2007/45/EC: Decision of the European Central Bank of 15 December 2006 laying down the measures necessary for the contribution to the European Central Bank's accumulated equity value and for adjusting the national central banks' claims equivalent to the transferred foreign reserve assets ( ECB/2006/24 )
Date: 2006-12-15
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, banking, banking policy, central bank, foreign-exchange reserves

31.1.2007

EN

Official Journal of the European Union

L 24/9

DECISION OF THE EUROPEAN CENTRAL BANK

of 15 December 2006

laying down the measures necessary for the contribution to the European Central Bank's accumulated
equity value and for adjusting the national central banks' claims equivalent to the transferred foreign
reserve assets

(ECB/2006/24)

(2007/45/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

also effect a compensatory transfer to those participating
NCBs whose relative share decreases.

Having regard to the Statute of the European System of Central
Banks and of the European Central Bank, and in particular
Article 30 thereof,

(5)

Whereas:

(1)

In view of the accession of Bulgaria and Romania to the
European Union and their respective national central banks
(NCBs)
joining the European System of Central Banks
(ESCB) on 1 January 2007, Decision ECB/2006/21 of 15
December 2006on the national central banks' percentage
shares in the key for subscription to the European Central
Bank's capital (1) establishes with effect from 1 January
2007 the new weightings assigned to each NCB that will be
a member of the ESCB on 1 January 2007 in the key for
subscription to the European Central Bank's
(ECB's)
expanded capital
(hereinafter the capital key weightings
and the capital key respectively).

euro (hereinafter

that have adopted the

(2) Consequently, the claims which the ECB has credited under
Article 30.3 of the Statute to the NCBs of the Member
the
States
participating NCBs), and which are equivalent
to the
participating NCBs' contributions of foreign reserve assets
to the ECB (hereinafter the claims) need to be adjusted.
Those participating NCBs whose claims increase due to the
expansion of the capital key on 1 January 2007 should
therefore effect a compensatory transfer to the ECB, while
the ECB should effect a compensatory transfer to those
participating NCBs whose claims decrease due to this
expansion.

The respective capital key weightings of each participating
NCB until 31 December 2006 and with effect from 1
January 2007 should be expressed as a percentage of the
ECB's total capital as subscribed to by all participating NCBs
for the purpose of calculating the adjustment of the value
of each participating NCB's share in the ECB's accumulated
equity value.

(6) Accordingly, the adoption of a new ECB decision is required
that repeals Decision ECB/2003/21 of 18 December 2003
laying down the measures necessary for the contribution to
the ECB's reserves and provisions and for adjusting the
national central banks' claims equivalent to the transferred
foreign reserve assets (2) and Decision ECB/2004/8 of 22
April 2004 laying down the measures necessary for the
contribution to the European Central Bank's accumulated
equity value, for adjusting the national central banks' claims
equivalent to the transferred foreign reserve assets, and for
related financial issues (3).

(7)

Pursuant to Article 1 of Council Decision 2006/495/EC of
11 July 2006 in accordance with Article 122(2) of the
Treaty on the adoption by Slovenia of the single currency
on 1 January 2007 (4), the derogation in favour of Slovenia
referred to in Article 4 of the 2003 Act of Accession (5) is
abrogated with effect from 1 January 2007,

HAS DECIDED AS FOLLOWS:

Article 1

Definitions

For the purposes of this Decision:

‘accumulated equity value’ means the total of the ECB's
reserves, revaluation accounts and provisions equivalent to
reserves as calculated by the ECB as at 31 December 2006.
The ECB's reserves and those provisions equivalent
to
reserves shall include, without limitation to the generality of
the ‘accumulated equity value’, the general reserve fund and

The limit on the amount of foreign reserve assets that may
to EUR
be transferred to the ECB will be equivalent
57 606 524 025,77 with effect from 1 January 2007.

(a)

(3)

(4)

In accordance with the general principles of fairness, equal
treatment and the protection of
legitimate expectations
underlying the Statute, those participating NCBs whose
relative share in the ECB's accumulated equity value
increases due to the abovementioned adjustments should

(1) See page 1 of this Official Journal.

(2) OJ L 9, 15.1.2004, p. 36.
(3) OJ L 205, 9.6.2004, p. 13.
(4) OJ L 195, 15.7.2006, p. 25.
(5) OJ L 236, 23.9.2003, p. 33.

L 24/10

EN

Official Journal of the European Union

31.1.2007

the provision equivalent to reserves for foreign exchange
rate, interest rate and gold price risks;

same as the transferors and recipients of the amounts on which
the interest accrues.

(b)

(c)

‘transfer date’ means the second business day following the
financial
Governing Council's approval of
accounts for the financial year 2006;

the ECB's

‘ECB's income on euro banknotes’ has the same meaning as
the term ‘ECB's income on euro banknotes in circulation’ as
defined in Article 1(d) of Decision ECB/2005/11 of 17
November 2005 on the distribution of the income of the
European Central Bank on euro banknotes in circulation to
the national central banks of the participating Member
States (1).

Article 2

Contribution to the ECB's reserves and provisions

1.
If a participating NCB's share in the accumulated equity
value increases due to the increase in its capital key weighting
with effect from 1 January 2007, that participating NCB shall
transfer the amount determined pursuant to paragraph 3 to the
ECB on the transfer date.

2.
If a participating NCB's share in the accumulated equity
value decreases due to the decrease in its capital key weighting
with effect from 1 January 2007, that participating NCB shall
receive the amount determined pursuant to paragraph 3 from
the ECB on the transfer date.

3. The ECB shall, on or before the day the Governing Council
approves the ECB's financial accounts for the financial year
2006, calculate and confirm to each participating NCB either the
amount to be transferred by that participating NCB to the ECB
where paragraph 1 applies, or
the amount which that
participating NCB shall receive from the ECB where paragraph
2 applies. Subject to rounding, each amount to be transferred or
received shall be calculated by multiplying the accumulated
equity value by the absolute difference between each participat-
ing NCB's capital key weighting on 31 December 2006 and its
capital key weighting with effect from 1 January 2007 and
dividing the result by 100.

4.
Each amount described in paragraph 3 shall be due in euro
on 1 January 2007 but shall be effectively transferred on the
transfer date.

5. On the transfer date, a participating NCB or the ECB having
to transfer an amount under paragraph 1 or paragraph 2 shall
also separately transfer any interest accruing over the period
from 1 January 2007 until the transfer date on each of the
respective amounts due from such participating NCB and the
ECB. The transferors and recipients of this interest shall be the

If

the accumulated equity value is less than zero,

the
6.
amounts that have to be transferred or received under paragraph
3 and paragraph 5 shall be settled in the opposite directions to
those specified in paragraph 3 and paragraph 5.

Article 3

Adjustment of the claims equivalent to the transferred
foreign reserve assets

1. Given that the adjustment of the claims equivalent to the
transferred foreign reserve assets for Banka Slovenije will be
regulated by Decision ECB/2006/30 of 30 December 2006 on
Banka Slovenije's paying-up of capital, transfer of foreign reserve
assets and contribution to the European Central Bank's reserves
and provisions (2), this Article shall regulate the adjustment of
the claims equivalent to the foreign reserve assets transferred by
the other participating NCBs.

2. The participating NCBs' claims shall be adjusted with effect
from 1 January 2007 in accordance with their adjusted capital
key weightings. The value of the participating NCBs' claims with
effect from 1 January 2007 is shown in the third column of the
table in the Annex to this Decision.

Each participating NCB shall, by virtue of this provision and
3.
formality or act being required, be
without any further
considered to have either transferred or received on 1 January
2007 the absolute value of the claim (in euro) shown next to its
name in the fourth column of the table in the Annex to this
Decision, whereby ‘-’ shall refer to a claim that the participating
NCB shall transfer to the ECB and ‘+’ to a claim that the ECB shall
transfer to the participating NCB.

4. On the first operating day of the Trans-European Automated
Real-time Gross settlement Express Transfer system (Target)
following 1 January 2007, each participating NCB shall either
transfer or receive the absolute value of the amount (in euro)
shown next to its name in the fourth column of the table in the
Annex to this Decision, whereby ‘+’ shall refer to an amount that
the participating NCB shall transfer to the ECB and ‘-’ to an
amount that the ECB shall transfer to the participating NCB.

5. On the first Target operating day following 1 January 2007,
the ECB and the participating NCBs that are under an obligation
to transfer amounts under paragraph 4 shall also separately
transfer any interest accruing over the period from 1 January
2007 until the date of this transfer on the respective amounts
due from the ECB and such participating NCBs. The transferors
and recipients of this interest shall be the same as the transferors
and recipients of the amounts on which the interest accrues.

(1) OJ L 311, 26.11.2005, p. 41.

(2) See page 17 of this Official Journal.

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Official Journal of the European Union

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Article 4

General Provisions

Article 5

Final provisions

1. The interest accruing under Article 2(5) and Article 3(5)
shall be calculated on a daily basis, using the actual over-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.

2.
Each transfer pursuant to Article 2(1), 2(2) and 2(5) and
Article 3(4) and 3(5) shall take place separately through Target.

3. The ECB and the participating NCBs that are under an
obligation to effect any of the transfers referred to in paragraph 2
in due course, give the necessary instructions for duly
shall,
executing such transfers on time.

1. This Decision shall enter into force on 1 January 2007.

2. Decisions ECB/2003/21 and ECB/2004/8 are hereby
repealed with effect from 1 January 2007.

3. References to Decisions ECB/2003/21 and ECB/2004/8 shall
be construed as references to this Decision.

Done at Frankfurt am Main, 15 December 2006.

The President of the ECB

Jean-Claude TRICHET

L 24/12

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Official Journal of the European Union

31.1.2007

CLAIMS EQUIVALENT TO THE FOREIGN RESERVE ASSETS TRANSFERRED TO THE ECB

ANNEX

Participating NCB

Claim equivalent to the
foreign reserve assets
transferred to the ECB,
on 31 December 2006
(EUR)

Claim equivalent to the
foreign reserve assets
transferred to the ECB,
with effect
from 1 January 2007
(EUR)

Amount of transfer
(EUR)

Nationale Bank van België/ Banque nationale de
Belgique

1 419 101 951,42

1 423 341 995,63

+ 4 240 044,21

Deutsche Bundesbank

11 761 707 507,63

11 821 492 401,85

+ 59 784 894,22

Bank of Greece

Banco de España

Banque de France

1 055 840 342,96

1 046 595 328,50

- 9 245 014,46

4 326 975 513,23

4 349 177 350,90

+ 22 201 837,67

8 275 330 930,88

8 288 138 644,21

+ 12 807 713,33

Central Bank and Financial Services Authority
of Ireland

513 006 857,90

511 833 965,97

- 1 172 891,93

Banca d'Italia

7 262 783 714,66

7 217 924 640,86

- 44 859 073,80

Banque centrale du Luxembourg

87 254 013,80

90 730 275,34

+ 3 476 261,54

De Nederlandsche Bank

2 223 363 597,71

2 243 025 225,99

+ 19 661 628,28

Oesterreichische Nationalbank

1 157 451 203,42

1 161 289 917,84

+ 3 838 714,42

Banco de Portugal

Banka Slovenije

Suomen Pankki

982 331 062,21

987 203 002,23

+ 4 871 940,02

0

183 995 237,74 (1)

+ 183 995 237,74

717 118 925,89

717 086 011,07

- 32 914,82

Total (2)

39 782 265 621,70

40 041 833 998,13

+ 259 568 376,43

(1) To be transferred with effect from the dates laid down in Decision ECB/2006/30.
(2) Due to rounding, totals may not correspond to the sum of all figures shown.