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Document 11992M/PRO/SEBC/29
Treaty on European Union - Protocol on the statute of the european system of central banks and of the European Central Bank - Chapter VI: Financial provisions of the ESCB - Article 29: Key for capital subscription
Treaty on European Union - Protocol on the statute of the european system of central banks and of the European Central Bank - Chapter VI: Financial provisions of the ESCB - Article 29: Key for capital subscription
Treaty on European Union - Protocol on the statute of the european system of central banks and of the European Central Bank - Chapter VI: Financial provisions of the ESCB - Article 29: Key for capital subscription
In force
11992M/PRO/SEBC/29
Treaty on European Union - Protocol on the statute of the european system of central banks and of the European Central Bank - Chapter VI: Financial provisions of the ESCB - Article 29: Key for capital subscription
Official Journal C 191 , 29/07/1992 P. 0074
Article 29 Key for capital subscription 29.1. When in accordance with the procedure referred to in Article 109l(1) of this Treaty the ESCB and the ECB have been established, the key for subscription of the ECB's capital shall be established. Each national central bank shall be assigned a weighting in this key which shall be equal to the sum of: - 50% of the share of its respective Member State in the population of the Community in the penultimate year preceding the establishment of the ESCB; - 50% of the share of its respective Member State in the gross domestic product at market prices of the Community as recorded in the last five years preceding the penultimate year before the establishment of the ESCB; The percentages shall be rounded up to the nearest multiple of 0.05 percentage points. 29.2. The statistical data to be used for the application of this Article shall be provided by the Commission in accordance with the rules adopted by the Council under the procedure provided for in Article 42. 29.3. The weightings assigned to the national central banks shall be adjusted every five years after the establishment of the ESCB by analogy with the provisions laid down in Article 29.1. The adjusted key shall apply with effect from the first day of the following year. 29.4. The Governing Council shall take all other measures necessary for the application of this Article.