EN 
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 16 April 2009 
at the request of the Spanish Ministry for Economic Affairs 
on an agreement authorising the increase of Spain ’s quota in the International Monetary Fund 
(CON/2009/35) 
 
Introduction and legal basis  
On 27 March 2009, the European Central Bank (ECB) received a request from the Spanish Ministry for 
Economic Affairs for an opinion on a Council of Ministers’ agreement authorising the increase of Spain’s quota in the International Monetary Fund (hereinafter the ‘agreement’). 
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 agreement relates to the Banco de Es paña. In accordance with the first sentence of 
Article 17.5 of the Rules of Procedure of the Eur opean Central Bank, the Governing Council has adopted 
this opinion. 
 1.  Purpose of the agreement 
On 28 April 2008 the Board of Governors of the Inte rnational Monetary Fund (IMF) adopted Resolution 
No 63-2 on Quota and Voice Reform proposing an amendment to the IMF’s Articles of Agreement 
(hereinafter the ‘proposed amendment’). When the 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 
could be an increase in the IMF quota for up to 54 countries, including Spain, provided that each of those 
countries, within 30 days of the entry into effect of the amendment, consents to  the increase and pays the 
amount of the increased quota to the IMF. The objective of the Council of Ministers’ agreement is to accept the proposed amendment and submit it to the Spanish Parliament as provided for in 
Article 94(1)(d) of the Spanish Constitution for trea ties implying financial liabilities for the Treasury. 
Pursuant to Article 13(2) of Law 13/1994 on autonomy of  the Banco de España (hereinafter the ‘Banco de 
España’s Statute’), the Banco de España would pay the proposed increas e in Spain’s IMF quota, namely 
974.5 million special drawing rights (SDRs), which woul d bring Spain’s quota to a total of SDR 4 023.4 
million. As stated in the explanatory memorandum to  the agreement, 25% of the proposed increase would 
be paid in SDRs, in currencies of other members spec ified by the IMF or in any combination of SDRs and 
such currencies. The remaining 75% of the proposed increase would be paid in national currency to be 
                                                 
1  OJ L 189, 3.7.1998, p. 42.  
2 deposited on the IMF’s accounts. The payment of the proposed increase would be included in the Banco 
de España’s balance sheet, as provided for in Ar ticle 13(2) of the Banc o de España’s Statute.  
 2. General observations  The ECB reminds the Spanish Ministry for Economic Affairs that the tasks performed by the Banco de 
España must comply with the monetary financing prohibition under Article 101 of the Treaty and Council 
Regulation (EC) No 3603/93 of 13 December 1993 sp ecifying definitions for the application of the 
prohibitions referred to in Articles 104 [now 101] and 104b(1) [now 103(1)] of the Treaty
2. Pursuant to 
Article 7 of Regulation (EC) No 3603/93, the financ ing by national central banks of obligations falling 
upon the public sector vis-à-vis the IMF is not regarded as a credit facility within the meaning of Article 101 of the Treaty. Furthermore, the ECB notes that any payment by the Banco de España of the 
proposed increase in Spain’s quota complies with Artic le 7 of Regulation (EC) No 3603/93 and does not 
infringe the monetary financing prohibition. 
 This opinion will be published on the ECB’s website.    Done at Frankfurt am Main, 16 April 2009. 
 
[signed] 
 
The Vice-President of the ECB 
Lucas D. PAPADEMOS 
                                                 
2  OJ L 332, 31.12.1993, p. 1.