2014/31/EU: Decision of the European Central Bank of 29 August 2013 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/2013/29)

21.1.2014 EN Official Journal of the European Union L 16/55
DECISION OF THE EUROPEAN CENTRAL BANK
of 29 August 2013
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/2013/29)
(2014/31/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 28.5 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 weightings assigned to the national central banks (NCBs) in the key for subscription to the European Central Bank’s (ECB’s) capital (hereinafter the ‘capital key weightings’ and the ‘capital key’ respectively). This adjustment requires the Governing Council to determine the terms and conditions for transfers of capital shares between the NCBs that are members of the European System of Central Banks (ESCB) on 31 December 2013 in order to ensure that the distribution of these shares corresponds to the adjustments made. Accordingly, the adoption of a new decision is required that repeals Decision ECB/2013/18 of 21 June 2013 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 (2) with effect from 1 January 2014.
(2) Decision ECB/2013/30 of 29 August 2013 on the paying-up of the European Central Bank’s capital by the national central banks of Member States whose currency is the euro (3) determines how and to what extent the NCBs of the Member States whose currency is the euro (hereinafter ‘euro area NCBs’) are under an obligation to pay up the ECB’s capital in view of the adjusted capital key. Decision ECB/2013/31 of 30 August 2013 on the paying-up of the European Central Bank’s capital by the non-euro area national central banks (4) determines the percentage that the NCBs of the Member States whose currency is not the euro (hereinafter ‘non-euro area NCBs’) are under an obligation to pay up with effect from 1 January 2014 in view of the adjusted capital key.
(3) The euro area NCBs, with the exception of Latvijas Banka, have already paid up their shares in the ECB’s subscribed capital as required under Decision ECB/2013/19 of 21 June 2013 on the paying-up of the European Central Bank’s capital by the national central banks of Member States whose currency is the euro (5). In view of this, Article 2(1) of Decision ECB/2013/30 states that euro area 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/2013/30.
(4) Furthermore, a separate decision of the Governing Council on the paying-up of capital, transfer of foreign reserve assets and contributions by Latvijas Banka to the European Central Bank’s reserves and provisions will lay down that Latvijas Banka, which will be a euro-area NCB from 1 January 2014, is under an obligation to pay up the remaining share of its subscription to the ECB’s capital in order to arrive at the amount shown next to its name in the table in Article 1 of Decision ECB/2013/30, taking into account the adjusted capital key.
(5) Likewise, the non-euro area NCBs have already paid up a percentage of their shares in the ECB’s subscribed capital as required under Decision ECB/2013/20 of 21 June 2013 on the paying-up of the European Central Bank’s capital by the non-euro area national central banks (6). In view of this, Article 2(1) of Decision ECB/2013/31 states that each of them 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 third column of the table in Article 1 of Decision ECB/2013/31,