Opinion of the European Central Bank of 13 August 2012 on the increase of Austria’s quota with the International Monetary Fund (CON/2012/65)
Date: 2012-08-13
Institutions: European Central Bank
Subjects: Austria, International Monetary Fund, central bank, financing method, national law

EN 

ECB-PUBLIC 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 13 August 2012 

on the increase of Austria’s quota with the International Monetary Fund 

(CON/2012/65) 

Introduction and legal basis 

On  18  July  2012,  the  European  Central  Bank  (ECB)  received  a  request  from  the  Austrian  Ministry  of 

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

Fund (IMF) (hereinafter the ‘draft law’). 

The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 

Functioning of the European Union 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 

1.1  On  15  December  2010,  the  IMF  Board  of  Governors  adopted  Resolution  No  66-2  on  the 

‘Fourteenth  General  Review  of  Quotas  and  Reform  of  the  Executive  Board’.  This  Resolution 

covers, inter alia, increases in the quotas of members. IMF member countries have committed in 

the  same  Resolution  to  use  their  best  efforts  to  complete  the  necessary  implementation  steps  no 

later than the Annual Meetings 2012. 

1.2  The draft law incorporates the IMF quota increase into Austrian law. Austria’s quota will increase 

from 2 113.9 million Special Drawing Rights (SDR) to SDR 3 932 million. The draft law entitles 

and obliges the OeNB to pay for the proposed increase. As noted in the explanatory memorandum 

to the draft law, the OeNB assumed the entire Austrian quota in 1971 and has paid all subsequent 

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

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

would acquire the IMF quota in return for SDR 1 818.1 million.  

1.3  The explanatory memorandum also notes that the OeNB exercises the rights arising from the quota 

increase in accordance with the Law of 23 June 1971 on the increase of Austria’s IMF quota and 

1  

OJ L 189, 3.7.1998, p. 42. 

 
 
 
 
                                                           
ECB-PUBLIC 

the transfer of the entire quota by the OeNB2 . According to Article 2(1) of this Law, the OeNB is 

authorised  to  fulfil  all  financial  commitments  resulting  from  the  Austria’s  membership  with  the 

IMF. 

2.  Monetary financing prohibition 
Several ECB opinions3 have noted that the tasks performed by a national central bank must comply with 

the  monetary  financing  prohibition  under  Article  123  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  and  104b(1)  of  the  Treaty4.  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  123  of  the  Treaty.  The  fourteenth  recital  of 

Regulation 3603/93 sets out the rationale of the exemption and confirms that it is appropriate to authorise 

the financing by the national central banks of obligations falling upon the public sector vis-à-vis the IMF, 

as this financing results in claims which have all the characteristics of reserve assets. Therefore, the ECB 

finds that 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. 

3. 

Central bank independence 

The OeNB is responsible for paying any increases in Austria’s IMF quota, exercises all rights connected 

with the IMF system of SDRs and is in charge of fulfilling all Austrian financial obligations vis-à-vis the 

IMF. The ECB understands that in this context and in line with the principle of central bank independence 

enshrined in Article 130 of the Treaty and Article 7 of the Statute of the European Central Bank and of 

the European System of Central Banks, the OeNB takes decisions regarding the management of the SDRs 
in a fully independent manner5. 

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

Done at Frankfurt am Main, 13 August 2012. 

[signed] 

The President of the ECB 

Mario DRAGHI 

2  
3  

4  
5  

BGBl 309/1971. 
The  most  recent  opinions  are  CON/2011/89,  CON/2011/97,  CON/2011/102  and  CON  2012/45. All  ECB  Opinions  are 
available on the ECB’s website at www.ecb.europa.eu. 
OJ L 332, 31.12.1993, p. 1. 
Similarly, see CON/2012/45 and CON/2011/102. 

2