Opinion of the European Central Bank of 22 January 2009 at the request of the Austrian Ministry of Finance on a draft Federal law on the increase of Austria’s quota with the International Monetary Fund (CON/2009/5)
Date: 2009-01-22
Institutions: European Central Bank
Subjects: Austria, International Monetary Fund, international monetary system, national law

EN 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 22 January 2009 

at the request of the Austrian Ministry of Finance 

on a draft Federal law on the increase of Austria’s quota with the International Monetary Fund 

(CON/2009/5) 

Introduction and legal basis 

On 22 December 2008, the European Central Bank (ECB) received a request from the Austrian Ministry 

of Finance for an opinion on a draft Federal law on the increase of Austria’s quota with the International 

Monetary Fund (hereinafter the ‘draft law’). 

The  ECB’s  competence  to  deliver  an  opinion  is  based  on  Article  105(4)  of  the  Treaty  establishing  the 

European Community and the third indent of Article 2(1) of Council Decision 98/415/EC of 29 June 1998 

on  the  consultation  of  the  European  Central  Bank  by  national  authorities  regarding  draft  legislative 
provisions1, as the draft law relates to the Oesterreichische Nationalbank (OeNB). In accordance with the 

first  sentence  of  Article 17.5  of  the  Rules  of  Procedure  of  the  European  Central  Bank,  the  Governing 

Council has adopted this opinion. 

1.   Purpose of the draft law 

On 28 April 2008, the Board of Governors of the International Monetary Fund (IMF) adopted a resolution 

on ‘Reform of Quota and Voice’ proposing an amendment to the IMF’s Articles of Agreement. When the 

proposed  amendment  becomes  effective  (i.e.  only  after  it  has  been  accepted  by  three  fifths  of  the 

members of the IMF having 85 % of the total voting power), there could be an increase in the IMF quota 

for  up  to  54  countries,  including  Austria,  provided  that  each  of  those  countries,  within  30 days  of  the 

entry into effect of the amendment, both consents to the increase and pays the amount of the increased 

quota to the IMF. The objective of the draft law is to authorise the OeNB to pay for the proposed increase 

in  Austria’s  IMF  quota  ,  which  would  be  an  increase  of  241.6  million  special  drawing  rights  (SDRs) 

thereby  bringing  Austria’s  quota  to  a  total  of  2 113.9  million  SDRs.  As  stated  in  the  explanatory 

memorandum  to  the  draft  law,  the  OeNB  paid  the  initial  Austrian  quota  in  1971  and  has  paid  all 

subsequent  quota  increases,  meaning  that  it  should  also  pay  the  latest  proposed  increase  in  quota.  The 

payment would result in an exchange of assets and liabilities on the balance sheet of the OeNB, which 

would acquire the IMF quota in return for the said 241.6 million SDRs. 

1  

OJ L 189, 3.7.1998, p. 42.  

 
 
 
 
 
                                                 
2. 

General observations  

The ECB reminds the Ministry of Finance that the tasks performed by the OeNB must comply with the 

monetary financing prohibition under Article 101 of the Treaty and Council Regulation (EC) No 3603/93 

of  13  December  1993  specifying  the  definitions  for  the  application  of  the  prohibitions  referred  to  in 
Articles  104  and  104b(1)  of  the  Treaty2.  As  stated  in  the  explanatory  memorandum  to  the  draft  law, 

pursuant to Article 7 of Council Regulation (EC) No 3603/93, the financing by national central banks of 

obligations falling upon the public sector vis-à-vis the IMF is not regarded as a credit facility within the 

meaning  of  Article  101  of  the  Treaty. Therefore,  the  ECB  notes  that  any  payment  by the OeNB  of  the 

proposed  increase  in  Austria’s  IMF  quota  complies  with  Article  7  of  Regulation  (EC)  No  3603/93  and 

does not infringe the monetary financing prohibition. 

This opinion will be published on the ECB’s website.  

Done at Frankfurt am Main, 22 January 2009. 

[signed] 

The President of the ECB 

Jean-Claude TRICHET 

2  

OJ L 332, 31.12.1993, p. 1. 

2