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,
Decision ECB/2001/16 is amended as follows:
1. Article 1 is amended as follows:
‘(j) “cash change-over date” means the date on which euro banknotes and coins acquire the status of legal tender in a Member State which has adopted the euro;
(k) “reference period” means a period of 24 months starting 30 months before the cash changeover date;
(l) “cash change-over year” means a period of 12 months starting on the cash change-over date;
(m) “daily foreign exchange reference rate” means the daily foreign exchange reference rate that is based on the regular daily concertation procedure between central banks within and outside the ESCB, which normally takes place at 14.15 Central European Time.’
2. Article 2 is amended as follows:
3. Article 4 is replaced by the following:
C is the compensatory amount,
K is the euro amount for each NCB that results from the application of the subscribed capital key to the average value of banknotes in circulation during the reference period, whereby the amount of banknotes in circulation denominated in the national currency of a Member State that adopts the euro shall be translated into euro at the daily foreign exchange reference rate during the reference period,
A is the average euro value for each NCB of banknotes in circulation during the reference period, translated into euro at the daily foreign exchange reference rate during the reference period,
S is the following coefficient for each financial year, starting with the cash change-over date:
Financial year Coefficient
Cash change-over year 1
Cash change-over year plus one year 0,8606735
Cash change-over year plus two years 0,7013472
Cash change-over year plus three years 0,5334835
Cash change-over year plus four years 0,3598237
Cash change-over year plus five years 0,1817225
4. Annex I is amended in accordance with Annex I to this Decision.
5. Annex III is replaced by Annex II to this Decision.
Final provision
This Decision shall enter into force one day following its adoption.