Date: 2023-12-18Category: Not ApplicableState: Union GovernmentCountry: Europe
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)
Executive Summary:
This decision by the European Central Bank (ECB) addresses the paying-up of the ECB's capital by non-Euro area national central banks (NCBs). It sets the percentage to be paid up at 3.75% of each NCB's share in the ECB's subscribed capital, effective from 1 January 2024. This decision also repeals Decision EU 2020/136 with effect from the same date.
Key Points / Main Content:
* **Capital Payment Obligation:**
* Each non-Euro area NCB must pay up 3.75% of its share in the ECB's subscribed capital, effective 1 January 2024.
* The amounts for subscribed and paid-up capital for each non-Euro area NCB are specified in a table, considering new capital key weightings.
* **Capital Adjustment:**
* NCBs will either transfer additional amounts to the ECB or receive amounts back from the ECB to reach the paid-up capital amounts specified, adjusting for previous payments under Decision EU 2020/136.
* Transfers will be conducted according to Decision EU 2023/2817.
* **Repeal and Entry into Force:**
* Decision EU 2020/136 is repealed, effective 1 January 2024.
* This decision enters into force on 1 January 2024.
* References to the repealed Decision EU 2020/136 should be construed as references to this decision.
Impact Analysis:
* **Non-Euro Area National Central Banks (NCBs):**
* *Impact:* Affected by the requirement to adjust their paid-up capital to the ECB, either by transferring additional funds or receiving funds back. The specific amounts are determined by their share in the ECB's subscribed capital.
* *Action Required:* Transfer additional funds to the ECB or receive funds back from the ECB, according to Decision EU 2023/2817, to meet the new paid-up capital requirements by 1 January 2024.
* **European Central Bank (ECB):**
* *Impact:* Responsible for managing the capital adjustments from the non-Euro area NCBs.
* *Action Required:* Execute the capital transfers with the NCBs according to Decision EU 2023/2817.
Key Entities Referenced
European Central Bank: The central bank of the European Union countries that have adopted the euro.
General Council of the European Central Bank: One of the decision-making bodies of the European Central Bank.
Treaty on the Functioning of the European Union: One of the primary treaties of the European Union.
Statute of the European System of Central Banks and of the European Central Bank: The legal framework governing the European System of Central Banks (ESCB) and the European Central Bank (ECB).
Decision EU 2023/2816: Decision of the European Central Bank on the paying-up of the European Central Bank’s capital by the non-euro area national central banks.
Decision EU 2020/136: Decision of the European Central Bank on the paying-up of the European Central Bank’s capital by the non-euro area national central banks, which is repealed by Decision EU 2023/2816.
Decision EU 2023/2811: Decision of the European Central Bank on the national central banks’ percentage shares in the key for subscription to the European Central Bank’s capital.
Frankfurt am Main: City in Hesse, Germany, where the decision was made.
Official Journal EN
of the European Union L series
2023/2816 18.12.2023
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)
THE GENERAL 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 47 thereof,
Whereas:
(1) Article 47 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the
‘Statute of the ESCB’) provides that national central banks of Member States with a derogation (hereinafter ‘non-euro
area NCBs’) do not need to pay up their subscribed capital unless the General Council of the European Central Bank
(ECB), acting by a majority representing at least two-thirds of the subscribed capital of the ECB and at least half of the
shareholders, decides that a minimal percentage has to be paid up as a contribution to the ECB’s operational costs.
(2) Article 1 of Decision (EU) 2020/136 of the European Central Bank (ECB/2020/2)(1) provides that each non-euro
area NCB shall pay up 3,75 % of its share in the ECB’s subscribed capital with effect from 1 February 2020.
(3) Decision (EU) 2023/2811 of the European Central Bank (ECB/2023/31)(2)provides for the adjustment of the key for
subscription to the ECB’s capital (hereinafter the ‘capital key’) in accordance with Article 29.3 of the Statute of the
ESCB and establishes with effect from 1 January 2024 the new weightings assigned to each NCB in the adjusted
capital key (hereinafter the ‘capital key weightings’).
(4) The quinquennial adjustment of the ECB’s capital key requires the adoption of a new ECB decision repealing Decision
(EU) 2020/136 (ECB/2020/2) with effect from 1 January 2024 and determining the percentage of the ECB’s
subscribed capital which the non-euro area NCBs are under an obligation to pay up with effect from 1 January 2024,
HAS ADOPTED THIS DECISION:
Article 1
Extent and form of subscribed and paid-up capital
Each non-euro area NCB shall pay up 3,75 % of its share in the ECB’s subscribed capital with effect from 1 January 2024.
Taking into account the new capital key weightings laid down in Article 2 of Decision (EU) 2023/2811 (ECB/2023/31),
each non-euro area NCB shall have a total subscribed and paid-up capital of the amounts shown next to its name in the
following table:
(1) 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).
(2) 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).
ELI: http://data.europa.eu/eli/dec/2023/2816/oj 1/2EN
OJ L, 18.12.2023
Subscribed capital as at 1 January
Paid-up capital as at 1 January 2024
Non-euro area NCB 2024
(in EUR)
(in EUR)
Българска народна банка 105 901 044,16 3 971 289,16
(Bulgarian National Bank)
Česká národní banka 212 419 113,73 7 965 716,76
Danmarks Nationalbank 192 652 650,82 7 224 474,41
Magyar Nemzeti Bank 171 240 786,83 6 421 529,51
Narodowy Bank Polski 659 979 031,02 24 749 213,66
Banca Naţională a României 312 712 804,23 11 726 730,16
Sveriges Riksbank 318 699 033,14 11 951 213,74
Article 2
Adjustment of the paid-up capital
1. Given that each non-euro area NCB has already paid up 3,75 % of its share in the ECB’s subscribed capital as
applicable on 31 December 2023 under Decision (EU) 2020/136 (ECB/2020/2), each of them shall 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.
2. All transfers pursuant to this Article shall be made in accordance with Decision (EU) 2023/2817 of the European
Central Bank (ECB/2023/33)(3).
Article 3
Entry into force and repeal
1. This Decision shall enter into force on 1 January 2024.
2. Decision (EU) 2020/136 (ECB/2020/2) is repealed with effect from 1 January 2024.
3. References to Decision (EU) 2020/136 (ECB/2020/2) shall be construed as references to this Decision.
Done at Frankfurt am Main, 7 December 2023.
The President of the ECB
Christine LAGARDE
(3) 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) (OJ L, 2023/2817,18.12.2023, ELI: http://data.europa.eu/eli/dec/
2023/2817/oj).
2/2 ELI: http://data.europa.eu/eli/dec/2023/2816/oj