Date: 2023-12-18Category: Not ApplicableState: Union GovernmentCountry: Europe
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)
Executive Summary:
This decision, ECB/2023/31, adjusts the national central banks' percentage shares in the key for subscription to the European Central Bank's capital, as mandated every five years. It repeals Decision ECB/2020/3. The adjusted capital key will be effective from 1 January 2024.
Key Points / Main Content:
Capital Key Adjustment:
The capital key weightings are adjusted every five years, as per Article 29.3 of the Statute of the ESCB.
The last adjustment was in 2018, with an additional adjustment in 2020 due to the UK's withdrawal from the EU.
Rounding of Statistical Data:
If the statistical data provided by the European Commission does not total 100%, adjustments will be made.
If the total is below 100, 0.0001 of a percentage point will be added to the smallest shares until 100 is reached.
If the total is above 100, 0.0001 of a percentage point will be subtracted from the largest shares until 100 is reached.
National Central Bank Weightings:
Specifies the capital key weightings for each national central bank, effective from 1 January 2024. (A list of each bank and its weighting follows in the original document).
Repeal and Entry into Force:
Decision ECB/2020/3 is repealed with effect from 1 January 2024.
The new decision enters into force on 1 January 2024.
References to the repealed decision will be construed as references to this new decision.
Impact Analysis:
National Central Banks:
Impact: Their percentage shares in the key for subscription to the ECB's capital are adjusted, impacting their capital contributions and related rights/obligations.
Action Required: Implement the new capital key weightings from 1 January 2024.
European Central Bank:
Impact: The ECB's capital structure is updated based on the adjusted key.
Action Required: Update internal records and procedures to reflect the new capital key weightings.
European Commission:
Impact: The decision references the statistical data provided by the European Commission.
Action Required: Continue to provide statistical data to the ECB for future capital key adjustments.
Key Entities Referenced
European Central Bank: The central bank of the European Union countries that have adopted the euro.
Treaty on the Functioning of the European Union: One of the primary treaties of the European Union.
European System of Central Banks: The central banking system of the European Union.
Governing Council of the European Central Bank: The main decision-making body of the European Central Bank.
General Council of the European Central Bank: One of the decision-making bodies of the European Central Bank.
European Commission: An institution of the European Union, responsible for proposing legislation, enforcing European law and directing the EU's administrative operations.
Decision EU 2020/137: A previous decision of the European Central Bank regarding national central banks percentage shares, repealed by this decision.
Frankfurt am Main, Hesse: City in Germany, where the decision was finalized.
Official Journal EN
of the European Union L series
2023/2811 18.12.2023
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)
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 29.3 and 29.4 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) Article 29.3 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter
the ‘Statute of the ESCB’) requires the capital key weightings to be adjusted every five years after the establishment
of the European System of Central Banks (ESCB) by analogy with the provisions laid down in Article 29.1 of the
Statute of the ESCB. The adjusted capital key applies with effect from the first day of the year following the year in
which the adjustment occurs.
(2) The last quinquennial adjustment of the capital key weightings in accordance with Article 29.3 of the Statute of the
ESCB was made in 2018 with effect from 1 January 2019 to 31 January 2020(1). An additional adjustment was
made in 2020 with effect from 1 February 2020 pursuant to Decision (EU) 2020/137 of the European Central
Bank (ECB/2020/3)(2), in view of the withdrawal of the United Kingdom from the European Union, and the Bank of
England ceasing to be a national central bank of a Member State and therefore of the European System of Central
Banks.
(3) Decision (EU) 2020/137 (ECB/2020/3) should accordingly be repealed.
(4) In accordance with Council Decision 2003/517/EC(3), the European Commission provided the European Central
Bank (ECB) with the statistical data to be used in determining the adjusted capital key,
HAS ADOPTED THIS DECISION:
Article 1
Rounding
Where the European Commission provides statistical data to be used in adjusting the capital key and the figures do not total
100 %, the difference shall be compensated for: (i) if the total is below 100 %, by adding 0,0001 of a percentage point to the
smallest share(s) in ascending order until exactly 100 % is reached, or (ii) if the total is above 100 %, by subtracting 0,0001
of a percentage point in descending order from the largest share(s) until exactly 100 % is reached.
(1) 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) (OJ L 9, 11.1.2019,
p. 178).
(2) Decision (EU) 2020/137 of the European Central Bank of 22 January 2020 on the national central banks’ percentage shares in the key
for subscription to the European Central Bank’s capital and repealing Decision (EU) 2019/43 (ECB/2020/3) (OJ L 27I, 1.2.2020, p. 4).
(3) Council Decision 2003/517/EC of 15 July 2003 on the statistical data to be used for the adjustment of the key for subscription to the
capital of the European Central Bank (OJ L 181, 19.7.2003, p. 43).
ELI: http://data.europa.eu/eli/dec/2023/2811/oj 1/3EN
OJ L, 18.12.2023
Article 2
Capital key weightings
The weighting assigned to each national central bank in the capital key described in Article 29 of the Statute of the ESCB
shall be as follows with effect from 1 January 2024:
Nationale Bank van België/Banque Nationale de Belgique 3,0005 %
Българска народна банка (Bulgarian National Bank) 0,9783 %
Česká národní banka 1,9623 %
Danmarks Nationalbank 1,7797 %
Deutsche Bundesbank 21,7749 %
Eesti Pank 0,2437 %
Central Bank of Ireland 1,7811 %
Bank of Greece 1,8474 %
Banco de España 9,6690 %
Banque de France 16,3575 %
Hrvatska narodna banka 0,6329 %
Banca d’Italia 13,0993 %
Central Bank of Cyprus 0,1802v%
Latvijas Banka 0,3169 %
Lietuvos bankas 0,4826 %
Banque centrale du Luxembourg 0,2976 %
Magyar Nemzeti Bank 1,5819 %
Central Bank of Malta 0,1053 %
De Nederlandsche Bank 4,8306 %
Oesterreichische Nationalbank 2,4175 %
Narodowy Bank Polski 6,0968 %
Banco de Portugal 1,9014 %
Banca Naţională a României 2,8888 %
Banka Slovenije 0,4041 %
Národná banka Slovenska 0,9403 %
Suomen Pankki 1,4853 %
Sveriges Riksbank 2,9441 %
Article 3
Entry into force and repeal
1. This Decision shall enter into force on 1 January 2024.
2. Decision (EU) 2020/137 (ECB/2020/3) is repealed with effect from 1 January 2024.
3. References to Decision (EU) 2020/137 (ECB/2020/3) shall be construed as references to this Decision.
2/3 ELI: http://data.europa.eu/eli/dec/2023/2811/ojEN
OJ L, 18.12.2023
Done at Frankfurt am Main, 7 December 2023.
The President of the ECB
Christine LAGARDE
ELI: http://data.europa.eu/eli/dec/2023/2811/oj 3/3