Agreement between Българска народна банка (Bulgarian National Bank) and the European Central Bank regarding the claim credited to Българска народна банка (Bulgarian National Bank) 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: 2025-12-31
Institutions: European Central Bank
Subjects: Bulgaria, European Central Bank, European System of Central Banks, central bank, claim, euro area, foreign-exchange reserves, institutional activity




C_202600497EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2026/497


22.1.2026







            AGREEMENT
         
between Българска народна банка (Bulgarian National Bank) and the European Central Bank regarding the claim credited to Българска народна банка (Bulgarian National Bank) 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
(C/2026/497)








1.


Българска народна банка (Bulgarian National Bank), and










2.


the European Central Bank (ECB)




(hereinafter the ‘Parties’)
Whereas:







(1)


Pursuant to Article 3(1) of Decision (EU) 2026/115 of the European Central Bank (ECB/2025/44) (1), the aggregate euro-equivalent amount of foreign reserve assets that Българска народна банка (Bulgarian National Bank (BNB)) is required to transfer to the ECB with effect from 1 January 2026 in accordance with Article 48.1 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’) is EUR 1 482 514 654,83.












(2)


Pursuant to Article 30.3 of the Statute of the ESCB and Article 4(1) of Decision (EU) 2026/115 (ECB/2025/44), with effect from 1 January 2026, the ECB is required to credit BNB with a euro-denominated claim equivalent to the aggregate euro amount of BNB’s contribution of foreign reserve assets, subject to the specifications provided for in Article 3 of that Decision. The ECB and BNB agree to set BNB’s claim at EUR 485 296 405,74 in order to ensure that the ratio between the amount in euro of BNB’s claim and the aggregate amount in euro of the claims credited to the other national central banks of Member States whose currency is the euro (hereinafter the ‘other NCBs’) will be equal to the ratio between BNB’s weighting in the ECB’s capital key and the other NCBs’ aggregate weighting in this key.












(3)


The difference between the amounts mentioned in recitals 1 and 2 results from: (a) the application, to the value of foreign reserve assets already transferred by BNB pursuant to Article 30.1 of the Statute of the ESCB, of the ‘current exchange rates’ referred to in Article 48.1 of the Statute of the ESCB; and (b) the effect on the claims held by the other NCBs, pursuant to Article 30.3 of the Statute of the ESCB, of the ECB’s capital key adjustments on 1 January 2004 (2), 1 January 2009 (3), 1 January 2014 (4), 1 January 2019 (5), 1 February 2020 (6) and 1 January 2024 (7) pursuant to Article 29.3 of the Statute of the ESCB and the ECB’s capital key expansions on 1 May 2004 (8), 1 January 2007 (9) and 1 July 2013 (10) pursuant to Article 48.3 of the Statute of the ESCB.












(4)


In view of the abovementioned difference, the ECB and BNB agree that BNB’s claim may be reduced by offsetting against it the amount that BNB is required to contribute to the ECB’s reserves and provisions pursuant to Article 48.2 of the Statute of the ESCB and Article 5(1) of Decision (EU) 2026/115 (ECB/2025/44), in the event that BNB’s claim is larger than the amount of EUR 485 296 405,74.












(5)


The ECB and BNB should agree on other aspects of the procedure for crediting BNB’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.












(6)


The Governing Council has approved the ECB’s entry into this Agreement, which concerns a decision to be taken under Article 30 of the Statute of the ESCB, in accordance with Article 10.3 of the Statute of the ESCB and the procedure specified therein,





HAVE AGREED AS FOLLOWS:



Article 1

Procedure for crediting BNB’s claim


1.   If the amount of the claim that the ECB is required to credit to BNB pursuant to Article 30.3 of the Statute of the ESCB and Article 4(1) of Decision (EU) 2026/115 (ECB/2025/44) (hereinafter the ‘claim’) is greater than EUR 485 296 405,74 on any of the settlement dates on which the ECB receives foreign reserve assets from BNB pursuant to Article 3 of Decision (EU) 2026/115 (ECB/2025/44), then the amount of the claim shall be reduced with effect from that date to EUR 485 296 405,74. Such reduction shall be made by offsetting against the claim the amount that BNB is required to contribute to the ECB’s reserves and provisions with effect from 1 January 2026 pursuant to Article 48.2 of the Statute of the ESCB and Article 5(1) of Decision (EU) 2026/115 (ECB/2025/44). The offset amount shall be treated as an advance contribution to the ECB’s reserves and provisions pursuant to Article 48.2 of the Statute of the ESCB and Article 5(1) of Decision (EU) 2026/115 (ECB/2025/44), which contribution shall be deemed to have been made on the date on which the offset occurs.


2.   If the amount required to be contributed by BNB to the ECB’s reserves and provisions pursuant to Article 48.2 of the Statute of the ESCB and Article 5(1) of Decision (EU) 2026/115 (ECB/2025/44) is less than the difference between the amount of BNB’s claim and EUR 485 296 405,74 then the amount of the claim shall be reduced to EUR 485 296 405,74: (a) by offsetting in accordance with paragraph 1; and (b) by the ECB paying BNB an amount in euro equal to the amount of the shortfall remaining after such offset. Any amount required to be paid by the ECB in accordance with this paragraph shall be due on 1 January 2026. The ECB shall, in due course, give instructions for the transfer of such an amount, and of net accrued interest thereon, through the new-generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) settling in euro in central bank money. Accrued interest shall be calculated on a daily basis, using the actual-over-360 day-count method of calculation at a rate equal to the reference rate as defined in Article 1, point (j), of Decision (EU) 2016/2248 of the European Central Bank (ECB/2016/36) (11), as amended by Decision (EU) 2024/2939 of the European Central Bank (ECB/2024/33) (12).


3.   If the amount of BNB’s claim is less than EUR 485 296 405,74 on the final date on which the ECB receives foreign reserve assets from BNB pursuant to Article 3 of Decision (EU) 2026/115 (ECB/2025/44), then the amount of the claim shall be increased on that date to EUR 485 296 405,74 and BNB shall pay the ECB an amount in euro equal to the difference. Any amount required to be paid by BNB in accordance with this paragraph shall be due from 1 January 2026, and shall be paid on the final date on which the ECB receives foreign reserve assets from BNB pursuant to Article 3 of Decision (EU) 2026/115 (ECB/2025/44).



Article 2

Final provisions


1.   This Agreement shall enter into force on 1 January 2026.


2.   Done on 31 December 2025 in two original copies each in the English language and signed by the Parties’ duly authorised representatives. Each party to this Agreement shall receive a copy thereof.







For Българска народна банка


(Bulgarian National Bank)

Dimitar RADEV
            

Governor




For the European Central Bank

Isabel SCHNABEL
            

Member of the Executive Board






(1)  Decision (EU) 2026/115 of the European Central Bank of 31 December 2025 on the paying-up of capital, transfer of foreign reserve assets and contributions by Българска народна банка (Bulgarian National Bank) to the European Central Bank’s reserves and provisions (ECB/2025/44) (OJ L, 2026/115, 15.1.2026, ELI: http://data.europa.eu/eli/dec/2026/115/oj).

(2)  Decision ECB/2003/17 of the European Central Bank 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, ELI: http://data.europa.eu/eli/dec/2004/43/oj).

(3)  Decision ECB/2008/23 of the European Central Bank of 12 December 2008 on the national central banks’ percentage shares in the key for subscription to the European Central Bank’s capital (OJ L 21, 24.1.2009, p. 66, ELI: http://data.europa.eu/eli/dec/2009/53(1)/oj).

(4)  Decision ECB/2013/28 of the European Central Bank of 29 August 2013 on the national central banks’ percentage shares in the key for subscription to the European Central Bank’s capital (OJ L 16, 21.1.2014, p. 53, ELI: http://data.europa.eu/eli/dec/2013/30(2)/oj).

(5)  Decision (EU) 2019/43 of the European Central Bank of 29 November 2018 on the national central banks' percentage shares in the key for subscription to the European Central Bank's capital and repealing Decision ECB/2013/28 (ECB/2018/27) (OJ L 9, 11.1.2019, p. 178, ELI: http://data.europa.eu/eli/dec/2019/43/oj).

(6)  Decision (EU) 2020/137 of the European Central Bank of 22 January 2020 on the national central banks’ percentage shares in the key for subscription to the European Central Bank’s capital and repealing Decision (EU) 2019/43 (ECB/2020/3) (OJ L 27 I, 1.2.2020, p. 4, ELI: http://data.europa.eu/eli/dec/2020/137/oj).

(7)  Decision (EU) 2023/2811 of the European Central Bank of 7 December 2023 on the national central banks’ percentage shares in the key for subscription to the European Central Bank’s capital and repealing Decision (EU) 2020/137 (ECB/2020/3) (ECB/2023/31) (OJ L, 2023/2811, 18.12.2023, ELI: http://data.europa.eu/eli/dec/2023/2811/oj).

(8)  Decision ECB/2004/5 of the European Central Bank of 22 April 2004 on the national central banks’ percentage shares in the key for subscription to the European Central Bank’s capital (OJ L 205, 9.6.2004, p. 5, ELI: http://data.europa.eu/eli/dec/2004/502/oj).

(9)  Decision ECB/2006/21 of the European Central Bank 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, ELI: http://data.europa.eu/eli/dec/2007/42(1)/oj).

(10)  Decision ECB/2013/17 of the European Central Bank of 21 June 2013 on the national central banks’ percentage shares in the key for subscription to the European Central Bank’s capital (OJ L 187, 6.7.2013, p. 15, ELI: http://data.europa.eu/eli/dec/2013/359/oj).

(11)  Decision (EU) 2016/2248 of the European Central Bank of 3 November 2016 on the allocation of monetary income of the national central banks of Member States whose currency is the euro (ECB/2016/36) (OJ L 347, 20.12.2016, p. 26, ELI: http://data.europa.eu/eli/dec/2016/2248/oj).

(12)  Decision (EU) 2024/2939 of the European Central Bank of 14 November 2024 amending Decision (EU) 2016/2248 on the allocation of monetary income of the national central banks of Member States whose currency is the euro (ECB/2016/36) (ECB/2024/33) (OJ L, 2024/2939, 11.12.2024, ELI: http://data.europa.eu/eli/dec/2024/2939/oj).


ELI: http://data.europa.eu/eli/C/2026/497/oj
ISSN 1977-091X (electronic edition)