**Executive Summary**
This document is Decision (EU) 2025/2523 of the European Central Bank, issued on December 4, 2025. It amends Decision ECB/2010/29 regarding the issue of euro banknotes to reflect Bulgaria's adoption of the euro on January 1, 2026. This requires a revised banknote allocation key that will be applied from January 1, 2026.
**Key Points / Main Content**
* **Amendment of Decision ECB/2010/29:**
* Article 1, point (d) is amended to specify that Annex I of the Decision outlines the banknote allocation key applicable from January 1, 2026.
* Annex I is replaced entirely with a new Annex.
* **Banknote Allocation Key (Effective January 1, 2026):**
* The decision includes a new banknote allocation key table.
* The table details the percentage allocation for each member state's central bank and the European Central Bank.
* Bulgaria (Българска народна банка (Bulgarian National Bank)) is included in the list with 1,0875%.
* The allocations sum to a total of 100,0000%.
* **Entry into Force:**
* This Decision enters into force on January 1, 2026.
**Impact Analysis**
**European Central Bank**
* **Impact:** Revision of euro banknote allocation procedures.
* **Action Required:** Implement the revised banknote allocation key as of January 1, 2026.
**National Central Banks of Eurozone Member States (including Bulgarian National Bank)**
* **Impact:** Change in the allocation of euro banknotes issued to each central bank.
* **Action Required:** Adjust banknote distribution based on the new allocation key detailed in the amended Annex I, effective January 1, 2026.
**Bulgaria**
* **Impact:** Adoption of the euro and integration into the euro banknote allocation system.
* **Action Required:** Prepare for euro adoption and implement the allocation of euro banknotes as determined by the new key.
Key Entities Referenced
ECB/2010/29: Decision of the European Central Bank on the issue of euro banknotes, being amended.
European Central Bank: The issuing authority for euro banknotes.
Bulgaria: Country adopting the euro on 1 January 2026, necessitating changes to the banknote allocation key.
Council Decision (EU) 2025/1407: Council Decision on the adoption by Bulgaria of the euro on 1 January 2026.
Official Journal EN
of the European Union L series
2025/2523 12.12.2025
DECISION(EU) 2025/2523 OF THE EUROPEAN CENTRAL BANK
of 4 December 2025
amending Decision ECB/2010/29 on the issue of euro banknotes (ECB/2025/39)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 128(1) thereof,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular
Article 16 thereof,
Whereas:
(1) Pursuant to Article 1 of Council Decision (EU) 2025/1407(1), in accordance with Article 140(2) of the Treaty on the
Functioning of the European Union (TFEU), Bulgaria fulfils the necessary conditions for the adoption of the euro and
the derogation in favour of Bulgaria referred to in Article 5 of the 2005 Act of Accession(2)will be abrogated with
effect from 1 January 2026.
(2) Article 1, point (d), of Decision ECB/2010/29 of the European Central Bank(3)defines the ‘banknote allocation key’
and refers to Annex I to that Decision, which specifies the banknote allocation key applying since 1 January 2024.
Given that Bulgaria will adopt the euro on 1 January 2026, and that new capital key weightings will apply from that
date, Decision ECB/2010/29 needs to be amended in order to determine the banknote allocation key applying from
1 January 2026,
HAS ADOPTED THIS DECISION:
Article 1
Amendments
Decision ECB/2010/29 is amended as follows:
(1) the final sentence of Article 1, point (d), is replaced by the following:
‘Annex I to this Decision specifies the banknote allocation key that shall apply from 1 January 2026.’;
(2) Annex I is replaced by the Annex to this Decision.
Article 2
Entry into force
This Decision shall enter into force on 1 January 2026.
Done at Frankfurt am Main, 4 December 2025.
The President of the ECB
Christine LAGARDE
(1) Council Decision (EU) 2025/1407 of 8 July 2025 on the adoption by Bulgaria of the euro on 1 January 2026 (OJ L, 2025/1407,
14.7.2025, ELI: http://data.europa.eu/eli/dec/2025/1407/oj).
(2) Act concerning the conditions of accession of the Republic of Bulgaria and Romania and the adjustments to the treaties on which the
European Union is founded (OJ L 157, 21.6.2005, p. 203).
(3) Decision ECB/2010/29 of the European Central Bank of 13 December 2010 on the issue of euro banknotes (OJ L 35, 9.2.2011, p. 26,
ELI: http://data.europa.eu/eli/dec/2011/67(1)/oj).
ELI: http://data.europa.eu/eli/dec/2025/2523/oj 1/2EN
OJ L, 12.12.2025
ANNEX
Annex I to Decision ECB/2010/29 is replaced by the following:
‘ANNEX I
BANKNOTE ALLOCATION KEY FROM 1 JANUARY 2026
European Central Bank 8,0000 %
Nationale Bank van België/Banque Nationale de Belgique 3,3360 %
Българска народна банка (Bulgarian National Bank) 1,0875 %
Deutsche Bundesbank 24,2095 %
Eesti Pank 0,2710 %
Central Bank of Ireland 1,9805 %
Bank of Greece 2,0540 %
Banco de España 10,7505 %
Banque de France 18,1865 %
Hrvatska narodna banka 0,7035 %
Banca d’Italia 14,5640 %
Central Bank of Cyprus 0,2005 %
Latvijas Banka 0,3525 %
Lietuvos bankas 0,5365 %
Banque centrale du Luxembourg 0,3310 %
Central Bank of Malta 0,1170 %
De Nederlandsche Bank 5,3710 %
Oesterreichische Nationalbank 2,6880 %
Banco de Portugal 2,1140 %
Banka Slovenije 0,4495 %
Národná banka Slovenska 1,0455 %
Suomen Pankki 1,6515 %
TOTAL 100,0000 %’.
2/2 ELI: http://data.europa.eu/eli/dec/2025/2523/oj