2009/57/EC: Decision of the European Central Bank of 12 December 2008 laying down the measures necessary for the contribution to the European Central Bank’s accumulated equity value and for adjusting the national central banks’ claims equivalent to the transferred foreign reserve assets (ECB/2008/27)
Date: 2008-12-12
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, banking, banking policy, central bank, foreign-exchange reserves

24.1.2009

EN

Official Journal of the European Union

L 21/77

DECISION OF THE EUROPEAN CENTRAL BANK

of 12 December 2008
laying down the measures necessary for the contribution to the European Central Bank’s
accumulated equity value and for adjusting the national central banks’ claims equivalent to the
transferred foreign reserve assets

(ECB/2008/27)

(2009/57/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

(5)

Having regard to the Statute of the European System of Central
Banks and of the European Central Bank (hereinafter the ESCB
Statute) and in particular Article 30 thereof,

Whereas:

(1)

(2)

(3)

(4)

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 key for subscription
to the capital of the European Central Bank (ECB) (here­
inafter capital key) in accordance with Article 29.3 of the
ESCB Statute and establishes, with effect from 1 January
2009,
the new weightings assigned to each national
central bank (NCB) in the adjusted capital key (hereinafter
the capital key weightings).

The adjustments to the capital key weightings and the
resulting changes in the NCBs’ shares in the ECB’s
subscribed capital make it necessary to adjust
the
claims which the ECB has credited under Article 30.3
of the ESCB Statute to the NCBs of the Member States
that have adopted the euro (hereinafter the participating
to the participating
NCBs) and which are equivalent
NCBs’ contributions of
foreign reserve assets to the
ECB (hereinafter the claims).

Those participating NCBs whose percentage shares in the
adjusted capital key increase due to the adjustment
should therefore effect a compensatory transfer to the
ECB, while the ECB should effect a compensatory
transfer to those participating NCBs whose percentage
shares in the adjusted capital key decrease.

fairness,
In accordance with the general principles of
equal treatment and the protection of legitimate expec­
tations underlying the ESCB Statute, those participating
NCBs whose relative share in the ECB’s accumulated
to the abovementioned
equity value
adjustments should also effect a compensatory transfer
to those participating NCBs whose
shares
decrease.

increases due

relative

(1) See page 66 of this Official Journal.

The respective capital key weightings of each partici­
pating NCB until 31 December 2008 and with effect
from 1 January 2009 should be
a
percentage of the ECB’s total capital as subscribed to
by all participating NCBs for the purpose of calculating
the adjustment of the value of each participating NCB’s
share in the ECB’s accumulated equity value.

expressed as

(6)

(7)

that

repeals Decision

the adoption of a new ECB decision is
Accordingly,
of
required
15 December 2006 laying
the measures
necessary for the contribution to the European Central
Bank’s accumulated equity value and for adjusting the
national central banks’ claims equivalent to the trans­
ferred foreign reserve assets (2).

ECB/2006/24

down

Pursuant to Article 1 of Council Decision 2008/608/EC
of 8 July 2008 in accordance with Article 122(2) of the
Treaty on the adoption by Slovakia of the single currency
on 1 January 2009 (3),
the derogation in favour of
Slovakia referred to in Article 4 of the 2003 Act of
Accession (4)
from 1 January
2009,

is abrogated with effect

HAS DECIDED AS FOLLOWS:

Article 1

Definitions

For the purposes of this Decision:

(a)

‘accumulated equity value’ means the total of the ECB’s
reserves, revaluation accounts and provisions equivalent to
reserves as calculated by the ECB as at 31 December 2008.
The ECB’s reserves and those provisions equivalent
to
reserves shall
include, without limitation to the generality
of the ‘accumulated equity value’, the general reserve fund
foreign
and the provision equivalent
exchange rate, interest rate and gold price risks;

to reserves

for

(b) ‘transfer date’ means the second business day following the
financial

Governing Council’s
approval of
accounts for the financial year 2008.

the ECB’s

(2) OJ L 24, 31.1.2007, p. 9.
(3) OJ L 195, 24.7.2008, p. 24.
(4) 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 Malta,
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).

the Republic of Lithuania,

the Republic of Hungary,

the Republic of Poland,

L 21/78

EN

Official Journal of the European Union

24.1.2009

Article 2

Contribution to the ECB’s reserves and provisions
If a participating NCB’s share in the accumulated equity
1.
value increases due to the increase in its capital key weighting
with effect from 1 January 2009, that participating NCB shall
transfer the amount determined pursuant to paragraph 3 to the
ECB on the transfer date.

If a participating NCB’s share in the accumulated equity
2.
value decreases due to the decrease in its capital key weighting
with effect from 1 January 2009, that participating NCB shall
receive the amount determined pursuant to paragraph 3 from
the ECB on the transfer date.

3.
The ECB shall, on or before the day the Governing
Council approves the ECB’s financial accounts for the financial
year 2008, calculate and confirm to each participating NCB
either the amount to be transferred by that participating NCB
to the ECB where paragraph 1 applies, or the amount which
receive from the ECB where
that participating NCB shall
paragraph 2 applies. Subject to rounding, each amount to be
transferred or received shall be calculated by multiplying the
accumulated equity value by the absolute difference between
each
on
31 December 2008 and its capital key weighting with effect
from 1 January 2009 and dividing the result by 100.

participating NCB’s

key weighting

capital

Each amount described in paragraph 3 shall be due in
4.
euro on 1 January 2009 but shall be effectively transferred
on the transfer date.

to transfer

On the transfer date, a participating NCB or the ECB
5.
having
an amount under paragraph 1 or
paragraph 2 shall also separately transfer any interest accruing
over the period from 1 January 2009 until the transfer date on
each of the respective amounts due from such participating
NCB and the ECB. The transferors and recipients of
this
interest shall be the same as the transferors and recipients of
the amounts on which the interest accrues.

If

the accumulated equity value is less than zero,

the
6.
amounts
received under
paragraph 3 and paragraph 5 shall be settled in the opposite
directions to those specified in paragraph 3 and paragraph 5.

transferred or

that have

to be

Article 3

Adjustment of the claims equivalent to the transferred
foreign reserve assets

1.
Given that the adjustment of the claims equivalent to the
transferred foreign reserve assets for Národná banka Slovenska
will be regulated by Decision ECB/2008/33 of 31 December
2008 on the paying-up of capital, transfer of foreign reserve
assets and contributions by Národná banka Slovenska to the
European Central Bank’s
this
reserves

and provisions (1),

(1) See page 83 of this Official Journal.

Article shall regulate the adjustment of the claims equivalent
to the foreign reserve assets transferred by the other partici­
pating NCBs.

The participating NCBs’ claims shall be adjusted with
2.
effect from 1 January 2009 in accordance with their adjusted
capital key weightings. The value of the participating NCBs’
claims with effect from 1 January 2009 is shown in the third
column of the table in the Annex to this Decision.

3.
Each participating NCB shall, by virtue of this provision
and without any further formality or act being required, be
considered to have either transferred or received on 1 January
2009 the absolute value of the claim (in euro) shown next to its
name in the fourth column of the table in the Annex to this
Decision, whereby ‘–’ shall refer to a claim that the participating
NCB shall transfer to the ECB and ‘+’ to a claim that the ECB
shall transfer to the participating NCB.

On the

settlement

first operating day of

the Trans-European
4.
Automated Real-time Gross
Express Transfer
system (TARGET2) following 1 January 2009, each participating
NCB shall either transfer or receive the absolute value of the
amount (in euro) shown next to its name in the fourth column
of the table in the Annex to this Decision, whereby ‘+’ shall
refer to an amount that the participating NCB shall transfer to
the ECB and ‘–’ to an amount that the ECB shall transfer to the
participating NCB.

5.
On the first TARGET2 operating day following 1 January
2009, the ECB and the participating NCBs that are under an
obligation to transfer amounts under paragraph 4 shall also
separately transfer any interest accruing over the period from
1 January 2009 until the date of this transfer on the respective
amounts due from the ECB and such participating NCBs. 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 4

General provisions

1.
The interest accruing under Article 2(5) and Article 3(5)
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 Eurosystem in its most recent main
refinancing operation.

Each transfer pursuant to Article 2(1),
shall

(2) and (5) and
take place separately through

2.
Article 3(4) and (5)
TARGET2.

The ECB and the participating NCBs that are under an
3.
obligation to effect any of
referred to in
paragraph 2 shall, in due course, give the necessary instructions
for duly executing such transfers on time.

the transfers

24.1.2009

EN

Official Journal of the European Union

L 21/79

Article 5

Final provisions

This Decision shall enter into force on 1 January 2009.

Decision ECB/2006/24 is hereby repealed with effect from 1 January 2009.

References to Decision ECB/2006/24 shall be construed as references to this Decision.

1.

2.

3.

Done at Frankfurt am Main, 12 December 2008.

The President of the ECB

Jean-Claude TRICHET

L 21/80

EN

Official Journal of the European Union

24.1.2009

CLAIMS EQUIVALENT TO THE FOREIGN RESERVE ASSETS TRANSFERRED TO THE ECB

ANNEX

Participating NCB

Nationale Bank van België/
Banque Nationale de Belgique

Claim equivalent to the foreign
reserve assets transferred to the
ECB, on 31 December 2008
(EUR)

Claim equivalent to the foreign
reserve assets transferred to the
ECB, with effect from
1 January 2009
(EUR)

Amount of transfer
(EUR)

1 423 341 995,63

1 397 303 846,77

– 26 038 148,86

Deutsche Bundesbank

11 821 492 401,85

10 909 120 274,33

– 912 372 127,52

Central Bank and Financial Services
Authority of Ireland

511 833 965,97

639 835 662,35

+ 128 001 696,38

Bank of Greece

Banco de España

Banque de France

Banca d’Italia

1 046 595 328,50

1 131 910 590,58

+ 85 315 262,08

4 349 177 350,90

4 783 645 755,10

+ 434 468 404,20

8 288 138 644,21

8 192 338 994,75

7 217 924 640,86

7 198 856 881,40

– 95 799 649,46

– 19 067 759,46

Central Bank of Cyprus

71 950 548,51

78 863 331,39

+ 6 912 782,88

Banque centrale du Luxembourg

90 730 275,34

100 638 597,47

+ 9 908 322,13

Central Bank of Malta

35 831 257,94

36 407 323,18

+ 576 065,24

De Nederlandsche Bank

2 243 025 225,99

2 297 463 391,20

+ 54 438 165,21

Oesterreichische Nationalbank

1 161 289 917,84

1 118 545 877,01

– 42 744 040,83

Banco de Portugal

Banka Slovenije

987 203 002,23

1 008 344 596,55

+ 21 141 594,32

183 995 237,74

189 410 251,00

+ 5 415 013,26

Národná banka Slovenska

0

399 443 637,59 (1)

+ 399 443 637,59

Suomen Pankki

717 086 011,07

722 328 204,76

+ 5 242 193,69

Total (2)

40 149 615 804,58

40 204 457 215,43

54 841 410,85

(1) To be transferred with effect from the dates laid down in Decision ECB/2008/33.
(2) Due to rounding, totals may not correspond to the sum of all figures shown.