Decision of the European Central Bank of 12 December 2008 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/2008/25) (2009/55/EC)
Decision of the European Central Bank of 12 December 2008 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/2008/25) (2009/55/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:
Decision ECB/2008/23 of 12 December 2008 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 2008 in order to ensure that the distribution of these shares corresponds to the adjustments made. Accordingly, the adoption of a new ECB decision is required that repeals Decision ECB/2006/23 of 15 December 2006 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 2009.
Decision ECB/2008/24 of 12 December 2008 laying down the measures necessary for the paying-up of the European Central Bank’s capital by the participating national central banks(3) determines how and to what extent the NCBs of the Member States that have adopted the euro (hereinafter the ‘participating NCBs’) are under an obligation to pay up the ECB’s capital in view of the adjusted capital key. Decision ECB/2008/28 of 15 December 2008 laying down the measures necessary for the paying-up of the European Central Bank’s capital by the non-participating national central banks(4) determines the percentage that the NCBs of the Member States that will not have adopted the euro on 1 January 2009 (hereinafter the non-participating NCBs) are under an obligation to pay up with effect from 1 January 2009 in view of the adjusted capital key.
The participating NCBs, with the exception of Národná banka Slovenska, have already paid up their shares in the ECB’s subscribed capital as required under Decision ECB/2006/22 of 15 December 2006 laying down the measures necessary for the paying-up of the European Central Bank’s capital by the participating national central banks(5). In view of this, Article 2(1) of Decision ECB/2008/24 states that either a participating NCB should 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/2008/24.
Furthermore, Articles 2(1) and 2(2) of Decision ECB/2008/33 of 31 December 2008 on the paying-up of capital, transfer of foreign reserve assets and contributions by Národná banka Slovenska to the European Central Bank’s reserves and provisions(6) lay down that Národná banka Slovenska, which will be a participating NCB from 1 January 2009, 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/2008/24, taking into account the adjusted capital key.
Likewise, the non-participating NCBs have already paid up their shares in the ECB’s subscribed capital as required under Decision ECB/2006/26 of 18 December 2006 laying down the measures necessary for the paying-up of the European Central Bank’s capital by the non-participating national central banks(7). In view of this, Article 2(1) of Decision ECB/2008/28 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 table in Article 1 of Decision ECB/2008/28.
Decision ECB/2003/20 of 18 December 2003 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(8) was tacitly repealed by Decision ECB/2004/7 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(9). For the sake of clarity, Decision ECB/2003/20 should be explicitly repealed with retroactive effect,
HAS DECIDED AS FOLLOWS:
Article 1 Transfer of capital shares
Given the share in the ECB’s capital that each NCB will have subscribed on 31 December 2008 and the share in the ECB’s capital that each NCB will subscribe with effect from 1 January 2009 as a consequence of the adjustment of the capital key weightings laid down in Article 2 of Decision ECB/2008/23, the NCBs shall transfer capital shares among themselves via transfers to and from the ECB to ensure that the distribution of capital shares with effect from 1 January 2009 corresponds to the adjusted weightings. To this effect, each NCB shall, by virtue of this Article and without any further formality or act being required, either transfer or receive with effect from 1 January 2009 the share in the ECB’s subscribed capital shown next to its name in the fourth column of the table in Annex I to this Decision, whereby ‘+’ shall refer to a capital share that the ECB shall transfer to the NCB and ‘–’ to a capital share that the NCB shall transfer to the ECB.
Article 2 Adjustment of the paid-up capital
Given the amount of the ECB’s capital that each NCB has paid up and the amount of the ECB’s capital that each NCB shall pay up with effect from 1 January 2009 pursuant to Article 1 of Decision ECB/2008/24 for the participating NCBs and Article 1 of Decision ECB/2008/28 for the non-participating NCBs respectively, on the first operating day of the Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) following 1 January 2009 each NCB shall either transfer or receive the net amount shown next to its name in the fourth column of the table in Annex II to this Decision, whereby ‘+’ shall refer to an amount that the NCB shall transfer to the ECB and ‘–’ to an amount that the ECB shall transfer to that NCB.
On the first TARGET2 operating day following 1 January 2009, the ECB and the NCBs that are under an obligation to transfer an amount under paragraph 1 shall each separately transfer any interest on the respective amounts due accruing over the period from 1 January 2009 until the date of the transfer. The transferors and recipients of this interest shall be the same as the transferors and recipients of the amounts on which the interest accrues.
Article 3 General provisions
The transfers described in Article 2 shall take place through TARGET2.
Where an NCB does not have access to TARGET2, the amounts described in Article 2 shall be transferred by crediting an account that the ECB or NCB shall nominate in due time.
Any interest accruing under Article 2(2) shall be calculated on a daily basis, using the actual over-360-day method of calculation, at a rate equal to the marginal interest rate used by the Eurosystem in its most recent main refinancing operation.
The ECB and the NCBs that are under an obligation to make a transfer under Article 2 shall, in due course, give the necessary instructions for duly executing such transfer on time.
Article 4 Final provision
This Decision shall enter into force on 1 January 2009.
Decision ECB/2006/23 is hereby repealed with effect from 1 January 2009.
References to Decision ECB/2006/23 shall be construed as being made to this Decision.
Decision ECB/2003/20 is hereby repealed with effect from 23 April 2004.