Council Regulation (EC) No 1010/2000 of 8 May 2000 concerning further calls of foreign reserve assets by the European Central Bank
Date: 2000-05-08
Institutions: Council of the European Union
Subjects: European Central Bank, European System of Central Banks, Northern Ireland, United Kingdom, bank deposit, foreign-exchange reserves

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Official Journal of the European Communities

16.5.2000

COUNCIL REGULATION (EC) No 1010/2000

of 8 May 2000

concerning further calls of foreign reserve assets by the European Central Bank

THE COUNCIL OF THE EUROPEAN UNION,

foreign reserve assets by the national central banks to
the ECB.

Having regard to the Protocol on the Statute of the European
System of Central Banks and of the European Central Bank
(hereinafter referred to as the ‘Statute’) and in particular Article
30(4) thereof,

Having regard to the recommendation of the European Central
Bank (ECB) (1),

Having regard to the opinion of the European Parliament (2),

Having regard to the opinion of the Commission of the Euro-
pean Communities (3),

Acting in accordance with the procedure laid down in Article
107(6) of the Treaty establishing the European Community
(‘the Treaty’) and Article 42 of the Statute and under the
conditions set out in Article 122(5) of the Treaty and para-
graph 7 of the Protocol on certain provisions relating to the
United Kingdom of Great Britain and Northern Ireland,

Whereas:

(1)

(2)

(3)

(4)

Article 30(1) of the Statute requires that the ECB be
provided by the national central banks of participating
Member States with foreign reserve assets, other than
Member States' currencies, euro, IMF reserve positions
and SDRs, up to an amount equivalent to EUR 50 000
million.

Article 30(4) of the Statute provides that further calls of
foreign reserve assets beyond the limit set in Article
30(1) of the Statute may be effected by the ECB within
the limits and under the conditions set by the Council.

Article 123(1), in conjunction with Article 107(6), of the
Treaty provides that immediately after 1 July 1998 the
Council shall adopt the provision referred to in Article
30(4) of the Statute.

This Regulation establishes a limit for further calls of
foreign reserve assets, thereby enabling the Governing
Council of the ECB to decide on actual calls at some
point in the future in order to replenish already depleted
holdings of foreign reserve assets and not to increase the
ECB's holdings beyond the maximum amount equivalent
to EUR 50 000 million set for the initial transfers of

(1) OJ C 269, 23.9.1999, p. 9.
(2) Opinion delivered on 17 March 2000 (not yet published in the

Official Journal).

(3) Opinion delivered on 8 March 2000 (not yet published in the Offi-

cial Journal).

(5)

(6)

(7)

(8)

(9)

Any replenishment of foreign reserves is not to entail an
increase in the subscribed capital of the ECB.

Article 30(4) of the Statute requires that further calls of
foreign reserve assets be effected in accordance with
Article 30(2) of the Statute; Article 30(2) in conjunction
with Article 43(6) of the Statute and paragraph 10(b) of
the Protocol on certain provisions relating to the United
Kingdom of Great Britain and Northern Ireland requires
that the contributions of each national central bank shall
be fixed in proportion to its share of the capital of the
ECB subscribed by the national central banks of partici-
pating Member States.

Article 10(3) in conjunction with Article 43(4) of the
Statute requires that for any decisions to be taken under
Article 30 of the Statute, the votes in the Governing
Council of the ECB shall be weighted according to the
shares of
the national central banks of participating
Member States in the subscribed capital of the ECB.

Article 30(4) of the Statute, in conjunction with Articles
43(4) and 43(6) of the Statute and paragraph 8 of the
Protocol on certain provisions relating to the United
Kingdom of Great Britain and Northern Ireland and
paragraph 2 of
the Protocol on certain provisions
relating to Denmark, does not confer any rights or
impose
any obligations on the non-participating
Member States.

Article 49(1) of the Statute in conjunction with para-
the Protocol on certain provisions
graph 10(b) of
relating to the United Kingdom of Great Britain and
Northern Ireland requires that the central bank of a
Member State whose derogation has been abrogated, or
who is treated on the same basis as the central bank of a
Member State whose derogation has been abrogated, is
to transfer to the ECB foreign reserve assets in accord-
ance with Article 30(1) of the Statute. Article 49(1) of
the Statute requires that the sum to be transfered is to be
determined by multiplying the euro value at current
exchange rates of the foreign reserve assets which have
already been transferred to the ECB in accordance with
Article 30(1), by the ratio between the number of shares
subscribed by the national central bank concerned and
the number of shares already paid up by the other
national central banks.

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Official Journal of the European Communities

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(10) All references to amounts in euro in the aforementioned
provisions of the Treaty, in this Regulation and in any
call of or request by the ECB for foreign reserve assets
are references to nominal amounts in euro at the time a
call of such foreign reserve assets by the ECB is effected,

HAS ADOPTED THIS REGULATION:

Article 1

Definitions

For the purposes of this Regulation:

— ‘foreign reserve assets’ mean any official foreign reserve
assets of the participating Member States held by national
central banks that are denominated in, or comprise, curren-
cies, units of account or gold other than Member States'
currencies, euro, IMF reserve positions and SDRs,

— ‘national central bank’ means the central bank of a partici-

pating Member State, and

Article 2

Further calls of foreign reserve assets

1.
The ECB may effect further calls of foreign reserve assets
from the national central banks beyond the limit set in Article
30(1) of the Statute, up to an amount equivalent to an addi-
tional EUR 50 000 million, in case of need for such foreign
reserve assets.

2.
The central bank of a Member State whose derogation
has been abrogated, or who is treated on the same basis as the
central bank of a Member State whose derogation has been
abrogated, shall transfer to the ECB a sum of foreign reserve
assets determined by multiplying the euro value at current
exchange rates of the foreign reserve assets which have already
been transferred to the ECB in accordance with paragraph 1, by
the ratio between the number of shares subscribed by the
central bank concerned and the number of shares already paid
up by the other national central banks.

Article 3

Final provisions

— ‘participating Member State’ means a Member State which
has adopted the single currency in accordance with the
Treaty.

This Regulation shall enter into force on the day following that
of its publication in the Official Journal of the European Communi-
ties.

This Regulation shall be binding in its entirety and directly applicable in the Member States in
accordance with the Treaty establishing the European Community.

Done at Brussels, 8 May 2000.

For the Council

The President

J. PINA MOURA