Numbers & Statistics

ECB’s subscribed capital to remain steady after Bank of England leaves the European System of Central Banks

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Via ECB (Den Europæiske Centralbank)

PRESS RELEASE

30 January 2020

  • Total subscribed capital of the ECB to remain at €10.8 billion
  • ECB to repay Bank of England’s share in its paid-up capital (€58 million)
  • Bank of England’s share in ECB’s subscribed capital to be reallocated among remaining national central banks

The European Central Bank (ECB) will keep its subscribed capital steady at €10.8 billion after the Bank of England leaves the European System of Central Banks (ESCB). The current share of the Bank of England in the ECB’s subscribed capital, which stands at 14.3%, will be reallocated among both the euro area national central banks (NCBs) and the remaining non-euro area NCBs.

The Bank of England is due to withdraw from the ESCB as a consequence of the United Kingdom’s exit from the European Union. It holds 14.3% of the ECB’s subscribed capital, of which 3.75% – equivalent to €58 million – is paid up. This amount will be repaid by the ECB under the terms of the Withdrawal Agreement between the UK and the EU.

As a result, the ECB’s subscribed capital will be reallocated among the other NCBs on the basis of an updated key for subscription to the ECB’s capital. The weightings will be recalculated based on each Member State’s share in the total population and gross domestic product (GDP) of the European Union after the UK leaves the European Union.

Euro area NCBs pay up 100% of their subscriptions to the ECB’s capital, while non-euro area NCBs pay up 3.75% of their subscriptions. Since the shares of euro area NCBs will increase, and will be paid up in full, this will lead to an increase in the ECB’s paid-up capital from €7,659 million in 2020 to €8,880 million in 2022, as shown in the table below. The ECB’s paid-up capital will remain unchanged in the year of the United Kingdom’s withdrawal from the EU as the remaining NCBs will cover the withdrawn Bank of England’s paid-up capital of €58 million. Euro area NCBs will then pay up in full their increased subscriptions in two annual instalments, with the first due in 2021. These changes are an investment reflected in the NCBs’ balance sheets.

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Breakdown of contributions following Brexit

Euro area NCBs

Capital key

Subscribed capital

Paid-up capital

2020

2021

2022

%

EUR

EUR

EUR

EUR

Nationale Bank van België/ Banque Nationale de Belgique

2.9630

320,744,959

276,290,917

298,517,938

320,744,959

Deutsche Bundesbank

21.4394

2,320,816,566

1,999,160,135

2,159,988,350

2,320,816,566

Eesti Pank

0.2291

24,800,091

21,362,892

23,081,492

24,800,091

Central Bank of Ireland

1.3772

149,081,997

128,419,794

138,750,896

149,081,997

Bank of Greece

2.0117

217,766,667

187,585,028

202,675,847

217,766,667

Banco de España

9.6981

1,049,820,011

904,318,913

977,069,462

1,049,820,011

Banque de France

16.6108

1,798,120,274

1,548,907,580

1,673,513,927

1,798,120,274

Banca d’Italia

13.8165

1,495,637,102

1,288,347,435

1,391,992,268

1,495,637,102

Central Bank of Cyprus

0.1750

18,943,762

16,318,228

17,630,995

18,943,762

Latvijas Banka

0.3169

34,304,447

29,549,980

31,927,214

34,304,447

Lietuvos bankas

0.4707

50,953,308

43,891,372

47,422,340

50,953,308

Banque centrale du Luxembourg

0.2679

29,000,194

24,980,876

26,990,535

29,000,194

Central Bank of Malta

0.0853

9,233,731

7,953,971

8,593,851

9,233,731

De Nederlandsche Bank

4.7662

515,941,487

444,433,941

480,187,714

515,941,487

Oesterreichische Nationalbank

2.3804

257,678,468

221,965,204

239,821,836

257,678,468

Banco de Portugal

1.9035

206,054,010

177,495,700

191,774,855

206,054,010

Banka Slovenije

0.3916

42,390,728

36,515,533

39,453,130

42,390,728

Národná banka Slovenska

0.9314

100,824,116

86,850,273

93,837,195

100,824,116

Suomen Pankki – Finlands Bank

1.4939

161,714,781

139,301,721

150,508,251

161,714,781

Subtotal for the group of euro area NCBs

81.3286

8,803,826,700

7,583,649,493

8,193,738,097

8,803,826,700

Българска народна банка (Bulgarian National Bank)

0.9832

106,431,470

3,991,180

3,991,180

3,991,180

Česká národní banka

1.8794

203,445,183

7,629,194

7,629,194

7,629,194

Danmarks Nationalbank

1.7591

190,422,699

7,140,851

7,140,851

7,140,851

Hrvatska narodna banka

0.6595

71,390,922

2,677,160

2,677,160

2,677,160

Magyar Nemzeti Bank

1.5488

167,657,709

6,287,164

6,287,164

6,287,164

Narodowy Bank Polski

6.0335

653,126,802

24,492,255

24,492,255

24,492,255

Banca Naţională a României

2.8289

306,228,625

11,483,573

11,483,573

11,483,573

Sveriges Riksbank

2.9790

322,476,961

12,092,886

12,092,886

12,092,886

Subtotal for the group of non-euro area NCBs

18.6714

2,021,180,370

75,794,264

75,794,264

75,794,264

Total

100.0000

10,825,007,070

7,659,443,757

8,269,532,360

8,879,620,963

The numbers may not add up owing to rounding.

For media queries, please contact William Lelieveldt, tel.: +49 69 1344 7316.

Notes:

  • Detailed information on the ECB’s capital subscription
  • Explainer: Who owns the ECB?
  • Annual accounts of the ESCB and of the ECB
  • The relevant legal acts related to the NCBs’ contributions to the ECB capital after Brexit will be published in the Official Journal of the European Union on 1 February 2020.

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