Decision (EU) 2019/45 of the European Central Bank of 29 November 2018 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 and repealing Decision ECB/2013/29 (ECB/2018/29)
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Address https://gelex.eu/eli/EU/decision/2018/29@2018-11-29/en
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union,
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 (EU) 2019/43 of the European Central Bank (ECB/2018/27) 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 2018 in order to ensure that the distribution of these shares corresponds to the adjustments made. Accordingly, the adoption of a new decision is required to repeal Decision ECB/2013/29 with effect from 1 January 2019.
(2) Decision (EU) 2019/44 of the European Central Bank (ECB/2018/28) 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 (EU) 2019/48 of the European Central Bank (ECB/2018/32) 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 2019 in view of the adjusted capital key.
(3) Given that each euro area NCB has already paid up its full share in the ECB's subscribed capital as applicable until 31 December 2018 under Decision ECB/2013/30 of the European Central Bank, and as far as Lietuvos bankas is concerned, under Article 2 of Decision (EU) 2015/287 of the European Central Bank (ECB/2014/61), in conjunction with Decision ECB/2013/31, each euro area NCB 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 (EU) 2019/44 (ECB/2018/28).
(4) Likewise, given that the non-euro area NCBs have already paid up a percentage of their shares in the ECB's subscribed capital as applicable until 31 December 2018 under Decision ECB/2013/31, 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 (EU) 2019/48 (ECB/2018/32),
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 2018, and the share in the ECB's capital that each NCB will subscribe with effect from 1 January 2019 as a consequence of the adjustment of the capital key weightings laid down in Article 2 of Decision (EU) 2019/43 (ECB/2018/27), 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 2019 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 2019 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 2019, pursuant to Article 1 of Decision (EU) 2019/44 (ECB/2018/28) for the euro area NCBs and Article 1 of Decision (EU) 2019/48 (ECB/2018/32) 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 2019 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 2019, 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 2019 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 2019.
2. Decision ECB/2013/29 is repealed with effect from 1 January 2019.
3. References to Decision ECB/2013/29 shall be construed as references to this Decision.
Done at Frankfurt am Main, 29 November 2018. The President of the ECB Mario Draghi
ANNEX
ANNEX I NCBs' SUBSCRIBED CAPITAL
Share subscribed on 31 December 2018 (EUR) Share subscribed from 1 January 2019 (EUR) Share to be transferred (EUR) Euro area NCB Nationale Bank van België/Banque Nationale de Belgique 268222025,17 273656178,72 5434153,55 Deutsche Bundesbank 1948208997,34 1988229048,48 40020051,14 Eesti Pank 20870613,63 21303613,91 433000,28 Central Bank of Ireland 125645857,06 127237133,10 1591276,04 Bank of Greece 220094043,74 187186022,25 – 32908021,49 Banco de España 957028050,02 902708164,54 – 54319885,48 Banque de France 1534899402,41 1537811329,32 2911926,91 Banca d'Italia 1332644970,33 1277599809,38 – 55045160,95 Central Bank of Cyprus 16378235,70 16269985,63 – 108250,07 Latvijas Banka 30537344,94 29563094,31 – 974250,63 Lietuvos bankas 44728929,21 43938703,70 – 790225,51 Banque centrale du Luxembourg 21974764,35 24572766,05 2598001,70 Central Bank of Malta 7014604,58 7923905,17 909300,59 De Nederlandsche Bank 433379158,03 440328812,57 6949654,54 Oesterreichische Nationalbank 212505713,78 220018268,69 7512554,91 Banco de Portugal 188723173,25 177172890,71 – 11550282,54 Banka Slovenije 37400399,43 36382848,76 – 1017550,67 Národná banka Slovenska 83623179,61 86643356,59 3020176,98 Suomen Pankki 136005388,82 137564189,84 1558801,02 Non-euro area NCB Българска народна банка (Bulgarian National Bank) 92986810,73 92131635,17 – 855175,56 Česká národní banka 174011988,64 175062014,33 1050025,69 Danmarks Nationalbank 161000330,15 162223555,95 1223225,80 Hrvatska narodna banka 65199017,58 61410265,11 – 3788752,47 Magyar Nemzeti Bank 149363447,55 144492194,37 – 4871253,18 Narodowy Bank Polski 554565112,18 563636468,10 9071355,92 Banca Naţională a României 281709983,98 264887922,99 – 16822060,99 Sveriges Riksbank 246041585,69 273028328,31 26986742,62 Bank of England 1480243941,72 1552024563,60 71780621,88 Total 10825007069,61 10825007069,61 0,00
ANNEX II NCBs' PAID-UP CAPITAL
Share paid up on 31 December 2018 (EUR) Share paid up from 1 January 2019 (EUR) Amount of transfer payment (EUR) Euro area NCB Nationale Bank van België/Banque Nationale de Belgique 268222025,17 273656178,72 5434153,55 Deutsche Bundesbank 1948208997,34 1988229048,48 40020051,14 Eesti Pank 20870613,63 21303613,91 433000,28 Central Bank of Ireland 125645857,06 127237133,10 1591276,04 Bank of Greece 220094043,74 187186022,25 – 32908021,49 Banco de España 957028050,02 902708164,54 – 54319885,48 Banque de France 1534899402,41 1537811329,32 2911926,91 Banca d'Italia 1332644970,33 1277599809,38 – 55045160,95 Central Bank of Cyprus 16378235,70 16269985,63 – 108250,07 Latvijas Banka 30537344,94 29563094,31 – 974250,63 Lietuvos bankas 44728929,21 43938703,70 – 790225,51 Banque centrale du Luxembourg 21974764,35 24572766,05 2598001,70 Central Bank of Malta 7014604,58 7923905,17 909300,59 De Nederlandsche Bank 433379158,03 440328812,57 6949654,54 Oesterreichische Nationalbank 212505713,78 220018268,69 7512554,91 Banco de Portugal 188723173,25 177172890,71 – 11550282,54 Banka Slovenije 37400399,43 36382848,76 – 1017550,67 Národná banka Slovenska 83623179,61 86643356,59 3020176,98 Suomen Pankki 136005388,82 137564189,84 1558801,02 Non-euro area NCB Българска народна банка (Bulgarian National Bank) 3487005,40 3454936,32 – 32069,08 Česká národní banka 6525449,57 6564825,54 39375,97 Danmarks Nationalbank 6037512,38 6083383,35 45870,97 Hrvatska narodna banka 2444963,16 2302884,94 – 142078,22 Magyar Nemzeti Bank 5601129,28 5418457,29 – 182671,99 Narodowy Bank Polski 20796191,71 21136367,55 340175,84 Banca Naţională a României 10564124,40 9933297,11 – 630827,29 Sveriges Riksbank 9226559,46 10238562,31 1012002,85 Bank of England 55509147,81 58200921,14 2691773,33 Total 7740076934,57 7659443757,27 – 80633177,30