> For the complete documentation index, see [llms.txt](https://docs.3adao.org/3a-protocol/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.3adao.org/3a-protocol/protocol-documentation/lending/vaults/issuance-fee.md).

# Issuance Fee

Borrowing EURO3 from a Vault triggers a **one-off issuance fee** that is **charged in EURO3** on the drawn amount and added to the total debt. 

The Issuance fee is set **between 0.5% and 5%** depending on the overall collateral risk characteristics and the demand and supply of EURO3. 

The initial origination fees per whitelisted tokens are set by the Risk Model and listed [here](/3a-protocol/whitelisting-criteria/whitelisted-tokens.md).


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