Decision of the European Central Bank of 9 June 1998 laying down the measures necessary for the paying-up of the capital of the European Central Bank (ECB/1998/2)
Date: 1998-06-09
Institutions: European Central Bank
Subjects: EU Member State, European Central Bank, European accounting system, Member States' contribution, central bank

14. 1. 1999

EN

Official Journal of the European Communities

L 8/33

DECISION OF THE EUROPEAN CENTRAL BANK

of 9 June 1998

laying down the measures necessary for the paying-up of the capital of the
European Central Bank

(ECB/1998/2)

(1999/32/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN
CENTRAL BANK,

shall determine the extent to which and the form in
which the capital shall be paid up;

Having regard to the Statute of the European System of
Central Banks and of the European Central Bank (herein-
after referred to as the ‘Statute') and in particular to
Article 28 thereof,

Having regard to Council Decision 98/345/EC of 26 May
1998 concerning the appointments to the Executive
Board of the European Central Bank and specifying 1
June 1998 as the date for the establishment of the Euro-
pean System of Central Banks (hereinafter referred to as
the ‘ESCB') and the European Central Bank (hereinafter
referred to as the ‘ECB') (1),

Having regard to the Decision 1999/31/EC of the Euro-
pean Central Bank dated 9 June 1998 on the method to
be applied for determining the national central banks’
percentage shares in the key for the capital of the Euro-
pean Central Bank (ECB/1998/1) (2),

least

two-thirds of

Whereas, in accordance with Article 48, by way of deroga-
tion from Article 28.3 of the Statute, NCBs of Member
States with a derogation shall not pay up their subscribed
capital unless the General Council of the ECB, acting by
a majority representing at
the
subscribed capital of the ECB and at least half of the
shareholders, decides that a minimal percentage has to be
paid up as a contribution to the operational costs of the
ECB; whereas, in accordance with Protocol (No 11) on
certain provisions relating to the United Kingdom of
Great Britain and Northern Ireland, the Bank of England
shall pay up its subscription to the capital of the ECB as a
contribution to its operational costs on the same basis as
NCBs of Member States with a derogation;

Whereas the capital of the ECB shall thus only be paid
up by the NCBs of the Member States adopting the single
currency,

Having regard to Decision 10/98 of the Council of the
European Monetary Institute (hereinafter referred to as
the ‘EMI') and in particular to Article 2.5 thereof,

HAS ADOPTED THIS DECISION:

Whereas the ECB was established on 1 June 1998;

Article 1

Whereas, in accordance with Article 28.1 of the Statute,
the capital of
to ECU 5 000
the ECB shall amount
million and shall become operational as of 1 June 1998;

Whereas, in accordance with Article 2.1 of EU Council
Regulation (EC) No 1103/97 of 17 June 1997, the euro
shall be substituted for the ECU on a 1:1 basis as from 1
January 1999;

Whereas, in accordance with Article 28.2 of the Statute,
the national central banks (hereinafter referred to as the
‘NCBs') of the Member States of the European Union
shall be the sole subscribers to and holders of the capital
of the ECB;

Whereas, in accordance with Article 28.3 of the Statute,
the Governing Council of the ECB, acting by the quali-
fied majority provided for in Article 10.3 of the Statute,

(1) OJ L 154, 28. 5. 1998, p. 33.
(2) See page 31 of this Official Journal.

Extent to which the capital shall be paid up

1.1.
The subscriptions of the NCBs of the Member
States adopting the single currency, which shall be calcu-
lated according to the key established in accordance with
Article 29 of the Statute, shall be paid up in full. The
amounts are due as at 1 June 1998.

The Annex to this Decision specifies the amounts

1.2.
corresponding to each of these NCBs.

Article 2

Form in which the capital shall be paid up

2.1.
Amounts due to the ECB from NCBs in respect of
the required paying-up of their share of the subscribed
ECB capital shall be settled to the extent that they may be
offset against repayments of their respective contributions
to the financial resources of the EMI, and will constitute
payments of the subscribed capital of the ECB.

L 8/34

EN

Official Journal of the European Communities

14. 1. 1999

In addition to the payments made under para-
2.2.
graph 2.1 above, the NCBs of the Member States adopting
the single currency shall settle the payment of any
remaining part of their subscribed capital by transfer in
ECU to the account or accounts specified by the Execu-
tive Board, on 1 July 1998.

2.3.
The NCBs of the Member States adopting the
single currency shall remunerate the amounts outstanding
at the monthly interest rate on official net ECU positions,

applied as simple interest to the period from 1 June to 1
July 1998. The interest payments due shall be settled in
one single instalment in arrears on 1 July 1998.

Done at Frankfurt am Main, 9 June 1998.

The President of the ECB

Willem F. DUISENBERG

14. 1. 1999

EN

Official Journal of the European Communities

L 8/35

ANNEX

CAPITAL KEY OF THE ECB

(in ecus)

Key

Subscribed capital

Total amount due

Contributions to the
resources of the EMI

Payable
on 1 July 1998

2,8885 %

144 425 000

144 425 000

17 235 643

127 189 357

24,4096 %

8,8300 %

16,8703 %

0,8384 %

14,9616 %

0,1469 %

4,2796 %

2,3663 %

1,9250 %

1,3991 %

1 220 480 000

1 220 480 000

441 500 000

843 515 000

41 920 000

748 080 000

7 345 000

213 980 000

118 315 000

96 250 000

69 955 000

441 500 000

843 515 000

41 920 000

748 080 000

7 345 000

213 980 000

118 315 000

96 250 000

69 955 000

138 808 404

54 476 907

104 644 800

4 924 381

97 565 912

923 360

26 161 252

14 162 957

11 387 902

10 160 382

1 081 671 596

387 023 093

738 870 200

36 995 619

650 514 088

6 421 640

187 818 748

104 152 043

84 862 098

59 794 618

78,9153 %

3 945 765 000

3 945 765 000

480 451 900

3 465 313 100

Nationale Bank van Belgi(cid:137)/
Banque Nationale de Belgique

Deutsche Bundesbank

Banco de Espa(cid:157)a

Banque de France

Central Bank of Ireland

Banca d’Italia

Banque centrale du Luxembourg

De Nederlandsche Bank

(cid:153)sterreichische Nationalbank

Banco de Portugal

Suomen Pankki

Total subscribed capital of the ECB:

5 000 000 000