Agreement of 30 December 2022 between Hrvatska narodna banka and the European Central Bank regarding the claim credited to Hrvatska narodna banka by the European Central Bank under Article 30.3 of the Statute of the European System of Central Banks and of the European Central Bank 2023/C 18/01

1 If the amount of the claim that the ECB is required to credit to Hrvatska narodna banka pursuant to Article 30.3 of the Statute of the ESCB and Article 4(1) of Decision (EU) 2023/135 (ECB/2022/51) (hereinafter the ‘claim’) is greater than EUR 327152181,93 on any of the settlement dates on which the ECB receives foreign reserve assets from Hrvatska narodna banka pursuant to Article 3 of Decision (EU) 2023/135 (ECB/2022/51), then the amount of the claim shall be reduced with effect from that date to EUR 327152181,93. Such reduction shall be made by offsetting against the claim the amount that Hrvatska narodna banka is required to contribute to the ECB’s reserves and provisions with effect from 1 January 2023 pursuant to Article 48.2 of the Statute of the ESCB and Article 5(1) of Decision (EU) 2023/135 (ECB/2022/51). The offset amount shall be treated as an advance contribution to the ECB’s reserves and provisions pursuant to Article 48.2 of the Statute of the ESCB and Article 5(1) of Decision (EU) 2023/135 (ECB/2022/51), which contribution shall be deemed to have been made on the date on which the offset occurs.

2 If the amount required to be contributed by Hrvatska narodna banka to the ECB’s reserves and provisions pursuant to Article 48.2 of the Statute of the ESCB and Article 5(1) of Decision (EU) 2023/135 (ECB/2022/51) is less than the difference between the amount of Hrvatska narodna banka’s claim and EUR 327152181,93 then the amount of the claim shall be reduced to EUR 327152181,93: (a) by offsetting in accordance with paragraph 1; and (b) by the ECB paying Hrvatska narodna banka an amount in euro equal to the amount of the shortfall remaining after such offset. Any amount required to be paid by the ECB in accordance with this paragraph shall be due on 1 January 2023. The ECB shall, in due course, give instructions for the transfer of such an amount, and of net accrued interest thereon, through the Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) settling in euro in central bank money. Accrued interest shall be calculated on a daily basis, using the actual-over-360 day-count method of calculation at a rate equal to the marginal interest rate used by the Eurosystem in its most recent main refinancing operation.

3 If the amount of Hrvatska narodna banka’s claim is less than EUR 327152181,93 on the final date on which the ECB receives foreign reserve assets from Hrvatska narodna banka pursuant to Article 3 of Decision (EU) 2023/135 (ECB/2022/51), then the amount of the claim shall be increased on that date to EUR 327152181,93 and Hrvatska narodna banka shall pay the ECB an amount in euro equal to the difference. Any amount required to be paid by Hrvatska narodna banka in accordance with this paragraph shall be due from 1 January 2023, and shall be paid on the final date on which the ECB receives foreign reserve assets from Hrvatska narodna banka pursuant to Article 3 of Decision (EU) 2023/135 (ECB/2022/51).

1 This Agreement shall enter into force on 1 January 2023.

2 Done on 30 December 2022 in two original copies each in the English language and signed by the Parties’ duly authorised representatives. Each party to this Agreement shall receive a copy thereof.