Decision of the European Central Bank

of 15 December 2006

on the national central banks' percentage shares in the key for subscription to the European Central Bank's capital

(ECB/2006/21)

(2007/42/EC) (repealed)

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 Article 29.4 and Article 49.3 thereof,

Having regard to the contribution of the General Council of the European Central Bank (ECB) in accordance with the fourth indent of Article 47.2 of the Statute,

Whereas:

(1)
Decision ECB/2004/5 of 22 April 2004 on the national central banks' percentage shares in the key for subscription to the European Central Bank's capital1 laid down with effect from 1 May 2004 the weightings assigned to those national central banks (NCBs) that were members of the European System of Central Banks (ESCB) on 1 May 2004 in the key for subscription to the ECB's capital (hereinafter the ‘capital key weightings’ and the ‘capital key’ respectively).
(2)

In view of the accession of Bulgaria and Romania to the European Union and their respective NCBs joining the ESCB on 1 January 2007, the ECB's subscribed capital should automatically be increased pursuant to Article 49.3 of the Statute. This increase requires the calculation of the capital key weighting of each NCB that will be a member of the ESCB on 1 January 2007 by analogy with Article 29.1 and in compliance with Article 29.2 of the Statute. The ECB's expanded capital key and each NCB's capital key weighting will apply with effect from 1 January 2007. Decision ECB/2004/5 should therefore be repealed and replaced by a new decision which reflects the updated position.

(3)
In accordance with Council Decision 2003/517/EC of 15 July 2003 on the statistical data to be used for the adjustment of the key for subscription to the capital of the European Central Bank2, the European Commission has provided the ECB with the statistical data to be used in determining the expanded capital key.
(4)

In view of Articles 3.5 and 6.6 of the Rules of Procedure of the General Council of the European Central Bank, and in view of the General Council's contribution to this Decision, the Governors of the Bulgarian National Bank and Banca Naţională a României have had the opportunity to submit observations regarding this Decision prior to its adoption,

HAS DECIDED AS FOLLOWS: