Decision of the European Central Bank of 30 December 2006 on Banka Slovenije's paying-up of capital, transfer of foreign reserve assets and contribution to the European Central Bank's reserves and provisions (ECB/2006/30) (2007/48/EC)

Decision of the European Central Bank

of 30 December 2006

on Banka Slovenije's paying-up of capital, transfer of foreign reserve assets and contribution to the European Central Bank's reserves and provisions

(ECB/2006/30)

(2007/48/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Articles 30.1, 30.3, 49.1 and 49.2 thereof,

Whereas:

(1) Pursuant to Council Decision 2006/495/EC of 11 July 2006 in accordance with Article 122(2) of the Treaty on the adoption by Slovenia of the single currency on 1 January 2007(1), Slovenia fulfils the necessary conditions for adoption of the euro and its derogation under Article 4 of the Act of accession(2) will be abrogated with effect from 1 January 2007.

(2) Article 49.1 of the Statute provides that the national central bank (NCB) of a Member State whose derogation has been abrogated must pay up its subscribed share of the capital of the European Central Bank (ECB) to the same extent as the NCBs of the other participating Member States. The NCBs of the existing participating Member States have paid up their subscriptions to the ECB's capital in full(3). Banka Slovenije's weighting in the ECB's capital key is 0,3194 %, pursuant to Article 2 of Decision ECB/2006/21 of 15 December 2006 on the national central banks’ percentage shares in the key for subscription to the European Central Bank's capital(4). Banka Slovenije has already paid up a share of its subscription to the ECB's capital, pursuant to Article 1 of Decision ECB/2004/10 of 23 April 2004 laying down the measures necessary for the paying-up of the European Central Bank’s capital by the non-participating national central banks(5). The outstanding amount is therefore EUR 17 096 556,47, which results from multiplying the ECB's subscribed capital (EUR 5 760 652 402,58) by Banka Slovenije's capital key weighting (0,3194 %), minus the share of its subscription that has already been paid up, thereby taking into account the expansion of the ECB's capital key as a result of the Bulgarian National Bank and Banca Naţională a României joining the ESCB.

(3) Article 49.1, in conjunction with Article 30.1, of the Statute provides that the NCB of a Member State whose derogation has been abrogated must also transfer foreign reserve assets to the ECB. Pursuant to Article 49.1 of the Statute, the sum to be transferred is determined by multiplying the euro value at current exchange rates of the foreign reserve assets which have already been transferred to the ECB in accordance with Article 30.1 of the Statute, by the ratio between the number of shares subscribed by the NCB concerned and the number of shares already paid up by the NCBs of the other participating Member States. When determining the ‘foreign reserve assets which have already been transferred to the ECB in accordance with Article 30.1’, due account should be taken of the ECB capital key adjustment on 1 January 2004(6) pursuant to Article 29.3 of the Statute, the ECB capital key expansion on 1 May 2004(7) pursuant to Article 49.3 of the Statute, and the ECB's capital key expansion on 1 January 2007 pursuant to Article 49.3 of the Statute(8). As a result, pursuant to Decision ECB/2006/24 of 15 December 2006 laying down the measures necessary for the contribution to the European Central Bank's accumulated equity value, for adjusting the national central banks’ claims equivalent to the transferred foreign reserve assets(9), the euro equivalent of the foreign reserve assets which have already been transferred to the ECB under Article 30.1 of the Statute is EUR 41 514 271 945,6.

(4) The foreign reserve assets to be transferred by Banka Slovenije should be denominated in US dollars and gold.

(5) Article 30.3 of the Statute provides that the ECB must credit each NCB of a participating Member State with a claim equivalent to the foreign reserve assets that it has transferred to the ECB. The provisions regarding the denomination and remuneration of the claims that have already been credited to the NCBs of the existing participating Member States(10) should also apply to the denomination and remuneration of Banka Slovenije's claim.

(6) Article 49.2 of the Statute provides that the NCB of a Member State whose derogation has been abrogated must contribute to the ECB's reserves, to those provisions equivalent to reserves, and to the amount still to be appropriated to the reserves and provisions corresponding to the balance of the profit and loss account as at 31 December of the year prior to abrogation of the derogation. The amount of this contribution is determined in accordance with Article 49.2 of the Statute.

(7) In accordance with Article 3.5 of the Rules of Procedure of the European Central Bank, the Governor of Banka Slovenije has been invited to attend the meeting of the Governing Council adopting this Decision,

HAS DECIDED AS FOLLOWS:

(1)

OJ L 195, 15.7.2006, p. 25.

(2)

Act concerning the conditions of accession of the Czech Republic, the Republic of Estonia, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Republic of Hungary, the Republic of Malta, the Republic of Poland, the Republic of Slovenia and the Slovak Republic and the adjustments to the Treaties on which the European Union is founded (OJ L 236, 23.9.2003, p. 33).

(3)

Decision ECB/2004/6OJ L 205, 9.6.2004, p. 7

(4)

See page 1 of this Official Journal.

(5)

OJ L 205, 9.6.2004, p. 19.

(6)

Decision ECB/2003/17 (OJ L 9, 15.1.2004, p. 27).

(7)

Decision ECB/2004/5 (OJ L 205, 9.6.2004, p. 5).

(8)

Not yet published in the Official Journal.

(9)

See page 9 of this Official Journal.

(10)

Guideline ECB/2000/15 (OJ L 336, 30.12.2000, p. 114).