Basic Interest Rate (BIR) definition
Basic Interest Rate (BIR) means a variable interest rate index used by the Bank as basis for calculating the interest rate on the loan. BIR shall be approved by the Managing Board of the Bank and calculat- ed for each individual type of currency, following a method announced by the Bank, on the basis of the ratio between the projected costs of the liabilities of the Bank and the market interest rates for the same currency, applicable to credits in local and foreign currency. BIRce shall mean the Basic Interest Rate adjusted with market environment ratio. BIR shall be applied as a reference interest rate for credit agreements entered into before 23 July 2014;