Last updated on 29 December 2020
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
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).
Euro area national central banks
The paid-up subscriptions of euro area NCBs to the capital of the ECB amount to a total of €7,583,649,493.38 and break down as follows: