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Capital subscription

Last updated on 29 December 2021

The capital of the ECB comes from the national central banks (NCBs) of all EU Member States and amounts to €10,825,007,069.61.

The NCBs’ shares in this capital are calculated using a key which reflects the respective country’s share in the total population and gross domestic product of the EU. These two determinants have equal weighting. The ECB adjusts the shares every five years and whenever there is a change in the number of NCBs that contribute to the ECB’s capital. These NCBs are those whose countries are Member States of the EU. The adjustment is made on the basis of data provided by the European Commission. The latest adjustment took place on 1 February 2020 following the withdrawal of the United Kingdom from the EU.1

Euro area national central banks

The paid-up subscriptions of euro area NCBs to the capital of the ECB amount to a total of €8,193,738,096.55 and break down as follows:

Euro area NCBs’ contributions to the ECB’s capital (2)
National central bank Capital key % Paid-up capital (€)
(1) Since the start of Stage Three of Economic and Monetary Union on 1 January 1999 the capital key has changed eight times: a five-yearly update was made on 1 January 2004, on 1 January 2009, on 1 January 2014 and on 1 January 2019; additional changes were made on 1 May 2004 (when the Czech Republic, Estonia, Cyprus, Latvia, Lithuania, Hungary, Malta, Poland, Slovenia and Slovakia joined the EU), on 1 January 2007 (when Bulgaria and Romania joined the EU), on 1 July 2013 (when Croatia joined the EU) and on 1 February 2020 (following the withdrawal of the United Kingdom from the EU).
(2) The increased subscriptions from euro area NCBs as a result of the Bank of England’s withdrawal from the European System of Central Banks were divided into two annual instalments (see ECB press release published on the ECB’s website on 30 January 2020). The first of these two instalments was paid on 29 December 2021, and the remaining one is due on 28 December 2022.
(3) Owing to rounding, the total may not correspond to the sum of all figures shown.
Nationale Bank van België/Banque Nationale de Belgique (Belgium) 2.9630 298,517,938.09
Deutsche Bundesbank (Germany) 21.4394 2,159,988,350.30
Eesti Pank (Estonia) 0.2291 23,081,491.61
Central Bank of Ireland (Ireland) 1.3772 138,750,895.83
Bank of Greece (Greece) 2.0117 202,675,847.48
Banco de España (Spain) 9.6981 977,069,461.84
Banque de France (France) 16.6108 1,673,513,927.13
Banca d'Italia (Italy) 13.8165 1,391,992,268.53
Central Bank of Cyprus (Cyprus) 0.1750 17,630,995.33
Latvijas Banka (Latvia) 0.3169 31,927,213.83
Lietuvos bankas (Lithuania) 0.4707 47,422,340.02
Banque centrale du Luxembourg (Luxembourg) 0.2679 26,990,535.14
Central Bank of Malta (Malta) 0.0853 8,593,850.87
De Nederlandsche Bank (The Netherlands) 4.7662 480,187,713.99
Oesterreichische Nationalbank (Austria) 2.3804 239,821,835.92
Banco de Portugal (Portugal) 1.9035 191,774,854.93
Banka Slovenije (Slovenia) 0.3916 39,453,130.12
Národná banka Slovenska (Slovakia) 0.9314 93,837,194.59
Suomen Pankki – Finlands Bank (Finland) 1.4939 150,508,251.00
Total(3) 81.3286 8,193,738,096.55

Eurosystem capital key

The Eurosystem capital key is the capital key used, for example, to guide the purchases in the ECB’s purchase programmes because it includes only the euro area national central banks.

Eurosystem capital key on 1 February 2020 and 1 January 2019

Euro area NCBs’ contributions to the ECB’s capital(4)
Country Eurosystem key 1 Feb 2020 Eurosystem key 1 Jan 2019
% %
(4) Numbers may not add up owing to rounding.
Belgium 3.6432 3.6313
Czech Republic    
Germany 26.3615 26.3827
Estonia 0.2817 0.2827
Ireland 1.6934 1.6884
Greece 2.4735 2.4839
Spain 11.9246 11.9784
France 20.4243 20.4059
Italy 16.9885 16.9530
Cyprus 0.2152 0.2159
Latvia 0.3897 0.3923
Lithuania 0.5788 0.5830
Luxembourg 0.3294 0.3261
Malta 0.1049 0.1051
Netherlands 5.8604 5.8429
Austria 2.9269 2.9195
Portugal 2.3405 2.3510
Slovenia 0.4815 0.4828
Slovakia 1.1452 1.1497
Finland 1.8369 1.8254
Total 100.0000 100.0000

Allocation of net profits and losses of the ECB

The net profits and losses of the ECB are allocated among the euro area NCBs in accordance with Article 33 of the Statute of the European System of Central Banks and of the European Central Bank:

33.1. The net profit of the ECB shall be transferred in the following order:

  1. an amount to be determined by the Governing Council, which may not exceed 20% of the net profit, shall be transferred to the general reserve fund subject to a limit equal to 100% of the capital;
  2. the remaining net profit shall be distributed to the shareholders of the ECB in proportion to their paid-up shares.

33.2. In the event of a loss incurred by the ECB, the shortfall may be offset against the general reserve fund of the ECB and, if necessary, following a decision by the Governing Council, against the monetary income of the relevant financial year in proportion and up to the amounts allocated to the national central banks in accordance with Article 32.5.

Non-euro area national central banks

The EU’s eight non-euro area NCBs are required to contribute to the operational costs incurred by the ECB in relation to their participation in the European System of Central Banks by paying up a small percentage of their share in the ECB’s subscribed capital. Since 29 December 2010 their contributions have represented 3.75% of their total share in the subscribed capital. The capital paid to the ECB by the non-euro area NCBs amounts to €75,794,263.89 and breaks down as follows:

Non-euro area NCBs’ contributions to the ECB’s capital
National central bank Capital key % Paid-up capital (€)
(5) Owing to rounding, the total may not correspond to the sum of all figures shown.
Българска народна банка (Bulgarian National Bank) (Bulgaria) 0.9832 3,991,180.11
Česká národní banka (Czech Republic) 1.8794 7,629,194.36
Danmarks Nationalbank (Denmark) 1.7591 7,140,851.23
Hrvatska narodna banka (Croatia) 0.6595 2,677,159.56
Magyar Nemzeti Bank (Hungary) 1.5488 6,287,164.11
Narodowy Bank Polski (Poland) 6.0335 24,492,255.06
Banca Naţională a României (Romania) 2.8289 11,483,573.44
Sveriges Riksbank (Sweden) 2.9790 12,092,886.02
Total(5) 18.6714 75,794,263.89

The non-euro area NCBs are not entitled to receive any share of the distributable profits of the ECB, nor are they liable to fund any losses of the ECB.


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