§ Mr. BercowTo ask the Chancellor of the Exchequer what is the UK subscription to the capital of the European Central Bank(a) in total and (b) as paid-up capital. [83943]
§ Ms HewittIn accordance with the formula for the subscription of the ECB's capital set out in Article 29 of the Statute of the ESCB (Protocol No.3 to the EC Treaty), the UK's share in the subscribed capital of the ECB is 734,055,000 euro.
In accordance with Article 48 of the Statute of the ESCB, the ECB General Council decided in September 1998 that the national central banks of non-participating Member States should pay up 50 per cent. of their subscription to the ECB's capital. The Bank of England was therefore required to pay up 36,702,750 euro to cover its share in the subscribed capital of the ECB. This amount is settled by offset against the proceeds of the liquidation of the EMI.