Guideline (EU) 2024/2942 of the European Central Bank of 14 November 2024 on the composition, valuation and modalities for the initial transfer of foreign-reserve assets, and the denomination and remuneration of equivalent claims by national central banks of those Member States which adopted the single currency on 1 January 1999 and repealing Guideline ECB/2000/15 (ECB/2024/34)

For the purposes of this Guideline, the following definitions apply: (a) ‘cash’ means the lawful currency of the United States (US dollar) or Japan (Japanese yen); (b) ‘foreign-reserve assets’ means securities, gold or cash; (c) ‘gold’ means fine troy ounces of gold in the form of London Good Delivery Bars, as specified by the London Bullion Market Association; (d) ‘participating Member States’ means those 11 Member States which adopted the single currency on 1 January 1999 in accordance with the Treaty; (e) ‘participating NCBs’ means national central banks of participating Member States; (f) ‘securities’ means any eligible security or financial instrument as specified by the ECB.

1 Each participating NCB shall transfer to the ECB foreign-reserve assets in or denominated in US dollars, Japanese yen and gold equivalent to the euro amounts set out in the Annex to this Guideline.

2 The US dollar amount, the Japanese yen amount and the gold amount (in fine troy ounces) equivalent to the euro amounts set out in the Annex to this Guideline were calculated on the basis of the exchange rates between the ecu and the US dollar or Japanese yen established as a result of the concertation teleconference procedure at 11.30 a.m., Brussels time, on 31 December 1998 among those central banks that participated in such procedure and, in the case of gold, on the basis of the US dollar price of gold per fine troy ounce established in the London gold fixing at 10.30 a.m., London time, on 31 December 1998. The amounts so calculated were confirmed by the ECB to the participating NCBs on 31 December 1998.

3 In accordance with Guideline ECB/2000/15, each participating NCB transferred to the ECB a portfolio of securities and cash in or denominated in US dollars or Japanese yen within deviation bands around the modified durations of the tactical benchmark portfolios as were specified by the ECB, and in conformity with such credit limits as were specified by the ECB.

4 The settlement dates for securities and cash transferred to the ECB were specified by the ECB. Each participating NCB gave instructions for the transfer of the ownership of securities and for the transfer of cash to the ECB on the settlement dates. The value of all securities was calculated on the basis of prices designated by the ECB, and each participating NCB transferred securities and cash to such accounts as were specified by the ECB.

5 Each participating NCB transferred gold on such dates, to such accounts and at such locations as were specified by the ECB.

1 The ECB has credited each participating NCB with a claim denominated in euro, equivalent to the aggregate euro amount of each participating NCB’s contribution of foreign-reserve assets.

2 The aggregate euro-equivalent values of the foreign-reserve assets transferred by each participating NCB are set out in the Annex.

3 The claim credited by the ECB to each participating NCB shall be remunerated from the date the claim was credited, but not before 1 January 2025. The interest accruing shall be calculated on a daily basis, using the actual-over-360-day-count method of calculation, at a rate equivalent to 85 % of the reference rate set out in Article 1, point (j), of Decision (EU) 2016/2248 (ECB/2016/36).

4 The claim shall be remunerated at the end of each financial year. The ECB shall inform the NCBs on a quarterly basis of the cumulative amounts.

5 The claims shall not be redeemable.

Guideline ECB/2000/15 is repealed with effect from 1 January 2025.

1 This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro.

2 The national central banks of the Member States whose currency is the euro shall comply with this Guideline from 1 January 2025.