Decision (EU) 2023/2817 of the European Central Bankof 7 December 2023laying 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 (EU) 2020/139 (ECB/2020/5) (ECB/2023/33)

Decision (EU) 2023/2817 of the European Central Bank of 7 December 2023 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 (EU) 2020/139 (ECB/2020/5) (ECB/2023/33) 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, Having regard to the contribution of the General Council of the European Central Bank in accordance with the fourth indent of Article 46.2 of the Statute of the European System of Central Banks and of the European Central Bank, Whereas: (1) Decision (EU) 2023/2811 of the European Central Bank (ECB/2023/31) Decision (EU) 2023/2811 of the European Central Bank of 7 December 2023 on the national central banks’ percentage shares in the key for subscription to the European Central Bank’s capital and repealing Decision (EU) 2020/137 (ECB/2020/3) (ECB/2023/31) (OJ L, 2023/2811,18.12.2023, ELI: http://data.europa.eu/eli/dec/2023/2811/oj). 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 2023 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 (EU) 2020/139 of the European Central Bank (ECB/2020/5) Decision (EU) 2020/139 of the European Central Bank of 22 January 2020 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 (EU) 2019/45 (ECB/2020/5) (OJ L 27I,1.2.2020, p. 9). with effect from 1 January 2024. (2) Decision (EU) 2023/2819 of the European Central Bank (ECB/2023/32) Decision (EU) 2023/2819 of the European Central Bank of 7 December 2023 on the paying-up of the European Central Bank’s capital by the national central banks of Member States whose currency is the euro and repealing Decision (EU) 2020/138 (ECB/2020/4) (ECB/2023/32) (OJ L, 2023/2819,18.12.2023, ELI: http://data.europa.eu/eli/dec/2023/2819/oj). 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) 2023/2816 of the European Central Bank (ECB/2023/36) Decision (EU) 2023/2816 of the European Central Bank of 7 December 2023 on the paying-up of the European Central Bank’s capital by the non-euro area national central banks and repealing Decision (EU) 2020/136 (ECB/2020/2) (ECB/2023/36) (OJ L, 2023/2816,18.12.2023, ELI: http://data.europa.eu/eli/dec/2023/2816/oj).

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 2024 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 2023 under Decision (EU) 2020/138 of the European Central Bank (ECB/2020/4) Decision (EU) 2020/138 of the European Central Bank of 22 January 2020 on the paying-up of the European Central Bank’s capital by the national central banks of Member States whose currency is the euro and repealing Decision (EU) 2019/44 (ECB/2020/4) (OJ L 27I, 1.2.2020, p. 6). , and as far as Hrvatska narodna banka is concerned, under Article 2 of Decision (EU) 2023/135 of the European Central Bank (ECB/2022/51) Decision (EU) 2023/135 of the European Central Bank of 30 December 2022 on the paying-up of capital, transfer of foreign reserve assets, and contributions by Hrvatska narodna banka to the European Central Bank’s reserves and provisions (ECB/2022/51) (OJ L 17, 19.1.2023, p. 94). , 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) 2023/2819 (ECB/2023/32). (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 2023 under Decision (EU) 2020/136 of the European Central Bank (ECB/2020/2) Decision (EU) 2020/136 of the European Central Bank of 22 January 2020 on the paying-up of the European Central Bank’s capital by the non-euro area national central banks and repealing Decision (EU) 2019/48 (ECB/2020/2) (OJ L 27I , 1.2.2020, p. 1). , 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) 2023/2816 (ECB/2023/36), 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 2023, and the share in the ECB’s capital that each NCB will subscribe with effect from 1 January 2024 as a consequence of the adjustment of the capital key weightings laid down in Article 2 of Decision (EU) 2023/2811 (ECB/2023/31), 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 2024 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 2024 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 2024, pursuant to Article 1 of Decision (EU) 2023/2819 (ECB/2023/32) for the euro area NCBs and Article 1 of Decision (EU) 2023/2816 (ECB/2023/36) for the non-euro area NCBs, respectively, on the first operating day of the Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) following 1 January 2024 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.
2. On the first TARGET operating day following 1 January 2024, 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 2024 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 TARGET.
2. Where an NCB does not have access to TARGET, 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 2024.
2. Decision (EU) 2020/139 (ECB/2020/5) is repealed with effect from 1 January 2024.
3. References to Decision (EU) 2020/139 (ECB/2020/5) shall be construed as references to this Decision. Done at Frankfurt am Main, 7 December 2023. The President of the ECB Christine Lagarde

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 2023 (EUR) Share subscribed from 1 January 2024 (EUR) Share to be transferred (EUR) Euro area NCBNationale Bank van België/ Banque Nationale de Belgique320744959,47324804337,12+4059377,65Deutsche Bundesbank2320816565,682357134464,40+36317898,72Eesti Pank24800091,2026380542,23+1580451,03Central Bank of Ireland149081997,36192804200,92+43722203,56Bank of Greece217766667,22199981180,60–17785486,62Banco de España1049820010,621046669933,56–3150077,06Banque de France1798120274,321770700531,41–27419742,91Hrvatska narodna banka71390921,6268511469,74–2879451,88Banca d’Italia1495637101,771418000151,07–77636950,70Central Bank of Cyprus18943762,3719506662,74+562900,37Latvijas Banka34304447,4034304447,400,00Lietuvos bankas50953308,2852241484,12+1288175,84Banque centrale du Luxembourg29000193,9432215221,04+3215027,10Central Bank of Malta9233731,0311398732,44+2165001,41De Nederlandsche Bank515941486,95522912791,50+6971304,55Oesterreichische Nationalbank257678468,28261694545,91+4016077,63Banco de Portugal206054009,57205826684,42–227325,15Banka Slovenije42390727,6843743853,57+1353125,89Národná banka Slovenska100824115,85101787541,48+963425,63Suomen Pankki161714780,61160783830,00–930950,61Non-euro area NCBБългарска народна банка (Bulgarian National Bank)106431469,51105901044,16–530425,35Česká národní banka203445182,87212419113,73+8973930,86Danmarks Nationalbank190422699,36192652650,82+2229951,46Magyar Nemzeti Bank167657709,49171240786,83+3583077,34

Narodowy Bank Polski653126801,54659979031,02+6852229,48Banca Naţională a României306228624,99312712804,23+6484179,24Sveriges Riksbank322476960,60318699033,14–3777927,46Total10825007069,6110825007069,610,00

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 2023 (EUR) Share paid up from 1 January 2024 (EUR) Amount of transfer payment (EUR) Euro area NCBNationale Bank van België/ Banque Nationale de Belgique320744959,47324804337,12+4059377,65Deutsche Bundesbank2320816565,682357134464,40+36317898,72Eesti Pank24800091,2026380542,23+1580451,03Central Bank of Ireland149081997,36192804200,92+43722203,56Bank of Greece217766667,22199981180,60–17785486,62Banco de España1049820010,621046669933,56–3150077,06Banque de France1798120274,321770700531,41–27419742,91Hrvatska narodna banka71390921,6268511469,74–2879451,88Banca d’Italia1495637101,771418000151,07–77636950,70Central Bank of Cyprus18943762,3719506662,74+562900,37Latvijas Banka34304447,4034304447,400,00Lietuvos bankas50953308,2852241484,12+1288175,84Banque centrale du Luxembourg29000193,9432215221,04+3215027,10Central Bank of Malta9233731,0311398732,44+2165001,41De Nederlandsche Bank515941486,95522912791,50+6971304,55Oesterreichische Nationalbank257678468,28261694545,91+4016077,63Banco de Portugal206054009,57205826684,42–227325,15Banka Slovenije42390727,6843743853,57+1353125,89Národná banka Slovenska100824115,85101787541,48+963425,63Suomen Pankki161714780,61160783830,00–930950,61Non-euro area NCBБългарска народна банка (Bulgarian National Bank)3991180,113971289,16–19890,95Česká národní banka7629194,367965716,76+336522,40Danmarks Nationalbank7140851,237224474,41+83623,18Magyar Nemzeti Bank6287164,116421529,51+134365,40 Narodowy Bank Polski24492255,0624749213,66+256958,60Banca Naţională a României11483573,4411726730,16+243156,72Sveriges Riksbank12092886,0211951213,74–141672,28Total8948334725,558925412773,07–22921952,48