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Article 2 Adjustment of the paid-up capital

United Kingdom

Original text. Later amendments are not shown.

1.

Given the amount of the ECB’s capital that each euro area NCB has paid up as of 1 January 2019, and the amount of the ECB’s capital that each euro area NCB shall pay up pursuant to Article 1 and Article 2(1) of Decision (EU) 2020/138 (ECB/2020/4), on the first operating day of the Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) following 1 February 2020 each euro area NCB shall, with respect to the first capital instalment, transfer or receive the net amount shown next to its name in the fourth column of the table in Annex II to this Decision, whereby ‘+’ shall refer to an amount that the NCB shall transfer to the ECB and ‘-’ to an amount that the ECB shall transfer to that NCB. Each euro area NCB shall make two further instalments two business days before the last operating day of TARGET2 of 2021 and 2022 respectively by transferring the net amount shown next to its name in the sixth and eighth columns, respectively, of the table in Annex II to this Decision.

2.

Given the amount of the ECB’s capital that each non-euro area NCB has paid up as of 1 January 2019 and the amount of the ECB’s capital that each non-euro area NCB shall pay up with effect from 1 February 2020 pursuant to Article 1 of Decision (EU) 2020/136 (ECB/2020/2), on the first operating day of TARGET2 following 1 February 2020 each NCB shall transfer the net amount shown next to its name in the fourth column of the table in Annex II to this Decision.

3.

On the first operating day of TARGET2 following 1 February 2020, the ECB and the euro area NCBs that are under an obligation to transfer, as a first instalment, an amount under paragraph 1, and the non-euro area NCBs that are under an obligation to transfer an amount under paragraph 2, shall each separately transfer any interest on the respective amounts due accruing over the period from 1 February 2020 until the date of the transfer. The transferors and recipients of this interest shall be the same as the transferors and recipients of the amounts on which the interest accrues.