Article 2 Contribution to the ECB’s reserves and provisions

If a euro area NCB’s share in the accumulated equity value increases with effect from 1 February 2020, that euro area NCB shall transfer the amount determined pursuant to paragraph 3 to the ECB on the transfer date.

If a euro area NCB’s share in the accumulated equity value decreases with effect from 1 February 2020, that euro area NCB shall receive the amount determined pursuant to paragraph 3 from the ECB on the transfer date.

The ECB shall, at the latest, one business day prior to the transfer date, calculate and confirm to each euro area NCB either the amount to be transferred by that euro area NCB to the ECB where paragraph 1 applies, or the amount which that euro area NCB shall receive from the ECB where paragraph 2 applies. Subject to rounding, each amount to be transferred or received shall be calculated by multiplying the accumulated equity value by the absolute difference between each euro area NCB’s capital key weighting on 31 January 2020 and its capital key weighting with effect from 1 February 2020 and dividing the result by 100.

Each amount described in paragraph 3 shall be due in euro on 1 February 2020 but shall be effectively transferred on the transfer date.

On the transfer date, a euro area NCB or the ECB having to transfer an amount under paragraph 1 or paragraph 2 shall also separately transfer any interest accruing over the period from 1 February 2020 until the transfer date on each of the respective amounts due from such euro area NCB and the ECB. The transferors and recipients of this interest shall be the same as the transferors and recipients of the amounts on which the interest accrues.

If the accumulated equity value is less than zero, the amounts that have to be transferred or received under paragraph 3 and paragraph 5 shall be settled in the opposite directions to those specified in paragraph 3 and paragraph 5.