Decision (EU) 2019/45 of the European Central Bank of 29 November 2018 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 and repealing Decision ECB/2013/29 (ECB/2018/29)

Decision (EU) 2019/45 of the European Central Bank of 29 November 2018 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 and repealing Decision ECB/2013/29 (ECB/2018/29) THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK, Having regard to the Treaty on the Functioning of the European Union, 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 (EU) 2019/43 of the European Central Bank (ECB/2018/27) Decision (EU) 2019/43 of the European Central Bank of 29 November 2018 on the national central banks' percentage shares in the key for subscription to the European Central Bank's capital and repealing Decision ECB/2013/28 (ECB/2018/27) (see page 178 of this Official Journal). 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 2018 in order to ensure that the distribution of these shares corresponds to the adjustments made. Accordingly, the adoption of a new decision is required to repeal Decision ECB/2013/29 Decision ECB/2013/29 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 (OJ L 16, 21.1.2014, p. 55). with effect from 1 January 2019. (2) Decision (EU) 2019/44 of the European Central Bank (ECB/2018/28) Decision (EU) 2019/44 of the European Central Bank of 29 November 2018 on the paying-up of the European Central Bank's capital by the national central banks of Member States whose currency is the euro, amending Decision ECB/2014/61 and repealing Decision ECB/2013/30 (ECB/2018/28) (see page 180 of this Official Journal). 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 (EU) 2019/48 of the European Central Bank (ECB/2018/32) Decision (EU) 2019/48 of the European Central Bank of 30 November 2018 on the paying-up of the European Central Bank's capital by the non-euro area national central banks and repealing Decision ECB/2013/31 (ECB/2018/32) (see page 196 of this Official Journal). 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 2019 in view of the adjusted capital key. (3) Given that each euro area NCB has already paid up its full share in the ECB's subscribed capital as applicable until 31 December 2018 under Decision ECB/2013/30 of the European Central Bank

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 (OJ L 16, 21.1.2014, p. 61). , and as far as Lietuvos bankas is concerned, under Article 2 of Decision (EU) 2015/287 of the European Central Bank (ECB/2014/61) Decision (EU) 2015/287 of the European Central Bank of 31 December 2014 on the paying-up of capital, transfer of foreign reserve assets and contribution by Lietuvos bankas to the European Central Bank's reserves and provisions (ECB/2014/61) (OJ L 50, 21.2.2015, p. 44). , in conjunction with Decision ECB/2013/31 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 (OJ L 16, 21.1.2014, p. 63). , each euro area NCB 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 (EU) 2019/44 (ECB/2018/28). (4) Likewise, given that the non-euro area NCBs have already paid up a percentage of their shares in the ECB's subscribed capital as applicable until 31 December 2018 under Decision ECB/2013/31, 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 (EU) 2019/48 (ECB/2018/32), HAS ADOPTED THIS DECISION:

Article 1

Transfer of capital shares Given the share in the ECB's capital that each NCB will have subscribed on 31 December 2018, and the share in the ECB's capital that each NCB will subscribe with effect from 1 January 2019 as a consequence of the adjustment of the capital key weightings laid down in Article 2 of Decision (EU) 2019/43 (ECB/2018/27), 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 2019 corresponds to the adjusted weightings. To this effect, each NCB shall, by virtue of this Article and without the need for any further formality or act, be deemed to have either transferred or received with effect from 1 January 2019 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

1. 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 2019, pursuant to Article 1 of Decision (EU) 2019/44 (ECB/2018/28) for the euro area NCBs and Article 1 of Decision (EU) 2019/48 (ECB/2018/32) for the non-euro area NCBs, respectively, on the first operating day of the Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) following 1 January 2019 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.

1. On the first TARGET2 operating day following 1 January 2019, 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 2019 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

1. The transfers described in Article 2 shall take place through TARGET2.
2. 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.
3. 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 latest available marginal interest rate used by the Eurosystem in its tenders for main refinancing operations.
4. 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

Entry into force and repeal

1. This Decision shall enter into force on 1 January 2019.
2. Decision ECB/2013/29 is repealed with effect from 1 January 2019.
3. References to Decision ECB/2013/29 shall be construed as references to this Decision. Done at Frankfurt am Main, 29 November 2018. The President of the ECB Mario Draghi

Annex

ANNEX I NCBs' SUBSCRIBED CAPITAL Due to rounding, totals may not correspond to the sum of all figures shown. Share subscribed on 31 December 2018 (EUR) Share subscribed from 1 January 2019 (EUR) Share to be transferred (EUR) Euro area NCB Nationale Bank van België/Banque Nationale de Belgique268222025,17273656178,725434153,55Deutsche Bundesbank1948208997,341988229048,4840020051,14Eesti Pank20870613,6321303613,91433000,28Central Bank of Ireland125645857,06127237133,101591276,04Bank of Greece220094043,74187186022,25– 32908021,49Banco de España957028050,02902708164,54– 54319885,48Banque de France1534899402,411537811329,322911926,91Banca d'Italia1332644970,331277599809,38– 55045160,95Central Bank of Cyprus16378235,7016269985,63– 108250,07Latvijas Banka30537344,9429563094,31– 974250,63Lietuvos bankas44728929,2143938703,70– 790225,51Banque centrale du Luxembourg21974764,3524572766,052598001,70Central Bank of Malta7014604,587923905,17909300,59De Nederlandsche Bank433379158,03440328812,576949654,54Oesterreichische Nationalbank212505713,78220018268,697512554,91Banco de Portugal188723173,25177172890,71– 11550282,54Banka Slovenije37400399,4336382848,76– 1017550,67Národná banka Slovenska83623179,6186643356,593020176,98Suomen Pankki136005388,82137564189,841558801,02 Non-euro area NCB Българска народна банка (Bulgarian National Bank)92986810,7392131635,17– 855175,56Česká národní banka174011988,64175062014,331050025,69Danmarks Nationalbank161000330,15162223555,951223225,80Hrvatska narodna banka65199017,5861410265,11– 3788752,47Magyar Nemzeti Bank149363447,55144492194,37– 4871253,18Narodowy Bank Polski554565112,18563636468,109071355,92

Banca Naţională a României281709983,98264887922,99– 16822060,99Sveriges Riksbank246041585,69273028328,3126986742,62Bank of England1480243941,721552024563,6071780621,88Total10825007069,6110825007069,610,00

Annex

ANNEX II NCBs' PAID-UP CAPITAL Due to rounding, totals may not correspond to the sum of all figures shown. Share paid up on 31 December 2018 (EUR) Share paid up from 1 January 2019 (EUR) Amount of transfer payment (EUR) Euro area NCB Nationale Bank van België/Banque Nationale de Belgique268222025,17273656178,725434153,55Deutsche Bundesbank1948208997,341988229048,4840020051,14Eesti Pank20870613,6321303613,91433000,28Central Bank of Ireland125645857,06127237133,101591276,04Bank of Greece220094043,74187186022,25– 32908021,49Banco de España957028050,02902708164,54– 54319885,48Banque de France1534899402,411537811329,322911926,91Banca d'Italia1332644970,331277599809,38– 55045160,95Central Bank of Cyprus16378235,7016269985,63– 108250,07Latvijas Banka30537344,9429563094,31– 974250,63Lietuvos bankas44728929,2143938703,70– 790225,51Banque centrale du Luxembourg21974764,3524572766,052598001,70Central Bank of Malta7014604,587923905,17909300,59De Nederlandsche Bank433379158,03440328812,576949654,54Oesterreichische Nationalbank212505713,78220018268,697512554,91Banco de Portugal188723173,25177172890,71– 11550282,54Banka Slovenije37400399,4336382848,76– 1017550,67Národná banka Slovenska83623179,6186643356,593020176,98Suomen Pankki136005388,82137564189,841558801,02 Non-euro area NCB Българска народна банка (Bulgarian National Bank)3487005,403454936,32– 32069,08Česká národní banka6525449,576564825,5439375,97Danmarks Nationalbank6037512,386083383,3545870,97Hrvatska narodna banka2444963,162302884,94– 142078,22Magyar Nemzeti Bank5601129,285418457,29– 182671,99Narodowy Bank Polski20796191,7121136367,55340175,84 Banca Naţională a României10564124,409933297,11– 630827,29Sveriges Riksbank9226559,4610238562,311012002,85Bank of England55509147,8158200921,142691773,33Total7740076934,577659443757,27– 80633177,30