11957E/PRO/BEI/04

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Article 4

1 . The capital of the Bank shall be seven thousand and eighty-seven million five hundred thousand units of account , subscribed by the Member States as follows :

Germany : 1 575 000 000

France : 1 575 000 000

United Kingdom : 1 575 000 000

Italy : 1 260 000 000

Belgium : 414 750 000

Netherlands : 414 750 000

Denmark : 210 000 000

Ireland : 52 500 000

Luxembourg : 10 500 000 . (*)

The value of the unit of account shall be equal to the sum of the following amounts of the national currencies of the Member States :

German mark : 0.828

Pound sterling : 0.0885

French franc : 1.15

Italian lira : 109

Dutch guilder : 0.286

Belgian franc : 3.66

Luxembourg franc : 0.14

Danish krone : 0.217

Irish pound : 0.00759 . (**)

The Board of Governors , acting unanimously on a proposal from the Board of Directors , may alter the definition of the unit of account . (***)

The Member States shall be liable only up to the amount of their share of the capital subscribed and not paid up .

2 . The admission of a new member shall entail an increase in the subscribed capital corresponding to the capital brought in by the new member .

3 . The Board of Governors may , acting unanimously , decide to increase the subscribed capital .

4 . The share of a member in the subscribed capital may not be transferred , pledged or attached .

(*) First subparagraph of paragraph 1 as amended by the Decision of the Board of Governors of 19 June 1978 ( Official Journal of the European Communities , No L 199 , 24 July 1978 ) .

(**) Second subparagraph of paragraph 1 as amended by the Decision of the Board of Governors of 30 December 1977 ( Official Journal of the European Communities , No L 199 , 24 July 1978 ) .

(***) Second subparagraph of paragraph 1 as supplemented by Article 1 of the Treaty amending the Protocol on the Statute of the Bank .