Key for subscription of the ECB's capital

30 December 2003

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
Deutsche Bundesbank 24.4935 23.4040 -1.0895
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
Banca d'Italia 14.8950 14.5726 -0.3224
Banque centrale du Luxembourg 0.1492 0.1708 0.0216
De Nederlandsche Bank 4.2780 4.4323 0.1543
Oesterreichische Nationalbank 2.3594 2.3019 -0.0575
Banco de Portugal 1.9232 2.0129 0.0897
Suomen Pankki – Finlands Bank 1.3970 1.4298 0.0328
Subtotal Eurosystem 80.9943 79.6384 -1.3559
Danmarks Nationalbank 1.6709 1.7216 0.0507
Sveriges Riksbank 2.6537 2.6636 0.0099
Bank of England 14.6811 15.9764 1.2953
Subtotal non-euro area NCBs 19.0057 20.3616 1.3559
Total 100.0000 100.0000 0.0000

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.

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