Key for subscription of the ECB's capital
Pursuant to Article 29 of the Statute of the ESCB, the shares of the national central banks (NCBs) in the ECB's capital key are weighted according to the shares of the NCBs' Member States in the population and gross domestic product of the EU, in equal measure, as notified to the ECB by the European Commission.
The key is adjusted every five years, with the first change since the establishment of the ECB in 1998 taking effect on 1 January 2004.
The shares of the NCBs in the key for the ECB's capital will be adjusted as follows:
Key for subscription of the ECB's capital (%)
|NCB||until 31 December 2003||from 1 January 2004||Change|
|Nationale Bank van België/ Banque Nationale de Belgique||2.8658||2.8297||-0.0361|
|Bank of Greece||2.0564||2.1614||0.1050|
|Banco de España||8.8935||8.7801||-0.1134|
|Banque de France||16.8337||16.5175||-0.3162|
|Central Bank of Ireland||0.8496||1.0254||0.1758|
|Banque centrale du Luxembourg||0.1492||0.1708||0.0216|
|De Nederlandsche Bank||4.2780||4.4323||0.1543|
|Banco de Portugal||1.9232||2.0129||0.0897|
|Suomen Pankki – Finlands Bank||1.3970||1.4298||0.0328|
|Bank of England||14.6811||15.9764||1.2953|
|Subtotal non-euro area NCBs||19.0057||20.3616||1.3559|
The subscribed capital of the ECB stands at EUR 5,000 million. Eurosystem NCBs are required to pay up their subscribed capital in full. The three non-euro area NCBs are required to pay up a minimal percentage of their subscribed capital, currently 5%, as a contribution to the operational costs of the ECB. In the event of an adjustment of the capital key, NCBs transfer among themselves capital shares to the extent necessary to ensure that the distribution of capital shares corresponds to the adjusted key.
A further adjustment of the ECB's capital key will be necessary when ten new Member States join the EU on 1 May 2004. The ECB's subscribed capital will be increased as at that date in proportion to the subscribed capital shares of the NCBs of the new Member States. Details will be published closer to the event.