Decision of the European Central Bank of 1 December 1998 laying down the measures necessary for the paying-up of the capital of the European Central Bank by the non- participating national central banks (ECB/1998/14)
Date: 1998-12-01
Institutions: European Central Bank
Subjects: EU Member State, European Central Bank, central bank, free movement of capital

28. 4. 1999

EN

Official Journal of the European Communities

L 110/33

DECISION OF THE EUROPEAN CENTRAL BANK

of 1 December 1998

laying down the measures necessary for the paying-up of the capital of the
European Central Bank by the non-participating national central banks

(ECB/1998/14)

(1999/285/EC)

THE GENERAL COUNCIL OF THE EUROPEAN
CENTRAL BANK,

HAS ADOPTED THIS DECISION:

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 48 thereof,

(1) Whereas the European Central Bank (ECB) was

established on 1 June 1998;

(2) Whereas the capital of the ECB shall amount to
ECU 5 000 million and shall become operational
as of 1 June 1998;

(3) Whereas the national banks of the Member States
shall be the sole subscribers to and holders of the
capital of the ECB;

(4) Whereas the subscription to the ECB’s capital shall
be in accordance with Article 1 of
the ECB
Decision on the method to be applied for deter-
mining the national central banks’ percentage
shares in the key for the capital of the European
Central Bank (ECB/1998/1);

(5) Whereas the Governing Council of the ECB shall
determine the extent to which and the form in
which the capital shall be paid up;

(6) Whereas national central banks of non-partici-
pating Member States
shall not pay up their
subscribed capital unless the General Council of
the ECB decides that a minimal percentage has to
be paid up as a contribution to the operational
costs of the ECB;

(7) 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,

Article 1

Extent to which the capital shall be paid up by the
national central banks of the non-participating
Member States

1.1.
The national central banks of non-participating
Member States shall pay up 5 % of their subscription to
the ECB’s capital. The amounts are due as at 1 June 1998.

The Annex to this Decision specifies the indi-
1.2.
vidual amounts due from each of the national central
banks of the non-participating Member States.

Article 2

Manner in which the capital shall be paid up

Amounts due to the ECB from the national central banks
of the non-participating Member States in accordance
with the previous Article shall be settled by offsetting
them against repayments of their respective contributions
to the financial resources of the European Monetary Insti-
tute, and this settlement shall constitute payments of the
subscribed capital of the ECB.

Article 3

Final provision

This Decision shall be published in the Official Journal
of the European Communities.

Done at Frankfurt am Main, 1 December 1998.

The President of the ECB

Willem F. DUISENBERG

L 110/34

EN

Official Journal of the European Communities

28. 4. 1999

ANNEX

Amounts due as at 1 June 1998 from the national central banks of the non-participating Member
States, being 5 % of their subscribed capital, according to the weightings assigned in the key for
subscription of the ECB’s capital of ECU 5 000 million

National central banks
of non-participating
Member States

Danmarks Nationalbank

Bank of Greece

Sveriges Riksbank

Bank of England

Weighting

Subscribed capital

Amount to be paid up

(ECU)

1,6709 %

2,0564 %

2,6537 %

14,6811 %

83 545 000

102 820 000

132 685 000

734 055 000

4 177 250

5 141 000

6 634 250

36 702 750