2007/48/EC: Decision of the European Central Bank 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 ( ECB/2006/30 )
Date: 2006-12-30
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, Member States' contribution, Slovenia, banking, central bank, foreign-exchange reserves

31.1.2007

EN

Official Journal of the European Union

L 24/17

DECISION OF THE EUROPEAN CENTRAL BANK

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

(ECB/2006/30)

(2007/48/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
Articles 30.1, 30.3, 49.1 and 49.2 thereof,

Whereas:

(1)

Pursuant to 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 (1), Slovenia fulfils the necessary conditions
for adoption of the euro and its derogation under Article 4
of the Act of accession (2) will be abrogated with effect from
1 January 2007.

(2) Article 49.1 of the Statute provides that the national central
bank (NCB) of a Member State whose derogation has been
abrogated must pay up its subscribed share of the capital of
the European Central Bank (ECB) to the same extent as the
NCBs of the other participating Member States. The NCBs
of the existing participating Member States have paid up
their subscriptions to the ECB's capital in full (3). Banka
Slovenije's weighting in the ECB's capital key is 0,3194 %,
pursuant to Article 2 of 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 (4). Banka Slovenije has already paid up a
share of its subscription to the ECB's capital, pursuant to
Article 1 of 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 (5). The outstanding amount
is
therefore EUR 17 096 556,47, which results from multi-
(EUR
plying
5 760 652 402,58) by Banka Slovenije's
capital key
weighting (0,3194 %), minus the share of its subscription
that has already been paid up, thereby taking into account
the expansion of the ECB's capital key as a result of the
Bulgarian National Bank and Banca Naţională a României
joining the ESCB.

subscribed

capital

ECB's

the

(1) OJ L 195, 15.7.2006, p. 25.
(2) Act concerning the conditions of accession of the Czech Republic,
the Republic of Estonia, the Republic of Cyprus, the Republic of
Latvia, the Republic of Lithuania, the Republic of Hungary, the
Republic of Malta, the Republic of Poland, the Republic of Slovenia
and the Slovak Republic and the adjustments to the Treaties on
which the European Union is founded (OJ L 236, 23.9.2003, p. 33).

(3) Decision ECB/2004/6OJ L 205, 9.6.2004, p. 7
(4) See page 1 of this Official Journal.
(5) OJ L 205, 9.6.2004, p. 19.

(3) Article 49.1,

in conjunction with Article 30.1, of

the
Statute provides that the NCB of a Member State whose
derogation has been abrogated must also transfer foreign
reserve assets to the ECB. Pursuant to Article 49.1 of the
Statute,
the sum to be transferred is 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 of
the Statute, by the ratio between the number of shares
subscribed by the NCB concerned and the number of shares
already paid up by the NCBs of the other participating
Member States. When determining the ‘foreign reserve
assets which have already been transferred to the ECB in
accordance with Article 30.1’, due account should be taken
of the ECB capital key adjustment on 1 January 2004 (6)
pursuant to Article 29.3 of the Statute, the ECB capital key
expansion on 1 May 2004 (7) pursuant to Article 49.3 of
the Statute, and the ECB's capital key expansion on 1
January 2007 pursuant to Article 49.3 of the Statute (8). As
a result, pursuant
to Decision ECB/2006/24 of 15
December 2006 laying down the measures necessary for
the contribution to the European Central Bank's accumu-
lated equity value, for adjusting the national central banks’
claims
transferred foreign reserve
assets (9), the euro equivalent of the foreign reserve assets
which have already been transferred to the ECB under
Article 30.1 of the Statute is EUR 41 514 271 945,60.

equivalent

to the

(4)

The foreign reserve assets to be transferred by Banka
Slovenije should be denominated in US dollars and gold.

(5) Article 30.3 of the Statute provides that the ECB must
credit each NCB of a participating Member State with a
claim equivalent to the foreign reserve assets that it has
transferred to the ECB. The provisions regarding the
denomination and remuneration of the claims that have
already been credited to the NCBs of
the existing
participating Member States (10) should also apply to the
denomination and remuneration of Banka Slovenije's claim.

(6) Decision ECB/2003/17 (OJ L 9, 15.1.2004, p. 27).
(7) Decision ECB/2004/5 (OJ L 205, 9.6.2004, p. 5).
(8) Not yet published in the Official Journal.
(9) See page 9 of this Official Journal.
(10) Guideline ECB/2000/15 (OJ L 336, 30.12.2000, p. 114).

L 24/18

EN

Official Journal of the European Union

31.1.2007

(6) Article 49.2 of the Statute provides that the NCB of a
Member State whose derogation has been abrogated must
to those provisions
contribute to the ECB's reserves,
equivalent
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 abrogation of the derogation.
The amount of
contribution is determined in
this
accordance with Article 49.2 of the Statute.

to reserves, and to the amount still

(7)

In accordance with Article 3.5 of the Rules of Procedure of
the European Central Bank,
the Governor of Banka
Slovenije has been invited to attend the meeting of the
Governing Council adopting this Decision,

HAS DECIDED AS FOLLOWS:

Article 1

Definitions

For the purposes of this Decision:

— ‘participating Member State’ means a Member State that has

adopted the euro,

— ‘cash’ means the lawful currency of the United States (US

dollar),

— ‘gold’ means fine troy ounces of gold in the form of London
Good Delivery bars, as specified by the London Bullion
Market Association,

Article 3

Transfer of foreign reserve assets

1. Banka Slovenije shall transfer to the ECB, with effect from 1
January 2007 and in accordance with this Article and the
arrangements taken pursuant to it, an amount of foreign reserve
assets denominated in US dollars and gold that is equivalent to
EUR 191 641 809,33, as follows:

Euro-equivalent amount
of US dollars

Euro-equivalent
amount of gold

Aggregate euro-equiva-
lent amount

162 895 537,93

28 746 271,40

191 641 809,33

2. The euro-equivalent amounts of foreign reserve assets to be
transferred by Banka Slovenije under paragraph 1 shall be
calculated on the basis of the exchange rates between the euro
and the US dollar established as a result of the 24-hour written
consultation procedure on 29 December 2006 between those
central banks that participate in that 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 2006.

3. The ECB shall confirm to Banka Slovenije as soon as
possible the amounts calculated in accordance with paragraph 2.

4. Banka Slovenije shall transfer cash to the ECB to such
accounts as are specified by the ECB. The settlement date for the
cash to be transferred to the ECB is 2 January 2007. Banka
Slovenije shall give instructions for the transfer of cash to the
ECB on the settlement date.

— ‘foreign reserve assets’ means gold or cash.

5. Banka Slovenije shall transfer gold on such dates, to such
accounts and at such locations as are specified by the ECB.

Article 2

Payment of capital

1. With effect from 1 January 2007, Banka Slovenije shall pay
up the remaining share of its subscription to the ECB's capital,
which corresponds to EUR 17 096 556,47.

2. Banka Slovenije shall pay this amount to the ECB on 2
through the Trans-
January 2007 by means of a transfer
European Automated Real-time Gross
settlement Express
Transfer system (Target).

3. Banka Slovenije shall, by means of a separate Target transfer,
pay to the ECB on 2 January 2007 the interest accruing during
the period from 1 January 2007 until 2 January 2007 on the
amount due to the ECB under paragraph 2.

4. Any interest accruing under paragraph 3 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 European System of Central Banks (ESCB) in that of its most
recent main refinancing operation.

6. The difference, if any, between the aggregate euro-equivalent
amount mentioned in paragraph 1 and the amount mentioned in
Article 4(1) shall be settled in accordance with the Agreement of
30 December 2006 between the European Central Bank and
Banka Slovenije regarding the claim credited to Banka Slovenije
by the European Central Bank under Article 30.3 of the Statute
of the European System of Central Banks and of the European
Central Bank (1).

Article 4

Denomination, remuneration and maturity of the claim
equivalent to Banka Slovenije's contribution

from 1 January 2007, and subject

1. With effect
to the
specifications in Article 3 regarding the settlement dates of the
transfers of foreign reserve assets, the ECB shall credit Banka
Slovenije with a claim denominated in euro, equivalent to the
aggregate euro amount of Banka Slovenije's contribution of
foreign
EUR
reserve
183 995 237,74.

assets, which

corresponds

to

(1) Not yet published in the Official Journal.

31.1.2007

EN

Official Journal of the European Union

L 24/19

2. The claim credited by the ECB to Banka Slovenije shall be
remunerated. The interest accruing shall be calculated on a daily
basis, using the actual over-360-day method of calculation, at a
rate equivalent to 85 % of the marginal interest rate used by the
ESCB in that of its most recent main refinancing operation.

the latest on the first working day following the
4. At
Governing Council's approval of the ECB's annual accounts for
the year 2006, the ECB shall calculate and confirm to Banka
Slovenije the amount to be contributed by Banka Slovenije under
paragraph 1.

3. The claim shall be remunerated at the end of each financial
year. The ECB shall inform Banka Slovenije on a quarterly basis
of the cumulative amount.

4. The claim shall not be redeemable.

5. On the second working day following the Governing
Council's approval of the ECB's annual accounts for the year
2006, Banka Slovenije shall, by means of two separate Target
transfers, pay to the ECB

Article 5

(a)

the amount due to the ECB under paragraph 4; and

Contribution to the ECB's reserves and provisions

1. With effect from 1 January 2007 and in accordance with
paragraphs 5 and 6 and Article 3, Banka Slovenije shall
contribute to the ECB's reserves, 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 2006.

2. The amount to be contributed by Banka Slovenije shall be
determined in accordance with Article 49.2 of the Statute. The
references in Article 49.2 to the ‘number of shares subscribed by
the central bank concerned’ and the ‘number of shares already
paid up by the other central banks’ shall refer to the weightings
of Banka Slovenije and the NCBs of the existing participating
Member States, respectively, in the ECB's capital key, pursuant to
Decision ECB/2006/21.

For the purposes of paragraph 1,

‘the ECB's reserves’ and
3.
‘provisions equivalent to reserves’ shall
inter alia, the
ECB's general reserve fund, balances on revaluation accounts and
provisions for foreign exchange rate, interest rate and gold price
risks.

include,

(b)

the interest accruing during the period from 1 January
2007 until that date, on the amount due to the ECB under
paragraph 4.

6. Any interest accruing under paragraph 5 b) 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 that of its most recent main refinancing
operation.

Article 6

Final provision

This Decision shall enter into force on 1 January 2007.

Done at Frankfurt am Main, 30 December 2006.

The President of the ECB

Jean-Claude TRICHET