2014/28/EU: Decision of the European Central Bank of 29 August 2013 laying down the measures necessary for the contribution to the European Central Bank’s accumulated equity value and for adjusting the national central banks’ claims equivalent to the transferred foreign reserve assets (ECB/2013/26)

21.1.2014 EN Official Journal of the European Union L 16/47
DECISION OF THE EUROPEAN CENTRAL BANK
of 29 August 2013
laying down the measures necessary for the contribution to the European Central Bank’s accumulated equity value and for adjusting the national central banks’ claims equivalent to the transferred foreign reserve assets
(ECB/2013/26)
(2014/28/EU)
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, and in particular Article 30 thereof,
Whereas:
(1) Decision ECB/2013/28 of 29 August 2013 on the national central banks’ percentage shares in the key for subscription to the European Central Bank’s capital (1) provides for the adjustment of the key for subscription to the capital of the European Central Bank (ECB) (hereinafter ‘capital key’) in accordance with Article 29.3 of the Statute of the European System of Central Banks and of the European Central Bank, (hereinafter the ‘Statute of the ESCB’) and establishes, with effect from 1 January 2014, the new weightings assigned to each national central bank (NCB) in the adjusted capital key (hereinafter the ‘capital key weightings’).
(2) The adjustments to the capital key weightings and the resulting changes in the NCBs’ shares in the ECB’s subscribed capital make it necessary to adjust the claims which the ECB has credited under Article 30.3 of the Statute of the ESCB to the NCBs of the Member States whose currency is the euro (hereinafter the ‘euro area NCBs’) and which are equivalent to the contributions by euro area NCBs of foreign reserve assets to the ECB (hereinafter the ‘claims’). Those euro area NCBs whose claims increase due to the increase in their capital key weightings from 1 January 2014 should therefore effect a compensatory transfer to the ECB, while the ECB should effect a compensatory transfer to those euro area NCBs whose claims decrease due to a decrease in their capital key weightings.
(3) In accordance with the general principles of fairness, equal treatment and the protection of legitimate expectations underlying the Statute of the ESCB, those euro area NCBs whose relative share in the ECB’s accumulated equity value increases due to the abovementioned adjustments should also effect a compensatory transfer to those euro area NCBs whose relative shares decrease.
(4) The respective capital key weightings of each euro area NCB until 31 December 2013 and with effect from 1 January 2014 should be expressed as a percentage of the ECB’s total capital as subscribed to by all euro area NCBs for the purpose of calculating the adjustment of the value of each euro area NCB’s share in the ECB’s accumulated equity value.
(5) Accordingly, the adoption of a new ECB decision is required that repeals Decision ECB/2013/15 of 21 June 2013 laying down the measures necessary for the contribution to the European Central Bank’s accumulated equity value and for adjusting the national central banks’ claims equivalent to the transferred foreign reserve assets (2), without prejudice to the implementation of all requirements under Article 4 of Decision ECB/2013/15.
(6) Pursuant to Article 1 of Council Decision 2013/387/EU of 9 July 2013 on the adoption by Latvia of the euro on 1 January 2014 (3), in accordance with Article 140(2) of the Treaty on the Functioning of the European Union, Latvia fulfils the necessary conditions for adoption of the euro and the derogation granted to it under Article 4 of the 2003 Act of Accession (4) will be abrogated with effect from 1 January 2014,