2009/59/EC: Decision of the European Central Bank 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 (ECB/2008/33)
Date: 2008-12-31
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, Member States' contribution, Slovenia, banking, central bank, foreign-exchange reserves

24.1.2009

EN

Official Journal of the European Union

L 21/83

DECISION OF THE EUROPEAN CENTRAL BANK

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
(ECB/2008/33)

(2009/59/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 (hereinafter the ESCB
Statute), and in particular Articles 30.1, 30.3, 49.1 and 49.2
thereof,

Whereas:

(3)

(1)

(2)

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 (1), Slovakia fulfils the necessary
conditions for adoption of the euro and the derogations
the 2003 Act of
granted to it under Article 4 of
Accession (2) will be
from
1 January 2009.

abrogated with effect

the ESCB Statute provides that

the
Article 49.1 of
national central bank (NCB) of a Member State whose
derogation has been abrogated must pay up its
subscribed share of the capital of the European Central
Bank (ECB) to the same extent as the NCBs of the other
participating Member States. The NCBs of the existing
participating Member States have paid up their shares
in the ECB’s subscribed capital in full (3). The weighting
of Národná banka Slovenska in the ECB’s capital key is
0,6934 %,
of Decision
ECB/2008/23 of 12 December 2008 on the national
central banks’ percentage
for
subscription to the European Central Bank’s capital (4).
Národná banka Slovenska has already paid up part of
its share in the ECB’s subscribed capital, pursuant
to
Article 1 of Decision ECB/2006/26 of 18 December
the
2006 laying down the measures necessary for

in the key

to Article

pursuant

shares

2

(1) OJ L 195, 24.7.2008, p. 24.
(2) 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,

(3) 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 (OJ L 24,
31.1.2007, p. 3).

(4) See page 66 of this Official Journal.

central

national

paying-up of the European Central Bank’s capital by the
non-participating
The
outstanding amount
is therefore EUR 37 216 406,81,
which results from multiplying the ECB’s subscribed
(EUR 5 760 652 402,58) by the capital key
capital
weighting of Národná banka Slovenska (0,6934 %),
its share in the ECB’s subscribed
minus the part of
capital that has already been paid up.

banks (5).

ECB.

assets

to the

Pursuant

Article 49.1,
in conjunction with Article 30.1, of the
ESCB Statute provides that the NCB of a Member State
whose derogation has been abrogated must also transfer
foreign reserve
to
Article 49.1 of the ESCB Statute, the sum to be trans­
ferred is determined by multiplying the euro value at
the foreign reserve assets
current exchange rates of
which have already been transferred to the ECB in
accordance with Article 30.1 of the ESCB Statute, by
the ratio between the number of shares subscribed by
the NCB concerned and the number of shares already
the other participating
paid up by the NCBs of
Member States. When determining the ‘foreign reserve
assets which have already been transferred to the ECB
in accordance with Article 30.1’, due account should
adjustments (6)
be
pursuant to Article 29,3 of the ESCB Statute and the
ECB capital key expansions pursuant to Article 49.3 of
the ESCB Statute (7). As a result, pursuant to Decision
ECB/2008/27 of 12 December 2008 laying down the
the
measures
European Central Bank’s accumulated equity value and
for adjusting the national central banks’ claims equivalent
to the transferred foreign reserve assets (8),
the euro
equivalent of
the foreign reserve assets which have
already been transferred to the ECB under Article 30.1
of the ESCB Statute is EUR 44 154 040 257,26.

taken of previous

contribution

necessary

capital

key

the

for

to

(4)

The foreign reserve assets to be transferred by Národná
banka Slovenska should be in or be denominated in US
dollars and gold.

(5) OJ L 24, 31.1.2007, p. 15.
(6) Decision ECB/2003/17 of 18 December 2003 on the national
central banks’ percentage shares in the key for subscription to the
European Central Bank’s capital
(OJ L 9, 15.1.2004, p. 27), and
Decision ECB/2008/23.

(7) Decision ECB/2004/5 of 22 April 2004 on the national central
banks’ percentage shares
subscription to the
European Central Bank’s capital
(OJ L 205, 9.6.2004, p. 5) and
Decision ECB/2006/21 of 15 December 2006 on the national
central banks’ percentage shares in the key for subscription to the
European Central Bank’s capital (OJ L 24, 31.1.2007, p. 1).

in the key for

(8) See page 77 of this Official Journal.

L 21/84

EN

Official Journal of the European Union

24.1.2009

(5)

(6)

Article 30.3 of the ESCB Statute provides that the ECB
must credit each NCB of a participating Member State
with a claim equivalent to the foreign reserve assets that
it has transferred to the ECB. The provisions regarding
the denomination and remuneration of the claims that
have already been credited to the NCBs of the existing
participating Member States (1) should also apply to the
denomination and remuneration of
claims of
Národná banka Slovenska.

the

Article 49.2 of the ESCB Statute provides that the NCB
of a Member State whose derogation has been abrogated
must contribute to the ECB’s reserves, to those provisions
equivalent to reserves, and to the amount still to be
appropriated to the
corre­
sponding to the balance of the profit and loss account
as at 31 December of the year prior to abrogation of the
contribution is
derogation. The
determined in accordance with Article 49.2 of
the
ESCB Statute.

reserves and provisions

amount

this

of

(7)

By analogy with Article 3.5 of the Rules of Procedure of
the European Central Bank (2), the Governor of Národná
banka Slovenska has had the opportunity to make obser­
vations on this Decision before its adoption,

HAS DECIDED AS FOLLOWS:

Article 1

Definitions

For the purposes of this Decision:

— ‘participating Member State’ means a Member State that has

adopted the euro,

— ‘foreign reserve assets’ means securities, gold or cash,

— ‘gold’ means fine troy ounces of gold in the form of London
Good Delivery bars, as specified by the London Bullion
Market Association,

— ‘Eurosystem’ means the ECB and NCBs of participating

Member States,

— ‘securities’ means any security or financial

instrument as

specified by the ECB,

(1) Pursuant

to Guideline ECB/2000/15 of 3 November 1998 as
amended by the Guideline of 16 November 2000 on the compo­
sition, valuation and modalities for the initial transfer of foreign-
reserve assets, and the denomination and remuneration of equivalent
claims (OJ L 336, 30.12.2000, p. 114).

(2) Adopted by Decision ECB/2004/2 of 19 February 2004 adopting
the Rules of Procedure of the European Central Bank (OJ L 80,
18.3.2004, p. 33).

— ‘cash’ means the lawful currency of the United States (US

dollar).

Article 2

Payment of capital

1. With effect
from 1 January 2009, Národná banka
Slovenska shall pay up the remaining parts of its share in the
ECB’s
EUR
37 216 406,81.

capital, which

correspond

subscribed

to

Národná banka Slovenska shall pay the amount specified
2.
in paragraph 1 to the ECB on 2 January 2009, by means of a
separate transfer via the Trans-European Automated Real-time
Gross settlement Express Transfer system (TARGET2).

3.
Národná banka Slovenska shall, by a separate TARGET2
transfer, pay to the ECB on 2 January 2009 the interest accrued
on 1 January 2009 on the amount due to the ECB under
paragraph 2.

Any interest

4.
accruing under paragraph 3 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.

Article 3

Transfer of foreign reserve assets

Národná banka Slovenska shall transfer to the ECB, with
1.
effect from 1 January 2009 and in accordance with this Article
and the arrangements taken pursuant
to it, an amount of
foreign reserve assets denominated in US dollars and gold
that is equivalent to EUR 443 086 155,98, as follows:

Euro-equivalent amount
of US dollar securities
and cash

Euro-equivalent amount
of gold

Aggregate euro-equivalent
amount

376 623 232,58

66 462 923,40

443 086 155,98

2.
The euro-equivalent amount of foreign reserve assets to be
transferred by Národná banka Slovenska under paragraph 1
shall be calculated on the basis of the exchange rates between
the euro and the US dollar established as a result of the 24-hour
written consultation procedure on 31 December 2008 between
the Eurosystem and Národná banka Slovenska and, in the case
of gold, on the basis of the US dollar price of gold per fine troy
ounce established in the London gold fixing at 10.30 a.m.,
London time, on 31 December 2008.

3.
The ECB shall confirm to Národná banka Slovenska as
soon as possible the amount calculated in accordance with
paragraph 2.

24.1.2009

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Official Journal of the European Union

L 21/85

Národná banka Slovenska shall

transfer to the ECB a
4.
portfolio of securities denominated in US dollars and cash
whose relative Value at Risk (VaR) vis-à-vis the ECB tactical
benchmark at the time of the transfer does not exceed the
limit applying to the trading portfolios vis-à-vis the tactical
benchmark as set by the ECB. The portfolio of securities
denominated in US dollars and cash should also be in
conformity with the credit limits specified by the ECB.

the European Central Bank under Article 30.3 of the Statute of
the European System of Central Banks and of the European
Central Bank (1).

Article 4

Denomination, remuneration and maturity of the claims
equivalent to the contributions

5.
The transfer of cash shall take place to such accounts as
are specified by the ECB. The settlement date for the cash to be
transferred to the ECB shall be 2 January 2009. Národná banka
Slovenska shall give instructions to effect such transfer to the
ECB.

The value of the gold which Národná banka Slovenska
6.
transfers to the ECB in accordance with paragraph 1 shall be
as close as possible to, but no more than EUR 66 462 923,40.

7.
Národná banka Slovenska shall transfer the gold referred
to in paragraph 1 in uninvested form to such accounts and at
such locations as are specified by the ECB. The settlement date
for the gold to be transferred to the ECB shall be 5 January
2009. Národná banka Slovenska shall give instructions to effect
such transfer to the ECB.

8.
If Národná banka Slovenska transfers gold to the ECB
with a value of less than the amount specified in paragraph
1, then on 5 January 2009 it shall transfer an amount of US
dollar cash equivalent to the shortfall to an account of the ECB
as specified by the ECB. Any such US dollar cash shall not form
part of the foreign reserve assets denominated in US dollars
which Národná banka Slovenska transfers
to the ECB in
accordance with paragraph 1.

9.
Národná banka Slovenska shall transfer securities to the
ECB to such accounts as are specified by the ECB. The
settlement date for securities to be transferred to the ECB
shall be 2 January 2009. Národná banka Slovenska shall give
instructions for the transfer of the ownership of securities to the
ECB on the settlement date. The value of all such securities shall
be calculated on the basis of prices designated by the ECB.

10.
The euro equivalent of the sum of the value of all sec­
urities transferred to the ECB and the cash shall be equal to the
amount indicated in paragraph 1.

from 1 January 2009, and subject

1. With effect
to the
specifications in Article 3 regarding the settlement dates of
the transfers of
the ECB shall credit
Národná banka Slovenska with a claim denominated in euro,
equivalent to the aggregate euro amount of its contribution of
foreign reserve
to EUR
399 443 637,59.

foreign reserve assets,

claim corresponds

assets. This

2.
The claim credited by the ECB to Národná banka
Slovenska shall be remunerated from the settlement date. The
interest accruing shall be calculated on a daily basis, using the
actual over-360-day method of calculation, at a rate equivalent
to 85 % of the marginal interest rate used by the Eurosystem in
its most recent main refinancing operation.

The claim shall be remunerated at

3.
financial year. Each quarter the ECB shall
banka Slovenska of the cumulative amount.

the end of each
inform Národná

4.

The claim shall not be redeemable.

Article 5

Contributions to the ECB’s reserves and provisions

1. With effect from 1 January 2009 and in accordance with
Article 3(5) and (6), Národná banka Slovenska shall contribute
to the ECB’s reserves, to those provisions equivalent to reserves,
and to the amount still to be appropriated to the reserves and
provisions corresponding to the balance of the profit and loss
account at 31 December 2008.

The amounts

2.
to be contributed by Národná banka
Slovenska shall be determined in accordance with Article 49.2
of the ESCB Statute. The references in Article 49.2 to ‘the
number of shares subscribed by the central bank concerned’
and ‘the number of shares already paid up by the other
central banks’ shall refer to the weighting of Národná banka
Slovenska, and the NCBs of the existing participating Member
States
to Decision
ECB/2008/23.

capital key, pursuant

in the ECB’s

The difference,

if any, between the aggregate euro-
11.
equivalent
amounts mentioned in paragraph 1 and the
amount mentioned in Article 4(1) shall be settled in accordance
with the Agreement of 31 December 2008 between the
European Central Bank
Slovenska
regarding the claim credited to Národná banka Slovenska by

and Národná banka

For the purposes of paragraph 1, ‘the ECB’s reserves’ and
3.
‘provisions equivalent to reserves’ shall include the ECB’s general
reserve fund, balances on revaluation accounts and provisions
for foreign exchange rate, interest rate, market price and gold
price risks.

(1) OJ C 18, 24.1.2009, p. 3.

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Official Journal of the European Union

24.1.2009

At

the latest on the first working day following the
4.
the ECB’s annual accounts
Governing Council’s approval of
for the year 2008,
the ECB shall calculate and confirm to
Národná banka Slovenska the amount to be contributed by
Národná banka Slovenska under paragraph 1.

5.
On the second working day following the Governing
Council’s approval of the ECB’s annual accounts for the year
2008, Národná banka Slovenska shall, via TARGET2, pay to the
ECB:

(a)

the amount due to the ECB under paragraph 4; and

(b) the interest accrued from 1 January 2009 until the payment
date on the amount due to the ECB under paragraph 4.

Any interest accruing under paragraph 5(b)

6.
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.

Article 6

Competencies

1.
To the extent necessary, the Executive Board of the ECB
shall issue instructions to Národná banka Slovenska to further
specify and give effect to any provision of this Decision and to
provide for appropriate remedies to address any problems that
may arise.

2.
Any instruction issued by the Executive Board under
paragraph 1 shall be promptly notified to the Governing
Council, and the Executive Board shall comply with any
decision of the Governing Council thereon.

Article 7

Final provision

This Decision shall enter into force on 1 January 2009.

Done at Frankfurt am Main, 31 December 2008.

The President of the ECB

Jean-Claude TRICHET