Agreement of 31 December 2007 between the European Central Bank and the Central Bank of Malta regarding the claim credited to the Central Bank of Malta 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: 2007-12-31
Institutions: European Central Bank
Subjects: European Central Bank, European Monetary System, Malta, central bank, claim

C 29/6

EN

Official Journal of the European Union

1.2.2008

AGREEMENT

of 31 December 2007

between the European Central Bank and the Central Bank of Malta regarding the claim credited to
the Central Bank of Malta 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

(2008/C 29/05)

THE EUROPEAN CENTRAL BANK AND THE CENTRAL BANK OF
MALTA,

key expansions on 1 May 2004 and on 1 January 2007
pursuant to Article 49.3 of the ESCB Statute.

Whereas:

(1)

(2)

(3)

Pursuant to Article 3(1) of Decision ECB/2007/22 of
31 December 2007 on the paying-up of capital, transfer
of foreign reserve assets and contributions by the Central
Bank of Cyprus and the Central Bank of Malta to the
European Central Bank's reserves and provisions (1), the
aggregate euro-equivalent amount of
foreign reserve
assets that
the Central Bank of Malta is required to
transfer to the European Central Bank (ECB) with effect
from 1 January 2008 in accordance with Article 49.1 of
the Statute of the European System of Central Banks and
of
the European Central Bank (hereinafter the ‘ESCB
Statute’) is EUR 36 553 305,17.

to Article 30.3 of

Pursuant
the ESCB Statute and
Article 4(1) of Decision ECB/2007/22, with effect from
1 January 2008 the ECB is required to credit the Central
Bank of Malta with a euro-denominated claim equivalent
to the aggregate euro amount of the Central Bank of
Malta's contribution of foreign reserve assets, subject to
the specifications provided for in Article 3 of that Deci-
sion. The ECB and the Central Bank of Malta agree to set
the Central Bank of Malta's claim at EUR 35 831 257,94
in order to ensure that the ratio between the amount in
euro of the Central Bank of Malta's claim and the aggre-
gate amount in euro of the claims credited to the other
national central banks of Member States
that have
already adopted the euro (hereinafter the ‘participating
NCBs’) will be equal to the ratio between the Central
Bank of Malta's weighting in the ECB's capital key and
the other participating NCBs' aggregate weighting in this
key.

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 the Central
Bank of Malta pursuant to Article 30.1 of
the ESCB
the ‘current exchange rates’ referred to in
Statute of
Article 49.1 of the ESCB Statute and from the effect on
the claims pursuant to Article 30.3 of the ESCB Statute
held by the other participating NCBs of the ECB's capital
to
key adjustment on 1 January 2004 pursuant
Article 29.3 of the ESCB Statute and the ECB's capital

(1) OJ L 27, 1.2.2008.

(4)

(5)

(6)

In view of the abovementioned difference, the ECB and
the Central Bank of Malta agree that the Central Bank of
Malta's claim may be reduced by offsetting against it the
amount that the Central Bank of Malta is required to
contribute to the ECB's reserves and provisions pursuant
to Article 49.2 of the ESCB Statute and Article 5(1) of
Decision ECB/2007/22,
the Central
Bank of Malta's claim is larger than the amount of
EUR 35 831 257,94.

in the event

that

The ECB and the Central Bank of Malta should agree on
other modalities for crediting the Central Bank of Malta's
claim, taking into account that, depending on exchange
rate movements, it may be necessary to increase rather
than to 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 ESCB Statute, in accordance
with Article 10.3 of the ESCB Statute and the procedure
specified therein,

HAVE AGREED AS FOLLOWS:

Article 1

Modalities for crediting the Central Bank of Malta's claim

1.
If the amount of the claim that the ECB is required to
credit to the Central Bank of Malta pursuant to Article 30.3 of
the ESCB Statute and Article 4(1) of Decision ECB/2007/22
(hereinafter the ‘Central Bank of Malta's claim’ or the ‘claim’) is
greater than EUR 35 831 257,94 on the final date on which
the ECB receives foreign reserve assets from the Central Bank of
Malta pursuant to Article 3 of Decision ECB/2007/22, then the
amount of the claim shall be reduced with effect from that date
to EUR 35 831 257,94. Such a reduction shall be made by
offsetting against the claim the amount that the Central Bank of
Malta is required to contribute to the ECB's reserves and provi-
sions with effect from 1 January 2008 pursuant to Article 49.2
of the ESCB Statute and Article 5(1) of Decision ECB/2007/22.
The offset amount shall be treated as an advance contribution
to the ECB's reserves and provisions pursuant to Article 49.2 of

1.2.2008

EN

Official Journal of the European Union

C 29/7

the ESCB Statute and Article 5(1) of Decision ECB/2007/22,
which shall be deemed to have been made on the date on which
the offset occurs.

the amount of

the ESCB Statute

2.
If the amount required to be contributed by the Central
Bank of Malta to the ECB's reserves and provisions pursuant to
Article 49.2 of
and Article 5(1) of
Decision ECB/2007/22 is less than the difference between
the Central Bank of Malta's claim; and
(a)
(b) EUR 35 831 257,94, then the amount of the claim shall be
reduced to EUR 35 831 257,94: (i) by offsetting in accordance
with paragraph 1 above; and (ii) by the ECB paying the Central
Bank of Malta 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 2008. The ECB shall, in due course,
give instructions for the transfer of such an amount, and of net
through the Trans-European Auto-
thereon,
accrued interest
mated Real-time Gross
system
settlement Express Transfer
(TARGET/TARGET2). Accrued interest shall be calculated on a
daily basis, using the actual over-360-day method of calculation
at a rate equal
interest rate used by the
Eurosystem in its most recent main refinancing operation.

to the marginal

EUR 35 831 257,94. The increase shall be effected by the
Central Bank of Malta paying the ECB an amount in euro equal
to the difference. Any amount required to be paid by the
Central Bank of Malta in accordance with this paragraph shall
be due from 1 January 2008, and shall be paid in accordance
with the procedures specified in Article 5(4) and (5) of Decision
ECB/2007/22.

Article 2

Final provisions

1.

This Agreement shall enter into force on 1 January 2008.

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

Done at Frankfurt am Main, 31 December 2007.

3.
If the amount of the Central Bank of Malta's claim is less
than EUR 35 831 257,94 on the final date on which the ECB
receives foreign reserve assets from the Central Bank of Malta
then the
to Article 3 of Decision ECB/2007/22,
pursuant
the claim shall be increased on that date to
amount of

For the European Central Bank

For the Central Bank of Malta

Jean-Claude TRICHET

Michael C. BONELLO

President

Governor