EN 
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 29 April 2009 
on the payment by the Banco de Portugal of the increase in Portugal’s quota 
in the International Monetary Fund 
(CON/2009/41) 
 
Introduction and legal basis  
On 17 April 2009 the European Central Bank (ECB) received an urgent request from the Portuguese 
Ministry of Finance and Public Administration for an opinion on a decision by the Minister of State and for Finance authorising the increase of Portugal’ s quota in the International Monetary Fund (IMF) 
(hereinafter the ‘proposed decision’). 
The ECB’s competence to deliver an  opinion is based on Article 105(4) of the Treaty establishing the 
European Community and the third indent of Article 2(1) of Council Decision 98/415/EC of 29 June 1998 
on the consultation of the European Central Bank by  national authorities regarding draft legislative 
provisions
1, as the proposed decision has implications for the Banco de Portugal. In accordance with the 
first sentence of Article 17.5 of the Rules of Pro cedure of the European Central Bank, the Governing 
Council has adopted this opinion. 
 1. Purpose of the proposed decision 
On 28 April 2008 the Board of Governors of the IMF adopted Resolution No 63-2 on a Quota and Voice 
Reform proposing an amendment to the IMF’s Artic les of Agreement (hereinafter the ‘proposed 
amendment’). The Portuguese Parliament adopted this  amendment on 5 February 2009 and the President 
of the Republic ratified it on 23 March 2009. When th e proposed amendment becomes effective (i.e. after 
it has been accepted by three fifths of the IMF member ship having 85 % of the total voting power), there 
will be an increase in the IMF quota for up to 54 countries, including Portugal, provided that each of those countries, within 30 days of the entry into eff ect of the amendment, con sents to the increase and 
pays the amount of the increased quota to the IMF. Purs uant to Article 2(3) of Decree-law No 245/89 of 
25 August 1989 defining the intervention of the Banco de  Portugal in the relationship with the IMF, the 
Minister for Finance, on behalf of the Portuguese G overnment, authorises any change to the amount of 
the national quota upon consultation of the Banco de Portugal.  
The objective of the proposed decision is to aut horise the Banco de Portugal to pay the increase 
Portugal’s quota from special drawing rights (SDR) 867. 4 million to SDR 1 029.7 million. As stated in 
                                                 
1  OJ L 189, 3.7.1998, p. 42.  
2 Annex I to the consultation letter, 25% of the proposed  quota increase must be paid in reserve assets and 
the remainder is payable in euro.  
The ECB notes that, in accordance with Article 2(1) of Decree-law No 245/89, the Banco de Portugal is 
responsible for paying any increases in the Portugal ’s IMF quota. Thus, it is the Banco de Portugal’s 
responsibility, after approval by the Minister of Fina nce, to make the ‘necessary deliveries in SDR, other 
members’ currency and euro’ on its own account. Furthe rmore, Portugal’s contribution to the IMF and the 
Banco de Portugal liabilities to the Fund are incl uded in the Banco de Portugal’s balance sheet. 
 2. General observations  In line with recent opinions on this matter
2, the ECB reminds the Portuguese Ministry of Finance and 
Public Administration that the tasks performed by th e Banco de Portugal must comply with the monetary 
financing prohibition under Article 101 of the Treaty and Council Regulation (EC) No 3603/93 of 
13 December 1993 specifying definitions for the applica tion of the prohibitions re ferred to in Articles 104 
[now 101] and 104b(1) [now 103(1)] of the Treaty3. Pursuant to Article 7 of Regulation (EC) No 3603/93, 
the financing by national central banks of obligations  falling on the public sector vis-à-vis the IMF is not 
regarded as a credit facility within  the meaning of Article 101 of the Treaty. The ECB notes that the 
foreseen payment by the Banco de Portugal of th e increase in Portugal’s IMF quota complies with 
Article 7 of Regulation (EC) No 3603/93.  
 This opinion will be published on the ECB’s website.    Done at Frankfurt am Main, 29 April 2009. 
 
[signed] 
 
The Vice-President of the ECB 
Lucas D. PAPDEMOS 
                                                 
2  See CON/2009/5, CON/2009/33 and CON/2009/35. 
3  OJ L 332, 31.12.1993, p. 1.