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Adjustment of ESM capital contribution keys

Adjustment of ESM capital contribution keys (due to the end of the temporary correction period for Slovenia)

 

The ESM has adjusted the capital contribution keys for 14 of its Members, following the end of the temporary correction period for Slovenia.

In line with Article 42 of the ESM Treaty, ESM Members whose GDP per capita is less than 75% of the EU average benefit from a temporary correction of the capital contribution key for a period of 12 years after the date of their adoption of the euro.

During the correction period, the initial capital subscription of the ESM Member benefiting from the correction is lower, thus leading to a temporarily lower paid-in capital contribution. This correction was applied for Slovenia, Malta, Slovakia and Estonia. Latvia and Lithuania also benefitted from a temporary correction upon joining the ESM.

Once the correction period comes to an end, the ESM capital contribution key is re-adjusted. In the case of Slovenia, the temporary correction period came to an end in January 2019. Slovenia’s capital contribution key increased from 0.4247% to 0.4679%, which entailed an additional contribution of €34,799,990. This amount was redistributed to the ESM Members not having benefitted from a correction.

The table below shows the capital contribution keys of ESM Members prior to the end of Slovenia’s temporary correction, and the adjusted values, effective from 19/02/2019 (changes highlighted in bold). It also shows changes in authorised and paid-in capital following the reallocations.

  Previous ESM contribution key (%) Adjusted ESM contribution key (%) Number of shares Capital subscription - authorised capital (EUR) Capital subscription - paid-in capital (EUR) Reallocations - authorised capital (EUR) Reallocations - paid-in capital (EUR)
 
 

Austria

2.7644

2.7632

194,753

19,475,300,000

2,225,748,572

-8,500,000

-971,428

Belgium

3.4534

3.4519

243,285

24,328,500,000

2,780,400,000

-11,200,000

-1,280,000

Cyprus

0.1949

0.1948

13,733

1,373,300,000

156,948,571

-100,000

-11,429

Estonia

0.1847

0.1847

13,020

1,302,000,000

148,800,000

0

0

Finland

1.7852

1.7844

125,768

12,576,800,000

1,437,348,572

-5,000,000

-571,428

France

20.2471

20.2381

1,426,383

142,638,300,000

16,301,520,002

-63,000,000

-7,199,998

Germany

26.9616

26.9496

1,899,406

189,940,600,000

21,707,497,146

-84,200,000

-9,622,854

Greece

2.7975

2.7962

197,078

19,707,800,000

2,252,320,000

-9,100,000

-1,040,000

Ireland

1.5814

1.5806

111,404

11,140,400,000

1,273,188,572

-5,000,000

-571,428

Italy

17.7917

17.7839

1,253,406

125,340,600,000

14,324,640,002

-55,300,000

-6,319,998

Latvia

0.2746

0.2746

19,353

1,935,300,000

221,200,000

0

0

Lithuania

0.4063

0.4063

28,634

2,863,400,000

327,200,000

0

0

Luxembourg

0.2487

0.2486

17,521

1,752,100,000

200,240,000

-700,000

-80,000

Malta

0.0726

0.0726

5,117

511,700,000

58,480,000

0

0

Netherlands

5.6781

5.6756

400,015

40,001,500,000

4,571,600,000

-17,500,000

-2,000,000

Portugal

2.4921

2.4910

175,566

17,556,600,000

2,006,468,572

-7,800,000

-891,428

Slovakia

0.8184

0.8184

57,680

5,768,000,000

659,200,000

0

0

Slovenia

0.4247

0.4679

32,977

3,297,700,000

376,879,990

304,500,000

34,799,990

Spain

11.8227

11.8174

832,888

83,288,800,000

9,518,720,001

-37,100,000

-4,239,999

Adjustment of ESM capital contribution keys

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