Transfer of foreign reserve assets
Article 3
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 ) .