Agreement of 31 December 2008 between Národná banka Slovenska and the European Central Bank regarding the claim credited to Národná banka Slovenska 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: 2008-12-31
Institutions: European Central Bank
Subjects: European Central Bank, European Monetary System, Slovenia, bank, claim

24.1.2009

EN

Official Journal of the European Union

C 18/3

EUROPEAN CENTRAL BANK

AGREEMENT

of 31 December 2008

between Národná banka Slovenska and the European Central Bank regarding the claim credited to
Národná banka Slovenska 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

(2009/C 18/02)

NÁRODNÁ BANKA SLOVENSKA AND THE EUROPEAN CENTRAL
BANK,

Whereas:

(1)

(2)

(3)

Pursuant to Article 3(1) of 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 reserves
and provisions (1), the aggregate euro-equivalent amount
of foreign reserve assets that Národná banka Slovenska is
required to transfer to the European Central Bank (ECB)
with effect from 1 January 2009 in accordance with
Article 49.1 of the Statute of the European System of
Central Banks and of the European Central Bank (herein-
after the ‘ESCB Statute’) is EUR 443 086 155,98.

set

to Article 30.3 of

Pursuant
the ESCB Statute and
Article 4(1) of Decision ECB/2008/33, with effect from
1 January 2009 the ECB is required to credit Národná
banka Slovenska with a euro-denominated claim equiva-
lent to the aggregate euro amount of Národná banka
Slovenska's contribution of foreign reserve assets, subject
to the specifications provided for in Article 3 of that
Decision. The ECB and Národná banka Slovenska agree
claim at
to
EUR 399 443 637,59 in order to ensure that the ratio
between the amount in euro of Národná banka Slovens-
ka's claim and the aggregate amount
the
claims credited to the other national central banks of
Member States that have already adopted the euro (here-
inafter the ‘participating NCBs’) will be equal to the ratio
between Národná banka Slovenska's weighting in the
ECB's capital key and the other participating NCBs' aggre-
gate weighting in this key.

in euro of

Slovenska's

Národná

banka

The difference between the amounts mentioned in reci-
tals 1 and 2 results from: (i) the application to the value
of foreign reserve assets already transferred by Národná
banka Slovenska pursuant to Article 30.1 of the ESCB
Statute of
the ‘current exchange rates’ referred to in
Article 49.1 of the ESCB Statute; and (ii) 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 key

(1) Not yet published in the Official Journal.

adjustments on 1 January 2004 and 1 January 2009
pursuant to Article 29.3 of the ESCB Statute and the
ECB's capital key expansions on 1 May 2004 and on
1 January 2007 pursuant
the
ESCB Statute.

to Article 49.3 of

In view of the abovementioned difference, the ECB and
Národná banka Slovenska agree that Národná banka
Slovenska's claim may be reduced by offsetting against it
the amount that Národná banka Slovenska 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/2008/33, in the event that Národná banka
amount of
larger
claim is
Slovenska's
EUR 399 443 637,59.

than the

The ECB and Národná banka Slovenska should agree on
other modalities for crediting Národná banka Slovenska's
claim, taking into account that, depending on exchange
rate movements, it may be necessary to increase rather
than 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,

(4)

(5)

(6)

HAVE AGREED AS FOLLOWS:

Article 1

Modalities for crediting Národná banka Slovenska's claim

1.
If the amount of the claim that the ECB is required to
credit to Národná banka Slovenska pursuant to Article 30.3 of
the ESCB Statute and Article 4(1) of Decision ECB/2008/33
(hereinafter the ‘claim’) is greater than EUR 399 443 637,59 on
the final date on which the ECB receives foreign reserve assets
from Národná banka Slovenska pursuant to Article 3 of Deci-
sion ECB/2008/33,
the claim shall be
then the amount of
reduced with effect from that date to EUR 399 443 637,59.

C 18/4

EN

Official Journal of the European Union

24.1.2009

Such a reduction shall be made by offsetting against the claim
the amount that Národná banka Slovenska is required to contri-
bute to the ECB's reserves and provisions with effect
from
1 January 2009 pursuant to Article 49.2 of the ESCB Statute
and Article 5(1) of Decision ECB/2008/33. The offset amount
shall be treated as an advance contribution to the ECB's reserves
and provisions pursuant to Article 49.2 of the ESCB Statute and
Article 5(1) of Decision ECB/2008/33, which shall be deemed
to have been made on the date on which the offset occurs.

receives foreign reserve assets from Národná banka Slovenska
pursuant
then the
to Article 3 of Decision ECB/2008/33,
amount of
the claim shall be increased on that date to
EUR 399 443 637,59 and Národná banka Slovenska shall pay
the ECB an amount in euro equal to the difference. Any amount
required to be paid by Národná banka Slovenska in accordance
with this paragraph shall be due from 1 January 2009, and shall
be paid in accordance with the procedures
specified in
Article 5(4) and (5) of Decision ECB/2008/33.

If

the

amount of

claim shall be

2.
the amount required to be contributed by Národná
banka Slovenska to the ECB's reserves and provisions pursuant
to Article 49.2 of the ESCB Statute and Article 5(1) of Decision
ECB/2008/33 is less than the difference between the amount of
Národná banka Slovenska's claim and EUR 399 443 637,59,
then the
reduced to
EUR 399 443 637,59: (i) by offsetting in accordance with para-
graph 1 above; and (ii) by the ECB paying Národná banka
Slovenska an amount in euro equal to the amount of the short-
fall remaining after such offset. Any amount required to be paid
by the ECB in accordance with this paragraph shall be due on
1 January 2009. 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 (TARGET2). 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 Eurosystem in its most recent
main refinancing operation.

3.
If the amount of Národná banka Slovenska's claim is less
than EUR 399 443 637,59 on the final date on which the ECB

Article 2

Final provisions

1.

This Agreement shall enter into force on 1 January 2009.

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

Done at Frankfurt am Main, 31 December 2008.

For Národná banka Slovenska

For the European Central Bank

Ivan ŠRAMKO

Governor

Jean-Claude TRICHET

President