Decision (EU) 2023/2817 of the European Central Bank of 7 December 2023 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) 2020/139 (ECB/2020/5) (ECB/2023/33)

Given the share in the ECB’s capital that each NCB will have subscribed on 31 December 2023, and the share in the ECB’s capital that each NCB will subscribe with effect from 1 January 2024 as a consequence of the adjustment of the capital key weightings laid down in Article 2 of Decision (EU) 2023/2811 (ECB/2023/31), the NCBs shall transfer capital shares among themselves via transfers to and from the ECB to ensure that the distribution of capital shares with effect from 1 January 2024 corresponds to the adjusted weightings. To this effect, each NCB shall, by virtue of this Article and without the need for any further formality or act, be deemed to have either transferred or received with effect from 1 January 2024 the share in the ECB’s subscribed capital shown next to its name in the fourth column of the table in Annex I to this Decision, whereby ‘+’ shall refer to a capital share that the ECB shall transfer to the NCB and ‘-’ to a capital share that the NCB shall transfer to the ECB.

1 Given the amount of the ECB’s capital that each NCB has paid up and the amount of the ECB’s capital that each NCB shall pay up with effect from 1 January 2024, pursuant to Article 1 of Decision (EU) 2023/2819 (ECB/2023/32) for the euro area NCBs and Article 1 of Decision (EU) 2023/2816 (ECB/2023/36) for the non-euro area NCBs, respectively, on the first operating day of the Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) following 1 January 2024 each NCB shall either transfer or receive the net amount shown next to its name in the fourth column of the table in Annex II to this Decision, whereby ‘+’ shall refer to an amount that the NCB shall transfer to the ECB and ‘-’ to an amount that the ECB shall transfer to that NCB.

2 On the first TARGET operating day following 1 January 2024, the ECB and the NCBs that are under an obligation to transfer an amount under paragraph 1 shall each separately transfer any interest on the respective amounts due accruing over the period from 1 January 2024 until the date of the transfer. The transferors and recipients of this interest shall be the same as the transferors and recipients of the amounts on which the interest accrues.

1 The transfers described in Article 2 shall take place through TARGET.

2 Where an NCB does not have access to TARGET, the amounts described in Article 2 shall be transferred by crediting an account that the ECB or NCB shall nominate in due time.

3 Any interest accruing under Article 2(2) shall be calculated on a daily basis, using the actual-over-360-day method of calculation, at a rate equal to the latest available marginal interest rate used by the Eurosystem in its tenders for main refinancing operations.

4 The ECB and the NCBs that are under an obligation to make a transfer under Article 2 shall, in due course, give the necessary instructions for duly executing such transfer on time.

1 This Decision shall enter into force on 1 January 2024.

2 Decision (EU) 2020/139 (ECB/2020/5) is repealed with effect from 1 January 2024.

3 References to Decision (EU) 2020/139 (ECB/2020/5) shall be construed as references to this Decision.