Home Europe European Central Bank Decision (EU) 2024/2486 of the European Central Bank of 10 S...
Date: 19-Sep-2024 Category: Not Applicable State: Union Government Country: Europe

Decision (EU) 2024/2486 of the European Central Bank of 10 September 2024 amending Decision (EU) 2023/2684 on the approval of the volume of coin issuance in 2024 (ECB/2023/28) (ECB/2024/24)

Issued by European Central Bank · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The European Central Bank (ECB) has amended Decision (EU) 2023/2684, which originally approved the volume of coin issuance for 2024. This amendment addresses requests from Croatia, Slovakia and Greece to increase their approved volumes of euro coins for circulation and collector coins.

Key Changes

  • Croatia's volume of euro collector coins is increased by EUR 0.11 million, from EUR 0.20 million to EUR 0.31 million.
  • Slovakia's volume of euro circulation coins is increased by EUR 4.0 million, from EUR 14.0 million to EUR 18.0 million.
  • Greece's volume of euro collector coins is increased by EUR 0.068 million, from EUR 0.61 million to EUR 0.68 million.
  • The total approved volume of euro coins for all Member States is adjusted to reflect these changes, with the 'Total' row in the table of Article 2 of Decision (EU) 2023/2684 being updated to: Total 1 876,02 468,60 2 344,62.

Impact Analysis

Croatia

  • Action Items: Hrvatska narodna banka should manage the issuance of the additional collector coins, ensuring compliance with ECB regulations.

Slovakia

  • Action Items: Národna banka Slovenska needs to manage the increased issuance of circulation coins and monitor coin demand to avoid future shortages.

Greece

  • Action Items: The Greek Ministry of Economy and Finance should oversee the issuance of the additional collector coins, coordinating with the Deputy Minister for Education, Religious Affairs and Sports for the issuance of coins related to education and sports.

Eurozone Member States

  • Action Items: Monitor coin demand and coordinate with the ECB if further adjustments are needed.

European Central Bank (ECB)

  • Action Items: The ECB should continue to monitor euro coin demand across the Eurozone and be prepared to adjust issuance volumes as necessary.

Key Entities Referenced

European Central Bank (ECB): The central bank of the Eurozone, responsible for monetary policy and approving the volume of euro coin issuance. Hrvatska narodna banka: The central bank of Croatia. Národna banka Slovenska: The central bank of Slovakia. Greek Ministry of Economy and Finance: The ministry responsible for economic and financial affairs in Greece. Decision (EU) 2023/2684 (ECB/2023/28): The original ECB decision approving the volume of coin issuance in 2024, which is amended by this decision. Decision (EU) 2015/2332 (ECB/2015/43): ECB decision on the procedural framework for the approval of the volume of euro coin issuance.
Official Source Record View Original Source →
See Full Document Text
Official Journal EN of the European Union L series 2024/2486 19.9.2024 DECISION (EU) 2024/2486 OF THE EUROPEAN CENTRAL BANK of 10 September 2024 amending Decision (EU) 2023/2684 on the approval of the volume of coin issuance in 2024 (ECB/2023/28) (ECB/2024/24) THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 128(2) thereof, Having regard to Decision (EU) 2015/2332 of the European Central Bank of 4 December 2015 on the procedural framework for the approval of the volume of euro coin issuance (ECB/2015/43)(1), and in particular Article 3(7) thereof, Whereas: (1) The European Central Bank (ECB) has the exclusive right since 1 January 1999to approve the volume of coins issued by the Member States whose currency is the euro. (2) Based on the estimates of demand for euro coins in 2024 that the Member States whose currency is the euro submitted to the ECB, the ECB approved the total volume of euro coins intended for circulation and euro collector coins not intended for circulation in 2024 in Decision (EU) 2023/2684 of the European Central Bank (ECB/2023/28)(2). (3) Pursuant to Article 3 of Decision (EU) 2015/2332 (ECB/2015/43), Member States whose currency is the euro must notify the ECB if the actual demand for euro coins is likely to exceed the approved volume of coin issuance in a calendar year and, where the increased coin demand continues, must request ad hoc approval for an additional volume of coin issuance in that calendar year. (4) On 19 July 2024, the ECB received a request from Hrvatska narodna banka on behalf of Croatia to increase the volume of euro collector coins that Croatia may issue in 2024 by an additional volume of EUR 0,11 million, from EUR 0,20 million to EUR 0,31 million, including a safety margin. The request was made for two reasons. First, the issuance of two different euro collector coin designs, which had initially been scheduled for the last quarter of 2023, was postponed until the first quarter of 2024 due to technical difficulties. Second, the organisation of a significant international memorial sports event has been added to the 2024 collector coin issuance plan. (5) On 9 August 2024, the ECB received a request from Národna banka Slovenska on behalf of Slovakia to increase the volume of euro circulation coins that Slovakia may issue in 2024 by an additional volume of EUR 4,0 million, from EUR 14,0 million to EUR 18,0 million. An unexpectedly high volume of euro circulation coins has been issued since January 2024, likely due to a rise in prices of daily consumption goods and demand for high-value coins. Euro coin demand is expected to remain at elevated levels until the end of 2024. As a result of the increased net issuance of euro circulation coins, the volume of euro circulation coins for Slovakia needs to be increased. (6) On 26 August 2024, the ECB received a request from the Greek Ministry of Economy and Finance to increase the volume of euro collector coins that Greece may issue in 2024 by an additional volume of EUR 0,068 million, from EUR 0,61 million to EUR 0,68 million. The request was made to cater for the issuance of 5 000euro collector coins themed around ‘Martyred villages and towns of Greece’, each with a face value of EUR 10, and, at the request of the Greek Deputy Minister for Education, Religious Affairs and Sports, of 1 800additional euro collector coins with the same face value. (1) OJ L 328, 12.12.2015, p. 123. (2) Decision (EU) 2023/2684 of the European Central Bank of 21 November 2023 on the approval of the volume of coin issuance in 2024 (ECB/2023/28) (OJ L, 2023/2684, 28.11.2023, ELI: http://data.europa.eu/eli/dec/2023/2684/oj). ELI: http://data.europa.eu/eli/dec/2024/2486/oj 1/2EN OJ L, 19.9.2024 (7) Pursuant to Article 3(7) of Decision (EU) 2015/2332 (ECB/2015/43), the Executive Board must adopt an individual decision on the ad hoc approval request, when no modification to the ad hoc request is required. (8) Therefore, Decision (EU) 2023/2684 (ECB/2023/28) should be amended accordingly, HAS ADOPTED THIS DECISION: Article 1 Amendments The table in Article 2 of Decision (EU) 2023/2684 (ECB/2023/28) is amended as follows: (1) the row regarding Greece is replaced by the following: ‘Greece 129,9 0,68 130,58’; (2) the row regarding Croatia is replaced by the following: ‘Croatia 42,78 0,31 43,09’; (3) the row regarding Slovakia is replaced by the following: ‘Slovakia 18,00 2,50 20,50’; (4) the row entitled ‘Total’ is replaced by the following: ‘Total 1 876,02 468,60 2 344,62’. Article 2 Taking effect This Decision shall take effect on the day of its notification to the addressees. Article 3 Addressees This Decision is addressed to the Member States whose currency is the euro. Done at Frankfurt am Main, 10 September 2024. The President of the ECB Christine LAGARDE 2/2 ELI: http://data.europa.eu/eli/dec/2024/2486/oj

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