At the beginning of December 2015, the Swiss Federal Council resolved to change and regularly review the calculation method regarding the maximum interest rate for consumer credits pursuant to the Consumer Credit Act as per July 1, 2016. As a result, the maximum interest rate – provided that there is no substantial change in the three-month Libor rate – for cash credits will lowered from 15% to 10% and set at 12% for overdrafts. The calculation method will be defined in the Ordinance to the Consumer Credit Act.