2006/385/EC: Decision of the European Central Bank of  19 May 2006  amending Decision ECB/2001/16 on the allocation of monetary income of the national central banks of participating Member States from the financial year 2002  (ECB/2006/7)

2.6.2006 EN Official Journal of the European Union L 148/56
DECISION OF THE EUROPEAN CENTRAL BANK
of 19 May 2006
amending Decision ECB/2001/16 on the allocation of monetary income of the national central banks of participating Member States from the financial year 2002
(ECB/2006/7)
(2006/385/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 32 thereof,
Whereas:
(1) Decision ECB/2001/16 of 6 December 2001 on the allocation of monetary income of the national central banks of participating Member States from the financial year 2002 (1) establishes a regime for the allocation of monetary income of the national central banks of Member States that have adopted the euro. Pursuant to Article 32.5 of the Statute, the sum of the NCBs’ monetary income is allocated to the NCBs in proportion to their paid-up shares in the capital of the ECB. In order to allow for a gradual adaptation of the NCBs’ balance sheets and profit and loss accounts, the monetary income allocation for the financial years 2002 to 2007 has been adjusted to take into account the differences between the average value of banknotes in circulation of each NCB during the period from 1 July 1999 to 30 June 2001 and the average value of banknotes that would have been allocated to them during that period in accordance with the ECB’s capital key. These adjustments include net intra-Eurosystem liabilities on euro banknotes in circulation which are in the liability base for the purposes of calculating the NCBs’ monetary income under Article 32.2 of the Statute, as they are equivalent to banknotes in circulation.
(2) The future enlargement of the Eurosystem makes it necessary to adapt the existing regime for the allocation of monetary income. For reasons of fairness, consistency and equal treatment, new Eurosystem NCBs should be treated in the same way financially as existing Eurosystem NCBs. This means that an adjustment procedure should be applied each time a Member State adopts the euro and should follow the same principles as the adjustment procedure for the financial years 2002 to 2007. As a consequence, overlapping of adjustment periods may occur.
(3) Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro (2) allows new participating Member States some flexibility as regards the substitution of the euro for their currencies and the introduction of euro banknotes and coins. In order for the adjustment procedure to achieve financially appropriate solutions, the individual changeover scenarios have to be taken into account,