PRESS RELEASE

Key for Subscription of the ECB’s Capital

26 April 2004

Pursuant to Article 29 of the Statute of the European System of Central Banks (ESCB) and of the European Central Bank (ECB), 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 total population and gross domestic product of the EU, in equal measure, as notified to the ECB by the European Commission. These weightings are adjusted every five years and were last changed on 1 January 2004.

On 1 May 2004 the ECB’s capital key will be expanded, as ten new Member States will join the EU. The new shares of the NCBs in the capital key are set out on the next page.

In accordance with Article 49.3 of the Statute of the ESCB, which was added to the Statute by the Treaty of Accession, the ECB’s subscribed capital is automatically increased when a new Member State joins the EU and its NCB joins the ESCB. The increase is determined by multiplying the prevailing amount of subscribed capital (i.e. EUR 5,000 million) by the ratio, within the expanded capital key, between the weighting of the entering NCB(s) and the weighting of those NCBs that are already members of the ESCB. Therefore, on 1 May 2004 the subscribed capital of the ECB will be increased to EUR 5,564,669,247.19.

Eurosystem NCBs are required to pay up their subscribed capital in full. The 13 non-euro area NCBs (the ten new NCBs, Danmarks Nationalbank, Sveriges Riksbank and the Bank of England) are required to pay up a minimal percentage of their subscribed capital (7% as at 1 May 2004) as a contribution to the operational costs of the ECB.

The relevant ECB Decisions are available on the ECB’s website and will be published in due course in the Official Journal of the European Union.

Key for subscription of the ECB’s capital (%) Subscribed share of capital (EUR)
from 1 January 2004 from 1 May 2004 From 1 May 2004
Nationale Bank van België/ Banque Nationale de Belgique 2.8297 2.5502 141,910,195.14
Deutsche Bundesbank 23.4040 21.1364 1,176,170,750.76
Bank of Greece 2.1614 1.8974 105,584,034.30
Banco de España 8.7801 7.7758 432,697,551.32
Banque de France 16.5175 14.8712 827,533,093.09
Central Bank & Financial Services Authority of Ireland 1.0254 0.9219 51,300,685.79
Banca d’Italia 14.5726 13.0516 726,278,371.47
Banque centrale du Luxembourg 0.1708 0.1568 8,725,401.38
De Nederlandsche Bank 4.4323 3.9955 222,336,359.77
Oesterreichische Nationalbank 2.3019 2.0800 115,745,120.34
Banco de Portugal 2.0129 1.7653 98,233,106.22
Suomen Pankki – Finlands Bank 1.4298 1.2887 71,711,892.59
Subtotal Eurosystem 79.6384 71.4908 3,978,226,562.17
Danmarks Nationalbank 1.7216 1.5663 87,159,414.42
Sveriges Riksbank 2.6636 2.4133 134,292,162.94
Bank of England 15.9764 14.3822 800,321,860.47
Subtotal initial group of non-euro area NCBs 20.3616 18.3618 1,021,773,437.83
Česká národní banka 0.0000 1.4584 81,155,136.30
Eesti Pank 0.0000 0.1784 9,927,369.94
Central Bank of Cyprus 0.0000 0.1300 7,234,070.02
Latvijas Banka 0.0000 0.2978 16,571,585.02
Lietuvos bankas 0.0000 0.4425 24,623,661.42
Magyar Nemzeti Bank 0.0000 1.3884 77,259,867.83
Central Bank of Malta 0.0000 0.0647 3,600,341.00
Narodowy Bank Polski 0.0000 5.1380 285,912,705.92
Banka Slovenije 0.0000 0.3345 18,613,818.63
Národná banka Slovenska 0.0000 0.7147 39,770,691.11
Subtotal new non-euro area NCBs 0.0000 10.1474 564,669,247.19
Total 100.0000 100.0000 5,564,669,247.19

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