2000/823/EC: Decision of the European Central Bank of 16 November 2000 providing for the paying-up of capital and the contribution to the reserves and provisions of the ECB by the Bank of Greece, and for the initial transfer of foreign-reserve assets to the ECB by the Bank of Greece and related matters (ECB/2000/14)
Date: 2000-11-16
Institutions: European Central Bank
Subjects: European Central Bank, Greece, capital transfer, central bank, foreign-exchange reserves, interest

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EUROPEAN CENTRAL BANK

DECISION OF THE EUROPEAN CENTRAL BANK

of 16 November 2000

providing for the paying-up of capital and the contribution to the reserves and provisions of the
ECB by the Bank of Greece, and for the initial transfer of foreign-reserve assets to the ECB by the
Bank of Greece and related matters

(ECB/2000/14)

(2000/823/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL
BANK,

the key referred to in Article 29.1 of the Statute is
2,0564 %.

Having regard to the Statute of the European System of Central
Banks and of the European Central Bank (hereinafter referred
to as the ‘Statute’) and in particular to Articles 28, 30, 34 and
49 thereof,

(3)

Whereas:

(1)

(2)

Pursuant to Council Decision 2000/427/EC of 19 June
2000 in accordance with Article 122(2) of the Treaty on
the adoption by Greece of the single currency on 1
January 2001 (1), Greece fulfils the necessary conditions
for the adoption of the single currency, and the deroga-
tion in favour of Greece laid down in recital 4 of
Council Decision 98/317/EC of 3 May 1998 in accord-
ance with Article 109j(4) of the Treaty (2) shall be abro-
gated with effect from 1 January 2001. As a result, and
with effect from 1 January 2001, the Bank of Greece
becomes a national central bank (NCB) of a Member
State without a derogation for purposes of this Decision.

Article 28.1 of the Statute provides that the capital of
the European Central Bank (ECB), which became opera-
tional upon its establishment,
shall be EUR 5 000
million. Article 28.2 of the Statute provides that the
NCBs of the Member States of the European Union shall
be the sole subscribers to and holders of the capital of
the ECB and that the subscription of capital shall be
according to the key established in accordance with
Article 29. As provided in Decision ECB/1998/13 of 1
December 1998 on the NCBs' percentage shares in the
key for the capital of the ECB (3) and in accordance with
Council Decision (EC) No 382/98 of 5 June 1998 on the
statistical data to be used for the determination of the
the European
key for subscription of
Central Bank (4) the weighting of the Bank of Greece in

the capital of

(1) OJ L 167, 7.7.2000, p. 19.
(2) OJ L 139, 11.5.1998, p. 30.
(3) OJ L 125, 19.5.1999, p. 33.
(4) OJ L 171, 17.6.1998, p. 33.

Article 49.1 of the Statute provides that the central bank
of a Member State whose derogation has been abrogated
shall pay up its share of the capital of the ECB to the
same extent as the central banks of other Member States
without a derogation. Article 28.3 of
the Statute
provides that the Governing Council of the ECB shall
determine the extent to which and the form in which
the capital shall be paid up. The Governing Council of
the ECB determined in Decision ECB/1998/2 of 9 June
1998 laying down the measures necessary for
the
paying-up of the capital of the European Central Bank (5)
that the subscriptions of the NCBs of the Member States
without a derogation shall be paid up in full. The Bank
of Greece shall
the
subscribed capital of the ECB in full.

therefore pay up its share of

(4)

the

shareholders, decides

Article 48 of
the Statute provides that, by way of
derogation from Article 28.3 of the Statute, the central
banks 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 least two
thirds of the subscribed capital of the ECB and at least
half of
that a minimal
percentage has to be paid up as a contribution to the
operation costs of the ECB. The General Council of the
ECB decided in Decision ECB/1998/14 of 1 December
1998 laying down the measures necessary for
the
paying-up of the capital of the ECB by the non-partici-
pating NCBs (6) that the NCBs of Member States with a
derogation shall pay up 5 % of their subscription to the
ECB's capital. In accordance with Decision ECB/1998/
14, the Bank of Greece paid, as at 1 June 1998, an
amount of EUR 5 141 000 of its subscribed capital of
EUR 102 820 000. The Bank of Greece shall therefore
be required to pay up in full the balance of its share of
the subscribed capital not already paid up.

(5) OJ L 8, 14.1.1999, p. 33.
(6) OJ L 110, 28.4.1999, p. 33.

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(5)

(6)

(7)

(8)

Article 30.1 of the Statute, in conjunction with Articles
43.1 and 43.4, provides that the ECB shall be provided
by the NCB's of Member States without a derogation
with foreign-reserve assets, other than Member States'
currencies, euro,
IMF reserve positions and special
drawing rights (SDRs), up to an amount equivalent to
EUR 50 000 million. Article 30.1 of the Statute further
provides that the ECB shall have the full right to hold
and manage the foreign reserves that are transferred to it
and to use them for the purposes set out in the Statute.

(9)

Article 30.1 of the Statute further provides that the
the ECB shall decide on the
Governing Council of
proportion to be called up by the ECB following its
establishment and the amounts to be called up at later
dates. The Governing Council of the ECB decided in the
Guideline of 3 November 1998, as amended by Guide-
line ECB/2000/15 of 16 November 2000, on the
composition, valuation and modalities for the initial
transfer of foreign-reserve assets, and the denomination
and remuneration of equivalent claims, attached as
Annex to this Decision, that the NCBs of the Member
States which adopted the single currency on 1 January
1999 transfer to the ECB foreign-reserve assets equiva-
lent
of
EUR 39 468 950 000. It is considered appropriate, for
reasons of transparency, to publish Guideline ECB/2000/
15 as Annex to this Decision on the occasion of the
initial transfer of foreign reserve assets to the ECB by the
Bank of Greece.

aggregate

amount

euro

the

to

Article 30.2 of the Statute, in conjunction with Article
43.6, provides that the contribution of each NC shall be
fixed in proportion to its share in the capital of the ECB
subscribed by the NCB's of Member States without a
derogation.

Article 49.1 of the Statute provides that the central bank
of a Member State whose derogation has been abrogated
shall transfer to the ECB foreign-reserve assets in accord-
ance with Article 30.1 of the Statute. Article 49.1 of the
Statute further provides that the sum to be transferred
shall 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 NCB concerned and
the number of shares already paid up by the other NCBs.
The ‘foreign-reserves assets which have already been
transferred to the ECB in accordance with Article 30.1’
of the Statute comprise assets in or denominated in US
dollars, Japanese yen and gold in the form of London
Good Delivery Bars which were transferred to the ECB
in accordance with the provisions of Guideline ECB/
2000/15, attached as Annex to this Decision, by the
NCB's of the Member States which adopted the single
currency on 1 January 1999. The number of shares paid
up by the other NCBs' shall, in view of Article 30.2 of
the Statute in conjunction with Article 43.6, be taken to
refer to the number of shares paid up by the other
central banks of Member States without a derogation.
the aggregate euro-equivalent
The resulting sum is

amount of foreign reserves which are required to be
transferred under Article 49.1 of the Statute.

Article 30.6 of the Statute provides that the Governing
Council of the ECB shall take all other measures neces-
sary for the application of Article 30 of the Statute. The
Governing Council of the ECB considers that the Bank
of Greece should, in compliance with the requirements
set forth in recital 8, transfer the same amounts of
foreign-reserve assets in or denominated in US dollars,
Japanese yen and gold that would have been transferred
to the ECB by the Bank of Greece if the Bank of Greece
had been a NCB of a Member State without a derogation
on 1 January 1999. The Governing Council of the ECB
notes that the aggregate amount of these US dollar,
Japanese yen and gold amounts of foreign-reserve assets
shall be equal to the euro-equivalent amount of foreign-
reserve assets that is required to be transferred by the
Bank of Greece to the ECB pursuant to Article 49.1 of
the Statute.

(10) Article 30.3 of the Statute provides that each NCB shall
be credited by the ECB with a claim equivalent to its
contribution; Article 30.3 of the Statute further provides
that the Governing Council of the ECB shall determine
the denomination and remuneration of such claims. The
the ECB has determined the
Governing Council of
denomination and remuneration of such claims credited
to the NCBs whose Member States adopted the single
currency on 1 January 1999 in Guideline ECB/2000/15,
attached as Annex to this Decision. Subject to the speci-
fications provided for in this Decision, the provisions of
Guideline ECB/2000/15 shall be applicable to the
denomination and remuneration of the claim required to
be credited by the ECB to the Bank of Greece in accord-
ance with Article 30.3 of the Statute.

(11) Article 49.2 of the Statute provides that in addition to
the payment to be made in accordance with Article
49.1, the central bank of a Member State whose deroga-
tion has been abrogated shall contribute to the reserves
of the ECB, to those provisions equivalent to reserves,
and to the amount still
to be appropriated to the
reserves and provisions corresponding to the balance of
the profit and loss account as at 31 December of the
year prior to the abrogation of the derogation. Article
49.2 of the Statute further provides that the sum to be
contributed shall be determined by multiplying the
amount of the reserves, as defined above and as stated in
the approved balance sheet of the ECB, 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 central banks. Article 33.1, in conjunc-
the Statute, provides that
tion with Article 43.5 of
following the transfer of up to 20 % of the net profit of
the ECB to the general reserve fund, the remaining net
profit shall be transferred to the central banks of
Member States without a derogation in proportion to
their paid-up shares. The ‘number of shares already paid
up by the other central banks’ shall, in view of Article
33.1, in conjunction with Article 43.5 of the Statute, be
taken to refer to the number of shares paid up by the
other central banks of Member states without a deroga-
tion.

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(12) Article 10.3 of the Statute, in conjunction with Article
43.4, provides that for any decisions to be taken under
Articles 28 and 30 of the Statute, the votes in the
the ECB shall be weighted
Governing Council of
according to the shares in the capital of
the ECB
subscribed by the central banks of Member States
without a derogation.

(13)

In accordance with Article 3.4 of the ECB Rules of
Procedure, the Governor of the Bank of Greece has
attended the meeting of the Governing Council adopting
this Decision,

The settlement dates for securities and cash to be trans-
3.
ferred to the ECB shall be specified by the ECB, and in due
course the Bank of Geece shall give instructions for the transfer
of the ownership of securities and for the transfer of cash to
the ECB on the settlement dates. The value of all securities shall
be calculated on the basis of prices designated by the ECB, and
the Bank of Greece shall transfer securities and cash to such
accounts as are specified by the ECB.

The Bank of Greece shall transfer gold on such dates, to
4.
such accounts and at such locations as are specified by the
ECB.

HAS ADOPTED THIS DECISION:

Article 4

Article 1

Definitions

For the purposes of this Decision:

— ‘cash’ shall mean the lawful currency of the United States

(US dollar) or Japan (Japanese yen),

— ‘foreign-reserve assets’ shall mean securities, gold or cash,
— ‘gold’ shall mean fine troy ounces of gold in the form of
London Good Delivery Bars, as specified by the London
Bullion Market Association,

— ‘securities’ shall mean any eligible security or financial

instrument as specified by the ECB.

Article 2

Payment of capital

The Bank of Greece shall pay up 95 % of its subscription to the
in an amount equal to EUR 97 679 000. The
ECB's capital
amounts required to be paid by the Bank of Greece shall be
due as of 1 January 2001. The Bank of Greece shall, in due
course, give instructions for the transfer of such amount, and
of accrued interest thereon, on 2 January 2001, through Target
(Trans-European automated real-time settlment express transfer
system) or to an account of the ECB at the Bank of Inter-
national Settlements, as specified by the ECB. Accured interest
shall be calculated at a rate equal to the marginal interest rate
used by the ESCB in its most recent main refinancing opera-
tion, and the calculation of interest shall be effected on a daily
basis, using the actual over-360-day method of calculation.

Article 3

Transfer of foreign-reserve assets

1.
The Bank of Greece shall transfer the same amounts of
foreign-reserve assets in or denominated in US dollars, Japanese
yen and gold that would have been transferred to the ECB by
the Bank of Greece if the Bank of Greece had been a NCB of a
Member State without a derogation on 1 January 1999.

Denomination, remuneration and maturity of the claim
equivalent to the Bank of Greece's contribution, and trans-
tional regime of foreign-exchange losses

1.
Subject to the specifications provided for in this Decision,
the provisions of Articles 3 and 4 of Guideline ECB/2000/15,
attached as Annex to this Decision, shall be applicable with
effect from 1 January 2001 to the claim required to be credited
by the ECB to the Bank of Greece in accordance with Article
30.3 of the Statute.

2.
For purposes of calculating the claim required to be
credited by the ECB to the Bank of Greece in accordance with
Article 30.3 of the Statute and Article 3.1 of Guideline ECB/
2000/15, the aggregate euro equivalent value of the foreign-
reserve assets transferred by the Bank of Greece shall be calcu-
lated on the basis of the exchange rates between the euro and
the US dollar or Japanese yen established as a result of the daily
concertation teleconference procedure on 29 December 2000
among those central banks that participate in such procedure
and, in the case of gold, on the basis of the US dollar price of
gold per fine troy ounce established in the London gold fixing
at 10.30 a.m., London time, on 29 December 2000. The
amount so calculated shall be confirmed by the ECB to the
Bank of Greece as soon as possible on 29 December 2000.

Article 5

Contribution to reserves and provisions of the ECB

In accordance with Article 49.2 of the Statute, the Bank
1.
of Greece shall contribute to the reserves of the ECB, to those
provisions equivalent to reserves, and to the amount still to be
appropriated to the reserves and provisions corresponding to
the balance of the profit and loss account as at 31 December of
the financial year ending 31 December 2000. The sum to be
contributed by the Bank of Greece shall be determined by
multiplying the amount of the reserves, as defined above and as
stated in the aprpoved balance sheet of the ECB as at 31
December 2000, by the ratio between the number of shares
subscribed by the Bank of Greece and the number of shares
already paid up by the other central banks of Member States
without a derogation.

The Bank of Greece shall transfer to the ECB a portfolio
2.
of securities and cash in or denominated in US dollars or
Japanese yen within deviation bands around the modified dura-
tions of the tactical benchmark portfolios as are specified by
the ECB, and in conformity with such credit limits as are
specified by the ECB.

For the purposes of paragraph 1 above, ‘reserves of the
2.
to reserves’ shall, without
ECB’ and ‘provisions equivalent
include the general
limiting the generality of the foregoing,
reserve fund of
to
reserves for valuation losses with respect to foreign-exchange
rates and market prices.

the ECB and the provisions equivalent

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The amounts required to be paid by the Bank of Greece in accordance with paragraph 1 shall be due
3.
as of 1 January 2001. The ECB shall, in due course, calculate and confirm to the Bank of Greece the
amounts required to be contributed by the Bank of Greece to the ECB in accordance with paragraph 1, and
the Bank of Greece shall give instructions for the transfer to the ECB on 30 March 2001 of any such
amounts, and of accrued interest thereon, through Target or to an account of the ECB at the Bank for
International Settlements, as specified by the ECB. Accrued interest shall be calculated from 1 January
through 30 March 2001 at a rate equal to the marginal interest rate used by the ESCB in its most recent
main refinancing operation, and the calcuation of interest shall be effected on a daily basis, using the actual
over-360-day method of calculation.

Article 6

Final provisions

Guideline ECB/2000/15 is hereby attached as Annex to this Decision for reasons of transparency.

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

Done at Frankfurt am Main, 16 November 2000.

The President of the ECB

Willem F. DUISENBERG

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ANNEX

GUIDELINE OF THE EUROPEAN CENTRAL BANK

of 3 November 1998

as amended by the Guideline of 16 November 2000

on the composition, valuation and modalities for the initial transfer of foreign-reserve assets, and the denomina-
tion and remuneration of equivalent claims

(ECB/2000/15)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank (hereinafter
referred to as the ‘Statute’) and in particular to Articles 12.1, 14.3, 30 and 32 thereof,

Whereas:

(1)

(2)

(3)

(4)

(5)

(6)

(7)

Article 30.1 of the Statute, in conjunction with Articles 43.1 and 43.4, provides that the European Central Bank
(ECB) shall be provided by the national central banks (NCBs) of Member States which have adopted the single
currency in accordance with the Treaty establishing the European Community (participating NCBs) with foreign-
reserve assets, other than Member States' currencies, euro, IMF reserve positions and special drawing rights (SDRs),
up to an amount equivalent to EUR 50 000 million. Article 30.1 of the Statute further provides that the
Governing Council of the ECB shall decide on the proportion to be called up by the ECB following its
establishment and the amounts to be called up at later dates. Article 30.1 of the Statute further provides that the
ECB shall have the full right to hold and manage the foreign reserves that are transferred to it and to use them for
the purposes set out in the Statute.

Article 30.2 of the Statute, in conjunction with Article 43.6, provides that the contribution of each participating
NCB shall be fixed in proportion to its share in the capital of the ECB subscribed by the NCBs of Member States
without a derogation.

Article 30.3 of the Statute provides that each NCB shall be credited by the ECB with a claim equivalent to its
contribution. Article 30.3 of the Statute further provides that the Governing Council of the ECB shall determine
the denomination and remuneration of such claims.

Article 30.6 of the Statute provides that the Governing Council of the ECB shall take all other measures necessary
for the application of Article 30 of the Statute.

Article 33.2 of the Statute provides that in the event of a loss incurred by the ECB the shortfall may be offset
against the general reserve fund of the ECB and, if necessary, against the monetary income of the relevant financial
year in proportion and up to the amounts allocated to the participating NCBs in accordance with Article 32.5 of
the Statute. In accordance with Article 32.5 of the Statute, the Governing Council of the ECB adopted the Decision
of 3 November 1998 on the allocation of monetary income of the national central banks of participating Member
States and losses of the ECB for the financial years 1999 to 2001 (1).

Article 32.7 of the Statute provides that the Governing Council of the ECB shall take all other measures necessary
for the application of Article 32 of the Statute.

Article 10.3 of the Statute, in conjunction with Article 43.4, provides 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 NCBs'
shares in the capital of the ECB subscribed by the central banks of Member States without a derogation.

(8)

In accordance with Articles 12.1 and 14.3 of the Statute, ECB Guidelines form an integral part of Community law,

HAS ADOPTED THIS GUIDELINE:

Article 1

Definitions

For the purposes of this Guideline:

— ‘cash’ shall mean the lawful currency of the United States (US dollar) or Japan (Japanese yen),

— ‘foreign-reserve assets’ shall mean securities, gold or cash,

(1) See page 119 of this Official Journal.

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— ‘gold’ shall mean fine troy ounces of gold in the form of London Good Delivery Bars, as specified by the London

Bullion Market Association,

— ‘participating Member States’ shall mean those Member States which adopted the single currency on 1 January 1999

in accordance with the Treaty,

— ‘participating NCBs’ shall mean national central banks of participating Member States,

— ‘securities’ shall mean any eligible security or financial

instrument as specified by the ECB,

— ‘transitional period’ shall mean the period between 1 January 1999 and 31 December 2001.

Article 2

Transfers of foreign-reserve assets by participating NCBs

Each participating NCB shall transfer to the ECB foreign-reserve assets in or denominated in US dollars, Japanese yen

1.
and gold equivalent to the euro amounts set out in the Appendix to this Guideline.

2.
The US dollar amount, the Japanese yen amount and the gold amount (in fine troy ounces) equivalent to the euro
amounts set out in the Appendix to this Guideline shall be calculated on the basis of the exchange rates between the ecu
and the US dollar or Japanese yen established as a result of the concertation teleconference procedure at 11.30 a.m.,
Brussels time, on 31 December 1998 among those central banks that participate in such procedure and, in the case of
gold, on the basis of the US dollar price of gold per fine troy ounce established in the London gold fixing at 10.30 a.m.,
London time, on 31 December 1998. The amounts so calculated shall be confirmed by the ECB to the participating NCBs
as soon as possible on 31 December 1998.

Each participating NCB shall transfer to the ECB a portfolio of securities and cash in or denominated in US dollars
3.
or Japanese yen within deviation bands around the modified durations of the tactical benchmark portfolios as are
specified by the ECB, and in conformity with such credit limits as are specified by the ECB.

4.
The settlement dates for securities and cash to be transferred to the ECB shall be specified by the ECB, and in due
course each participating NCB shall give instructions for the transfer of the ownership of securities and for the transfer of
cash to the ECB on the settlement dates. The value of all securities shall be calculated on the basis of prices designated by
the ECB, and each participating NCB shall transfer securities and cash to such accounts as are specified by the ECB.

Each participating NCB shall transfer gold on such dates, to such accounts and at such locations as are specified by

5.
the ECB.

Article 3

Denomination, remuneration and maturity of claims equivalent to participating NCBs' contributions

The ECB shall credit each participating NCB with a claim denominated in euro-equivalent to the aggregate euro

1.
amount of each participating NCB's contribution of foreign-reserve assets.

The aggregate euro equivalent values of the foreign-reserve assets transferred by each participating NCB shall be as

2.
set out in the Appendix to this Guideline.

3.
The claim credited by the ECB to each participating NCB shall be remunerated at a rate that shall be equivalent to
85 % of the marginal interest rate used by the ESCB in its main refinancing operations. The calculation of interest on each
participating NCB's claim shall be effected by the ECB on a daily basis, using the actual over-360-day method of
calculation.

The claim shall be remunerated at the end of each financial year. The ECB shall inform the NCBs on a quarterly basis

4.
of the cumulative amounts.

5.

The claims are not redeemable.

Article 4

Transitional regime for foreign exchange losses

1.
Each participating NCB shall waive the claim credited to such participating NCB by the ECB to the extent set out in
paragraphs 2 and 4 in the event that the ECB incurs an unrealised loss in any financial year during the transitional period
owing to a decline in the euro-equivalent value of the ECB's foreign-reserve assets resulting solely from exchange rate or
gold price fluctuations, provided that such shortfall cannot be offset in accordance with Article 33.2 of the Statute.

2.
In the event of any unrealised losses as referred to in paragraph 1, the shortfall resulting solely from such losses for
the relevant financial year shall be offset by each participating NCB waiving a part of the original value of its claim
corresponding to its share of such losses in an amount up to the limit set out in paragraph 4.

The offsetting of losses in accordance with paragraph 2 shall take place on an annual basis, together with the

3.
calculation of the monetary income of the ESCB for the corresponding financial year.

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4. Waivers of the value of each participating NCB's claim shall be fixed in proportion to each participating NCB's share
in the capital of the ECB subscribed by the central banks of Member States without a derogation. The maximum
cumulative waivers of the value of each participating NCB's claim during the transitional period shall not exceed 20 % of
the original value of the claim.

Article 5

Final provisions

This Guideline is addressed to the national central banks of participating Member States.

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

Done at Frankfurt am Main, 3 November 1998, and amended and approved for publication in the Official Journal of the
European Communities on 16 November 2000.

On behalf of the Governing Council of the ECB

The President

Willem F. DUISENBERG

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Appendix

Euro-equivalent amounts of foreign reserve assets to be transferred by each participating NCB whose Member
State shall have adopted the single currency on 1 January 1999

National central bank

Euro-equivalent amounts of
US dollar and Japanese yen
securities and cash

Euro-equivalent amounts of
gold

Aggregate euro-equivalent
amounts of foreign-reserve
assets

Nationale Bank van België/Banque
Nationale de Belgique

1 217 965 000

214 935 000

1 432 900 000

Deutsche Bundesbank

10 409 737 500

1 837 012 500

12 246 750 000

Banco de España

3 779 737 500

667 012 500

4 446 750 000

Banque de France

7 154 322 500

1 262 527 500

8 416 850 000

Central Bank of Ireland

361 080 000

63 720 000

424 800 000

Banca d'Italia

6 330 375 000

1 117 125 000

7 447 500 000

Banque centrale du Luxembourg

63 410 000

11 190 000

74 600 000

De Nederlandsche Bank

1 818 150 000

320 850 000

2 139 000 000

Österreichische Nationalbank

1 002 745 000

176 955 000

1 179 700 000

Banco de Portugal

817 360 000

144 240 000

961 600 000

Suomen Pankki

593 725 000

104 775 000

698 500 000

Total

33 548 607 500

5 920 342 500

39 468 950 000