Article 1 Transfer of capital shares

Given the share in the ECB’s capital that each NCB will have subscribed to on 31 January 2020, and the share in the ECB’s capital that each NCB shall subscribe to with effect from 1 February 2020 as a consequence of adjusting the capital key weightings as laid down in Article 2 of Decision (EU) 2020/137 (ECB/2020/3), the NCBs shall transfer capital shares among themselves via transfers to and from the ECB to ensure that the distribution of capital shares with effect from 1 February 2020 corresponds to the adjusted weightings. To this effect, each NCB shall, by virtue of this Article and without the need for any further formality or act, be deemed to have either transferred or received with effect from 1 February 2020 the share in the ECB’s subscribed capital shown next to its name in the fourth column of the table in Annex I to this Decision, whereby ‘+’ shall refer to a capital share that the ECB shall transfer to the NCB and ‘-’ to a capital share that the NCB shall transfer to the ECB.