2004/46/EC: Decision of the European Central Bank of 18 December 2003 laying down the terms and conditions for transfers of the European Central Bank's capital shares between the national central banks and adjustment of the paid-up capital (ECB/2003/20)
Date: 2003-12-18
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, Member States' contribution, banking, banking policy, central bank

L 9/32

EN

Official Journal of the European Union

15.1.2004

DECISION OF THE EUROPEAN CENTRAL BANK

of 18 December 2003

laying down the terms and conditions for transfers of the European Central Bank's capital shares
between the national central banks and adjustment of the paid-up capital

(ECB/2003/20)

(2004/46/EC)

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 and in particular
Article 28.5 thereof,

Whereas:

ECB/1998/14. In view of this fact, Article 2 of Decision
ECB/2003/19 states that either a non-participating NCB
should transfer an additional amount to the ECB, or the
ECB should transfer an amount back to a non-partici-
pating NCB, as appropriate,
in order to arrive at the
amounts set out in the table in Article 1 of Decision
ECB/2003/19,

(1)

(2)

(3)

The adjustment of
the weightings assigned to the
national central banks (NCBs) in the key for subscription
to the European Central Bank's (ECB's) capital (herein-
after the capital key weightings and the capital key
respectively) as provided for in Decision ECB/2003/17
of 18 December 2003 on the national central banks'
percentage shares in the key for subscription to the
European Central
the
Governing Council to determine the terms and condi-
tions for transfers of capital shares between the NCBs in
order to ensure that the distribution of these shares
corresponds to the adjustments made.

capital (1)

requires

Bank's

Decision ECB/2003/18 of 18 December 2003 laying
down the measures necessary for the paying-up of the
European Central Bank's capital by the participating
national central banks (2) determines how and to what
extent the NCBs of the Member States that have adopted
the euro (hereinafter the participating NCBs) should pay
up the ECB's capital in view of the adjusted capital key.
Decision ECB/2003/19 of 18 December 2003 laying
down the measures necessary for the paying-up of the
European Central Bank's capital by the non-participating
national central banks (3) determines the percentage that
the NCBs of the Member States that have not adopted
the euro (hereinafter the non-participating NCBs) should
pay up on 1 January 2004 in view of the adjusted
capital key.

The participating NCBs paid up their shares in the ECB's
subscribed capital as required under Decision ECB/1998/
2 (4) and, in the case of the Bank of Greece, under Article
2 of Decision ECB/2000/14 (5) and Decision ECB/1998/
14 (6). In view of this fact, Article 2 of Decision ECB/
2003/18 states that either a participating NCB should
transfer an additional amount to the ECB, or the ECB
should transfer an amount back to a participating NCB,
as appropriate, in order to arrive at the amounts set out
in the table in Article 1 of Decision ECB/2003/18. Like-
wise, the non-participating NCBs paid up their shares in
the ECB's subscribed capital as required under Decision

(1) See page 27 of this Official Journal.
(2) See page 29 of this Official Journal.
(3) See page 31 of this Official Journal.
(4) OJ L 8, 14.1.1999, p. 33.
(5) OJ L 336, 30.12.2000, p. 110.
(6) OJ L 110, 28.4.1999, p. 33.

HAS ADOPTED THIS DECISION:

Article 1

Transfer of capital shares

Considering the share in the ECB's capital that each NCB will
have subscribed on 31 December 2003 and the share in the
ECB's capital that each NCB will subscribe from 1 January
2004 as a consequence of the adjustment of the capital key
weightings as described in Article 2 of Decision ECB/2003/17,
the NCBs shall transfer capital shares among themselves via
transfers to and from the ECB to ensure that the distribution of
capital shares on 1 January 2004 corresponds to the adjusted
weightings. To this effect, each NCB shall, by virtue of this
Article and without any further formality or act being required,
either transfer or receive on 1 January 2004 the share in the
ECB's subscribed capital set out next to its name in the fourth
column of the table in Annex I to this Decision, whereby ‘+’
shall refer to a capital share that the ECB shall transfer to the
NCB and ‘-’ to a capital share that the NCB shall transfer to the
ECB.

Article 2

Adjustment of the paid-up capital

Considering the amount of the ECB's capital that each
1.
NCB has paid up and the amount of the ECB's capital that each
NCB shall pay up on 1 January 2004, as set out in Article 1 of
Decision ECB/2003/18 for the participating NCBs and Article 1
the non-participating NCBs
of Decision ECB/2003/19 for
respectively, each NCB shall on 2 January 2004 either transfer
or receive the net amount (in euro) set out next to its name in
the fourth column of the table in Annex II to this Decision,
whereby ‘+’ shall refer to an amount that the NCB shall transfer
to the ECB and ‘-’ to an amount that the ECB shall transfer to
that NCB.

15.1.2004

EN

Official Journal of the European Union

L 9/33

On 2 January 2004, the ECB and the NCBs that are under
2.
an obligation to transfer an amount under paragraph 1 shall
each separately transfer any interest accruing over the period
from 1 January 2004 until 2 January 2004 on the respective
amounts due from the ECB and such NCBs under paragraph 1.
The transferors and recipients of this interest shall be the same
as the transferors and recipients of the amounts on which the
interest accrues.

Article 3

General provisions

The transfers described in Article 2 shall

1.
take place
through the Trans-European Automated Real-time Gross settle-
ment Express Transfer system (TARGET).

2.
Any interest accruing under Article 2(2) shall be calcu-
lated on a daily basis, using the actual 360-day method of
calculation, at a rate equal to the marginal interest rate used by
the European System of Central Banks in its most recent main
refinancing operation.

The ECB and NCBs that are under an obligation to make
3.
a transfer under Article 2 shall, in due course, give the neces-
sary instructions for duly executing such transfer on time.

Article 4

Final provisions

This Decision shall enter into force on 19 December

1.
2003.

This Decision will be published in the Official Journal of

2.
the European Union.

Done at Frankfurt am Main, 18 December 2003.

For the Governing Council of the ECB

Jean-Claude TRICHET

L 9/34

EN

Official Journal of the European Union

15.1.2004

ANNEX I

NCBs' SUBSCRIBED CAPITAL

NCB

Share subscribed on 31
December 2003

Share subscribed from 1
January 2004

Share to be transferred

(in EUR)

Nationale Bank van België/Banque Nationale
de Belgique

143 290 000

141 485 000

– 1 805 000

Deutsche Bundesbank

1 224 675 000

1 170 200 000

– 54 475 000

Bank of Greece

Banco de España

Banque de France

Central Bank and Financial Services Authority
of Ireland

102 820 000

108 070 000

+ 5 250 000

444 675 000

439 005 000

– 5 670 000

841 685 000

825 875 000

– 15 810 000

42 480 000

51 270 000

+ 8 790 000

Banca d'Italia

744 750 000

728 630 000

– 16 120 000

Banque centrale du Luxembourg

7 460 000

8 540 000

+ 1 080 000

De Nederlandsche Bank

213 900 000

221 615 000

+ 7 715 000

Oesterreichische Nationalbank

117 970 000

115 095 000

– 2 875 000

Banco de Portugal

Suomen Pankki

96 160 000

100 645 000

+ 4 485 000

69 850 000

71 490 000

+ 1 640 000

Danmarks Nationalbank

83 545 000

86 080 000

+ 2 535 000

Sveriges Riksbank

Bank of England

132 685 000

133 180 000

+ 495 000

734 055 000

798 820 000

+ 64 765 000

Total:

5 000 000 000

5 000 000 000

0

15.1.2004

EN

Official Journal of the European Union

L 9/35

ANNEX II

NCBs' PAID UP CAPITAL

NCB

Share paid up on 31
December 2003

Share paid up from 1
January 2004

Amount of transfer
payment

(in EUR)

Nationale Bank van België/Banque Nationale
de Belgique

143 290 000

141 485 000

– 1 805 000

Deutsche Bundesbank

1 224 675 000

1 170 200 000

– 54 475 000

Bank of Greece

Banco de España

Banque de France

Central Bank and Financial Services Authority
of Ireland

102 820 000

108 070 000

+ 5 250 000

444 675 000

439 005 000

– 5 670 000

841 685 000

825 875 000

– 15 810 000

42 480 000

51 270 000

+ 8 790 000

Banca d'Italia

744 750 000

728 630 000

– 16 120 000

Banque centrale du Luxembourg

7 460 000

8 540 000

+ 1 080 000

De Nederlandsche Bank

213 900 000

221 615 000

+ 7 715 000

Oesterreichische Nationalbank

117 970 000

115 095 000

– 2 875 000

Banco de Portugal

Suomen Pankki

Danmarks Nationalbank

Sveriges Riksbank

Bank of England

96 160 000

100 645 000

+ 4 485 000

69 850 000

71 490 000

+ 1 640 000

4 177 250

6 634 250

4 304 000

6 659 000

+ 126 750

+ 24 750

36 702 750

39 941 000

+ 3 238 250

Total

4 097 229 250

4 032 824 000

– 64 405 250