BMW 2009 Annual Report Download - page 19

17 Group Management Report
The leading central banks continued to lower their reference
interest rates throughout the reporting period and then
kept them at an historically low level. During the year, the
US reference rate moved within a range of 0 % to 0.25 %.
The European Central Bank reduced its reference interest
rate by 1.5 percentage points in four steps to 1.0 %, while
the Bank of England lowered its reference interest rate by
1.5 percentage points to 0.5 % in three steps. With certain
economies recovering earlier than expected, the central
banks of some countries, including Australia and Norway,
decided to raise their rates. Despite improved prospects
for growth, interest rates within the medium-term maturity
segment remained largely at the same historically low
level. Interest rate rises were only observed in countries with
better economic indicators, such as Australia.
Developments on used car markets varied greatly around
the world. The situation in North America and in the United
Kingdom stabilised in 2009. In Continental Europe, the
impact of the economic crisis on used car markets was not
felt until later.