Decision of the European Central Bank of 29 August 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/2013/29) (2014/31/EU)
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Address https://gelex.eu/eli/EU/decision/2013/29-01@2013-08-29/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, and in particular Article 28.5 thereof,
Whereas:
(1) Decision ECB/2013/28 of 29 August 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). 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 European System of Central Banks (ESCB) on 31 December 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/2013/18 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 with effect from 1 January 2014.
(2) Decision ECB/2013/30 of 29 August 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 NCBs 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 adjusted capital key. Decision ECB/2013/31 of 30 August 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 NCBs 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 January 2014 in view of the adjusted capital key.
(3) The euro area NCBs, with the exception of Latvijas Banka, have already paid up their shares in the ECB’s subscribed capital as required under 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. In view of this, Article 2(1) of Decision ECB/2013/30 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/2013/30.
(4) Furthermore, a separate decision of the Governing Council on the paying-up of capital, transfer of foreign reserve assets and contributions by Latvijas Banka to the European Central Bank’s reserves and provisions will lay down that Latvijas Banka, which will be a euro-area NCB from 1 January 2014, is under an obligation to pay up the remaining share of its subscription to the ECB’s capital in order to arrive at the amount shown next to its name in the table in Article 1 of Decision ECB/2013/30, taking into account the adjusted capital key.
(5) Likewise, the non-euro area NCBs have already paid up a percentage of their shares in the ECB’s subscribed capital as required under 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. In view of this, Article 2(1) of Decision ECB/2013/31 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/2013/31,
HAS ADOPTED THIS DECISION:
Article 1 Transfer of capital shares
Given the share in the ECB’s capital that each NCB will have subscribed on 31 December 2013, and the share in the ECB’s capital that each NCB will subscribe with effect from 1 January 2014 as a consequence of the adjustment of the capital key weightings laid down in Article 2 of Decision ECB/2013/28, 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 January 2014 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 January 2014 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
1. 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 January 2014 pursuant to Article 1 of Decision ECB/2013/30 for the euro area NCBs and Article 1 of Decision ECB/2013/31 for the non-euro area NCBs respectively, on the first operating day of the Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) following 1 January 2014 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.
2. On the first TARGET2 operating day following 1 January 2014, the ECB and the NCBs that are under an obligation to transfer an amount under paragraph 1 shall each separately transfer any interest on the respective amounts due accruing over the period from 1 January 2014 until the date of the transfer. The transferors and recipients of this interest shall be the same as the transferors and recipients of the amounts on which the interest accrues.
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. Any interest accruing under Article 2(2) 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.
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 January 2014.
2. Decision ECB/2013/18 is repealed with effect from 1 January 2014.
3. References to Decision ECB/2013/18 shall be construed as being made to this Decision.
Done at Frankfurt am Main, 29 August 2013. The President of the ECB Mario Draghi
ANNEX
ANNEX I NCBs’ SUBSCRIBED CAPITAL
(in EUR) Share subscribed on 31 December 2013 Share subscribed from 1 January 2014 Share to be transferred Euro area NCB Nationale Bank van België/Banque Nationale de Belgique 261705370,91 268222025,17 6516654,26 Deutsche Bundesbank 2030803801,28 1948208997,34 –82594803,94 Eesti Pank 19268512,58 20870613,63 1602101,05 Central Bank of Ireland 120276653,55 125645857,06 5369203,51 Bank of Greece 210903612,74 220094043,74 9190431,00 Banco de España 893420308,48 957028050,02 63607741,54 Banque de France 1530028149,23 1534899402,41 4871253,18 Banca d’Italia 1348471130,66 1332644970,33 –15826160,33 Central Bank of Cyprus 14429734,42 16378235,70 1948501,28 Latvijas Banka 29682169,38 30537344,94 855175,56 Banque centrale du Luxembourg 18824687,29 21974764,35 3150077,06 Central Bank of Malta 6873879,49 7014604,58 140725,09 De Nederlandsche Bank 429352255,40 433379158,03 4026902,63 Oesterreichische Nationalbank 209680386,94 212505713,78 2825326,84 Banco de Portugal 190909824,68 188723173,25 –2186651,43 Banka Slovenije 35397773,12 37400399,43 2002626,31 Národná banka Slovenska 74486873,65 83623179,61 9136305,96 Suomen Pankki 134836288,06 136005388,82 1169100,76 Non-euro area NCB Българска народна банка (Bulgarian National Bank) 93571361,11 92986810,73 –584550,38 Česká národní banka 157384777,79 174011988,64 16627210,85 Danmarks Nationalbank 159712154,31 161000330,15 1288175,84 Hrvatska narodna banka 64354667,03 65199017,58 844350,55 Lietuvos bankas 44306753,94 44728929,21 422175,27 Magyar Nemzeti Bank 148735597,14 149363447,55 627850,41 Narodowy Bank Polski 525889668,45 554565112,18 28675443,73 Banca Națională a României 264660597,84 281709983,98 17049386,14 Sveriges Riksbank 244775059,86 246041585,69 1266525,83 Bank of England 1562265020,29 1480243941,72 –82021078,57 Total 10825007069,61 10825007069,61 0,00
ANNEX II NCBs’ PAID-UP CAPITAL
(in EUR) Share paid up on 31 December 2013 Share paid up from 1 January 2014 Amount of transfer payment Euro area NCB Nationale Bank van België/Banque Nationale de Belgique 261705370,91 268222025,17 6516654,26 Deutsche Bundesbank 2030803801,28 1948208997,34 –82594803,94 Eesti Pank 19268512,58 20870613,63 1602101,05 Central Bank of Ireland 120276653,55 125645857,06 5369203,51 Bank of Greece 210903612,74 220094043,74 9190431,00 Banco de España 893420308,48 957028050,02 63607741,54 Banque de France 1530028149,23 1534899402,41 4871253,18 Banca d’Italia 1348471130,66 1332644970,33 –15826160,33 Central Bank of Cyprus 14429734,42 16378235,70 1948501,28 Latvijas Banka 1113081,35 30537344,94 29424263,59 Banque centrale du Luxembourg 18824687,29 21974764,35 3150077,06 Central Bank of Malta 6873879,49 7014604,58 140725,09 De Nederlandsche Bank 429352255,40 433379158,03 4026902,63 Oesterreichische Nationalbank 209680386,94 212505713,78 2825326,84 Banco de Portugal 190909824,68 188723173,25 –2186651,43 Banka Slovenije 35397773,12 37400399,43 2002626,31 Národná banka Slovenska 74486873,65 83623179,61 9136305,96 Suomen Pankki 134836288,06 136005388,82 1169100,76 Non-euro area NCB Българска народна банка (Bulgarian National Bank) 3508926,04 3487005,40 –21920,64 Česká národní banka 5901929,17 6525449,57 623520,40 Danmarks Nationalbank 5989205,79 6037512,38 48306,59 Hrvatska narodna banka 2413300,01 2444963,16 31663,15 Lietuvos bankas 1661503,27 1677334,85 15831,58 Magyar Nemzeti Bank 5577584,89 5601129,28 23544,39 Narodowy Bank Polski 19720862,57 20796191,71 1075329,14 Banca Națională a României 9924772,42 10564124,40 639351,98 Sveriges Riksbank 9179064,74 9226559,46 47494,72 Bank of England 58584938,26 55509147,81 –3075790,45 Total 7653244410,99 7697025340,21 43780929,22