2007/44/EC: Decision of the European Central Bank of 15 December 2006 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/2006/23 )
Date: 2006-12-15
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, Member States' contribution, banking, banking policy, central bank

31.1.2007

EN

Official Journal of the European Union

L 24/5

DECISION OF THE EUROPEAN CENTRAL BANK

of 15 December 2006

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/2006/23)

(2007/44/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,

Central Bank's capital by the non-participating national
central banks (4) determines the percentage that the NCBs
of the Member States that will not have adopted the euro
on 1 January 2007 (hereinafter the non-participating NCBs)
are under an obligation to pay up with effect from 1
January 2007 in view of the expanded capital key.

Whereas:

(1)

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/2006/21 of 15 December
2006 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 members of the European System of
Central Banks (ESCB) on 31 December 2006 in order to
ensure that the distribution of these shares corresponds to
the adjustments made. Accordingly, the adoption of a new
ECB decision is required that repeals Decision ECB/2004/7
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 (2) with effect from 1 January 2007.

(2)

The Bulgarian National Bank and Banca Naţională a
României will not join the ESCB until 1 January 2007,
which means that transfers of capital shares pursuant to
Article 28.5 of the Statute do not apply to them on this
occasion.

(3) Decision ECB/2006/22 of 15 December 2006 laying down
the measures necessary for the paying-up of the European
Central Bank's capital by the participating national central
banks (3) determines how and to what extent the NCBs of
the Member States that have adopted the euro (hereinafter
the participating NCBs) are under an obligation to pay up
in view of the expanded capital key.
the ECB's capital
Decision ECB/2006/26 of 18 December 2006 laying down
the measures necessary for the paying-up of the European

(1) See page 1 of this Official Journal.
(2) OJ L 205, 9.6.2004, p. 9.
(3) See page 3 of this Official Journal.

(4)

(5)

(6)

The participating NCBs, with the exception of Banka
Slovenije, have already paid up their shares in the ECB's
subscribed capital as required under 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 (5).
In view of this,
Article 2(1) of Decision ECB/2006/22 states that either a
participating NCB should 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/2006/22.

Furthermore, Article 2(1) and 2(2) of 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 (6)
lay down that Banka Slovenije, which will be a participating
NCB from 1 January 2007, is under an obligation to pay up
the remaining share of its subscription to the ECB's capital
in order to arrive at the amount shown next to its name in
the table in Article 1 of Decision ECB/2006/22, taking into
account the expanded capital key.

Likewise, the non-participating NCBs, with the exception of
the Bulgarian National Bank and Banca Naţională a
României, have already paid up their shares in the ECB's
subscribed capital as required under 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 (7). In view of this,
Article 2(1) of Decision ECB/2006/26 states that each of
them 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/2006/26. Article 2(2)

(4) See page 15 of this Official Journal.
(5) OJ L 205, 9.6.2004, p. 7.
(6) See page 17 of this Official Journal.
(7) OJ L 205, 9.6.2004, p. 19.

L 24/6

EN

Official Journal of the European Union

31.1.2007

of Decision ECB/2006/26 states that the Bulgarian National
Bank and Banca Naţională a României should transfer to
the ECB the amount shown next to their names in the table
in Article 1 of the same Decision,

HAS DECIDED AS FOLLOWS:

Article 1

Transfer of capital shares

these NCBs shall

Given the share in the ECB's capital that each NCB, with the
exception of the Bulgarian National Bank and Banca Naţională a
României, will have subscribed on 31 December 2006 and the
share in the ECB's capital that each of these NCBs will subscribe
with effect from 1 January 2007 as a consequence of
the
adjustment of the capital key weightings laid down in Article 2
of Decision ECB/2006/21,
transfer capital
shares among themselves via transfers to and from the ECB to
ensure that the distribution of capital shares with effect from 1
January 2007 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 with effect from 1 January 2007 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. Given 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 with effect from 1 January 2007 pursuant to
Article 1 of Decision ECB/2006/22 for the participating NCBs
and Article 1 of Decision ECB/2006/26 for the non-participating
NCBs respectively, on the first operating day of
the Trans-
European Automated Real-time Gross
settlement Express
Transfer system (Target) following 1 January 2007 each NCB
shall either transfer or receive the net amount shown 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.

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

the date of

Article 3

General provisions

1. The transfers described in Article 2 shall take place through
Target.

2. Where an NCB does not have access to Target, the amounts
described in Article 2 shall be transferred by crediting an account
that the ECB or NCB shall nominate in due time.

3. Any interest accruing under Article 2(2) 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.

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

Article 4

Final provision

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

2. Decision ECB/2004/7 is hereby repealed with effect from 1
January 2007.

3. References to Decision ECB/2004/7 shall be construed as
being made to this Decision.

Done at Frankfurt am Main, 15 December 2006.

The President of the ECB

Jean-Claude TRICHET

31.1.2007

EN

Official Journal of the European Union

L 24/7

ANNEX I

NCBS' SUBSCRIBED CAPITAL

Share subscribed on
31 December 2006
(EUR)

Share subscribed
with effect
from 1 January 2007
(EUR)

Share to be transferred
(EUR)

Participating NCB

Nationale Bank van België/Banque nationale de
Belgique

141 910 195,14

142 334 199,56

+ 424 004,42

Deutsche Bundesbank

1 176 170 750,76

1 182 149 240,19

+ 5 978 489,43

Bank of Greece

Banco de España

Banque de France

105 584 034,30

104 659 532,85

- 924 501,45

432 697 551,32

434 917 735,09

+ 2 220 183,77

827 533 093,09

828 813 864,42

+ 1 280 771,33

Central Bank and Financial Services Authority
of Ireland

51 300 685,79

51 183 396,60

- 117 289,19

Banca d'Italia

726 278 371,47

721 792 464,09

- 4 485 907,38

Banque centrale du Luxembourg

8 725 401,38

9 073 027,53

+ 347 626,15

De Nederlandsche Bank

222 336 359,77

224 302 522,60

+ 1 966 162,83

Oesterreichische Nationalbank

115 745 120,34

116 128 991,78

+ 383 871,44

Banco de Portugal

Banka Slovenije

Suomen Pankki

Non-participating NCB

Bulgarian National Bank

Česká národní banka

98 233 106,22

98 720 300,22

+ 487 194,00

18 613 818,63

18 399 523,77

- 214 294,86

71 711 892,59

71 708 601,11

- 3 291,48

0

50 883 842,67

Not applicable

81 155 136,30

79 957 855,35

- 1 197 280,95

Danmarks Nationalbank

87 159 414,42

87 204 756,07

+ 45 341,65

Eesti Pank

9 927 369,94

9 810 391,04

- 116 978,90

Central Bank of Cyprus

7 234 070,02

7 195 054,85

- 39 015,17

Latvijas Banka

Lietuvos bankas

Magyar Nemzeti Bank

Central Bank of Malta

Narodowy Bank Polski

16 571 585,02

16 204 715,21

- 366 869,81

24 623 661,42

24 068 005,74

- 555 655,68

77 259 867,83

75 700 733,22

- 1 559 134,61

3 600 341,00

3 583 125,79

- 17 215,21

285 912 705,92

280 820 283,32

- 5 092 422,60

Banca Naţională a României

0

145 099 312,72

Not applicable

Národná banka Slovenska

39 770 691,11

38 970 813,50

- 799 877,61

Sveriges riksbank

Bank of England

134 292 162,94

134 298 089,46

+ 5 926,52

800 321 860,47

802 672 023,82

+ 2 350 163,35

Total (1)

5 564 669 247,19

5 760 652 402,58

0

(1) Due to rounding, totals may not correspond to the sum of all figures shown.

L 24/8

EN

Official Journal of the European Union

31.1.2007

ANNEX II

NCBS’ PAID-UP CAPITAL

Share paid up on
31 December 2006
(EUR)

Share paid up
with effect
from 1 January 2007
(EUR)

Amount
of transfer payment
(EUR)

Participating NCB

Nationale Bank van België/ Banque nationale de
Belgique

141 910 195,14

142 334 199,56

+ 424 004,42

Deutsche Bundesbank

1 176 170 750,76

1 182 149 240,19

+ 5 978 489,43

Bank of Greece

Banco de España

Banque de France

Central Bank and Financial Services Authority
of Ireland

105 584 034,30

104 659 532,85

- 924 501,45

432 697 551,32

434 917 735,09

+ 2 220 183,77

827 533 093,09

828 813 864,42

+ 1 280 771,33

51 300 685,79

51 183 396,60

- 117 289,19

Banca d'Italia

726 278 371,47

721 792 464,09

- 4 485 907,38

Banque centrale du Luxembourg

8 725 401,38

9 073 027,53

+ 347 626,15

De Nederlandsche Bank

222 336 359,77

224 302 522,60

+ 1 966 162,83

Oesterreichische Nationalbank

115 745 120,34

116 128 991,78

+ 383 871,44

Banco de Portugal

Banka Slovenije

Suomen Pankki

Non-participating NCB

Bulgarian National Bank

Česká národní banka

98 233 106,22

98 720 300,22

+ 487 194,00

1 302 967,30

18 399 523,77

+ 17 096 556,47

71 711 892,59

71 708 601,11

- 3 291,48

0

3 561 868,99

+ 3 561 868,99

5 680 859,54

5 597 049,87

- 83 809,67

Danmarks Nationalbank

6 101 159,01

6 104 332,92

+ 3 173,91

Eesti Pank

694 915,90

686 727,37

Central Bank of Cyprus

506 384,90

503 653,84

- 8 188,53

- 2 731,06

Latvijas Banka

Lietuvos bankas

Magyar Nemzeti Bank

Central Bank of Malta

Narodowy Bank Polski

1 160 010,95

1 134 330,06

- 25 680,89

1 723 656,30

1 684 760,40

- 38 895,90

5 408 190,75

5 299 051,33

- 109 139,42

252 023,87

250 818,81

- 1 205,06

20 013 889,41

19 657 419,83

- 356 469,58

Banca Naţională a României

0

10 156 951,89

+ 10 156 951,89

Národná banka Slovenska

2 783 948,38

2 727 956,95

- 55 991,43

Sveriges riksbank

Bank of England

9 400 451,41

9 400 866,26

+ 414,85

56 022 530,23

56 187 041,67

+ 164 511,44

Total (1):

4 089 277 550,12

4 127 136 230,00

+ 37 858 679,88

(1) Due to rounding totals may not correspond to the sum of all figures shown.