mber.
26.2. The annual accounts of the ECB shall be drawn up by the
Executive Board, in accordance with the principles established by the
Governing Council. The accounts shall be approved by the Governing
Council and shall thereafter be published.
26.3. For analytical and operational purposes, the Executive Board
shall draw up a consolidated balance sheet of the ESCB, comprising
those assets and liabilities of the national central banks that fall within
the ESCB.
26.4. For the application of this Article, the Governing Council shall
establish the necessary rules for standardizing the accounting and
reporting of operations undertaken by the national central banks.
ARTICLE 27
Auditing
27.1. The account of the ECB and national central banks shall be
audited by independent external auditors recommended by the
Governing Council and approved by the Council. The auditors shall
have full power to examine all books and accounts of the ECB and
national central banks and obtain full information about their
transactions.
27.2. The provisions of Article 188c of this Treaty shall only apply to
an examination of the operational efficiency of the management of the
ECB.
ARTICLE 28
Capital of the ECB
28.1. The capital of the ECB, which shall become operational upon its
establishment, shall be ECU 5 000 million. The capital may be
increased by such amounts as may be decided by the Governing
Council acting by the qualified majority provided for in Article 10.3,
within the limits and under the conditions set by the Council under the
procedure laid down in Article 42.
28.2. The national central banks shall be the sole subscribers to and
holders of the capital of the ECB. The subscription of capital shall be
according to the key established in accordance with Article 29.
28.3. The Governing Council, acting by the qualified majority provided
for in Article 10.3, shall determine the extent to which and the form in
which the capital shall be paid up.
28.4. Subject to Article 28.5, the shares of the national central banks in
the subscribed capital of the ECB may not be transferred, pledged or
attached.
28.5. If the key referred to in Article 29 is adjusted, the national central
banks shall transfer among themselves capital shares to the extent
necessary to ensure that the distribution of capital shares
corresponds to the adjusted key. The Governing Council shall
determine the terms and conditions of such transfers.
ARTICLE 29
Key for cap