Decision of the European Central Bank of 22 April 2004 laying down the terms and conditions for transfers of the European Central Bank’s capital shares between the national central banks and for the adjustment of the paid-up capital (ECB/2004/7)
Date: 2004-04-22
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, Member States' contribution, accession to the European Union, banking, banking policy, central bank

9.6.2004

EN

Official Journal of the European Union

L 205/9

DECISION OF THE EUROPEAN CENTRAL BANK

of 22 April 2004
laying down the terms and conditions for transfers of the European Central Bank’s capital shares
between the national central banks and for the adjustment of the paid‐up capital

(ECB/2004/7)

(2004/504/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,

(4)

Whereas:

(1)

(2)

(3)

The adjustment of the weightings assigned to the national
central banks (NCBs) in the expanded key for subscription
to the European Central Bank’s (ECB’s) capital (hereinafter
the capital key weightings and the capital key respectively)
as provided for in Decision ECB/2004/5 of 22 April 2004
on the national central banks’ percentage shares in the key
for subscription to the European Central Bank’s capital (1)
requires the Governing Council to determine the terms and
conditions for transfers of capital shares between the NCBs
that are part of the European System of Central Banks
(ESCB) on 30 April 2004 in order to ensure that the dis‐
tribution of these shares corresponds to the adjustments
made.

Česká národní banka, Eesti Pank, the Central Bank of
Cyprus, Latvijas Banka, Lietuvos bankas, Magyar Nemzeti
Bank, the Central Bank of Malta, Narodowy Bank Polski,
Banka Slovenije and Národná banka Slovenska (hereinaf‐
ter the acceding country NCBs) only become part of the
ESCB on 1 May 2004, which means that transfers of capi‐
tal shares pursuant to Article 28.5 of the Statute do not
apply to the acceding country NCBs.

Decision ECB/2004/6 of 22 April 2004 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 expanded capital key. Decision ECB/2004/10
of 23 April 2004 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 on 1 May 2004 (hereinafter the
non‐participating NCBs) should pay up on 1 May 2004 in
view of the expanded capital key.

as

capital

required

The participating NCBs paid up their shares in the ECB’s
subscribed
under Decision
ECB/2003/18 of 18 December 2003 laying down the mea‐
sures necessary for the paying‐up of the European Central
Bank’s capital by the participating national central
banks (4).
In view of this fact, Article 2 of Decision
ECB/2004/6 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 shown in the
table in Article 1 of Decision ECB/2004/6. Likewise, Dan‐
marks Nationalbank, Sveriges Riksbank and the Bank of
England paid up their shares in the ECB’s subscribed capi‐
tal as required under Decision ECB/2003/19 of 18 Decem‐
ber 2003 laying down the measures necessary for the
paying‐up of the European Central Bank’s capital by the
non‐participating national central banks (5). In view of this
fact, Article 2(1) of Decision ECB/2004/10 states that each
of these three NCBs should either transfer an additional
amount to the ECB, or receive an amount back from the
ECB, as appropriate, in order to arrive at the amounts
shown in the table in Article 1 of Decision ECB/2004/10.
Article 2(2) of Decision ECB/2004/10 states that each of
the acceding country NCBs should transfer to the ECB the
amount shown next to its name in the table in Article 1 of
the same Decision,

HAS DECIDED AS FOLLOWS:

Article 1

Transfer of capital shares

Considering the share in the ECB’s capital that each of the partici‐
pating NCBs, as well as Danmarks Nationalbank, Sveriges Riks‐
bank and the Bank of England, will have subscribed on 30 April
2004 and the share in the ECB’s capital that each of these NCBs
will subscribe from 1 May 2004 as a consequence of the adjust‐
ment of the capital key weightings as described in Article 2 of

(1) See page 5 of this Official Journal.
(2) See page 7 of this Official Journal.
(3) See page 19 of this Official Journal.

(4) OJ L 9, 15.1.2004, p. 29.
(5) OJ L 9, 15.1.2004, p. 31.

L 205/10

EN

Official Journal of the European Union

9.6.2004

Decision ECB/2004/5, these NCBs shall transfer capital shares
among themselves via transfers to and from the ECB to ensure
that the distribution of capital shares on 1 May 2004 corresponds
to the adjusted weightings. To this effect, each of these NCBs shall,
by virtue of this Article and without any further formality or act
being required, either transfer or receive on 1 May 2004 the share
in the ECB’s subscribed capital shown 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

1.
Considering the amount of the ECB’s capital that each NCB
has paid up (if any) and the amount of the ECB’s capital that each
NCB shall pay up on 1 May 2004, as set out in Article 1 of Deci‐
sion ECB/2004/6 for the participating NCBs and Article 1 of Deci‐
sion ECB/2004/10 for the non‐participating NCBs respectively,
each NCB shall on 3 May 2004 either transfer or receive the net
amount (in euro) shown next to its name in the fourth column of
the table in Annex II to this Decision, whereby ‘+’A 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.

On 3 May 2004, the ECB and the NCBs that are under an
2.
obligation to transfer an amount under paragraph 1 shall each
separately transfer any interest accruing over
the period
from 1 May 2004 until 3 May 2004 on the respective amounts
due from the ECB and such NCBs under paragraph 1. The trans‐
ferors and recipients of this interest shall be the same as the trans‐
ferors and recipients of the amounts on which the interest accrues.

Article 3

General provisions

1.
The transfers described in Article 2 shall take place through
the Trans‐European Automated Real‐time Gross settlement
Express Transfer system (TARGET).

2. Where an NCB does not have access
to TARGET
on 3 May 2004, it shall transfer the amounts described in Article 2
on 3 May 2004 by crediting an account that the ECB shall nomi‐
nate in due time.

3.
Any interest accruing under Article 2(2) shall be calculated
on a daily basis, using the actual 360‐day method of calculation,
at a rate equal to the marginal interest rate used by the ESCB in its
most recent main refinancing operation.

The ECB and NCBs that are under an obligation to make a
4.
transfer under Article 2 shall, in due course, give the necessary
instructions for duly executing such transfer on time.

Article 4

Final provision

This Decision shall enter into force on 23 April 2004.

Done at Frankfurt am Main, 22 April 2004.

The President of the ECB
Jean‐Claude TRICHET

9.6.2004

EN

Official Journal of the European Union

L 205/11

ANNEX I

NCBs’ subscribed capital

Share subscribed on
30 April 2004

Share subscribed from
1 May 2004

Share to be transferred

(EUR)

141 485 000

141 910 195,14

+425 195,14

Participating NCBs

Nationale Bank van
België/Banque Nationale de
Belgique

Deutsche Bundesbank

1 170 200 000

1 176 170 750,76

+5 970 750,76

Bank of Greece

Banco de España

Banque de France

Central Bank and Financial
Services Authority of Ireland

Banca d’Italia

Banque centrale du
Luxembourg

108 070 000

439 005 000

825 875 000

105 584 034,30

432 697 551,32

‐2 485 965,70

‐6 307 448,68

827 533 093,09

+1 658 093,09

51 270 000

51 300 685,79

+30 685,79

728 630 000

726 278 371,47

‐2 351 628,53

8 540 000

8 725 401,38

+185 401,38

De Nederlandsche Bank

221 615 000

222 336 359,77

+721 359,77

115 095 000

115 745 120,34

+650 120,34

100 645 000

71 490 000

98 233 106,22

71 711 892,59

‐2 411 893,78

+221 892,59

Oesterreichische
Nationalbank

Banco de Portugal

Suomen Pankki

Non‐participating NCBs

Česká národní banka

0

Danmarks Nationalbank

86 080 000

Eesti Pank

Central Bank of Cyprus

Latvijas Banka

Lietuvos bankas

Magyar Nemzeti Bank

Central Bank of Malta

Narodowy Bank Polski

Banka Slovenije

Národná banka Slovenska

Sveriges Riksbank

Bank of England

0

0

0

0

0

0

0

0

0

133 180 000

798 820 000

81 155 136,30

87 159 414,42

9 927 369,94

7 234 070,02

16 571 585,02

24 623 661,42

77 259 867,83

3 600 341

285 912 705,92

18 613 818,63

39 770 691,11

134 292 162,94

800 321 860,47

Not applicable

+1 079 414,42

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

+1 112 162,94

+1 501 860,47

Total:

5 000 000 000

5 564 669 247,19

0

L 205/12

EN

Official Journal of the European Union

9.6.2004

ANNEX II

NCBs’ paid‐up capital

Share paid up
on 30 April 2004

Share paid up from
1 May 2004

Amount of transfer
payment (EUR)

(EUR)

141 485 000

141 910 195,14

+425 195,14

Participating NCBs

Nationale Bank van
België/Banque Nationale de
Belgique

Deutsche Bundesbank

1 170 200 000

1 176 170 750,76

+5 970 750,76

Bank of Greece

Banco de España

Banque de France

Central Bank and Financial
Services Authority of Ireland

Banca d’Italia

Banque centrale du
Luxembourg

108 070 000

439 005 000

825 875 000

105 584 034,30

432 697 551,32

‐2 485 965,70

‐6 307 448,68

827 533 093,09

+1 658 093,09

51 270 000

51 300 685,79

+30 685,79

728 630 000

726 278 371,47

‐2 351 628,53

8 540 000

8 725 401,38

+185 401,38

De Nederlandsche Bank

221 615 000

222 336 359,77

+721 359,77

Oesterreichische
Nationalbank

Banco de Portugal

Suomen Pankki

Non‐participating NCBs

Česká národní banka

Danmarks Nationalbank

Eesti Pank

Central Bank of Cyprus

Latvijas Banka

Lietuvos bankas

Magyar Nemzeti Bank

Central Bank of Malta

Narodowy Bank Polski

Banka Slovenije

Národná banka Slovenska

Sveriges Riksbank

Bank of England

115 095 000

115 745 120,34

+650 120,34

100 645 000

71 490 000

0

4 304 000

0

0

0

0

0

0

0

0

0

6 659 000

39 941 000

98 233 106,22

71 711 892,59

‐2 411 893,78

+221 892,59

5 680 859,54

6 101 159,01

694 915,90

506 384,90

1 160 010,95

1 723 656,30

5 408 190,75

252 023,87

+5 680 859,54

+1 797 159,01

+694 915,90

+506 384,90

+1 160 010,95

+1 723 656,30

+5 408 190,75

+252 023,87

20 013 889,41

+20 013 889,41

1 302 967,30

2 783 948,38

9 400 451,41

+1 302 967,30

+2 783 948,38

+2 741 451,41

56 022 530,23

+16 081 530,23

Total:

4 032 824 000

4 089 277 550,12

+56 453 550,12