2009/55/EC: Decision of the European Central Bank of 12 December 2008 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/2008/25)
Date: 2008-12-12
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, Member States' contribution, banking, banking policy, central bank

24.1.2009

EN

Official Journal of the European Union

L 21/71

DECISION OF THE EUROPEAN CENTRAL BANK

of 12 December 2008
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/2008/25)

(2009/55/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,

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 2009 (hereinafter the non-participating
NCBs) are under an obligation to pay up with effect
from 1 January 2009 in view of the adjusted capital key.

Whereas:

(1)

(2)

to determine

Decision ECB/2008/23 of 12 December 2008 on the
national central banks’ percentage shares in the key for
subscription to the European Central Bank’s capital (1)
provides for the adjustment of the weightings assigned
in the key for
to the national central banks (NCBs)
subscription to the European Central Bank’s
(ECB’s)
capital
(hereinafter the capital key weightings and the
capital key respectively). This adjustment requires the
Governing Council
and
conditions for transfers of capital shares between the
NCBs that are members of
the European System of
Central Banks (ESCB) on 31 December 2008 in order
these shares corre­
to ensure that
sponds
the
adoption of a new ECB decision is required that repeals
Decision ECB/2006/23 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 (2) with effect from 1 January 2009.

to the adjustments made. Accordingly,

the distribution of

terms

the

Decision ECB/2008/24 of 12 December 2008 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 the ECB’s capital in view of the
adjusted
of
key. Decision
the measures
15 December 2008 laying
down
the European Central
necessary for the paying-up of

ECB/2008/28

capital

(3)

(4)

(5)

subscribed capital as

The participating NCBs, with the exception of Národná
banka Slovenska, have already paid up their shares in the
ECB’s
required under 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 (5).
this, Article 2(1) of
Decision ECB/2008/24 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/2008/24.

In view of

Furthermore, Articles 2(1)
and 2(2) of Decision
ECB/2008/33 of 31 December 2008 on the paying-up
of capital, transfer of foreign reserve assets and contri­
butions by Národná banka Slovenska to the European
Central Bank’s reserves and provisions (6) lay down that
Národná banka Slovenska, which will be a participating
NCB from 1 January 2009, 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/2008/24,
taking into account the adjusted capital key.

Likewise, the non-participating NCBs have already paid
up their shares in the ECB’s subscribed capital as required
under Decision ECB/2006/26 of 18 December 2006
laying down the measures necessary for the paying-up
of the European Central Bank’s capital by the non-par­
ticipating national central banks (7).
this,
Article 2(1) of Decision ECB/2008/28 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/2008/28.

In view of

(1) See page 66 of this Official Journal.
(2) OJ L 24, 31.1.2007, p. 5.
(3) See page 69 of this Official Journal.

(4) See page 81 of this Official Journal.
(5) OJ L 24, 31.1.2007, p. 3.
(6) See page 75 of this Official Journal.
(7) OJ L 24, 31.1.2007, p. 15.

L 21/72

EN

Official Journal of the European Union

24.1.2009

On the first TARGET2 operating day following 1 January
2.
2009, 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 2009 until the date of 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.

Article 3

General provisions

The transfers described in Article 2 shall

1.
through TARGET2.

take place

2. Where an NCB does not have access to TARGET2, 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
interest rate used
calculation, at a rate equal to the marginal
recent main refinancing
by the Eurosystem in its most
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 2009.

Decision ECB/2006/23 is hereby repealed with effect from

2.
1 January 2009.

References to Decision ECB/2006/23 shall be construed as

3.
being made to this Decision.

Decision ECB/2003/20 is hereby repealed with effect from

4.
23 April 2004.

Done at Frankfurt am Main, 12 December 2008.

The President of the ECB

Jean-Claude TRICHET

(6)

Decision ECB/2003/20 of 18 December 2003 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 (1) was
tacitly repealed by 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). For the
clarity, Decision ECB/2003/20 should be
sake of
explicitly repealed with retroactive effect,

HAS DECIDED AS FOLLOWS:

Article 1

shall

transfer capital

Transfer of capital shares
Given the share in the ECB’s capital that each NCB will have
subscribed on 31 December 2008 and the share in the ECB’s
capital that each NCB will subscribe with effect from 1 January
2009 as a consequence of the adjustment of the capital key
weightings laid down in Article 2 of Decision ECB/2008/23, the
shares among themselves via
NCBs
transfers to and from the ECB to ensure that the distribution
of capital shares with effect from 1 January 2009 corresponds
to the adjusted weightings. To this effect, each NCB shall, by
virtue of this Article and without any further formality or act
from
being required, either
1 January 2009 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.

receive with effect

transfer or

Article 2

Adjustment of the paid-up capital

Given the amount of the ECB’s capital that each NCB has
1.
paid up and the amount of the ECB’s capital that each NCB
shall pay up with effect from 1 January 2009 pursuant to
Article 1 of Decision ECB/2008/24 for the participating NCBs
and Article 1 of Decision ECB/2008/28 for the non-partici­
pating NCBs respectively, on the first operating day of
the
Trans-European Automated Real-time Gross settlement Express
Transfer system (TARGET2)
following 1 January 2009 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.

(1) OJ L 9, 15.1.2004, p. 32.
(2) OJ L 205, 9.6.2004, p. 9.

24.1.2009

EN

Official Journal of the European Union

L 21/73

ANNEX I

NCBS' SUBSCRIBED CAPITAL

Participating NCB

Nationale Bank van België/Banque Nationale de
Belgique

Share subscribed on
31 December 2008
(EUR)

Share subscribed with
effect from
1 January 2009
(EUR)

Share to be transferred
(EUR)

142 334 199,56

139 730 384,68

– 2 603 814,88

Deutsche Bundesbank

1 182 149 240,19

1 090 912 027,43

– 91 237 212,76

Central Bank and Financial Services Authority of Ireland

51 183 396,60

63 983 566,24

+ 12 800 169,64

Bank of Greece

Banco de España

Banque de France

Banca d'Italia

104 659 532,85

113 191 059,06

+ 8 531 526,21

434 917 735,09

478 364 575,51

+ 43 446 840,42

828 813 864,42

819 233 899,48

721 792 464,09

719 885 688,14

– 9 579 964,94

– 1 906 775,95

Central Bank of Cyprus

7 195 054,85

7 886 333,14

+ 691 278,29

Banque centrale du Luxembourg

9 073 027,53

10 063 859,75

+ 990 832,22

Central Bank of Malta

De Nederlandsche Bank

3 583 125,79

3 640 732,32

+ 57 606,53

224 302 522,60

229 746 339,12

+ 5 443 816,52

Oesterreichische Nationalbank

116 128 991,78

111 854 587,70

– 4 274 404,08

Banco de Portugal

Banka Slovenije

98 720 300,22

100 834 459,65

+ 2 114 159,43

18 399 523,77

18 941 025,10

+ 541 501,33

Národná banka Slovenska

38 970 813,50

39 944 363,76

+ 973 550,26

Suomen Pankki

Non-participating NCB

71 708 601,11

72 232 820,48

+ 524 219,37

Българска народна банка (Bulgarian National Bank)

50 883 842,67

50 037 026,77

– 846 815,90

Česká národní banka

Danmarks Nationalbank

Eesti Pank

Latvijas Banka

Lietuvos bankas

Magyar Nemzeti Bank

Narodowy Bank Polski

Banca Națională a României

Sveriges Riksbank

Bank of England

79 957 855,35

83 368 161,57

+ 3 410 306,22

87 204 756,07

85 459 278,39

– 1 745 477,68

9 810 391,04

10 311 567,80

+ 501 176,76

16 204 715,21

16 342 970,87

+ 138 255,66

24 068 005,74

24 517 336,63

+ 449 330,89

75 700 733,22

79 819 599,69

+ 4 118 866,47

280 820 283,32

282 006 977,72

+ 1 186 694,40

145 099 312,72

141 971 278,46

134 298 089,46

130 087 052,56

– 3 128 034,26

– 4 211 036,90

802 672 023,82

836 285 430,59

+ 33 613 406,77

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

Total (1)

5 760 652 402,58

5 760 652 402,58

0

L 21/74

EN

Official Journal of the European Union

24.1.2009

ANNEX II

NCBS' PAID-UP CAPITAL

Participating NCB

Nationale Bank van België/Banque
Nationale de Belgique

Share paid up on
31 December 2008
(EUR)

Share paid up with effect from
1 January 2009
(EUR)

Amount of transfer payment
(EUR)

142 334 199,56

139 730 384,68

– 2 603 814,88

Deutsche Bundesbank

1 182 149 240,19

1 090 912 027,43

– 91 237 212,76

Central Bank and Financial
Services Authority of Ireland

Bank of Greece

Banco de España

Banque de France

Banca d'Italia

Central Bank of Cyprus

Banque centrale du Luxembourg

Central Bank of Malta

51 183 396,60

63 983 566,24

+ 12 800 169,64

104 659 532,85

113 191 059,06

+ 8 531 526,21

434 917 735,09

478 364 575,51

+ 43 446 840,42

828 813 864,42

819 233 899,48

721 792 464,09

719 885 688,14

7 195 054,85

9 073 027,53

3 583 125,79

7 886 333,14

10 063 859,75

3 640 732,32

– 9 579 964,94

– 1 906 775,95

+ 691 278,29

+ 990 832,22

+ 57 606,53

+ 5 443 816,52

– 4 274 404,08

De Nederlandsche Bank

224 302 522,60

229 746 339,12

Oesterreichische Nationalbank

116 128 991,78

111 854 587,70

Banco de Portugal

Banka Slovenije

98 720 300,22

100 834 459,65

+ 2 114 159,43

18 399 523,77

18 941 025,10

+ 541 501,33

Národná banka Slovenska

2 727 956,95

39 944 363,76

+ 37 216 406,81

Suomen Pankki

Non-participating NCB

Българска народна банка
(Bulgarian National Bank)

Česká národní banka

Danmarks Nationalbank

Eesti Pank

Latvijas Banka

Lietuvos bankas

Magyar Nemzeti Bank

Narodowy Bank Polski

Banca Națională a României

Sveriges Riksbank

Bank of England

71 708 601,11

72 232 820,48

+ 524 219,37

3 561 868,99

3 502 591,87

5 597 049,87

6 104 332,92

686 727,37

1 134 330,06

1 684 760,40

5 299 051,33

5 835 771,31

5 982 149,49

721 809,75

1 144 007,96

1 716 213,56

5 587 371,98

19 657 419,83

19 740 488,44

10 156 951,89

9 400 866,26

9 937 989,49

9 106 093,68

– 59 277,12

+ 238 721,44

– 122 183,43

+ 35 082,38

+ 9 677,90

+ 31 453,16

+ 288 320,65

+ 83 068,61

– 218 962,40

– 294 772,58

56 187 041,67

58 539 980,14

+ 2 352 938,47

Total (1)

4 137 159 937,99

4 142 260 189,23

+ 5 100 251,24

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