Recital (1) · ECB/2020/7

(1)On 29 March 2017, the United Kingdom of Great Britain and Northern Ireland (the ‘United Kingdom’) submitted the notification of its intention to withdraw from the European Union pursuant to Article 50 of the Treaty on European Union. The Treaty on European Union and the Treaty on the Functioning of the European Union will cease to apply to the United Kingdom from the date following the date referred to in Article 1(1) of Decision (EU) 2019/1810 of the European Council^note. Upon the withdrawal of the United Kingdom from the European Union, the Bank of England (BoE) ceases to be a national central bank of a Member State and therefore of the European System of Central Banks. Decision (EU) 2020/137 of the European Central Bank (ECB/2020/3)^note provides for the adjustment of the key for subscription to the capital of the European Central Bank (ECB) (hereinafter the ‘capital key’) in accordance with Article 29.3 and Article 29.4 of the Statute of the European System of Central Banks and of the European Central Bank and establishes, with effect from 1 February 2020, new weightings assigned to the national central banks in the adjusted capital key (hereinafter the ‘capital key weightings’).