Contributions to the ECB’s reserves and provisions
Article 5
1. With effect from 1 January 2023, Hrvatska narodna banka 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 2022. 2. The amounts to be contributed by Hrvatska narodna banka shall be determined in accordance with Article 48.2 of the Statute of the ESCB. The references in Article 48.2 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 respective weightings of Hrvatska narodna banka and the NCBs of the other Member States whose currency is the euro in the ECB’s capital key, pursuant to Decision (EU) 2020/140 (ECB/2020/6). 3. For the purposes of paragraph 1, ‘the ECB’s reserves’ and ‘provisions equivalent to reserves’ shall include the ECB’s general reserve fund, balances on revaluation accounts and the provision for financial 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 2022, the ECB shall calculate and confirm to Hrvatska narodna banka the amount to be contributed by Hrvatska narodna banka under paragraph 1. 5. On the second working day following the Governing Council’s approval of the ECB’s annual accounts for the year 2022, Hrvatska narodna banka shall, via TARGET2, pay to the ECB: (a) the amount due to the ECB calculated under paragraph 4, less any amount transferred in excess of the claim referred to in Article 4(1) on the settlement dates laid down in Article 3(5) and (7) (an ‘advance contribution’), if any; and (b) the interest accrued from 1 January 2023 until the payment date on the amount due to the ECB calculated under paragraph 4, less any advance contribution. 6. Any interest accruing under paragraph 5(b) shall be calculated on a daily basis, using the actual-over-360 day-count method of calculation, at a rate equal to the marginal interest rate used by the Eurosystem in its most recent main refinancing operation.