Capital subscription

Last updated on 1 January 2019

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 are the NCBs of EU Member States. The adjustment is made on the basis of data provided by the European Commission.

Since the start of Stage Three of Economic and Monetary Union on 1 January 1999 the capital key has changed seven 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) and on 1 July 2013 (when Croatia joined the EU).

Euro area national central banks

The fully paid-up subscriptions of euro area NCBs to the capital of the ECB amount to a total of €7,536,110,121.69 and break down as follows:

Euro area NCBs’ contributions to the ECB’s capital

National central bank Capital key % Paid-up capital (€)
1) Owing to rounding, the total may not correspond to the sum of all figures shown.
Nationale Bank van België/Banque Nationale de Belgique (Belgium) 2.5280 273,656,178.72
Deutsche Bundesbank (Germany) 18.3670 1,988,229,048.48
Eesti Pank (Estonia) 0.1968 21,303,613.91
Central Bank of Ireland (Ireland) 1.1754 127,237,133.10
Bank of Greece (Greece) 1.7292 187,186,022.25
Banco de España (Spain) 8.3391 902,708,164.54
Banque de France (France) 14.2061 1,537,811,329.32
Banca d'Italia (Italy) 11.8023 1,277,599,809.38
Central Bank of Cyprus (Cyprus) 0.1503 16,269,985.63
Latvijas Banka (Latvia) 0.2731 29,563,094.31
Lietuvos bankas (Lithuania) 0.4059 43,938,703.70
Banque centrale du Luxembourg (Luxembourg) 0.2270 24,572,766.05
Central Bank of Malta (Malta) 0.0732 7,923,905.17
De Nederlandsche Bank (The Netherlands) 4.0677 440,328,812.57
Oesterreichische Nationalbank (Austria) 2.0325 220,018,268.69
Banco de Portugal (Portugal) 1.6367 177,172,890.71
Banka Slovenije (Slovenia) 0.3361 36,382,848.76
Národná banka Slovenska (Slovakia) 0.8004 86,643,356.59
Suomen Pankki – Finlands Bank (Finland) 1.2708 137,564,189.84
Total1 69.6176 7,536,110,121.69

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:

Legal framework

Allocation of net profits and losses of the ECB

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 nine 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 €123,333,635.55 and breaks down as follows:

Non-euro area NCBs’ contributions to the ECB’s capital

National central bank Capital key % Paid-up capital (€)
1) Owing to rounding, the total may not correspond to the sum of all figures shown.
Българска народна банка (Bulgarian National Bank) (Bulgaria) 0.8511 3,454,936.32
Česká národní banka (Czech Republic) 1.6172 6,564,825.54
Danmarks Nationalbank (Denmark) 1.4986 6,083,383.35
Hrvatska narodna banka (Croatia) 0.5673 2,302,884.94
Magyar Nemzeti Bank (Hungary) 1.3348 5,418,457.29
Narodowy Bank Polski (Poland) 5.2068 21,136,367.55
Banca Naţională a României (Romania) 2.4470 9,933,297.11
Sveriges Riksbank (Sweden) 2.5222 10,238,562.31
Bank of England (United Kingdom) 14.3374 58,200,921.14
Total1 30.3824 123,333,635.55

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.

Press release