(1)

Decision ECB/2008/23 of 12 December 2008 on the national central banks’ percentage shares in the key for subscription to the European Central Bank’s capital (1) provides for the adjustment of the weightings assigned to the national central banks (NCBs) in the key for subscription to the European Central Bank’s (ECB’s) capital (hereinafter the capital key weightings and the capital key respectively). This adjustment requires the Governing Council to determine the terms and conditions for transfers of capital shares between the NCBs that are members of the European System of Central Banks (ESCB) on 31 December 2008 in order to ensure that the distribution of these shares corresponds to the adjustments made. Accordingly, the adoption of a new ECB decision is required that repeals Decision ECB/2006/23 of 15 December 2006 laying down the terms and conditions for transfers of the European Central Bank’s capital shares between the national central banks and for the adjustment of the paid-up capital (2) with effect from 1 January 2009.

(2)

Decision ECB/2008/24 of 12 December 2008 laying down the measures necessary for the paying-up of the European Central Bank’s capital by the participating national central banks (3) determines how and to what extent the NCBs of the Member States that have adopted the euro (hereinafter the ‘participating NCBs’) are under an obligation to pay up the ECB’s capital in view of the adjusted capital key. Decision ECB/2008/28 of 15 December 2008 laying down the measures necessary for the paying-up of the European Central Bank’s capital by the non-participating national central banks (4) determines the percentage that the NCBs of the Member States that will not have adopted the euro on 1 January 2009 (hereinafter the non-participating NCBs) are under an obligation to pay up with effect from 1 January 2009 in view of the adjusted capital key.

(3)

The participating NCBs, with the exception of Národná banka Slovenska, have already paid up their shares in the ECB’s subscribed capital as required under Decision ECB/2006/22 of 15 December 2006 laying down the measures necessary for the paying-up of the European Central Bank’s capital by the participating national central banks (5). In view of this, Article 2(1) of Decision ECB/2008/24 states that either a participating NCB should transfer an additional amount to the ECB, or receive an amount back from the ECB, as appropriate, in order to arrive at the amounts shown in the table in Article 1 of Decision ECB/2008/24.

(4)

Furthermore, Articles 2(1) and 2(2) of Decision ECB/2008/33 of 31 December 2008 on the paying-up of capital, transfer of foreign reserve assets and contributions by Národná banka Slovenska to the European Central Bank’s reserves and provisions (6) lay down that Národná banka Slovenska, which will be a participating NCB from 1 January 2009, is under an obligation to pay up the remaining share of its subscription to the ECB’s capital in order to arrive at the amount shown next to its name in the table in Article 1 of Decision ECB/2008/24, taking into account the adjusted capital key.

(5)

Likewise, the non-participating NCBs have already paid up their shares in the ECB’s subscribed capital as required under Decision ECB/2006/26 of 18 December 2006 laying down the measures necessary for the paying-up of the European Central Bank’s capital by the non-participating national central banks (7). In view of this, Article 2(1) of Decision ECB/2008/28 states that each of them should either transfer an additional amount to the ECB, or receive an amount back from the ECB, as appropriate, in order to arrive at the amounts shown in the table in Article 1 of Decision ECB/2008/28.

(6)

Decision ECB/2003/20 of 18 December 2003 laying down the terms and conditions for transfers of the European Central Bank’s capital shares between the national central banks and for the adjustment of the paid-up capital (8) was tacitly repealed by Decision ECB/2004/7 of 22 April 2004 laying down the terms and conditions for transfers of the European Central Bank’s capital shares between the national central banks and for the adjustment of the paid-up capital (9). For the sake of clarity, Decision ECB/2003/20 should be explicitly repealed with retroactive effect,