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)

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 28.3 thereof,

Whereas:

(1) Decision (EU) 2019/44 of the European Central Bank (ECB/2018/28) (1) determined how and to what extent national central banks (NCBs) of Member States whose currency is the euro (hereinafter ‘euro area NCBs’) were under an obligation to pay up the capital of the European Central Bank (ECB) from 1 January 2019.

(2) On 29 March 2017, the United Kingdom of Great Britain and Northern Ireland (the ‘United Kingdom’) submitted the notification of its intention to withdraw from the European Union pursuant to Article 50 of the Treaty on European Union. The Treaty on European Union and the Treaty on the Functioning of the European Union will cease to apply to the United Kingdom from the date following the date referred to in Article 1(1) of Decision (EU) 2019/1810 of the European Council (2). Upon the withdrawal of the United Kingdom from the European Union, the Bank of England (BoE) ceases to be a national central bank of a Member State and therefore of the European System of Central Banks. Decision (EU) 2020/137 of the European Central Bank (ECB/2020/3) (3) provides for the adjustment of the key for subscription to the ECB’s capital (hereinafter the ‘capital key’) in accordance with Article 29.3 and Article 29.4 of the Statute of the European System of Central Banks and of the European Central Bank and establishes with effect from 1 February 2020 the new weightings assigned to the NCBs in the adjusted capital key (hereinafter the ‘capital key weightings’).

(3) The adjustment of the ECB’s capital key triggered by the BoE ceasing to be a national central bank of a Member State requires the adoption of a new ECB decision repealing Decision (EU) 2019/44 (ECB/2018/28) with effect from 1 February 2020, and determining how and to what extent, the euro area NCBs are under an obligation to pay up the ECB’s capital with effect from 1 February 2020,

HAS ADOPTED THIS DECISION:

Article 1

Extent and form of subscribed and paid-up capital

1.   Taking into account the capital key weightings set out in Article 2 of Decision (EU) 2020/137(ECB/2020/3), each euro area NCB shall have, with effect from 1 February 2020, a share in the subscribed capital in the amount shown next to its name in the following table:

2.   Each euro area NCB shall pay up its subscription to the ECB’s capital in full by instalments as set out in Article 2.

Article 2

Adjustment of paid-up capital

1.   Given that each euro area NCB has already paid up its full share in the ECB’s subscribed capital as applicable until 31 January 2020 under Decision (EU) 2019/44 (ECB/2018/28), each of them shall transfer an additional amount to the ECB in order to arrive at the amounts shown in the table in Article 1. These transfers shall be made by each euro area NCB in three instalments. The first instalment by the euro area NCBs shall be made on 1 February 2020, amounting to a total of EUR 47 539 371,66. The two remaining instalments, amounting to totals of EUR 610 088 603,17 and EUR 610 088 603,05 respectively, shall be made in 2021 and 2022.

2.   All transfers pursuant to this Article shall be made in accordance with Decision (EU) 2020/137 of the European Central Bank (ECB/2020/5) (4).

Article 3

Entry into force and repeal

1.   This Decision shall enter into force on 1 February 2020.

2.   Decision (EU) 2019/44 (ECB/2018/28) is repealed with effect from 1 February 2020.

3.   References to Decision (EU) 2019/44 (ECB/2018/28) shall be construed as references to this Decision.

Done at Frankfurt am Main, 22 January 2020.

The President of the ECB

Christine LAGARDE

(1)  Decision (EU) 2019/44 of the European Central Bank of 29 November 2018 on the paying-up of the European Central Bank’s capital by the national central banks of Member States whose currency is the euro, amending Decision ECB/2014/61 and repealing Decision ECB/2013/30 (ECB/2018/28) (

OJ L 9, 11.1.2019, p. 180

).

(2)  European Council Decision (EU) 2019/1810 taken in agreement with the United Kingdom of 29 October 2019 extending the period under Article 50(3)TEU (

OJ L 278I, 30.10.2019, p. 1

).

(3)  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) (see page 4 of this Official Journal).

(4)  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) (see page 9 of this Official Journal).