Opinion of the European Central Bank of 16 April 2009 at the request of the Spanish Ministry for Economic Affairs on an agreement authorising the increase of Spain’s quota in the International Monetary Fund (CON/2009/35)
Date: 2009-04-16
Institutions: European Central Bank
Subjects: International Monetary Fund, Spain, central bank, national law, payment

EN 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 16 April 2009 

at the request of the Spanish Ministry for Economic Affairs 

on an agreement authorising the increase of Spain’s quota in the International Monetary Fund 

(CON/2009/35) 

Introduction and legal basis 

On 27 March 2009, the European Central Bank (ECB) received a request from the Spanish Ministry for 

Economic Affairs for an opinion on a Council of Ministers’ agreement authorising the increase of Spain’s 

quota in the International Monetary Fund (hereinafter the ‘agreement’). 

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  agreement  relates  to  the  Banco  de  España.  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 agreement 

On 28 April 2008 the Board of Governors of the International Monetary Fund (IMF) adopted Resolution 

No  63-2  on  Quota  and  Voice  Reform  proposing  an  amendment  to  the  IMF’s  Articles  of  Agreement 

(hereinafter the ‘proposed amendment’). When the proposed amendment becomes effective (i.e. after it 

has been accepted by three fifths of the IMF membership having 85 % of the total voting power), there 

could be an increase in the IMF quota for up to 54 countries, including Spain, provided that each of those 

countries, within 30 days of the entry into effect of the amendment, consents to the increase and pays the 

amount  of  the  increased  quota  to  the  IMF.  The  objective  of  the  Council  of  Ministers’  agreement  is  to 

accept  the  proposed  amendment  and  submit  it  to  the  Spanish  Parliament  as  provided  for  in 

Article 94(1)(d)  of  the  Spanish  Constitution  for  treaties  implying  financial  liabilities  for  the  Treasury. 

Pursuant to Article 13(2) of Law 13/1994 on autonomy of the Banco de España (hereinafter the ‘Banco de 

España’s Statute’), the Banco de España would pay the proposed increase in Spain’s IMF quota, namely 

974.5 million special drawing rights (SDRs), which would bring Spain’s quota to a total of SDR 4 023.4 

million. As stated in the explanatory memorandum to the agreement, 25% of the proposed increase would 

be paid in SDRs, in currencies of other members specified by the IMF or in any combination of SDRs and 

such currencies. The remaining 75% of the proposed increase would be paid in national currency to be 

1  

OJ L 189, 3.7.1998, p. 42.  

 
 
 
 
                                                 
deposited on the IMF’s accounts. The payment of the proposed increase would be included in the Banco 

de España’s balance sheet, as provided for in Article 13(2) of the Banco de España’s Statute. 

2. 

General observations  

The ECB reminds the Spanish Ministry for Economic Affairs that the tasks performed by the Banco de 

España 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  definitions  for  the  application  of  the 
prohibitions referred to in Articles 104 [now 101] and 104b(1) [now 103(1)] of the Treaty2. Pursuant to 

Article 7 of 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. Furthermore, the ECB notes that any payment by the Banco de España of the 

proposed increase in Spain’s 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, 16 April 2009. 

[signed] 

The Vice-President of the ECB 

Lucas D. PAPADEMOS 

2  

OJ L 332, 31.12.1993, p. 1. 

2