Decision of the European Central Bank of 22 April 2004 laying down the terms and conditions for transfers of the European Central Bank’s capital shares between the national central banks and for the adjustment of the paid-up capital (ECB/2004/7)

9.6.2004 EN Official Journal of the European Union L 205/9
DECISION OF THE EUROPEAN CENTRAL BANK
of 22 April 2004
laying down the terms and conditions for transfers of the European Central Bank’s capital shares between the national central banks and for the adjustment of the paid-up capital
(ECB/2004/7)
(2004/504/EC)
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 28.5 thereof,
Whereas:
(1) The adjustment of the weightings assigned to the national central banks (NCBs) in the expanded key for subscription to the European Central Bank’s (ECB’s) capital (hereinafter the capital key weightings and the capital key respectively) as provided for in Decision ECB/2004/5 of 22 April 2004 on the national central banks' percentage shares in the key for subscription to the European Central Bank’s capital (1) requires the Governing Council to determine the terms and conditions for transfers of capital shares between the NCBs that are part of the European System of Central Banks (ESCB) on 30 April 2004 in order to ensure that the distribution of these shares corresponds to the adjustments made.
(2) Česká národní banka, Eesti Pank, the Central Bank of Cyprus, Latvijas Banka, Lietuvos bankas, Magyar Nemzeti Bank, the Central Bank of Malta, Narodowy Bank Polski, Banka Slovenije and Národná banka Slovenska (hereinafter the acceding country NCBs) only become part of the ESCB on 1 May 2004, which means that transfers of capital shares pursuant to Article 28.5 of the Statute do not apply to the acceding country NCBs.
(3) Decision ECB/2004/6 of 22 April 2004 laying down the measures necessary for the paying-up of the European Central Bank’s capital by the participating national central banks (2) determines how and to what extent the NCBs of the Member States that have adopted the euro (hereinafter the participating NCBs) should pay up the ECB’s capital in view of the expanded capital key. Decision ECB/2004/10 of 23 April 2004 laying down the measures necessary for the paying-up of the European Central Bank’s capital by the non-participating national central banks (3) determines the percentage that the NCBs of the Member States that have not adopted the euro on 1 May 2004 (hereinafter the non-participating NCBs) should pay up on 1 May 2004 in view of the expanded capital key.
(4) The participating NCBs paid up their shares in the ECB’s subscribed capital as required under Decision ECB/2003/18 of 18 December 2003 laying down the measures necessary for the paying-up of the European Central Bank’s capital by the participating national central banks (4). In view of this fact, Article 2 of Decision ECB/2004/6 states that either a participating NCB should transfer an additional amount to the ECB, or the ECB should transfer an amount back to a participating NCB, as appropriate, in order to arrive at the amounts shown in the table in Article 1 of Decision ECB/2004/6. Likewise, Danmarks Nationalbank, Sveriges Riksbank and the Bank of England paid up their shares in the ECB’s subscribed capital as required under Decision ECB/2003/19 of 18 December 2003 laying down the measures necessary for the paying-up of the European Central Bank’s capital by the non-participating national central banks (5). In view of this fact, Article 2(1) of Decision ECB/2004/10 states that each of these three NCBs should either transfer an additional amount to the ECB, or receive an amount back from the ECB, as appropriate, in order to arrive at the amounts shown in the table in Article 1 of Decision ECB/2004/10. Article 2(2) of Decision ECB/2004/10 states that each of the acceding country NCBs should transfer to the ECB the amount shown next to its name in the table in Article 1 of the same Decision,