new business

An aggregate in MFI interest rate statistics that comprises any new agreement between a household or non-financial corporation and a credit or other institution, i.e. all financial contracts, the terms and conditions of which specify for the first time the interest rate on the deposit or loan, and all new negotiations of existing deposits and loans. Tacit renewals of existing deposit and loan contracts, i.e. renewals without any active involvement of the household or non-financial corporation concerned and not involving any renegotiating of the terms and conditions of the contracts, including the interest rate, are not considered new business.