European Central Bank (Hansard, 17 November 1998)

HC Deb 17 November 1998 vol 319 c553W 553W

§ Mr. Gill
To ask the Chancellor of the Exchequer what assets the United Kingdom is obliged to hand over to the European Central Bank; and at what stage. [59823]

§ Ms Hewitt
In accordance with Article 48 of the Statute of the ESCB, the ECB General Council decided in September that the national central banks of non-participating Member States should pay up 5 per cent. of their shares in the subscribed capital of the ECB. Unless the UK joins the single currency, the UK will not be required to forward any foreign reserves to the ECB.