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
Date: 2006-12-30
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, Slovenia, central bank, claim

C 17/26

EN

Official Journal of the European Union

25.1.2007

EUROPEAN CENTRAL BANK

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

(2007/C 17/07)

THE EUROPEAN CENTRAL BANK AND BANKA SLOVENIJE,

Whereas:

(1)

(2)

(3)

Pursuant to Article 3(1) 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 provi-
sions (1), the aggregate euro-equivalent amount of foreign
reserve assets that Banka Slovenije is required to transfer
to the European Central Bank (ECB) with effect from
1 January 2007 in accordance with Article 49.1 of the
Statute of the European System of Central Banks and of
the European Central Bank is EUR 191 641 809,33.

agree

Pursuant to Article 30.3 of the Statute and Article 4(1)
of Decision ECB/2006/30, with effect from 1 January
2007 the ECB is required to credit Banka Slovenije with a
euro-denominated claim equivalent to the aggregate euro
amount of Banka Slovenije's contribution of
foreign
reserve assets, subject to the specifications provided for
in Article 3 of that Decision. The ECB and Banka Slove-
nije
claim at
Banka
EUR 183 995 237,74 in order to ensure that the ratio
between the amount in euro of Banka Slovenije's claim
and the aggregate amount in euro of the claims credited
to the other national central banks of Member States that
have adopted the euro (hereinafter
the 'participating
NCBs') will be equal to the ratio between Banka Sloveni-
je's weighting in the ECB's capital key and the other parti-
cipating NCBs' aggregate weighting in this key.

Slovenije's

set

to

to Article 30.1 of

The difference between the amounts mentioned in reci-
tals 1 and 2 results from the application to the value of
foreign reserve assets already transferred by Banka Slove-
nije pursuant
the
'current exchange rates' referred to in Article 49.1 of the
Statute and from the effect on the claims pursuant to
Article 30.3 of the Statute held by the other participating
NCBs of the following: (i) the ECB's capital key adjust-
ment on 1 January 2004 pursuant to Article 29.3 of the
Statute; (ii) the ECB's capital key expansion on 1 May
2004 pursuant to Article 49.3 of the Statute; and (iii) the

the Statute of

(1) Not yet published.

(4)

(5)

(6)

ECB's capital key expansion on 1 January 2007 pursuant
to Article 49.3 of the Statute.

In view of the abovementioned difference, the ECB and
Banka Slovenije agree that Banka Slovenije's claim may
be reduced by offsetting against it the amount that Banka
Slovenije is required to contribute to the ECB's reserves
and provisions pursuant to Article 49.2 of the Statute
and Article 5(1) of Decision ECB/2006/30, in the event
that Banka Slovenije's claim is larger than the amount of
EUR 183 995 237,74.

The ECB and Banka Slovenije should agree on other
modalities for crediting Banka Slovenije's claim, taking
into account that, depending on exchange rate move-
it may be necessary to increase rather than to
ments,
reduce the claim to the amount referred to in recital 2.

The Governing Council has approved the ECB's entry
into this Agreement, which concerns a decision to be
taken under Article 30 of the Statute, in accordance with
Article 10.3 of the Statute and the procedure specified
therein,

HAVE AGREED AS FOLLOWS:

Article 1

Modalities for crediting Banka Slovenije's claim

or

the

claim'

If the amount of the claim that the ECB is required to
1.
credit to Banka Slovenije pursuant to Article 30.3 of the Statute
and Article 4(1) of Decision ECB/2006/30 (hereinafter 'Banka
Slovenije's
than
EUR 183 995 237,74 on the final date on which the ECB
receives foreign reserve assets from Banka Slovenije pursuant to
Article 3 of Decision ECB/2006/30, then the amount of the
claim shall be
to
EUR 183 995 237,74. Such a reduction shall be made by
offsetting against the claim the amount that Banka Slovenije is
required to contribute to the ECB's reserves and provisions with

reduced with effect

from that date

'claim')

greater

is

25.1.2007

EN

Official Journal of the European Union

C 17/27

effect from 1 January 2007 pursuant to Article 49.2 of the
Statute and Article 5(1) of Decision ECB/2006/30. The offset
amount shall be treated as an advance contribution to the ECB's
reserves and provisions pursuant to Article 49.2 of the Statute
and Article 5(1) of Decision ECB/2006/30, which shall be
deemed to have been made on the date on which the offset
occurs.

reserves

and provisions pursuant

If the amount required to be contributed by Banka Slove-
2.
nije
to
to the ECB's
Article 49.2 of the Statute and Article 5(1) of Decision ECB/
2006/30 is less than the difference between: (a) the amount of
Banka Slovenije's claim; and (b) EUR 183 995 237,74, then the
amount of the claim shall be reduced to EUR 183 995 237,74:
(1) by offsetting in accordance with paragraph 1 above; and (2)
by the ECB paying Banka Slovenije an amount in euro equal to
the amount of the shortfall remaining after such offset. Any
amount required to be paid by the ECB in accordance with this
paragraph shall be due with effect from 1 January 2007. The
ECB shall, in due course, give instructions for the transfer of
such an amount, and of net accrued interest thereon, through
the Trans-European Automated Real-time Gross
settlement
Express Transfer system (TARGET). Accrued interest 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.

If

3.
the amount of Banka Slovenije's claim is less than
EUR 183 995 237,74 on the final date on which the ECB

receives foreign reserve assets from Banka Slovenije pursuant to
Article 3 of Decision ECB/2006/30, then the amount of the
claim shall be increased on that date to EUR 183 995 237,74.
The increase shall be effected by Banka Slovenije paying the ECB
an amount in euro equal to the difference. Any amount required
to be paid by Banka Slovenije in accordance with this paragraph
shall be due from 1 January 2007, and shall be paid in accord-
ance with the procedures specified in Article 5(4) and (5) of
Decision ECB/2006/30.

Article 2

Final provisions

1.

This Agreement shall enter into force on 1 January 2007.

2.
This Agreement shall be drawn up in two duly signed
originals in the English language. The ECB and Banka Slovenije
shall each retain one original hereof.

Done at Frankfurt am Main, 30 December 2006.

For the European Central Bank

For Banka Slovenije

Jean-Claude TRICHET

President

Mitja GASPARI

Governor