2008/89/EC: Decision of the European Central Bank of 31 December 2007 on the paying-up of capital, transfer of foreign reserve assets and contributions by the Central Bank of Cyprus and the Central Bank of Malta to the European Central Bank's reserves and provisions (ECB/2007/22)
Data as of 2026-07-04 · Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Definitions
For the purposes of this Decision: — ‘participating Member State’ means a Member State that has adopted the euro, — ‘cash’ means the lawful currency of the United States (US dollar), — ‘gold’ means fine troy ounces of gold in the form of London Good Delivery bars, as specified by the London Bullion Market Association, — ‘foreign reserve assets’ means gold or cash, — ‘Eurosystem’ means the ECB and NCBs of participating Member States.
Payment of capital
1. With effect from 1 January 2008, the Central Bank of Cyprus and the Central Bank of Malta shall pay up the remaining parts of their shares in the ECB's subscribed capital, which correspond to EUR 6 691 401,01 for the Central Bank of Cyprus and EUR 3 332 306,98 for the Central Bank of Malta. 2. Each of the above mentioned NCBs shall pay the amount specified for it in paragraph 1 to the ECB on 2 January 2008, by means of a separate transfer through the Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET/TARGET2). 3. Each of the above mentioned NCBs shall, by means of a separate TARGET/TARGET2 transfer, pay to the ECB on 2 January 2008 the interest accruing during the period from 1 January 2008 until 2 January 2008 on the amount due to the ECB under paragraph 2. 4. Any interest accruing under paragraph 3 shall be calculated on a daily basis, using the actual over-360-day method of calculation, at a rate equal to the marginal interest rate used by the Eurosystem in its most recent main refinancing operation.
Transfer of foreign reserve assets
1. The Central Bank of Cyprus and the Central Bank of Malta shall each transfer to the ECB, with effect from 1 January 2008 and in accordance with this Article and the arrangements taken pursuant to it, an amount of foreign reserve assets denominated in US dollars and gold that is equivalent to EUR 73 400 447,19 for the Central Bank of Cyprus and EUR 36 553 305,17 for the Central Bank of Malta, as follows: Euro-equivalent amount of US dollars Euro-equivalent amount of gold Aggregate euro-equivalent amount Central Bank of Cyprus 62 390 380,11 11 010 067,08 73 400 447,19 Central Bank of Malta 31 070 309,39 5 482 995,78 36 553 305,17 2. The euro-equivalent amounts of foreign reserve assets to be transferred by the Central Bank of Cyprus and the Central Bank of Malta under paragraph 1 shall be calculated on the basis of the exchange rates between the euro and the US dollar established as a result of the 24-hour written consultation procedure on 31 December 2007 between those central banks that participate in that procedure and, in the case of gold, on the basis of the US dollar price of gold per fine troy ounce established in the London gold fixing at 10.30 a.m., London time, on 31 December 2007. 3. The ECB shall confirm to the Central Bank of Cyprus and the Central Bank of Malta as soon as possible the respective amounts calculated in accordance with paragraph 2. 4. The Central Bank of Cyprus and the Central Bank of Malta shall transfer cash to the ECB to such accounts as are specified by the ECB. The settlement date for the cash to be transferred to the ECB shall be 2 January 2008. The Central Bank of Cyprus and the Central Bank of Malta shall give instructions for the transfer of cash to the ECB on the settlement date. 5. The Central Bank of Cyprus and the Central Bank of Malta shall transfer gold on such dates, to such accounts and at such locations as are specified by the ECB. 6. The difference, if any, between the aggregate euro-equivalent amounts mentioned in paragraph 1 and the amounts mentioned in Article 4(1) shall: (a) in respect of the Central Bank of Cyprus be settled in accordance with the Agreement of 31 December 2007 between the European Central Bank and the Central Bank of Cyprus regarding the claim credited to the Central Bank of Cyprus by the European Central Bank under Article 30.3 of the Statute of the European System of Central Banks and of the European Central Bank ( 11 ) ; and (b) in respect of the Central Bank of Malta be settled in accordance with the Agreement of 31 December 2007 between the European Central Bank and the Central Bank of Malta regarding the claim credited to the Central Bank of Malta by the European Central Bank under Article 30.3 of the Statute of the European System of Central Banks and of the European Central Bank ( 12 ) .
Denomination, remuneration and maturity of the claims equivalent to the contributions
1. With effect from 1 January 2008, and subject to the specifications in Article 3 regarding the settlement dates of the transfers of foreign reserve assets, the ECB shall credit each of the Central Bank of Cyprus and the Central Bank of Malta with a claim denominated in euro, equivalent to the aggregate euro amount of their respective contributions of foreign reserve assets. This claim corresponds to EUR 71 950 548,51 for the Central Bank of Cyprus and EUR 35 831 257,94 for the Central Bank of Malta. 2. The claims credited by the ECB to the Central Bank of Cyprus and the Central Bank of Malta shall be remunerated from the settlement date. The interest accruing shall be calculated on a daily basis, using the actual over-360-day method of calculation, at a rate equivalent to 85 % of the marginal interest rate used by the Eurosystem in its most recent main refinancing operation. 3. The claims shall be remunerated at the end of each financial year. The ECB shall inform the Central Bank of Cyprus and the Central Bank of Malta on a quarterly basis of their respective cumulative amounts. 4. The claims shall not be redeemable.
Contributions to the ECB's reserves and provisions
1. With effect from 1 January 2008 and in accordance with paragraphs 5 and 6 and Article 3, the Central Bank of Cyprus and the Central Bank of Malta shall contribute to the ECB's reserves, to those provisions equivalent to reserves, and to the amount still to be appropriated to the reserves and provisions corresponding to the balance of the profit and loss account at 31 December 2007. 2. The amounts to be contributed by the Central Bank of Cyprus and the Central Bank of Malta shall be determined in accordance with Article 49.2 of the ESCB Statute. The references in Article 49.2 to the ‘number of shares subscribed by the central bank concerned’ and the ‘number of shares already paid up by the other central banks’ shall refer to the weightings of each of the Central Bank of Cyprus and the Central Bank of Malta, and the NCBs of the existing participating Member States, respectively, in the ECB's capital key, pursuant to Decision ECB/2006/21. 3. For the purposes of paragraph 1, ‘the ECB's reserves’ and ‘provisions equivalent to reserves’ shall include, inter alia, the ECB's general reserve fund, balances on revaluation accounts and provisions for foreign exchange rate, interest rate and gold price risks. 4. At the latest on the first working day following the Governing Council's approval of the ECB's annual accounts for the year 2007, the ECB shall calculate and confirm to the Central Bank of Cyprus and the Central Bank of Malta the amount to be contributed by each of them under paragraph 1. 5. On the second working day following the Governing Council's approval of the ECB's annual accounts for the year 2007, the Central Bank of Cyprus and the Central Bank of Malta shall, by means of two separate TARGET/TARGET2 transfers each, pay to the ECB: (a) the respective amounts due to the ECB under paragraph 4; and (b) the interest accruing during the period from 1 January 2008 until that date, on the respective amounts due to the ECB under paragraph 4. 6. Any interest accruing under paragraph 5(b) shall be calculated on a daily basis, using the actual over-360-day method of calculation, at a rate equal to the marginal interest rate used by the Eurosystem in its most recent main refinancing operation.
Final provision
This Decision shall enter into force on 1 January 2008.
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.