Decision (EU) 2023/2818 of the European Central Bank of 7 December 2023 laying down the measures necessary for the contribution to the European Central Bank’s accumulated equity value and for adjusting the national central banks’ claims equivalent to the transferred foreign reserve assets and repealing Decision (EU) 2020/140 (ECB/2020/6) (ECB/2023/34)

For the purposes of this Decision: (a) ‘accumulated equity value’ means the total of the ECB’s reserves, revaluation accounts and provisions equivalent to reserves minus the ECB’s outstanding accumulated losses from previous years and the amount corresponding to the balance of the profit and loss account still to be allocated to the ECB’s accumulated losses from previous years, as calculated by the ECB as at 31 December 2023. The ECB’s reserves and those provisions equivalent to reserves shall include, without limitation to the generality of the accumulated equity value, the general reserve fund and the provision for financial risks; (b) ‘transfer date’ means the second business day following the Governing Council’s approval of the ECB’s financial accounts for the financial year 2023.

1 If a euro area NCB’s share in the accumulated equity value increases due to an increase in its capital key weighting with effect from 1 January 2024, that euro area NCB shall transfer the amount determined pursuant to paragraph 3 to the ECB on the transfer date.

2 If a euro area NCB’s share in the accumulated equity value decreases due to a decrease in its capital key weighting with effect from 1 January 2024, that euro area NCB shall receive the amount determined pursuant to paragraph 3 from the ECB on the transfer date.

3 The ECB shall, on or before the day the Governing Council approves the ECB’s financial accounts for the financial year 2023, calculate and confirm to each euro area NCB either the amount to be transferred by that euro area NCB to the ECB where paragraph 1 applies, or the amount which that euro area NCB shall receive from the ECB where paragraph 2 applies. Subject to rounding, each amount to be transferred or received shall be calculated by multiplying the accumulated equity value by the absolute difference between each euro area NCB’s capital key weighting on 31 December 2023 and its capital key weighting with effect from 1 January 2024 and dividing the result by 100.

4 Each amount described in paragraph 3 shall be due in euro on 1 January 2024 but shall be effectively transferred on the transfer date.

5 On the transfer date, a euro area NCB or the ECB having to transfer an amount under paragraph 1 or paragraph 2 shall also separately transfer any interest accruing over the period from 1 January 2024 until the transfer date on each of the respective amounts due from such euro area NCB and the ECB. The transferors and recipients of this interest shall be the same as the transferors and recipients of the amounts on which the interest accrues.

6 If the accumulated equity value is less than zero, the amounts that have to be transferred or received under paragraph 3 and paragraph 5 shall be settled in the opposite directions to those specified in paragraph 3 and paragraph 5.

1 The euro area NCBs’ claims shall be adjusted with effect from 1 January 2024 in accordance with their adjusted capital key weightings. The value of the euro area NCBs’ claims with effect from 1 January 2024 is shown in the third column of the table in the Annex to this Decision.

2 Each euro area NCB shall, by virtue of this provision and without any further formality or act being required, be considered to have either transferred or received on 1 January 2024 the absolute value of the claim in euro shown next to its name in the fourth column of the table in the Annex to this Decision, whereby ‘-’ shall refer to a claim that the euro area NCB shall transfer to the ECB and ‘+’ to a claim that the ECB shall transfer to the euro area NCB.

3 On the first operating day of the Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) following 1 January 2024, each euro area NCB shall either transfer or receive the absolute value of the amount in euro shown next to its name in the fourth column of the table in the Annex to this Decision, whereby ‘+’ shall refer to an amount that the euro area NCB shall transfer to the ECB and ‘-’ to an amount that the ECB shall transfer to the euro area NCB.

4 On the first TARGET operating day following 1 January 2024, a euro area NCB or the ECB having to transfer an amount under paragraph 3 shall also separately transfer any interest accruing over the period from 1 January 2024 until the date of this transfer on the respective amount due from such euro area NCB or the ECB. 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 interest accruing under Article 2(5) and Article 3(4) 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.

2 Each transfer pursuant to Article 2(1), (2) and (5) and Article 3(3) and (4) shall take place separately through TARGET.

3 The ECB and the euro area NCBs that are under an obligation to effect any of the transfers referred to in paragraph 2 shall, in due course, give the necessary instructions for duly executing such transfers on time.

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

2 Decision (EU) 2020/140 (ECB/2020/6) is repealed with effect from 1 January 2024.

3 References to Decision (EU) 2020/140 (ECB/2020/6) shall be construed as references to this Decision.