Article 3 Adjustment of the claims equivalent to the transferred foreign reserve assets

The euro area NCBs’ claims shall be adjusted with effect from 1 February 2020 in accordance with their adjusted capital key weightings. The adjusted value of the euro area NCBs’ claims is shown in the third column of the table in Annex I to this Decision.

Each euro area NCB shall, by virtue of this provision and without any further formality or act being required, be considered to have either transferred or received on 1 February 2020 the absolute value of the claim in euro shown next to its name in the fourth column of the table in Annex I to this Decision, whereby ‘-’ shall refer to a claim that the euro area NCB shall transfer to the ECB and ‘+’ to a claim that the ECB shall transfer to the euro area NCB.

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 either transfer or receive the absolute value of the amount in euro shown next to its name in the fourth column of the table in Annex I to this Decision, whereby ‘+’ shall refer to an amount that the euro area NCB shall transfer to the ECB and ‘-’ to an amount that the ECB shall transfer to the euro area NCB.

On the first operating day of TARGET2 following 1 February 2020, a euro area NCB or the ECB required to transfer an amount under paragraph 3 shall also separately transfer any interest accruing over the period from 1 February 2020 until the date of that transfer on the respective amount due from such euro area NCB or 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.