Decision of the European Central Bank of 21 June 2013 laying down the terms and conditions for transfers of the European Central Bank’s capital shares between the national central banks and for the adjustment of the paid-up capital (ECB/2013/18) (2013/360/EU)
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Address https://gelex.eu/eli/EU/decision/2013/18-01@2013-06-21/en
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the Statute of the ESCB), and in particular Article 28.5 thereof,
Whereas:
(1) Decision ECB/2013/17 of 21 June 2013 on the national central banks’ percentage shares in the key for subscription to the European Central Bank’s capital provides for the adjustment of the weightings assigned to the national central banks (NCBs) in the key for subscription to the European Central Bank’s (ECB’s) capital (hereinafter the capital key weightings and the capital key respectively) in view of the accession of Croatia to the European Union and its NCB, Hrvatska narodna banka, joining the European System of Central Banks (ESCB) on 1 July 2013. This adjustment requires the Governing Council to determine the terms and conditions for transfers of capital shares between the NCBs that are members of the ESCB on 30 June 2013 in order to ensure that the distribution of these shares corresponds to the adjustments made. Accordingly, the adoption of a new decision is required that repeals Decision ECB/2008/25 of 12 December 2008 laying down the terms and conditions for transfers of the European Central Bank’s capital shares between the national central banks and for the adjustment of the paid-up capital with effect from 1 July 2013.
(2) Hrvatska narodna banka will not join the ESCB until 1 July 2013, which means that the transfer of capital pursuant to Article 28.5 of the Statute of the ESCB does not apply to it on this occasion.
(3) Decision ECB/2013/19 of 21 June 2013 on the paying-up of the European Central Bank’s capital by the national central banks of Member States whose currency is the euro determines how and to what extent the national central banks of the Member States whose currency is the euro (hereinafter euro area NCBs) are under an obligation to pay up the ECB’s capital in view of the expanded capital key. Decision ECB/2013/20 of 21 June 2013 on the paying-up of the European Central Bank’s capital by the non-euro area national central banks determines the percentage that the national central banks of the Member States whose currency is not the euro (hereinafter non-euro area NCBs) are under an obligation to pay up with effect from 1 July 2013 in view of the expanded capital key.
(4) The euro area NCBs have already paid up their shares in the ECB’s subscribed capital as required under Decision ECB/2010/27 of 13 December 2010 on the paying-up of the increase of the European Central Bank’s capital by the national central banks of Member States whose currency is the euro. In view of this, Article 2(1) of Decision ECB/2013/19 states that euro area NCBs should either transfer an additional amount to the ECB, or receive an amount back from the ECB, as appropriate, in order to arrive at the amounts shown in the table in Article 1 of Decision ECB/2013/19. Decision ECB/2010/27 supplements Decision ECB/2008/24 of 12 December 2008 laying down the measures necessary for the paying-up of the European Central bank’s capital by the participating national central banks.
(5) Likewise, the non-euro area NCBs, with the exception of Hrvatska narodna banka, have already paid up a percentage of their shares in the ECB’s subscribed capital as required under Decision ECB/2010/28 of 13 December 2010 on the paying-up of the European Central Bank’s capital by the non-euro area national central banks. In view of this, Article 2(1) of Decision ECB/2013/20 states that each of them should either transfer an additional amount to the ECB, or receive an amount back from the ECB, as appropriate, in order to arrive at the amounts shown in the third column of the table in Article 1 of Decision ECB/2013/20. Article 2(2) of Decision ECB/2013/20 states that Hrvatska narodna banka should transfer to the ECB the amount shown next to its name in the third column of the table in Article 1 of the same Decision,
HAS ADOPTED THIS DECISION:
Article 1 Transfer of capital shares
Given the share in the ECB’s capital that each NCB, with the exception of Hrvatska narodna banka, will have subscribed on 30 June 2013, and the share in the ECB’s capital that each NCB will subscribe with effect from 1 July 2013 as a consequence of the adjustment of the capital key weightings laid down in Article 2 of Decision ECB/2013/17, the NCBs shall transfer capital shares among themselves via transfers to and from the ECB to ensure that the distribution of capital shares with effect from 1 July 2013 corresponds to the adjusted weightings. To this effect, each NCB shall, by virtue of this Article and without the need for any further formality or act, be deemed to have either transferred or received with effect from 1 July 2013 the share in the ECB’s subscribed capital shown next to its name in the fourth column of the table in Annex I to this Decision, whereby + shall refer to a capital share that the ECB shall transfer to the NCB and - to a capital share that the NCB shall transfer to the ECB.
Article 2 Adjustment of the paid-up capital
Given the amount of the ECB’s capital that each NCB has paid up and the amount of the ECB’s capital that each NCB shall pay up with effect from 1 July 2013 pursuant to Article 1 of Decision ECB/2013/19 for the euro area NCBs and Article 1 of Decision ECB/2013/20 for the non-euro area NCBs respectively, on 1 July 2013 each NCB shall either transfer or receive the net amount shown next to its name in the fourth column of the table in Annex II to this Decision, whereby + shall refer to an amount that the NCB shall transfer to the ECB and - to an amount that the ECB shall transfer to that NCB.
Article 3 General provisions
1. The transfers described in Article 2 shall take place through TARGET2.
2. Where an NCB does not have access to TARGET2, the amounts described in Article 2 shall be transferred by crediting an account that the ECB or NCB shall nominate in due time.
3. In the event of non-payment on 1 July 2013, interest due from 1 July 2013 until the day of payment shall be calculated on a daily basis, using the actual over-360-day method of calculation, at a rate equal to the latest available marginal interest rate used by the Eurosystem in its tenders for main refinancing operations. The transferors and recipients of this interest shall be the same as the transferors and recipients of the amounts on which the interest accrues. Payment of the amounts described in Article 2 and the interest payments shall be made in two separate transactions.
4. The ECB and the NCBs that are under an obligation to make a transfer under Article 2 shall, in due course, give the necessary instructions for duly executing such transfer on time.
Article 4 Entry into force and repeal
1. This Decision shall enter into force on 1 July 2013.
2. Decision ECB/2008/25 is repealed with effect from 1 July 2013.
3. References to Decision ECB/2008/25 shall be construed as being made to this Decision.
Done at Frankfurt am Main, 21 June 2013. The President of the ECB Mario Draghi
ANNEX
ANNEX I NCBS’ SUBSCRIBED CAPITAL
(EUR) Share subscribed on 30 June 2013 Share subscribed from 1 July 2013 Share to be transferred Euro area NCB Nationale Bank van België/Banque Nationale de Belgique 261010384,68 261705370,91 694986,23 Deutsche Bundesbank 2037777027,43 2030803801,28 –6973226,15 Eesti Pank 19261567,80 19268512,58 6944,78 Central Bank of Ireland 119518566,24 120276653,55 758087,31 Bank of Greece 211436059,06 210903612,74 –532446,32 Banco de España 893564575,51 893420308,48 –144267,03 Banque de France 1530293899,48 1530028149,23 –265750,25 Banca d’Italia 1344715688,14 1348471130,66 3755442,52 Central Bank of Cyprus 14731333,14 14429734,42 –301598,72 Banque centrale du Luxembourg 18798859,75 18824687,29 25827,54 Central Bank of Malta 6800732,32 6873879,49 73147,17 De Nederlandsche Bank 429156339,12 429352255,40 195916,28 Oesterreichische Nationalbank 208939587,70 209680386,94 740799,24 Banco de Portugal 188354459,65 190909824,68 2555365,03 Banka Slovenije 35381025,10 35397773,12 16748,02 Národná banka Slovenska 74614363,76 74486873,65 –127490,11 Suomen Pankki 134927820,48 134836288,06 –91532,42 Non-euro area NCB Българска народна банка (Bulgarian National Bank) 93467026,77 93571361,11 104334,34 Česká národní banka 155728161,57 157384777,79 1656616,22 Danmarks Nationalbank 159634278,39 159712154,31 77875,92 Hrvatska narodna banka 0,00 64354667,03 64354667,03 Latvijas Banka 30527970,87 29682169,38 –845801,49 Lietuvos bankas 45797336,63 44306753,94 –1490582,69 Magyar Nemzeti Bank 149099599,69 148735597,14 –364002,55 Narodowy Bank Polski 526776977,72 525889668,45 –887309,27 Banca Națională a României 265196278,46 264660597,84 –535680,62 Sveriges Riksbank 242997052,56 244775059,86 1778007,30 Bank of England 1562145430,59 1562265020,29 119589,70 Total 10760652402,58 10825007069,61 64354667,03
ANNEX II NCBS’ PAID-UP CAPITAL
(EUR) Share paid up on 30 June 2013 Share paid up from 1 July 2013 Amount of transfer payment Euro area NCB Nationale Bank van België/Banque Nationale de Belgique 261010384,68 261705370,91 694986,23 Deutsche Bundesbank 2037777027,43 2030803801,28 –6973226,15 Eesti Pank 19261567,80 19268512,58 6944,78 Central Bank of Ireland 119518566,24 120276653,55 758087,31 Bank of Greece 211436059,06 210903612,74 –532446,32 Banco de España 893564575,51 893420308,48 –144267,03 Banque de France 1530293899,48 1530028149,23 –265750,25 Banca d’Italia 1344715688,14 1348471130,66 3755442,52 Central Bank of Cyprus 14731333,14 14429734,42 –301598,72 Banque centrale du Luxembourg 18798859,75 18824687,29 25827,54 Central Bank of Malta 6800732,32 6873879,49 73147,17 De Nederlandsche Bank 429156339,12 429352255,40 195916,28 Oesterreichische Nationalbank 208939587,70 209680386,94 740799,24 Banco de Portugal 188354459,65 190909824,68 2555365,03 Banka Slovenije 35381025,10 35397773,12 16748,02 Národná banka Slovenska 74614363,76 74486873,65 –127490,11 Suomen Pankki 134927820,48 134836288,06 –91532,42 Non-euro area NCB Българска народна банка (Bulgarian National Bank) 3505013,50 3508926,04 3912,54 Česká národní banka 5839806,06 5901929,17 62123,11 Danmarks Nationalbank 5986285,44 5989205,79 2920,35 Hrvatska narodna banka 0,00 2413300,01 2413300,01 Latvijas Banka 1144798,91 1113081,35 –31717,56 Lietuvos bankas 1717400,12 1661503,27 –55896,85 Magyar Nemzeti Bank 5591234,99 5577584,89 –13650,10 Narodowy Bank Polski 19754136,66 19720862,57 –33274,09 Banca Națională a României 9944860,44 9924772,42 –20088,02 Sveriges Riksbank 9112389,47 9179064,74 66675,27 Bank of England 58580453,65 58584938,26 4484,61 Total: 7650458668,60 7653244410,99 2785742,39