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)

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) 2019/48 of the European Central Bank (ECB/2018/32) (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 January 2019.

(3) 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 ESCB and establishes with effect from 1 February 2020 the new weightings assigned to the national central banks in the adjusted capital key (hereinafter the ‘capital key weightings’).

(4) 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, which, from the date of its application, repeals Decision (EU) 2019/48 (ECB/2018/32) and determines 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 February 2020,

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 February 2020. Taking into account the new capital key weightings laid down in Article 2 of Decision (EU) 2020/137 (ECB/2020/3), 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:

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 January 2020 under Decision (EU) 2019/48 (ECB/2018/32), each of them shall transfer an additional amount to the ECB, 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) 2020/139 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) 2019/48 (ECB/2018/32) is repealed with effect from 1 February 2020.

3.   References to Decision (EU) 2019/48 (ECB/2018/32) 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) 2019/48 of the European Central Bank of 30 November 2018 on the paying-up of the European Central Bank’s capital by the non-euro area national central banks and repealing Decision ECB/2013/31 (ECB/2018/32) (

OJ L 9, 11.1.2019, p. 196

).

(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).