
Article 1 
Given the share in the ECB’s capital that each NCB will have subscribed to on 31 January 2020, and the share in the ECB’s capital that each NCB shall subscribe to with effect from 1 February 2020 as a consequence of adjusting the capital key weightings as laid down in Article 2 of Decision (EU) 2020/137 (ECB/2020/3), the NCBs shall transfer capital shares among themselves via transfers to and from the ECB to ensure that the distribution of capital shares with effect from 1 February 2020 corresponds to the adjusted weightings. To this effect, each NCB shall, by virtue of this Article and without the need for any further formality or act, be deemed to have either transferred or received with effect from 1 February 2020 the share in the ECB’s subscribed capital shown next to its name in the fourth column of the table in Annex I to this Decision, whereby ‘+’ shall refer to a capital share that the ECB shall transfer to the NCB and ‘-’ to a capital share that the NCB shall transfer to the ECB.
Article 2 

1. Given the amount of the ECB’s capital that each euro area NCB has paid up as of 1 January 2019, and the amount of the ECB’s capital that each euro area NCB shall pay up pursuant to Article 1 and Article 2(1) of Decision (EU) 2020/138 (ECB/2020/4), on the first operating day of the Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) following 1 February 2020 each euro area NCB shall, with respect to the first capital instalment, transfer or receive the net amount shown next to its name in the fourth column of the table in Annex II to this Decision, whereby ‘+’ shall refer to an amount that the NCB shall transfer to the ECB and ‘-’ to an amount that the ECB shall transfer to that NCB. Each euro area NCB shall make two further instalments two business days before the last operating day of TARGET2 of 2021 and 2022 respectively by transferring the net amount shown next to its name in the sixth and eighth columns, respectively, of the table in Annex II to this Decision.
2. Given the amount of the ECB’s capital that each non-euro area NCB has paid up as of 1 January 2019 and the amount of the ECB’s capital that each non-euro area NCB shall pay up with effect from 1 February 2020 pursuant to Article 1 of Decision (EU) 2020/136 (ECB/2020/2), on the first operating day of TARGET2 following 1 February 2020 each NCB shall transfer the net amount shown next to its name in the fourth column of the table in Annex II to this Decision.
3. On the first operating day of TARGET2 following 1 February 2020, the ECB and the euro area NCBs that are under an obligation to transfer, as a first instalment, an amount under paragraph 1, and the non-euro area NCBs that are under an obligation to transfer an amount under paragraph 2, shall each separately transfer any interest on the respective amounts due accruing over the period from 1 February 2020 until the date of the transfer. The transferors and recipients of this interest shall be the same as the transferors and recipients of the amounts on which the interest accrues.
Article 3 

1. The transfers described in Article 2 shall take place through TARGET2.
2. Where an NCB does not have access to TARGET2, the amounts described in Article 2 shall be transferred by crediting an account that the ECB or NCB shall nominate in due time.
3. Any interest accruing under Article 2(3) shall be calculated on a daily basis, using the actual-over-360-day method of calculation, at a rate equal to the latest available marginal interest rate used by the Eurosystem in its tenders for main refinancing operations.
4. The ECB and the NCBs that are under an obligation to make a transfer under Article 2 shall, in due course, give the necessary instructions for duly executing such transfer on time.
Article 4 

1. This Decision shall enter into force on 1 February 2020.
2. Decision (EU) 2019/45 (ECB/2018/29) is repealed with effect from 1 February 2020.
3. References to Decision (EU) 2019/45 (ECB/2018/29) shall be construed as references to this Decision.
Done at Frankfurt am Main, 22 January 2020.
The President of the ECB
Christine LAGARDE
ANNEX I

(EUR)
 Share subscribed on 31 January 2020 Share subscribed from 1 February 2020 Share to be transferred
Euro area NCBs
Nationale Bank van België/Banque Nationale de Belgique 273 656 178,72 320 744 959,47 +47 088 780,75
Deutsche Bundesbank 1 988 229 048,48 2 320 816 565,68 +332 587 517,2
Eesti Pank 21 303 613,91 24 800 091,2 +3 496 477,29
Central Bank of Ireland 127 237 133,1 149 081 997,36 +21 844 864,26
Bank of Greece 187 186 022,25 217 766 667,22 +30 580 644,97
Banco de España 902 708 164,54 1 049 820 010,62 +147 111 846,08
Banque de France 1 537 811 329,32 1 798 120 274,32 +260 308 945,0
Banca d’Italia 1 277 599 809,38 1 495 637 101,77 +218 037 292,39
Central Bank of Cyprus 16 269 985,63 18 943 762,37 +2 673 776,74
Latvijas Banka 29 563 094,31 34 304 447,4 +4 741 353,09
Lietuvos bankas 43 938 703,7 50 953 308,28 +7 014 604,58
Banque centrale du Luxembourg 24 572 766,05 29 000 193,94 +4 427 427,89
Central Bank of Malta 7 923 905,17 9 233 731,03 +1 309 825,86
De Nederlandsche Bank 440 328 812,57 515 941 486,95 +75 612 674,38
Oesterreichische Nationalbank 220 018 268,69 257 678 468,28 +37 660 199,59
Banco de Portugal 177 172 890,71 206 054 009,57 +28 881 118,86
Banka Slovenije 36 382 848,76 42 390 727,68 +6 007 878,92
Národná banka Slovenska 86 643 356,59 100 824 115,85 +14 180 759,26
Suomen Pankki 137 564 189,84 161 714 780,61 +24 150 590,77
Non-euro area NCBs
Българска народна банка (Bulgarian National Bank) 92 131 635,17 106 431 469,51 +14 299 834,34
Česká národní banka 175 062 014,33 203 445 182,87 +28 383 168,54
Danmarks Nationalbank 162 223 555,95 190 422 699,36 +28 199 143,41
Hrvatska narodna banka 61 410 265,11 71 390 921,62 +9 980 656,51
Magyar Nemzeti Bank 144 492 194,37 167 657 709,49 +23 165 515,12
Narodowy Bank Polski 563 636 468,1 653 126 801,54 +89 490 333,44
Banca Naţională a României 264 887 922,99 306 228 624,99 +41 340 702,0
Sveriges Riksbank 273 028 328,31 322 476 960,6 +49 448 632,29
Bank of England 1 552 024 563,6 0,00 –1 552 024 563,6
Total 10 825 007 069,61 10 825 007 069,61 0,00

ANNEX II

(EUR)
 Share paid up on 31 January 2020 Share paid up from 1 February 2020 Amount of transfer payment 1 February 2020 Share paid up from 29 December 2021 Amount of transfer payment 29 December 2021 Share paid up from 28 December 2022 Amount of transfer payment 28 December 2022
Euro area NCBs
Nationale Bank van België/Banque Nationale de Belgique 273 656 178,72 276 290 916,71 +2 634 737,99 298 517 938,09 +22 227 021,38 320 744 959,47 +22 227 021,38
Deutsche Bundesbank 1 988 229 048,48 1 999 160 134,91 +10 931 086,43 2 159 988 350,3 +160 828 215,39 2 320 816 565,68 +160 828 215,38
Eesti Pank 21 303 613,91 21 362 892,01 +59 278,1 23 081 491,61 +1 718 599,6 24 800 091,2 +1 718 599,59
Central Bank of Ireland 127 237 133,1 128 419 794,29 +1 182 661,19 138 750 895,83 +10 331 101,54 149 081 997,36 +10 331 101,53
Bank of Greece 187 186 022,25 187 585 027,73 +399 005,48 202 675 847,48 +15 090 819,75 217 766 667,22 +15 090 819,74
Banco de España 902 708 164,54 904 318 913,05 +1 610 748,51 977 069 461,84 +72 750 548,79 1 049 820 010,62 +72 750 548,78
Banque de France 1 537 811 329,32 1 548 907 579,93 +11 096 250,61 1 673 513 927,13 +124 606 347,2 1 798 120 274,32 +124 606 347,19
Banca d’Italia 1 277 599 809,38 1 288 347 435,28 +10 747 625,9 1 391 992 268,53 +103 644 833,25 1 495 637 101,77 +103 644 833,24
Central Bank of Cyprus 16 269 985,63 16 318 228,29 +48 242,66 17 630 995,33 +1 312 767,04 18 943 762,37 +1 312 767,04
Latvijas Banka 29 563 094,31 29 549 980,26 –13 114,05 31 927 213,83 +2 377 233,57 34 304 447,4 +2 377 233,57
Lietuvos bankas 43 938 703,7 43 891 371,75 –47 331,95 47 422 340,02 +3 530 968,27 50 953 308,28 +3 530 968,26
Banque centrale du Luxembourg 24 572 766,05 24 980 876,34 +408 110,29 26 990 535,14 +2 009 658,8 29 000 193,94 +2 009 658,8
Central Bank of Malta 7 923 905,17 7 953 970,7 +30 065,53 8 593 850,87 +639 880,17 9 233 731,03 +639 880,16
De Nederlandsche Bank 440 328 812,57 444 433 941,02 +4 105 128,45 480 187 713,99 +35 753 772,97 515 941 486,95 +35 753 772,96
Oesterreichische Nationalbank 220 018 268,69 221 965 203,55 +1 946 934,86 239 821 835,92 +17 856 632,37 257 678 468,28 +17 856 632,36
Banco de Portugal 177 172 890,71 177 495 700,29 +322 809,58 191 774 854,93 +14 279 154,64 206 054 009,57 +14 279 154,64
Banka Slovenije 36 382 848,76 36 515 532,56 +132 683,8 39 453 130,12 +2 937 597,56 42 390 727,68 +2 937 597,56
Národná banka Slovenska 86 643 356,59 86 850 273,32 +206 916,73 93 837 194,59 +6 986 921,27 100 824 115,85 +6 986 921,26
Suomen Pankki 137 564 189,84 139 301 721,39 +1 737 531,55 150 508 251,0 +11 206 529,61 161 714 780,61 +11 206 529,61
Non-euro area NCBs
Българска народна банка (Bulgarian National Bank) 3 454 936,32 3 991 180,11 +536 243,79 3 991 180,11 0,00 3 991 180,11 0,00
Česká národní banka 6 564 825,54 7 629 194,36 +1 064 368,82 7 629 194,36 0,00 7 629 194,36 0,00
Danmarks Nationalbank 6 083 383,35 7 140 851,23 +1 057 467,88 7 140 851,23 0,00 7 140 851,23 0,00
Hrvatska narodna banka 2 302 884,94 2 677 159,56 +374 274,62 2 677 159,56 0,00 2 677 159,56 0,00
Magyar Nemzeti Bank 5 418 457,29 6 287 164,11 +868 706,82 6 287 164,11 0,00 6 287 164,11 0,00
Narodowy Bank Polski 21 136 367,55 24 492 255,06 +3 355 887,51 24 492 255,06 0,00 24 492 255,06 0,00
Banca Naţională a României 9 933 297,11 11 483 573,44 +1 550 276,33 11 483 573,44 0,00 11 483 573,44 0,00
Sveriges Riksbank 10 238 562,31 12 092 886,02 +1 854 323,71 12 092 886,02 0,00 12 092 886,02 0,00
Bank of England 58 200 921,14 0,00 –58 200 921,14 0,00 0,00 0,00 0,00
Total ESCB 7 659 443 757,27 7 659 443 757,27 0,00 8 269 532 360,44 +610 088 603,17 8 879 620 963,49 +610 088 603,05
