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Date: 2023-12-18 Category: Not Applicable State: Union Government Country: Europe

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)

Issued by European Central Bank · Not Applicable

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Executive Summary & Key Takeaways

Executive Summary: This Decision (EU) 2023/2817 outlines the terms for transferring European Central Bank (ECB) capital shares between national central banks (NCBs) and adjusting paid-up capital following adjustments to the capital key weightings. NCBs must transfer capital shares via the ECB to align with adjusted weightings by January 1, 2024. The decision also specifies the transfer of funds between NCBs and the ECB to reflect paid-up capital adjustments, to be completed on the first TARGET operating day following January 1, 2024. This decision repeals Decision (EU) 2020/139. Key Points / Main Content: Capital Share Transfers: * NCBs will transfer capital shares among themselves via transfers to and from the ECB to ensure the distribution of capital shares corresponds to adjusted capital key weightings, effective January 1, 2024. * Annex I details the specific capital share transfers for each NCB. Paid-Up Capital Adjustment: * Euro area NCBs and non-euro area NCBs will either transfer additional amounts to the ECB or receive amounts back to align with adjusted capital keys. * The net amounts to be transferred or received are detailed in Annex II. * Transfers will occur on the first TARGET operating day following January 1, 2024. * Interest on the amounts due from January 1, 2024, until the transfer date will also be transferred between the same parties. General Provisions: * Transfers will take place through the Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET). * NCBs without TARGET access will use nominated accounts. * Interest is calculated daily using the Eurosystem's marginal interest rate for main refinancing operations. * The ECB and NCBs must provide timely transfer instructions. Entry into Force and Repeal: * This Decision entered into force on January 1, 2024. * Decision (EU) 2020/139 is repealed, effective January 1, 2024, and references to it are construed as references to this Decision. Impact Analysis: European Central Bank (ECB): Impact: The ECB is central to the transfer of capital shares and funds between NCBs, ensuring adjustments align with the capital key and paid-up capital requirements. It also receives or makes payments related to capital adjustments. Action Required: The ECB must manage the capital share transfers, make necessary payments to NCBs, receive payments from NCBs, calculate and manage interest payments, and provide instructions for timely execution of transfers. National Central Banks (NCBs): Impact: NCBs are required to transfer capital shares and funds to/from the ECB to align with adjusted capital key weightings and paid-up capital requirements. Action Required: NCBs must transfer or receive capital shares via the ECB, transfer or receive funds related to paid-up capital adjustments, calculate and transfer/receive interest payments, and provide instructions for timely execution of transfers. They must also ensure they have access to TARGET or have a nominated account for transfers.

Key Entities Referenced

European Central Bank: The central bank of the European Union countries that have adopted the euro. European System of Central Banks: The central banking system of the European Union. Treaty on the Functioning of the European Union: One of the primary treaties 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. TARGET: The Trans-European Automated Real-time Gross settlement Express Transfer system. Christine Lagarde: The President of the European Central Bank. Frankfurt am Main: City in Hesse, Germany. Location where the decision was made.
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Official Journal EN of the European Union L series 2023/2817 18.12.2023 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)(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 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)(2) with effect from 1 January 2024. (2) Decision (EU) 2023/2819 of the European Central Bank (ECB/2023/32)(3)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)(4)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 2024in view of the adjusted capital key. (1) 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). (2) 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). (3) 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). (4) 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). ELI: http://data.europa.eu/eli/dec/2023/2817/oj 1/7EN OJ L, 18.12.2023 (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)(5), 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)(6), 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)(7), 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 2024as 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 2024corresponds 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 2024each 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 2024until 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. (5) 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). (6) 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). (7) 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). 2/7 ELI: http://data.europa.eu/eli/dec/2023/2817/ojEN OJ L, 18.12.2023 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 ELI: http://data.europa.eu/eli/dec/2023/2817/oj 3/7EN OJ L, 18.12.2023 ANNEX I NCBs’ SUBSCRIBED CAPITAL Share subscribed on Share subscribed from Share to be transferred 31 December 2023 1 January 2024 (EUR) (EUR) (EUR) Euro area NCB Nationale Bank van België/ Banque 320 744 959,47 324 804 337,12 + 4 059 377,65 Nationale de Belgique Deutsche Bundesbank 2 320 816 565,68 2 357 134 464,40 + 36 317 898,72 Eesti Pank 24 800 091,20 26 380 542,23 + 1 580 451,03 Central Bank of Ireland 149 081 997,36 192 804 200,92 + 43 722 203,56 Bank of Greece 217 766 667,22 199 981 180,60 – 17 785 486,62 Banco de España 1 049 820 010,62 1 046 669 933,56 – 3 150 077,06 Banque de France 1 798 120 274,32 1 770 700 531,41 – 27 419 742,91 Hrvatska narodna banka 71 390 921,62 68 511 469,74 – 2 879 451,88 Banca d’Italia 1 495 637 101,77 1 418 000 151,07 – 77 636 950,70 Central Bank of Cyprus 18 943 762,37 19 506 662,74 + 562 900,37 Latvijas Banka 34 304 447,40 34 304 447,40 0,00 Lietuvos bankas 50 953 308,28 52 241 484,12 + 1 288 175,84 Banque centrale du Luxembourg 29 000 193,94 32 215 221,04 + 3 215 027,10 Central Bank of Malta 9 233 731,03 11 398 732,44 + 2 165 001,41 De Nederlandsche Bank 515 941 486,95 522 912 791,50 + 6 971 304,55 Oesterreichische Nationalbank 257 678 468,28 261 694 545,91 + 4 016 077,63 Banco de Portugal 206 054 009,57 205 826 684,42 – 227 325,15 Banka Slovenije 42 390 727,68 43 743 853,57 + 1 353 125,89 Národná banka Slovenska 100 824 115,85 101 787 541,48 + 963 425,63 Suomen Pankki 161 714 780,61 160 783 830,00 – 930 950,61 Non-euro area NCB Българска народна банка (Bulgarian 106 431 469,51 105 901 044,16 – 530 425,35 National Bank) Česká národní banka 203 445 182,87 212 419 113,73 + 8 973 930,86 Danmarks Nationalbank 190 422 699,36 192 652 650,82 + 2 229 951,46 Magyar Nemzeti Bank 167 657 709,49 171 240 786,83 + 3 583 077,34 4/7 ELI: http://data.europa.eu/eli/dec/2023/2817/ojEN OJ L, 18.12.2023 Narodowy Bank Polski 653 126 801,54 659 979 031,02 + 6 852 229,48 Banca Naţională a României 306 228 624,99 312 712 804,23 + 6 484 179,24 Sveriges Riksbank 322 476 960,60 318 699 033,14 – 3 777 927,46 Total(1) 10 825 007 069,61 10 825 007 069,61 0,00 (1) Due to rounding, totals may not correspond to the sum of all figures shown. ELI: http://data.europa.eu/eli/dec/2023/2817/oj 5/7EN OJ L, 18.12.2023 ANNEX II NCBs’ PAID-UP CAPITAL Share paid up on Share paid up from Amount of transfer 31 December 2023 1 January 2024 payment (EUR) (EUR) (EUR) Euro area NCB Nationale Bank van België/ Banque 320 744 959,47 324 804 337,12 + 4 059 377,65 Nationale de Belgique Deutsche Bundesbank 2 320 816 565,68 2 357 134 464,40 + 36 317 898,72 Eesti Pank 24 800 091,20 26 380 542,23 + 1 580 451,03 Central Bank of Ireland 149 081 997,36 192 804 200,92 + 43 722 203,56 Bank of Greece 217 766 667,22 199 981 180,60 – 17 785 486,62 Banco de España 1 049 820 010,62 1 046 669 933,56 – 3 150 077,06 Banque de France 1 798 120 274,32 1 770 700 531,41 – 27 419 742,91 Hrvatska narodna banka 71 390 921,62 68 511 469,74 – 2 879 451,88 Banca d’Italia 1 495 637 101,77 1 418 000 151,07 – 77 636 950,70 Central Bank of Cyprus 18 943 762,37 19 506 662,74 + 562 900,37 Latvijas Banka 34 304 447,40 34 304 447,40 0,00 Lietuvos bankas 50 953 308,28 52 241 484,12 + 1 288 175,84 Banque centrale du Luxembourg 29 000 193,94 32 215 221,04 + 3 215 027,10 Central Bank of Malta 9 233 731,03 11 398 732,44 + 2 165 001,41 De Nederlandsche Bank 515 941 486,95 522 912 791,50 + 6 971 304,55 Oesterreichische Nationalbank 257 678 468,28 261 694 545,91 + 4 016 077,63 Banco de Portugal 206 054 009,57 205 826 684,42 – 227 325,15 Banka Slovenije 42 390 727,68 43 743 853,57 + 1 353 125,89 Národná banka Slovenska 100 824 115,85 101 787 541,48 + 963 425,63 Suomen Pankki 161 714 780,61 160 783 830,00 – 930 950,61 Non-euro area NCB Българска народна банка (Bulgarian 3 991 180,11 3 971 289,16 – 19 890,95 National Bank) Česká národní banka 7 629 194,36 7 965 716,76 + 336 522,40 Danmarks Nationalbank 7 140 851,23 7 224 474,41 + 83 623,18 Magyar Nemzeti Bank 6 287 164,11 6 421 529,51 + 134 365,40 6/7 ELI: http://data.europa.eu/eli/dec/2023/2817/ojEN OJ L, 18.12.2023 Narodowy Bank Polski 24 492 255,06 24 749 213,66 + 256 958,60 Banca Naţională a României 11 483 573,44 11 726 730,16 + 243 156,72 Sveriges Riksbank 12 092 886,02 11 951 213,74 – 141 672,28 Total(1) 8 948 334 725,55 8 925 412 773,07 – 22 921 952,48 (1) Due to rounding, totals may not correspond to the sum of all figures shown. ELI: http://data.europa.eu/eli/dec/2023/2817/oj 7/7

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