
Article 1 
For the purposes of this Decision:

((a)) ‘accumulated equity value’ means the total of the ECB’s reserves, revaluation accounts and provisions equivalent to reserves as calculated by the ECB as at 31 January 2020 plus the ECB’s accumulated net profit or minus the ECB’s accumulated net loss, as the case may be, from 1 January 2020 until 31 January 2020. The ECB’s reserves and those provisions equivalent to reserves shall include, without limitation to the generality of the accumulated equity value, the general reserve fund and the provision for financial risks;
((b)) ‘transfer date’ means 28 February 2020;
((c)) the ‘ECB’s income on euro banknotes in circulation’ shall have the same meaning as the term ‘ECB’s income on euro banknotes in circulation’ as set out in Article 1(c) of Decision (EU) 2015/298 of the European Central Bank (ECB/2014/57);
((d)) the ‘ECB’s income from securities’ shall have the same meaning as the term ‘ECB’s income arising from securities’ as set out in Article 1(d) of Decision (EU) 2015/298 (ECB/2014/57).
Article 2 

1. If a euro area NCB’s share in the accumulated equity value increases with effect from 1 February 2020, that euro area NCB shall transfer the amount determined pursuant to paragraph 3 to the ECB on the transfer date.
2. If a euro area NCB’s share in the accumulated equity value decreases with effect from 1 February 2020, that euro area NCB shall receive the amount determined pursuant to paragraph 3 from the ECB on the transfer date.
3. The ECB shall, at the latest, one business day prior to the transfer date, calculate and confirm to each euro area NCB either the amount to be transferred by that euro area NCB to the ECB where paragraph 1 applies, or the amount which that euro area NCB shall receive from the ECB where paragraph 2 applies. Subject to rounding, each amount to be transferred or received shall be calculated by multiplying the accumulated equity value by the absolute difference between each euro area NCB’s capital key weighting on 31 January 2020 and its capital key weighting with effect from 1 February 2020 and dividing the result by 100.
4. Each amount described in paragraph 3 shall be due in euro on 1 February 2020 but shall be effectively transferred on the transfer date.
5. On the transfer date, a euro area NCB or the ECB having to transfer an amount under paragraph 1 or paragraph 2 shall also separately transfer any interest accruing over the period from 1 February 2020 until the transfer date on each of the respective amounts due from such euro area NCB and the ECB. The transferors and recipients of this interest shall be the same as the transferors and recipients of the amounts on which the interest accrues.
6. If the accumulated equity value is less than zero, the amounts that have to be transferred or received under paragraph 3 and paragraph 5 shall be settled in the opposite directions to those specified in paragraph 3 and paragraph 5.
Article 3 

1. The euro area NCBs’ claims shall be adjusted with effect from 1 February 2020 in accordance with their adjusted capital key weightings. The adjusted value of the euro area NCBs’ claims is shown in the third column of the table in Annex I to this Decision.
2. Each euro area NCB shall, by virtue of this provision and without any further formality or act being required, be considered to have either transferred or received on 1 February 2020 the absolute value of the claim in euro shown next to its name in the fourth column of the table in Annex I to this Decision, whereby ‘-’ shall refer to a claim that the euro area NCB shall transfer to the ECB and ‘+’ to a claim that the ECB shall transfer to the euro area NCB.
3. 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 either transfer or receive the absolute value of the amount in euro shown next to its name in the fourth column of the table in Annex I to this Decision, whereby ‘+’ shall refer to an amount that the euro area NCB shall transfer to the ECB and ‘-’ to an amount that the ECB shall transfer to the euro area NCB.
4. On the first operating day of TARGET2 following 1 February 2020, a euro area NCB or the ECB required to transfer an amount under paragraph 3 shall also separately transfer any interest accruing over the period from 1 February 2020 until the date of that transfer on the respective amount due from such euro area NCB or the ECB. 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 4 

1. By way of derogation from the third subparagraph of Article 2(1) of Decision (EU) 2016/2248 of the European Central Bank (ECB/2016/36), the intra-Eurosystem balances on euro banknotes in circulation shall, for the period from 1 February 2020 until 27 February 2020, be calculated on the basis of the capital key applicable from 1 February 2020 applied to balances on the total euro banknotes in circulation on 31 January 2020. For the period from 1 February 2020 until 31 December 2020, the compensatory amounts and the accounting entries to balance those amounts, as described in Article 4(5) of Decision (EU) 2016/2248 (ECB/2016/36), shall be recorded in the books of each national central bank with a value date of 1 February 2020.
2. In relation to the period from 1 January 2020 until 31 January 2020, the euro area NCBs’ monetary income shall be allocated and distributed in accordance with the capital key weightings applicable on 31 January 2020.
3. The ECB’s net profit or loss, as the case may be, for the financial year 2020 shall be allocated on the basis of the capital key weightings applicable on 1 February 2020.
4. Any interim distribution of the ECB’s income on euro banknotes and/or the ECB’s income from securities for the year 2020 shall be allocated on the basis of the capital key weightings applicable on 1 February 2020.
5. In the event that the ECB makes a loss in the financial year 2020, the ECB shall offset the loss against the following:
(a) funds released from the ECB’s general reserve fund;
(b) subject to a decision of the Governing Council under Article 33 of the Statute of the ESCB, the NCBs’ monetary income from 1 February 2020 until 31 December 2020;
(c) subject to a decision of the Governing Council under Article 33 of the Statute of the ESCB, the NCBs’ monetary income from 1 January 2020 until 31 January 2020.
6. If the NCBs’ monetary income from 1 January 2020 until 31 January 2020 needs to be transferred to the ECB to cover its loss for the financial year 2020 compensatory payments in addition to the payments described in Article 2 and Article 3 shall be made. Each euro area NCB whose capital key weighting increases on 1 February 2020 shall make such a payment to the ECB, and the ECB shall make such a payment to each euro area NCB whose capital key weighting decreases on 1 February 2020. The amount of the compensatory payments shall be calculated as follows: the total monetary income for the period from 1 January 2020 until 31 January 2020 transferred to the ECB to cover its loss shall be multiplied by the absolute difference between the relevant euro area NCB’s capital key weighting on 31 January 2020 and its capital key weighting with effect from 1 February 2020 and the result shall be divided by 100. Interest on compensatory payments relating to the NCBs’ monetary income shall accrue from 1 January 2021 until the date these payments are made.
7. The additional compensatory payments relating to the NCBs’ monetary income, as described in paragraph 6, as well as interest accrued thereon, shall be paid on the second business day after the approval by the Governing Council of the ECB’s annual accounts for the financial year 2020.
Article 5 

1. The interest accruing under Article 2(5), Article 3(4) and Article 4(6) 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.
2. Each transfer pursuant to Article 2(1), (2) and (5), Article 3(3) and (4) and Article 4(6) and (7) shall take place separately through TARGET2.
3. The ECB and the euro area NCBs that are under an obligation to effect any of the transfers referred to in paragraph 2 shall, in due course, give the necessary instructions for duly executing such transfers on time.
Article 6 

1. This Decision shall enter into force on 1 February 2020.
2. Decision (EU) 2019/46 (ECB/2018/30) is repealed with effect from 1 February 2020.
3. References to Decision (EU) 2019/46 (ECB/2018/30) shall be construed as references to this Decision and shall be read in accordance with the correlation table in Annex II.
Done at Frankfurt am Main, 22 January 2020.
The President of the ECB
Christine LAGARDE
ANNEX I

(EUR)
Euro area NCB Claim equivalent to the foreign reserve assets transferred to the ECB, on 31 January 2020 Claim equivalent to the foreign reserve assets transferred to the ECB, with effect from 1 February 2020 Amount of transfer
Nationale Bank van België/Banque Nationale de Belgique 1 465 002 366,44 1 469 828 529,3 +4 826 162,86
Deutsche Bundesbank 10 643 868 063,45 10 635 248 657,12 –8 619 406,33
Eesti Pank 114 047 652,58 113 647 558,58 –400 094,0
Central Bank of Ireland 681 156 559,14 683 175 109,87 +2 018 550,73
Bank of Greece 1 002 089 435,15 997 925 768,61 –4 163 666,54
Banco de España 4 832 595 424,83 4 810 848 484,64 –21 746 940,19
Banque de France 8 232 583 116,25 8 239 968 860,78 +7 385 744,53
Banca d’Italia 6 839 555 945,19 6 853 825 810,01 +14 269 864,82
Central Bank of Cyprus 87 100 417,59 86 810 662,38 –289 755,21
Latvijas Banka 158 264 298,37 157 201 708,04 –1 062 590,33
Lietuvos bankas 235 223 283,44 233 495 878,75 –1 727 404,69
Banque centrale du Luxembourg 131 548 867,56 132 894 722,58 +1 345 855,02
Central Bank of Malta 42 420 163,46 42 313 997,15 –106 166,31
De Nederlandsche Bank 2 357 274 575,15 2 364 325 594,45 +7 051 019,3
Oesterreichische Nationalbank 1 177 854 948,49 1 180 823 432,72 +2 968 484,23
Banco de Portugal 948 484 720,39 944 251 976,21 –4 232 744,18
Banka Slovenije 194 773 455,44 194 257 459,36 –515 996,08
Národná banka Slovenska 463 840 147,98 462 031 148,22 –1 808 999,76
Suomen Pankki 736 441 854,14 741 065 420,16 +4 623 566,02
Total 40 344 125 295,04 40 343 940 778,93 –184 516,11

ANNEX II

Decision (EU) 2019/46 (ECB/2018/30) This Decision
Article 1Article 2Article 3—Article 4Article 5 Article 1Article 2Article 3Article 4Article 5Article 6