1999June 30, 1999

    6.03

     

    Historical Lending Rates
    Loans Negotiated
    Prior to July 31, 1998

    Variable Lending Rate 1989 (VLR89 Loans)
    (for interest periods

    Beginning

    Ending

    Rate

    July 1, 1998December 31, 1998

    6.18

    January 1, 1998June 30, 1998

    6.36

    July 1, 1997December 31, 1997

    6.54

    January 1, 1997June 30, 1997

    6.70

    July 1, 1996December 31, 1996

    6.94

    January 1, 1996June 30, 1996

    6.98

    July 1, 1995December 31, 1995

    7.07

    January 1, 1995June 30, 1995

    7.09

    July 1, 1994December 31, 1994

    7.10

    January 1, 1994June 30, 1994

    7.27

    July 1, 1993December 31, 1993

    7.43

    January 1, 1993June 30, 1993

    7.43

    July 1, 1992December 31, 1992

    7.60

    January 1, 1992June 30, 1992

    7.73

    July 1, 1991December 31, 1991

    7.73

    January 1, 1991June 30, 1991

    7.73

    July 1, 1990December 31, 1990

    7.72

    January 1, 1990June 30, 1990

    7.75

    July 1, 1989December 31, 1989

    7.74