Interest rate is variable, pegged as a base rate to December’s interannual variation rate of the Spanish Retail Price Index (RPI), base 2001, or the successor to this, published by the National Statistics Institute on its web page, or the official institution that may replace it, being rounded up to one decimal point and with a minimum of zero. In the event that the cited General Index ceases to be published, without there being a successor index, the calculation agent will replace this with another one of similar characteristics, published by an officially recognised institution.
The base rate will increase by 0.20% between years 1 and 4, by 1.50% between years 5 and 11, and 1.75% between years 12 and 15. The Confederación Española de Cajas de Ahorro (CECA) is the payments agent on the issue.