European Central Bank (Hansard, 19 November 1998)

HC Deb 19 November 1998 vol 319 cc847-8W 847W

§ Mr. Gill
To ask the Chancellor of the Exchequer what is his estimate of the cost of meeting the United Kingdom's liability to pay up 5 per cent. of its shares in the subscribed capital of the European Central Bank. [60792]

§ Ms Hewitt
In accordance with Article 48 of the ESCB Statute and Paragraph 9c of Protocol No. 11 to the EC Treaty, and following the decision of the ECB General Council in September 1998, the Bank of England will pay848W up 36,777,250 euro to cover its share in the ECB's subscribed capital. This payment will be offset against the proceeds of the liquidation of the EMI.