On joining the Eurosystem on 1 January the Central Bank of Malta paid up the remainder of its subscription to the capital of the ECB and also transferred its contribution to the foreign reserve assets of the ECB. The transactions took place on 2 and 3 January respectively.

Capital subscription

The completion of the capital subscription payment took place in accordance with Article 49 of the Statute of the European System of Central Banks and of the European Central Bank (the Statute), which requires euro area central banks to pay their full share in the ECB’s subscribed capital of e5,760,652,402.58.

The share of the Central Bank of Malta in the ECB’s subscribed capital was determined at 0.0622% pursuant to the decision of the ECB of 15 December 2006 laying down the measures necessary for the paying-up of the participating national central banks’ respective capital shares. The subscription of the Central Bank of Malta to the capital of the ECB amounts to e3,583,125.79.

The Central Bank of Malta had already paid up 7% of the total capital subscription when Malta joined the European Union in May 2004. Consequently, on 2 January 2008, the Central Bank of Malta paid the remaining 93% of its capital subscription. This amounted to e3,332,306.98.

Transfer of foreign reserve assets

Articles 30 and 49 of the Statute also require euro area national central banks to transfer to the ECB an amount of foreign reserve assets determined on the basis of the respective national central bank’s share in the subscribed capital of the ECB. Accordingly, on 2 January 2008, the Central Bank of Malta transferred to the ECB an amount equivalent to e36,553,305.17, composed of e31,070,309.39 in US dollars (85%) and e5,482,995.78 in gold (15%). These reserve assets will be managed by the Central Bank of Malta on behalf of the ECB in conformity with the investment parameters set by the ECB.