# Decision No 1219/2011/EU of the European Parliament and of the Council of 16 November 2011 concerning the subscription by the European Union to additional shares in the capital of the European Bank for Reconstruction and Development (EBRD) as a result of the decision to increase this capital, Division (b): Subject to the remaining provisions of this paragraph 3, all or some of the callable shares shall be redeemed on the day immediately following the 2016 Annual Meeting with the number of the shares to be redeemed being calculated by applying an agreed formula (the Agreed Formula) based on the unutilised callable capital, if any, at the end of the CRR4 period relative to a statutory capital utilisation threshold of 87 % at the end of the CRR4 Period. For calculation purposes, such unutilised callable capital, if any, shall be equal to an amount which is the lesser of EUR 9 000 000 000 and ((87 % of A) – B), where:

Extent: E+W+S+N.I.

(i) A is the aggregate amount of the Bank’s unimpaired subscribed capital, reserves and surpluses at the end of the CRR4 Period; and
(ii) B is the aggregate amount of the Bank’s operating assets at the end of the CRR4 Period.
The number of shares, if any, to be redeemed pursuant to the Agreed Formula shall be equal to that amount divided by the par value of the shares (EUR 10 000).

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Source: https://www.legislation.gov.uk/eudn/2011/1219/annex/division/1/division/3/division/b (the official version)
Page: https://openlegislation.uk/eu-decision-2011-1219/annex/division-1/division-3/division-b
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.