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					 Table 1        Harmonised long-term interest rates for convergence assessment purposes
                (percentages per annum; period averages; secondary market yields of government bonds with maturities of close to ten years 1) )


                                                                July 11          Aug. 11            Sep. 11           Oct. 11           Nov. 11           Dec. 11           Jan. 12           Feb. 12          Mar. 12            Apr. 12   May 12           June 12              July 12
 Euro area
    Belgium                                                        4.22              4.11              3.88              4.20              4.84              4.35              4.11              3.70              3.53             3.52       3.30              3.17               2.69
    Germany                                                        2.74              2.21              1.83              2.00              1.87              1.93              1.82              1.85              1.83             1.62       1.34              1.30               1.24
    Estonia2)                                                         -                 -                 -                 -                 -                 -                 -                 -                 -                -          -                 -                  -
    Ireland                                                       12.45              9.57              8.51              8.10              8.51              8.70              7.71              7.02              6.90             6.88       7.12              7.09               6.12
    Greece                                                        16.15             15.90             17.78             18.04             17.92             21.14             25.91             29.24             19.07            21.48      26.90            27.82               25.82
    Spain                                                          5.83              5.25              5.20              5.26              6.20              5.53              5.41              5.11              5.17             5.79       6.13              6.59               6.79
    France                                                         3.40              2.98              2.64              2.99              3.41              3.16              3.18              3.02              2.95             2.99       2.75              2.57               2.28
    Italy                                                          5.46              5.27              5.75              5.97              7.06              6.81              6.54              5.55              5.05             5.68       5.78              5.90               6.00
    Cyprus                                                         6.25              6.42              7.00              7.00              7.00              7.00              7.00              7.00              7.00             7.00       7.00              7.00               7.00
    Luxembourg3)                                                   3.03              2.59              2.27              2.37              2.31              2.27              2.07              2.03              2.22             2.22       1.92              1.82               1.70
    Malta                                                          4.59              4.32              4.14              4.26              4.35              4.43              4.30              4.17              4.31             4.26       4.19              4.27               4.15
    Netherlands                                                    3.17              2.68              2.34              2.46              2.45              2.38              2.20              2.24              2.25             2.29       1.96              1.93               1.75
    Austria                                                        3.35              2.84              2.64              2.92              3.36              3.10              3.27              3.00              2.87             2.83       2.49              2.29               2.07
    Portugal                                                      12.15             10.93             11.34             11.72             11.89             13.08             13.85             12.81             13.01            12.01      11.59            10.56               10.49
    Slovenia                                                       4.89              4.99              4.86              5.16              6.46              6.90              6.74              5.73              5.08             5.27       5.28              5.63               6.34
    Slovakia                                                       4.55              4.55              4.25              4.33              4.71              5.21              5.22              4.98              4.91             4.81       4.80              4.80               4.41
    Finland                                                        3.16              2.68              2.35              2.51              2.54              2.52              2.28              2.34              2.31             2.15       1.82              1.76               1.55
 Non-euro area
    Bulgaria                                                       5.36              5.32              5.30              5.27              5.27              5.23              5.30              5.31              5.07             5.11       5.11              5.07               4.87
    Czech Republic                                                 3.79              3.40              3.00              3.14              3.67              3.70              3.39              3.12              3.51             3.51       3.31              3.11               2.60
    Denmark                                                        3.02              2.49              2.07              2.23              2.01              1.86              1.74              1.84              1.89             1.71       1.37              1.26               1.10
    Latvia                                                         5.67              5.60              5.60              5.62              5.73              5.93              5.74              5.45              5.15             5.10       5.15              5.07               4.67
    Lithuania                                                      5.05              5.05              5.09              5.06              5.25              5.75              5.35              5.15              5.29             5.30       5.30              4.96               4.82
    Hungary                                                        7.35              7.49              7.64              7.88              8.53              8.97              9.51              8.60              8.73             8.77       8.33              8.30               7.56
    Poland                                                         5.81              5.70              5.74              5.71              5.80              5.84              5.68              5.46              5.37             5.49       5.41              5.24               4.99
    Romania                                                        7.41              7.30              7.28              7.72              7.43              7.39              7.02              6.99              6.48             6.24       6.50              6.68               6.52
    Sweden                                                         2.75              2.17              1.83              1.90              1.69              1.68              1.70              1.89              1.95             1.82       1.51              1.45               1.33
    United Kingdom                                                 2.98              2.40              2.18              2.24              1.96              1.81              2.04              2.13              2.17             2.03       1.78              1.60               1.47



Sources: ECB and European Commission.
1) For Cyprus, primary market yields are reported. The same applies to Bulgaria and Romania up to December 2005, Slovenia up to October 2003 and Lithuania up to October 2007.
2) There are no Estonian sovereign debt securities that comply with the definition of long-term interest rates for convergence purposes. No suitable proxy indicator has been identified.
3) A harmonised long-term interest rate is presented starting mid-May 2010. Before, the Luxembourg Government did not have outstanding long-term debt securities with a residual maturity of close to ten years.
   Therefore, the yield on long-term bond(s) issued by a private credit institution with a residual maturity close to 10 years is presented for the period up to mid-May 2010 and is thus not fully harmonised for that period.




                                                                                                                                                                                                                                                                            ECB
                                                                                                                                                                                                                                            Harmonised long-term interest rates
                                                                                                                                                                                                                                                                  August 2012     S 1

				
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